Raymond Re-Imagined: Annual Report 2016-17

Annual Report 2016-17
RAYMOND RE-IMAGINED
Caution regarding forward-looking statements
This Annual Report contains statements about expected future are cautioned not to place undue reliance on forward-looking
events and financial and operating results of Raymond Group, statements as a number of factors could cause assumptions,
which are forward-looking. By their nature, forward-looking actual future results and events to differ materially from those
statements require the company to make assumptions and are expressed in the forward-looking statements.
subject to inherent risks and uncertainties. There is significant ‘The Raymond Group’ (or “company”) includes reference to the
risk that the assumptions, predictions and other forward- Raymond Ltd, its subsidiaries, Joint Ventures and Associates
looking statements will not prove to be accurate. Readers of Raymond Ltd.
CONTENTS
Soul 02-29 Directors’ Report & 69-102
Management Discussion
Corporate values 6
and Analysis
Manufacturing capabilities 7
Corporate Governance Report 103-118
Retail presence 8
Standalone Financial Statements 119-195
Human resource 9
Auditor’s Report 119
Awards and recognition 10
Balance Sheet 124
Environmental sustainability 11
Statement of Profit and Loss 125
Chairman and Managing Director’s message 12
Cash Flow Statement 126
Raymond transformation drivers 14
Notes 129
Passion stories – changing mind set 17
Consolidated Financial Statements 196-271
Mind 30-41
Auditor’s Report 196
Lifestyle CEO’s overview 34
Balance Sheet 200
Group CFO’s overview 36
Statement of Profit and Loss 201
Senior management team 38
Cash Flow Statement 202
Board of Directors 40
Notes 205
Body 42-67
Details of Subsidiary/Associate/ 272
Company at a glance 46 Joint Venture Companies
Performance review 48 Ten-Year Highlights 274
Business highlights in FY17 50
Corporate Social Responsibility 64
Store locations and manufacturing units 66-67
To emerge as a company
that endeavours to stay
ahead of the curve by
embracing change – and
in doing so, establishes
its thought, product and
market leadership.
1
SOUL
2 | Annual Report 2016-17

Raymond Limited | 3
The soul of Raymond is in
its passion to innovate,
outperform benchmarks and
deliver the best consistently.

Raymond Limited | 5
CORPORATE VALUES
Hardly a few brands in the world Trust stakeholders throughout its
can claim the position that Having stayed relevant for over journey is a manifestation of
Raymond has won for itself in the nine decades, the trust bestowed the organisational values of
hearts of millions of consumers, on Raymond by our consumers Excellence, Quality & Trust.
with its corporate values of has enabled Raymond to Having created world-class
Excellence, Quality and Trust. become an iconic brand. Being pioneering innovations in the
one of India’s most trusted textile textile and apparel space,
Excellence
and apparel brands, we believe Raymond has not just stayed
At Raymond, we believe in
that conducting business in a fair, relevant but has consistently
achieving excellence in all we do.
transparent and ethical manner commanded a leadership
Be it crafting world-class quality
is pivotal in building strong position.
products, implementing best
relationships.
industry practices or delivering Over the decades, Raymond
delightful service experience, the Legacy has spread its wings from a
quest for excellence is integral to Having enjoyed the patronage of single-product focus into a multi-
Raymond. millions of consumers, Raymond product business comprising
as a brand has been consistently Suiting, Shirting, Denim,
Quality
delivering world class quality Garmenting, Branded Apparel,
An iconic brand that has been at
products and services to its FMCG, Tools & Hardware and
the helm of innovation, Raymond
consumers since the past nine Auto Components. Today,
has always been recognised for
decades. Raymond has evolved into a
its high quality product offerings.
diversified conglomerate with
The testimony to Raymond’s A brand that has earned
a leadership position in the
success is its loyal consumer the trust and respect of its
Textile and Apparel space and
base spanning domestic and consumers, employees,
a noteworthy presence in the
international markets. business partners and all relevant
Engineering and FMCG sectors.
BRANDS
Over the decades, Raymond
Group has demonstrated
unmatched sectoral ability to
create home-grown brands
that have constantly reinvented
themselves to adapt to the ever-
changing needs of discerning
consumers. The Raymond Group
comprises prominent brands in
their respective sectors:

MANUFACTURING CAPABILITIES
Raymond Group’s state-of-the-art manufacturing facilities have been invested with scale, cutting-edge
technologies and integration. Located strategically, the manufacturing facilities are integral to the success of
the company.
Over 110 million metres per • Manufacturer of finest 340s 92 million pieces per annum
annum of fabric capacity in the count Cotton and 150 lea pure of manufacturing capacity
suiting, shirting and denim* Linen fabrics of file and drills with ISO
businesses. 9000-2008-certified plants of the
Over 9 million pieces per annum
Tools & Hardware business.
• One of the world’s largest of garment manufacturing
vertically and horizontally capacity of jackets, trousers, About 10 million pieces per
integrated manufacturers of vests, shirts and denim. annum of manufacturing capacity
worsted suiting fabric of Ring gears, Flex plates and
• Only Indian manufacturer
Shaft bearing with a ISO/TS
• Globally renowned for with an expertise to craft full
16949 quality system-certified
manufacturing Super 250s – canvas premium jackets
plant of the Auto Components
the finest fabric in the world
business.
*Denim manufacturing is in a JV company.
TECHNOLOGY
At Raymond, we have created of the curve through access to processes. The company is
a robust IT backbone coupled the best technology solutions, connecting an e-commerce
with diverse IT-driven initiatives and key business processes platform (www.raymondnext.
to enhance customer delight. connecting the customer to com), market-place players, retail
The approach is not to merely manufacturing through the points of sale systems and loyalty
leverage technology; the integration of new-age systems programmes to provide a truly
objective is to be digitally- and software that automate omni-channel retail experience to
immersed to kick-start an business processes. Raymond valued customers.
extensive transformation. also invested in a digitalised CRM
Raymond’s IT backbone is being
platform to create a cross-format
The first step towards this strengthened through a cutting-
loyalty programme (Raymond
transformation was through the edge Software Driven Network
Rewards) that has catalysed
decision to outsource the IT resulting in efficient connectivity
customer retention.
function to one of the world’s across pan-India locations. The
leading information technology The Reimagined Raymond is company has graduated to the
companies, capitalising on investing deeper in analytics and use of Cloud and disruptive
decades of best-in-class getting ready for future generation technologies for continuity,
technology practices and domain business models. The company dependability and scalability.
knowledge. is revamping its SAP landscape
Balancing the contemporary
cum infrastructure to strengthen
Raymond has strengthened its IT and the futuristic makes all the
manufacturing and supply chain
foundation and graduated ahead difference.
Raymond Limited | 7
RETAIL PRESENCE
Raymond forayed into organised Textile and Apparel Business: FMCG business (housed in
retail in 1958 by opening its first Over 20,000 touch points in 600 associate companies): Across
flagship retail store in Mumbai, cities and towns reached through 0.25 million retail outlets and
becoming the first organised ~160 wholesalers, 3,300 MBOs, 90,000 pharmacies in India`.
retail player in the country. 800 LFS and 1,080 exclusive
chain of ‘The Raymond Shop’
and EBOs.

HUMAN RESOURCES
Performance Management
processes, making it online on
the one hand and enhancing goal
setting and review rigours on the
other. These initiatives helped the
company continuously upgrade
performance and filter non-
performers. The company aligned
its compensation structure and
philosophy with this new PMS to
identify high-performers.
Re-imagining our approach to for leadership roles, blended Recognition Program: The
people: At Raymond, the re- the longstanding wisdom of company instituted Raymond
imagining of our human resource successful internal leaders. The Excellence Awards with the
management was energised by result was a desire to challenge objective to recognise stand-
an over-arching need: the need paradigms around a foundation out contributions by teams and
to prepare the organisation for of rich knowledge. individuals across locations,
sustainable desired growth. levels and functions. In the space
Leadership development: of three years, these awards
In view of this, the company The company implemented a have come to represent the
built a quality talent ecosystem robust Leadership Development best excellence standards at
within 36 months coupled with Process to build a formidable the company, the quantum and
an enabling work environment, leadership pipeline around a quality of nominations speaking
translating into a high healthy build:buy ratio of talent volumes about the extensive
performance culture on the for critical roles and strengthen grassroots transformation in
one hand and a distinctively succession planning. The company’s culture.
warm people-centric working company collaborated with
experience on the other. international universities and Making Raymond Millennial-
also recruited technical and friendly: The company invested
Some key relevant initiatives in enhancing workplace fun
management graduates from
comprised the following: and excitement. The company
the best educational campuses.
These initiatives enhanced modified its office layout,
Talent Ecosystem
the company’s Employee employee policies, IT- enablement
Talent transformation: Raymond
Value Proposition as a desired and culture to catalyse workplace
focused on talent transformation
workplace. innovation and energy.
with the objective to infuse a
new energy and lateral thinking All these initiatives have
Enabling work environment
to achieve ambitious goals. transformed Raymond into a
Performance Management
Raymond leveraged a unique company ready for exciting times
System (PMS): Even as
strategy to blend the old with ahead.
Raymond renewed its talent
the new – inducting lateral talent
architecture, it revamped its
from the best-known companies
Raymond Limited | 9
AWARDS AND RECOGNITION
The quest for excellence in all we do is a way of life at Raymond. Some of the industry honours that reaffirm
the belief that we are on the right path:
Leadership Operation & Safety Human Resources

Mr. Gautam Hari Singhania was • Raymond’s Vapi textile plant • Raymond Ltd and ColorPlus
awarded the Most Powerful was awarded the Greentech Fashions Ltd were certified as
Leader – Textile Sector, World Safety Award for third Great Place to Work in 2017 in
Business Conclave, 2016. consecutive year in 2016 the Retail Category
Branding & Marketing • Silver Spark Apparel Ltd • SSAL bagged ‘Best place to
Raymond bagged Most Trusted (SSAL) won the ‘Gold work’ 22nd rank in Asia by
Brand Award in Clothes & Certificate of Merit’ at Frost & Great Place To Work Institute,
Apparel Category for 2016 by Sullivan Indian Manufacturing 2016
Business World. Excellence Awards, 2016
• Raymond won the award
Raymond was recognised as • SSAL secured the third for ‘Company with Great
‘Most Admired Men’s Apparel position at APEC Export Managers’ in India, from
Brand’ (Retail Category) at Awards 2015-16 in the highest People business firm and
GLOBE Platinum Awards 2016. global exports category Times Ascent, 2016

ENVIRONMENTAL SUSTAINABILITY
AT THE SOUL OF RAYMOND’S OPERATIONS
Raymond Group is committed environmental preservation As an industry-recognition of its
to implement and continually and sustenance measures focus on embracing the highest
improve its environmental undertaken by it include the environmental standards, it was
management system through commencement of online bestowed with awards such as:
the effective management of monitoring of coal boiler stack
• Raymond UCO Denim
products, activities and services emission parameters, initiation
Winner of ‘Golden Peacock
associated with its manufacturing of water recycling through the
Environment Management
operations and supply chain. sewage treatment plant to treat
Award’, Asia Subcontinent
waste water and strong focus
The Group possesses a deeply Regional Corporate Energy
on resource conservation and
ingrained culture of environmental Management Award (USA)
optimisation. This was evident in
conservation and preservation. and CII Energy Efficient Award
its denim unit, developing denim
for the year 2016
The Group is continuously fabric for a premium international
engaged in technology jeans wear brand from recycled • Energy Management Insight
upgradation in creating an pet bottles and food trays. Award – 2016, award won by
environmental compliant Raymond Chhindwara and
enterprise. Some of the Jalgaon textile plants
Raymond Limited | 11
RAYMOND - REIMAGINED

T
he world economy has corporate names in the industry will
witnessed some of the create a Reimagined Raymond. Today,
most revolutionary shifts in Raymond is gradually evolving into a
technology and geopolitics in the past great place to work where aspirations
The future lies
decade that has altered business of its young generation workforce in imagining the
definitions, reinstating the relevance are fulfilled as they create world class unimaginable!!! At
of the Darwinism adage on survival of offerings with an increased thrust on Reimagined Raymond we
the fittest. Embracing transformation to agility. The entire ecosystem continues aspire to achieve just the
regain relevance in the markets is the to undergo a drastic overhaul with a
same. We aim to create
new imperative, to ensure agility and singular focus on creating value.
higher value-creation.
not just offerings but an
A buoyant economy, India is today organisation that is built
The transformation journey at Raymond a land of opportunities blessed with
for the future.
is conceptualised to create a new-age a favorable demographic dividend
organisation that is geared to outpace and a promising growth rate of about
competitors and drive higher growth 7%. With the backdrop of Skill India
and profitability. Adapting an asset-light and Make in India initiatives by the an organisation that is ‘Built to Last’.
approach with a strong focus on ROCE Government, presents an untapped Having embraced transformation,
will enable us to not just survive but opportunity for the Indian textile this new tapestry is weaved to create
thrive in this volatile marketplace. Since sector, which is the second largest an unprecedented future beyond
inception, Raymond has been heralded employment generator after agriculture. Imagination for brand Raymond.
for creating numerous pioneering Strengthening our manufacturing
innovations in turn creating a leadership prowess by establishing Greenfield
position for itself in the market. As manufacturing facility in Amravati
Gautam Hari Singhania,
the scope of business expanded region in Maharashtra is a reaffirmation
Chairman and Managing Director
over the years, there was a need of our commitment to ‘Make in India’
Raymond Ltd.
felt for divestment of ownership and initiative. In our endeavour to Skill India
management to ensure scalability. by reviving tailoring as a profession
reinstates our efforts to create an
The future lies in imagining the
inclusive society.
unimaginable!!! At Reimagined
Raymond we aspire to achieve just Having spearheaded this evolution
the same. We aim to create not just for a ‘Reimagined Raymond’, it gives
offerings but an organisation that is built me immense pleasure to share with
for the future. With customer centricity you that the early success indicators
at the soul of this transformation of transformation are evident with
powered by realigned matrices to an enhanced value creation for
ensure cross functional synergies and all stakeholders. As opportunities
driven by a highly qualified management galore, we at Raymond are equipping
team from some of the most reputed ourselves to leverage our strengths of
RAYMOND
TRANSFORMATION DRIVERS
Growth
INNOVATE AND SUSTAIN THE TEXTILE AND GARMENTING BUSINESSES
Products Services Product extension
INVEST AND GROW THE APPAREL BUSINESS
Asset-light Full wardrobe

Strengthening Retail Omni-channel
network and services
Brands experience penetration
expansion solution
Unlocking value
Real Estate
FMCG
Engineering An opportunity
Expand through Businesses to capitalise land
brand extension
Turnaround and bank located at
and category
sustain profitability premium location
expansion
in Thane
Professionally managed organisation focused on

enhancing value for all stakeholders

PASSION STORIES
CHAN GING MIND SET
TECHNOSMART IS HARBINGER OF
HIGH IMPACT CONSUMER RELEVANT
INNOVATIONS IN RAYMOND FABRICS
AT AN ACCELERATE D PACE
T
he Indian textile sector arguably the world’s ‘smartest’ the trend-setting stretch fabric;
is marked by a number fabric with a combination it intends to launch this new
of product launches that of consumer benefits (UV product around the optimism
often go completely unnoticed. Protection, Wrinkle Resistance, that just like 2016 belonged to
On most occasions, consumers Breathability and a Silky Smooth Technosmart, 2017 will belong to
cannot comprehend fabric finish). Technostretch.
intricacies other than what can
Ever since Technosmart was A journey of an unstoppable
be superficially derived from a
launched during the highest innovation momentum has
cursory touch-feel. The irony is
viewership India-Pakistan T20 commenced at Raymond.
that even as a number of these
match in World Cup 2016, our
products could be functionally
looms have been operating 24/7 Innovation makes the
and aesthetically superior, a weak
communication strategy prevents
to address the growing demand difference.
for this wonder fabric. The result
these products from achieving
has been unprecedented; never
their potential.
before in the company’s history
Raymond has always worked has a new product registered
at the leading-edge of suiting sales of 1 million metres in the
and trousering fabric innovations first year of launch.
across natural and man-made
Technosmart is a telling example
fibres. The launch of Technosmart
of what world-class innovation,
in 2016 helped the company
when seamlessly dove-tailed
graduate to a feature-laden
with powerhouse distribution
fabric coupled with a consumer
prowess, can achieve. The
benefit-led marketing strategy
product was made available
that enhanced product appeal
across 714 Raymond Shops and
and off-take.
over 20,000 touch points - within
The Technosmart fabric is just a week of launch.
different; it is the result of a new
Raymond is taking this innovation
customer-centric innovation
juggernaut ahead. The company Sudhanshu Pokhriyal,
process inspired by the Millennial
is extending the Techno series to President- Suiting
generation. Technosmart is

RAYMOND’S SIMPLE, YET PROFOUND,
CONSUMER INSIGHT TURNED INTO AN
OPPORTUNITY…
THE STORY OF RAYMOND WHITES
A
white shirt in a The team experimented with 2016 Best Marketing Campaign,
gentleman’s wardrobe varied designs, cuts, silhouettes, Best Social Media Marketing
is a ‘little black dress’ collars and cuffs - 100 Styles, just Campaign and Best Multi-
(LBD) of a fashionista’s style One Colour –a unique campaign Channel Integrated Campaign at
essentials. rendition using a black-and-white the coveted BBC National Digital
creative imagery. Marketing Conference.
A white shirt is versatile indeed.
Predominantly worn with ease The company launched Raymond The ability to
across occasions – be it an Whites through a television
see beyond the
important interview or any critical commercial during one of the
meeting. For an amorous date popular cricket series followed by
black made all the
or may be just a casual brunch. extensive print media advertising, difference.
Or as a ceremonial tuxedo out of home, mall branding,
complement to add that suave consumer engagements and
touch. Conventionally, this relevant conversations amongst
white shirt was offered by most digitally-inclined individuals. A
brands in limited styles, thereby digital campaign got unraveled
somewhere missing out on an through a series of unboxing
unaddressed opportunity. videos online and social
media promotion. Raymond’s
Raymond Whites responded to
e-commerce portal
this unmet need and worked
www.raymondnext.com ran
around with a product idea
a Whites centric product
that addressed this market
story during the course of the
gap. A true example of how a
campaign.
consumer insight created a sharp
product proposition leading This path-breaking campaign Madhu S. Dutta,
into a successful and effective won numerous industry awards, Head Marketing –
marketing campaign. the most prominent being Effie’s Raymond and Parx

RAYMOND REDEFINES THE FUTURE OF MEN’S
RETAIL WITH THE LAUNCH OF THE
‘STORE OF THE FUTURE’!
H
aving created one of the scale and a large set of head and shoulders above other
first, the largest and the external stakeholders, such a peer store experiences. The store
most successful retail transformation could indeed be won several industry awards
networks in India, Raymond was daunting. in India and two of the most
established as an Indian retail prestigious international ones.
Every transformational journey
pioneer by the year 2000 – a The sales of the store climbed to
begins with a bold step.
time when most players were still one of the highest on the street;
Raymond took this step at 100ft
trying to figure out the course of the store turned profitable within
Road, Indira Nagar, Bangalore,
organised retail in the country. just nine months of opening.
by opening what came to be
Over the next decade, India’s recognised as The Store of the Most importantly, the store did
retail sector underwent a Future! something more than just market
paradigm shift with stores more products; it proved to be a
All stops were pulled out in
transforming into dynamic, vehicle for the transformation of
designing this store that wove
exciting and engaging platforms the Raymond brand, connecting
two of Raymond’s newest and
that showcased brand pitch with a new, younger customer
most contemporary product
and positioning. A host of set and widening the brand’s
offerings – ready-to-wear and
international brands entering the relevance beyond formal and
made-to-measure – into a
Indian market and also some new occasion-wear.
modern and luxurious retail
Indian retailers raised the ante; by
experience around cutting-edge There are already 28 operational
early 2010s, Raymond (while still
technology. Some features stores based on this new design,
one of the largest retail chains)
included large imposing glass which will be expanded in
found itself running at the back
façades that turned into dynamic 2017-18.
of the pack as far as the retail
giant screens; there was the
experience was concerned.
ability to move seamlessly Courage, flair and
It was around this time that the between browsing physically diligence made all the
Raymond leadership unveiled a and digitally; there was a difference.
new and exciting vision for the clean modern display scheme
transformation of Raymond. It with smart trial rooms and an
was evident that a critical factor anywhere-billing facility.
in the realisation of this vision
The Store of the Future proved
would be the transformation of
to be a resounding success.
the Raymond store experience.
The store was acknowledged by Gaurav Mahajan,
For organisations with a
industry and customers as being President- Group Apparel
successful legacy, massive

AT RAYMOND, OUR ENDEAVOUR IS
TO MAKE DIGITAL A ‘WAY OF LIFE’
R
aymond has always been discovery process for consumers. e-commerce: The e-commerce
the favoured choice for The customer digital architecture portal www.raymondnext.com
formal tailored suits, at Raymond is designed to cater was revamped and relaunched
trousers and occasion-wear in to the full funnel of discovery, as a one-stop fashion solution
the Indian men’s wear category. awareness, intent and repeat designed for the ‘customer’ who
Fashion today is redefined by purchase. can shop by occasion, category,
ready-to-wear trends, marked age or brand. Business with
The company’s four power
by a surge in occasions and use, external portals and market
brands enjoy a total of 4 million
coupled with easy availability and places was also revamped
individuals as its social media
exciting promotions. to address the focus areas of
asset; the cumulative digital
revenue, reach and distribution.
Online research and e-commerce reach of the company’s brands
The e-commerce revenue in
have influenced a large portion through online campaigns was a
FY17 nearly trebled that of the
of apparel and fashion sales. staggering 120 million in FY17.
previous year and healthy growth
The explosion of the consumer
Raymond Rewards: Raymond is expected to continue.
wardrobe and a concurrent shift
Rewards was launched by
in consumer behaviour presented The digital team is in the
merging the customers of
us with a widening consumer process of launching omni-
the four different erstwhile
engagement opportunity. What channel solutions at stores
programmes that previously ran
we needed was a structured that empower consumers
independently. The new unified
approach that combined to exercise better choice,
platform allows all the brands to
resources, capabilities and curated recommendations and
holistically address the consumer
initiatives under one umbrella convenient services that enhance
wardrobe with a larger range
- the Digital Customer Centre their shopping experience and
compared to a single brand and
(DCC). engagement with brands.
improve frequency. Raymond
The DCC operates like a Centre Rewards, having a base of over
A digital mindset,
of Excellence managing all 4 million members, contributed
customer data of Raymond 63% of the retail revenues across coupled with a sense
Rewards programme, and also the company’s stores, making of urgency, made the
responsible for creating new it one of the largest and most
difference.
ways to engage consumers successful loyalty programmes
through online marketing and in the Indian retail sector. The
e-commerce. The initiatives programme drives periodic
that outperformed industry member engagements; since
benchmarks and seeded the launch it increased visits by 24%
digital foundation comprised the and repeat sales by 55% over the
following: previous years, while re-activating
a significant number of lost
Digital reach and marketing:
customers. Raymond Rewards Uma Talreja,
Social media, online search and
members’ average bill value was Chief Digital Officer,
shopping websites play the role
also twice that of non-members.
of key influencers in the early Lifestyle business

CONTINUOUS HIGH-SPEED INNOVATION IS
THE PARX HALLMARK. AND THAT IS THE ONLY
WAY TO WIN THE HEARTS AND MINDS OF THE
YOUNG MILLENNIALS.
I
n 2015, a new inspiring vision leveraged a strong culture of (25% in FY17). More importantly,
was unveiled for the Branded high-speed innovation, poised the industry, ranging from
Apparel business at Raymond: to bring this difficult - but regional multi-brand outlets to
each of the 4 Power Brands was strategically important - customer national large-format chains, has
provided a new positioning - a into the Raymond Apparel family. voted resoundingly, reflected in
new way forward. The mandate the large-scale entry of the brand
Over the last two years, Parx
given to Parx was perhaps the into new doors.
has gone into an innovation
most exciting: to address the
overdrive across all business At Parx, the story is just
complete fashion and lifestyle
aspects (Product, Channel and beginning.
needs of the millennial male (early
Supply Chain). The fashion
to late twenties in terms of age).
content has increased several- Innovation and speed
There were several challenges fold. New product segments like are the mantra at
in chasing this customer. Firstly, Parx Denim, Parx Play, Black Parx.
this segment was hitherto Stag, etc. have been launched
unaddressed in the Raymond with success. New retail formats
Apparel portfolio, so there was like pop-up stores have been
little relevant experience within introduced at several high-traffic
the organisation. Secondly, this destinations. A new fast-fashion
was a demanding customer – a supply model (Parx Express),
generation in a constant flux, warranting only 45 days from
breaking old paradigms and mind-to-market, has been
regularly creating a new way of implemented for about 20% of
thinking and living. the range.
The Parx team embraced this Success has been as speedy

challenge, marked by sailing as the effort. The brand has Pragati Srivastava,
into uncharted territory. Parx reported unprecedented growth Brand Head - Parx

THE AUTO COMPONENTS BUSINESS
COUNTERED A SECTORAL SLOWDOWN AND
CHALLENGES BY IN VESTING IN PEOPLE AND
PROCESSES.
T
he portfolio of the auto business, not strategically
components business fitting the product portfolio, was
was traditionally inclined divested.
towards the Industrial, Power
The auto components business
generators and Earth Moving
was not reinforced; it was virtually
Equipment sectors, which
reimagined.
entered a prolonged slowdown
starting five years ago. Besides, Products were developed
a dependence of the Bearings around faster turnaround times;
business on the US aftermarket capacity utilisation increased;
was affected as that segment manufacturing costs declined;
proved uncompetitive. quality improved; the customer
experience transformed, which
The urgent business need was to
translated into a sales growth of
diversify and venture into stable
21% (after excluding the forging
and larger volume passenger and
business), healthy EBIDTA margin
commercial vehicle segments.
of 14.5% and return on capital
The new product developments
employed of 21%.
resulted in quick wins.
Not only did the business
Besides, the management
report positive numbers but
strengthened the working capital
reinforced the conviction that the
cycle, reduced debt, culled non-
only roadblocks are not in the
profitable segments, extended
its focus to passenger vehicles marketplace but in the mind.
(addressing OEMs like Maruti,
BMW and Ford), graduated the
Persistence made
quality mindset to zero-defects, the difference.
invested in and upgraded the
ERP, invested in algorithmic
production planning tools, and
redefined talent management
cum reward policies. Besides, Sanjay Bahl,
the loss-making non-core forging Group CFO

2
MIND

The new age Raymond is
reimagined to enhance value-
creation for all stakeholders
through a purpose-driven and
socially inclusive enterprise
growth model.

REJUVENATING
BRAND RAYMOND
I
nspired by the vision of Mr. 1. Customer centricity is now
Gautam Hari Singhania, the soul of Raymond. We
Chairman and Managing have re-organised ourselves
Director, we set out to re-imagine away from the legacy “Product
possibilities ahead for an iconic Centric” structure of ‘Textile’ and
power brand and a nine-decade ‘Apparel’ business divisions, to
old legacy institution called four-distinct “Customer Centric”
Raymond. Having started our Strategic Business Units (SBU’s),
transformation journey a few supported by shared service
years back, we are today at functions.
an inflection point where-in we
2. Over the last three years, we
are investing to build Raymond
have exited all the non-core and
as the complete wardrobe
non-strategic businesses like
solution for a discerning Indian
home furnishing and low-cost
male, while at the same time
filament yarn based fabrics.
envisioning the brand to evolve
We have also shut down
as a unique and compelling
unprofitable and non-strategic
lifestyle brand with its offerings
retail stores. Parallely, we have
going beyond the wardrobe
outsourced most of our non-
solutions, extending deep into
core but strategic activities
relevant categories such as male
such as IT Services, payroll and
grooming and personal care in
administration facilities making
not so distant future. Our view
the organisation tremendously
of ‘Re-imagined Raymond’ in
agile and nimble.
the near term is to emerge as
a cutting-edge contemporary 3. Building a world class
fashion retail organisation in India, leadership team to catalyse
and emerge as the preferred the new organisation structure
textile fabric provider to top was amongst our top priorities.
brands in select global markets. Every single one of the ‘Top 350’
leadership roles were individually
This purposeful transformational
re-assessed from strategic
journey is a three-phased scope
perspective and re-evaluated
and time based roadmap with a
for manning. We have hired top
clear “Vision, Mission, Strategy
professionals in the industry
and an enabling Executional
with diverse experience across
framework” in each of the
functions thereby creating
identified phases.
the right blend of internal and
The first phase of on-going external talent.
Sanjay Behl, transformation is based on the
CEO – Lifestyle Business following six key pivots:

4. We have supported our teams in branded retail way back in relevant in today’s world. It is
with a progressive performance 1958. Today, the growth story lies in this context that we envision
management framework and beyond metro cities in Tier 3, 4 digital to rapidly evolve from it
an enabling organisational & 5 towns and cities where the being an ‘enabling platform’
culture. The core tenets of real ‘Bharat’ resides. Raymond’s to it becoming a ‘way of life’
evolving organisational culture expansive retail reach in over at Raymond over the next
at Raymond is on five tenets 600 cities and towns today is three years. We are embracing
of meritocracy, transparency, further getting strengthened in technology through convergence
personal accountability, bias for the heartland of Bharat through of all the retail formats, customer
action and collaborative working. a franchise led asset light retail outreach through a consolidated
expansion model. customer loyalty platform across
5. A comprehensive re-jig of
all our brands, scaling-up the
Raymond’s business value We believe that to achieve a
in-house e-commerce platform,
chain, both horizontally and sustainable profitable growth,
digital integration across all the
vertically, was carried out to we need to foster delightful
nodes of our value chain and
align all the elements with the innovations as the core DNA
remodeling of our integrated
stated business vision. This of Raymond. There has been a
supply chain.
included product innovation, significant momentum on market
portfolio simplification, retail creating innovations over the We also believe that the future
renovation and expansion, brand last three years at Raymond with workplaces will be far more
re-positioning, supply chain re- launch of many new products networked, flexible, integrated,
hauling, IT and Digital integration like Technosmart, Whites; new open and innovative. To stay
from sourcing to retail, newer product segments like light relevant and competitive, we
business models viz. Made-to- weight jackets, auto fit shirts or are gradually shifting to spider
Measure, offshore manufacturing. combo packs; new categories webs of digitally interconnected
like Linen, Khadi; new retail employees from a variety of
6. Enhancing the levels of
models like converged Raymond locations, instead of a co-located
corporate governance and
Stores, back-end tailoring hubs; workspace of today.
continuing to raise the levels of
new technologies like anti-crease
strategic, executional and fiscal Increasingly, as organisations
or stretchable fabrics; and so
diligence at Raymond Group implement transformation,
on and so forth. However, we
level has always been the guiding the powerful determinant of
stay deeply engaged to further
vision of Chairman and Managing success lies in understanding
accelerate our innovation
Director Gautam Hari Singhania. the difference between adapting
momentum by creating a suitable
This resulted in formation of a to survive or evolving to win. At
organisation fueled with infusion
high quality Advisory Board for Raymond, we have chosen the
of talent diversity.
Lifestyle Business in early 2015 latter!
comprising of eminent industry As the accelerated pace of
professionals. digitisation keeps altering
business paradigms, the tech-
Much has changed in India since
agility of an organisation is one
the time Raymond made its foray
of the defining fulcrum to stay
“THE REIMAGINED RAYMOND
IS FOCUSED ON ENHANCING PROFITABILITY
AND SHAREHOLDER VALUE CREATION”
B
eckoning an era of ROIC led growth focus across
growth in the journey of businesses within the group
Raymond is the renewed which is a vital metric for
thrust on value creation that assessing performance. Our
assumes increased significance CAPEX investment proposals
against the backdrop of are subject to meeting minimum
disruptions. While uncertainty is threshold IRR benchmarks and
the new certainty, the new age capital efficiency benchmarks.
Raymond is being built to battle While there is immense scope
the strong headwinds of volatility for growth in the tier 2, 3 & 4
and unforeseen challenges. The markets in India, Raymond
clearly outlined vision of our is aggressively expanding
Chairman and Managing Director its presence by adapting an
Mr. Gautam Hari Singhania to asset light and franchise model
create an agile customer centric of growth. ROIC is the new
organisation geared to deliver buzzword in our businesses.
exceptional shareholder value Capital efficiency will seek to
was the genesis of ‘Reimagined optimise capital allocation,
Raymond’. reduce debt and improve our free
cash flows.
Driving innovation with a focus on
topline and profitable growth in 2. Sustainable and Profitable
core businesses through defined Growth
road-map for each business to Growth is the lifeline of any
enhance shareholder value is the business but a sole focus on
new success imperative now at growth isn’t always the most
Raymond. sustainable way to create value
for shareholders. Sustainable and
Three key strategic levers have
consistent profitable growth is
been deployed at a “Reimagined
the important measure for Value
Raymond” that will deliver
Creation. With the continued
enhanced value:
growth in Textiles, Branded
1. Focus on Capital Allocation Apparel, Garmenting and
and Efficiency FMCG businesses, significant
Our first and foremost priority investments in brands will help in
is optimising Capital efficiency, building scale and accelerate the
which is critical to enhance process of generating a higher
Sanjay Bahl, shareholder value and profitability. return on capital than the industry
Group CFO Today, there is a stronger average thus leveraging our

sector domain expertise, strong volatile businesses environment.
brand equity and distribution The strategy is to go for “shared
competencies. The sustainable services” for optimising costs
The implementation
profit growth drivers are: and efficiencies in IT, Accounting
and Payroll support functions.
of GST in FY18
• Revitalising the core business
E-auctions is yet another will help boost
through product innovations
important tool being adopted the prospects for
and enhanced customer
service experience through
to negotiate costs and ensure organised Textile
Custom Tailoring & Raymond
transparency. These growth sector. Currently only
initiatives are underpinned by a
Made to Measure
robust control and risk assurance
close to 40% of the
framework. A Group wide internal textile business and
• Investing in our brands and
growing the Apparel business assurance programme supported 25% of the Apparel
with a focus on Power Brands through a digitally enabled business comprises
building scale and path to ‘Assurance Audit Portal’ provides of organised trade
profitability. The strategy is to the Management and the Board
provide full wardrobe solutions an information on the actions to
to customers be initiated to strengthen controls
and mitigate risks. near future. Today, we are at
• Growing B2B export driven an inflection point at Raymond.
garmenting business through The implementation of GST
The transformation journey at
capacity expansion in Ethiopia in FY18 will help boost the
Raymond is our endeavour to
and outsourced capacity prospects for organised Branded
create a powerful organisation
expansion models Textile and Apparel sector.
that will strive to set new
Currently only close to 40% of
benchmarks, deliver long term
• Turnaround of engineering the textile business and 25% of
and sustainable profitable growth
businesses to drive profitability the Apparel business comprises
in line with the strategic road map
through a strategic focus of organised trade, which
for each of our businesses.
on cost and portfolio presents a huge opportunity
rationalisation for Raymond to be leveraged
through its strong portfolio of
• Sharpening and unlocking
brands and expansive network.
brand strengths for FMCG
business and expanding the It is often argued that
product portfolio in the male companies which focus solely
grooming category on competitors are bound to
become extinct as opposed
• Capitalising on the opportunity
to companies which focus on
of monetising the value of the
customers will create value for
real estate available with the
stakeholders. With customer
Group
centricity at the core, Raymond
3. Cost Leadership aspires to emerge as a full
Cost efficiency is a key focus wardrobe solutions provider,
area for securing improvements eventually expanding its presence
in operating margins and to offset in the male grooming and
the cost increases arising due to personal care categories in the
REJUVENATING THE TEAM
REINVENTING THE COMPANY
Raymond’s transformation is being driven by a dynamic senior
management team from different companies and diverse
backgrounds, infusing a fresh perspective.
RAYMOND’S SENIOR M ANAGEMENT TEAM
Mr. Sanjay Bahl, Mr. Sanjay Behl, Mr. Pankaj Madan, Mr. S L Pokharna, Mr. K A Narayan,
Group CFO CEO – Lifestyle President – Corporate President – President – Human
CA. Joined in 2015. Business Services Commercial Resources
Possesses 25-plus B.Pharma (IIT-BHU) CA, LLB, MBA (Deakin CA. Joined in 1981. LLB, PGDPM, EDP
years of experience & MMS (Mumbai University). Joined Over 36 years of (Harvard). Joined
with wide-ranging University). Joined in 2017. Over 25 experience in finance, in 2007. Over 35
expertise in financial in 2013. Possesses years of experience sales, marketing and years of experience
management in 23-plus years of across finance and commercial functions. in large Indian global
FMCG, construction experience in sales, strategy. Ex- CFO corporates heading
products and retail. brand, marketing and of Indigo Airlines, the HR functions. Ex-
Ex-Hindustan Unilever, business leadership Bharti Walmart, Cargill Wockhardt.
Saint Gobain and assignments in India, Thailand and Telstra
Landmark Group Asia-Pacific and Singapore.
(Dubai). Global levels. Ex-
Hindustan Unilever,
Nokia and Reliance
Communications.

Mr. Sudhanshu Mr. Gaurav Mahajan, Mr. Ashish Grover, Mr. S K Gupta,
Pokhriyal, President – Group VP International President – Corporate
President – Suiting Apparel Business and and Shirting Business
B.E. (DCE), PGDBA PGDM (NIFT) and Garmenting MBA (Delhi University).
(NMIMS) and Executive GMP (HBS). Joined PGDAMM (NIFT). Re-joined in 2009. A
GMP (IIM–A). Joined in 2015. Has 23 Joined In 2003. textile industry veteran
in 2015. Over 19 years years of experience Possesses 20 years of with four decades of
of experience in sales, in organised retail, experience in business experience having
marketing and general fashion and lifestyle. management, product headed Raymond
management. Ex-Asian Joined after a 20-year development, strategic textile, retail and denim
Paints, Hindustan stint at the Tata group planning, leadership divisions earlier. Ex-
Coca-Cola Beverages where he was among and commercial roles. Grasim Industries,
and SC Johnson. the founding members Ex Niryat Sam, GI & Bombay Dyeing and
of Trent Ltd. New Times Fashion. Reliance.
Mr. Ganesh Kumar, Mr. Arvind Mathur, Mr. Giriraj Bagri, Mr. Abhishek Kapoor,
CEO – Tools & CEO – Denim CEO – FMCG CEO – Realty
Hardware B.E (BHU) & MBA PGDBM (XLRI). Joined MMM (NMIMS)
B.Tech (Automobile) (IIM-B). Joined in in 2016. Possesses and DBF (ICFAI).
and AMP (Harvard) 2016. Over 25 years of 20-plus years of Joined in 2015
Joined in 2016. experience in strategy experience across Possesses 20-plus
Over 20 years of and execution. Ex- marketing, sales and years of experience
experience in business
Coats - responsible general management. in real estate,
transformation,
for global strategic Ex-ITC, Castrol India strategic planning
strategic planning,
operations initiatives, marketing and Colgate. & implementation,
and customer and head of services joint ventures,
management. Ex- division. liaisioning and project
Arysta LifeScience, optimisation. Ex-
Eicher Tractors, Rustomjee, C B
Mosaic/Cargill, and Richard Ellis.
Monsanto.
BOARD OF DIRECTORS
Mr. Gautam Hari Dr. Vijaypat Mrs. Nawaz Gautam Mr. I.D. Agarwal,
Singhania, Singhania, Singhania, Independent Director
Chairman and Chairman Emeritus Non-Executive
Accumulated 40
Managing Director Director
Occupied the post of years of experience
Appointed as the Chairman & Managing Established a in banking, finance
Whole-time Director Director of Raymond reputation of being an and foreign currency
on the Board of Limited from 1980 to astute and creative markets.
Raymond Limited in 2000. entrepreneur.
Served as Executive
1990.
Was instrumental Carved a niche for Director, RBI, and
Elevated to the behind the herself on the back of Advisor, United
position of Chairman successful growth her aggressive zeal in Nations.
& Managing Director and diversification of the realm of creative
Occupied
in 2000. Raymond Group. design.
directorships at
Steered Raymond Held the prestigious SIDBI, UBI and UTI.
Group to emerge as position of Chairman,
an internationally- IIM – Ahmedabad
reputed fabrics-to- from 2007 to 2012.
fashion player.

Mr. Nabankur Mr. Pradeep Guha, Mr. Boman Irani, Mr. Akshay Mr. H. Sunder,
Gupta, Independent Independent Director Independent Director Chudasama, Non-Executive
Director Independent Director Director
Has been associated First-generation real
Studied at IIT – Delhi. with the print media estate developer Practicing law since Has over 29 years
1994. of experience in the
Became the for over three and an entrepreneur
areas of finance,
first Indian to be decades. with over 15 years Currently Managing taxation, accounts,
bestowed with the of experience in the Partner, Shardul international business
Served as President
title of ‘Marketing realty industry. Amarchand and general corporate
as well as a board
Superstar’ by member at The Times Currently serves as Mangaldas: heads the management, among
Advertising Age firm’s practice in the others.
of India Group. Chairman & Managing
International, New Director, Rustomjee Mumbai region. Served as Whole
Occupied the CEO’s
York in 1995. Group. Time Director and
post at India’s Was a partner at
President – Corporate
Served as Executive largest satellite AZB & Partners and Affairs till 28th April
Director, Videocon broadcasting network J.Sagar Associates. 2017.
International Limited. Zee Entertainment Developed an in-
Three decade Limited, for over three depth expertise in
experience in project years. cross-border M&A
management, Currently Managing and private equity
marketing & sales and Director, 9X Media deals across sectors.
business strategy. Private Limited.
3
BODY

Raymond is driven by an
inspired vision and strategic
clarity of where we are and
what we need to accomplish
to deliver value.

COMPANY AT A GLANCE
Consumer Business
Branded Textiles Branded Apparel
Suiting • Shirting Raymond Ready To Wear
Made To Measure (MTM) Park Avenue • Color Plus • Parx
Business-To-Business
Garmenting
High Value Cotton Shirting
High End Suits • Jackets
Cotton • Linen
Trousers • Shirts
Engineering Business
Tools & Hardware
Auto Components
Steel Files • Cutting Tools
Ring Gears • Flexplates • Bearings
Hand Tools and Power Tools
Joint Venture and Associates

FMCG
Male Grooming
Denim Sexual Wellness
Park Avenue
Fabric • Garments KamaSutra
Premium • KS

Sales Contribution*
%
Branded Textiles 48% Branded Apparel 22% Garmenting 11%
High Value Cotton Shirting 9% Tools & Hardware 6%
Auto Components 3% Others 0.1%
*Gross of elimination
Revenues EBIDTA
H5,509 crore H423 crore

EBIDTA Margin % Total Assets
7.7% H5,252 crore

Geographic Distribution of Revenues
India 80% Rest of the World 20%

PERFORMANCE REVIEW
“WE PERFORMED WELL GIVEN THE

CHALLENGING REALITIES OF FY17”
Company performance FY17 how we would scale our business in the third quarter and stretched
It would be imperative to in the second half of FY17. up to January 2017, eventually
appraise our performance against normalising in most of urban
However, circumstances
the contextual landscape. areas by the end of the financial
transformed significantly
year.
During the first half of the FY17, thereafter. During the second
we reported numbers that half, usually marked by higher Initiatives taken to protect
were close to our budget. The festive cum winter offtake, the business following currency
company’s year-to-date revenue business was affected by India’s demonetisation
growth till October 2016 was 10 currency demonetisation. The
Essentially we undertook three
per cent with a higher percentage wholesale distribution channel,
initiatives: demand generation,
growth in profits, which is a which contributes the largest
cost-control and liquidity
fair index of how the company portion of our branded textile
improvement. For demand
addressed the economic and sales, suffered a huge decline
generation, we initiated new
sectoral landscape. This provided in liquidity. Besides, overall
payment modes like digital
us with an optimistic picture of discretionary spending declined
wallets, cash-back offers,

cheque payments and a wedding season from mid- In the B2B segment, the Ethiopia
points redemption campaign January 2017 onwards. Besides garmenting plant and Amravati
for existing members. On the revenue growth, the company’s linen plant construction are
cost-control front, we controlled cost optimisation improved expected to be completed;
advertisement, sales promotion EBIDTA by 76% over Q3. commercial operations could
costs and discretionary start in the second half of the
To summarise, in the first half
expenses, in addition to year. Our exports would be driven
of FY17, the performance
manufacturing cost optimisation. by capacity addition in Ethiopia.
was better than anticipated; in
For liquidity improvement,
the second half of FY17, the We expect the turnaround in the
measures like additional incentive
performance was creditable Tools and Hardware business
schemes to improve collections
given a challenging environment. to accelerate and momentum
and re-negotiation of credit
The Raymond management is of profitable growth in the Auto
tenures with vendors were under
pleased with how the company Component business to be
taken. Also, manufacturing
responded in these economic maintained.
capital expenditure was managed
circumstances and remains
prudently or partially deferred. Following GST implementation,
optimistic for FY18.
there could be a short-term
The big takeaway was that
Company’s agenda for FY18 demand impact. However,
unforeseen business disruptions
For FY18, we expect positive business is likely to return to
will continue to happen. However,
revenue traction on account of erstwhile momentum. We believe
the company will respond with
normalcy in the wholesale and that the GST will prove to be a
increasing speed through a closer
MBO channels. In the branded game-changer that strengthens
head-to-tail alignment; each time
textile segment, we expect sales prospects for organised
the goalpost shifts, a re-imagined
growth to be driven by various businesses. As a brand-driven
Raymond will move quicker.
product and service innovations, company, we are optimistic of
The company closed the year supported by franchise-based carving a sizable slice of the
under review on a positive retail expansion marked by the demand from unorganised
note with the last quarter of opening of new small format players.
the year showing a significant mini-TRS stores in the Tier 2, 3 &
Our long-term strategy of
improvement over the 4 regions.
improving return on capital
demonetisation quarter. The
Growth in the branded apparel employed through the asset-light
company’s Q4 revenue was
segment is likely to be driven by expansion model remains intact.
13% higher over Q3. The retail
product innovations and service
business returned to normalcy;
initiatives, channel expansion
consumer demand rebounded
of MBOs and EBOs as well
in urban markets. The wholesale
as brand investments to build
and MBO channels reported
scalability. Sanjay Bahl,
recovery backed by a strong
Group CFO
Business highlights in FY17

BRANDED TEXTILES
A rich manufacturing heritage comprising world-class
suiting and shirting fabrics, coupled with our ability to
2,714
Sales in H crore
innovate, enhance productivity and moderate costs,

have helped strengthen our dominant Indian market
leadership and establish Raymond in key global
markets.
48%
of consolidated sales
Overview Indian market share in the worsted • Suiting fabric: Sales of H2,175 crore
Branded Textiles is the flagship suiting fabric space and the sales volume of 56 million
business of Raymond Group, marked metres
• The company offers one of the
by a dominant position in the Indian
largest SKU ranges (20,000- • Shirting fabric: Sales of H469 crore
market as a B2C branded player for
plus) addressing a spectrum of and sales volume of 19 million
suiting and shirting fabrics. The B2C
consumer needs at extensive metres
shirting business, launched in 2015,
price ranges (H300 per metre to
has grown rapidly over the last two • Made To Measure: Sales of H67
as high as H3,00,000 per metre).
years and graduated Raymond into the crore
The company is globally-renowned
largest OTC branded fabric player in
for manufacturing Super 250s, Challenges
the organised shirting segment as well.
considered to be the finest fabric in While the fabric segment continues
Raymond possesses state-of-the- the world to grow modestly, the share of the
art suiting and trousering fabric Indian male wardrobe is gradually
• Raymond products enjoy the widest
manufacturing plants in Vapi (Gujarat), shifting towards ready-made products,
distribution reach in India, marked by
Chhindwara (Madhya Pradesh) and especially among the millennial
~20,000 points-of-sale in 600 cities
Jalgaon (Maharashtra). These plants generation. Besides, the tailoring
and towns which is reached through
have an aggregate manufacturing ecosystem has shrunk across the last
160 wholesalers, 1,350 multi
capacity of 38 million metres of suiting decade.
brand outlets (MBOs) and 714 The
fabric extending across all wool, poly-
Raymond Shop (TRS), addressing Strategic outlook
wool, silk, polyester viscose blend,
robust fabric demand across Tier 1 Raymond will continue product
cotton blend, linen blend and other
to Tier 5 Indian towns innovation momentum through
premium blends.
• Raymond’s channel reach is the expansion of its Techno series,
Strengths supported by service innovation in
reinforced by enduring trade
• Raymond’s brand core equity is tailoring services that will enlarge the
relationships – unmatched by any
‘Trust’ and ‘Quality’. The brand tailoring community’s capacities and
other consumer player in India.
enjoys a near 100% consumer capabilities. The company intends to
Most Raymond channel partners
awareness in India; it is among the drive growth through further increasing
have been associated with the
most preferred brands across Textile channel penetration in semi-urban and
organisation across generations for
and Apparel products rural India.
more than 50 years
• The company is one of the world’s
Financial highlights, 2016-17
largest vertically and horizontally
• Sales for the year at H2,714 crore
integrated manufacturers of worsted
and EBIDTA at H384 crore with
suiting fabrics; it enjoys the largest
14.1% EBIDTA margins
BRANDED APPAREL
Raymond maintains strong growth momentum on the
back of a sustained investment in sharpening brands
1,270
Sales in H crore
22%
and product portfolio, retail expansion and its supply
chain.
• The sales of 4 Power Brands:

Raymond Ready To Wear H225
crore, Park Avenue H593 crore,
Color Plus H275 crore and Parx H173
crore
Challenges
The key challenges faced by the
industry comprised increasing
competition, especially from specialty
retail brands and established
international brands. With the
advent and growth of e-commerce,
product discounting is a year-round
phenomenon, moderating profit
margins. Lately, product obsolescence
increased due to an increase in fast-
Overview Over the last few years, there has been fashion players.
Raymond Group is one of the three a rapid expansion – across all channels
leading branded apparel players in the including 257 Exclusive Brand Outlets Strategic outlook
menswear industry comprising portfolio (EBOs), 3,300 Multi Brand Outlets Raymond continues to strengthen
of four Power Brands - Raymond (MBOs) (through a distributor network), its brand and core proposition as
Ready-to-wear (RRTW), Park Avenue 800 Large Format Store (LFS) chains a wardrobe solutions provider by
(PA), Color Plus (CP) and Parx. All four and Online portals. All brands enjoy a sharpening brands, product innovation
brands command a significant share of wide presence across 400 cities and and the product extensions of its
wardrobe solutions in the market. towns. four Power Brands. The company
will continue to enhance the in-store
Strengths A strong product focus and innovation retail experience for customers by
The brands enjoy a high consumer ethos have created capabilities and renovating its retail network, selectively
recall and acceptance on account translated into a competitive edge. widening the retail footprint, investing
of enduring brand trust and product in technology to support omni-channel
Financial highlights, 2016-17
quality. The Raymond brand enjoys growth and strengthening engagement
• Sales at H1,270 crore; EBIDTA was
considerable leadership over most programmes across platforms.
H-12 crore; EBIDTA margin was -1%
competing brands, translating into
iconic status.

SALES CHANNEL:
RETAIL STORES – THE FASHION DESTINATION
Raymond has been continuously rejuvenating stores, by adapting new ways
of empowering the customers to shop which are digital-enabled, differentiated
and distinctive. The result has been accelerated footfalls, higher conversion and
enhanced productivity; the company has consistently outperformed the sectoral
growth average through the last couple of years.
THE PERSONALITIES BEHIND OUR BRANDS
Raymond
The sophisticated, Park Avenue
discerning The sharp,
connoisseur who is energetic, go-getter
effortlessly stylish with a natural flair
and immaculate. and panache.
Parx
Color Plus The tech-savvy and
Mature yet vibrant globally connected
with a penchant young millennial
for comfort and with an unorthodox
craftsmanship. sense of style.
stores reported 20%+ revenue
growth on a year-on-year basis
• The Raymond Store of Future was

positioned as a one-stop destination
for all customers to seek wardrobe
solutions. The store was designed
with the brand’s aligned positioning,
future-ready technologies and
innovative visual merchandise.
The new format store catalysed
a positive change in the brand
image, attracting a new profile of
unaddressed/disengaged customers
• Pop-up Exclusive Branded stores is

Overview tailoring services have translated an innovative and unique initiative in
Raymond is the first organised retailer into a one-stop solution, the stores opening pop-up stores of brands like
in India, having commissioned the first emerging as a fashion destination in Raymond and Parx. This approach
‘The Raymond Shop’ store in 1958. the cities of its presence helped circumvent high retail costs
Currently, the retail network comprises and unavailability of rental space
• A strong, trusted and long-lasting
The Raymond Shop, Exclusive Brand by allowing brands to present their
channel relationship across
Outlets for the four Power Brands and offerings to customers
generations have been associated
Made-to-Measure outlets. There are
with a large share of the franchisee • The company strengthened
714 TRS, 28 RRTW, 82 PA, 135 CP, 12
loyalty, marked by a proven business the Unified Raymond Rewards
Parx and 60 MTM EBOs in India. The
model Proposition which has a base of over
company’s 49 overseas retail stores are
located in Bahrain, Bangladesh, Kuwait, 4 million members
• The retail network enjoys an
Nepal, Oman, Pakistan, Sri Lanka. expansive presence in small Indian Challenges
Saudi Arabia and UAE. towns and cities (Tier 3/4/5) The key challenges comprised high
The company has 1.99 million square rentals, availability of adequate
• A unique asset-light franchisee
feet of exclusive retail space across retail space, deep discounting by
model comprises more than 70% of
formats. e-commerce players and the entry of
stores
international brands.
Strengths Operational highlights, 2016-17
• Raymond owns one of the largest Strategic outlook
• Total domestic TRS stores were
exclusive retail networks in the men’s The company will enhance the
714; 24 stores were opened and 58
lifestyle space in India consumer experience through
stores were renovated
store digitisation and renovation; it
• The company developed the • Total EBOs (including MTM) were will increase the retail footprint by
capability to design world-class 317; 67 were opened across all expanding into semi-urban and rural
stores around the changing brands areas through an asset-light franchise
customer shopping behavior and model.
need for enhanced customer delight • The same-store sales growth across
our exclusive retail network was 3
• The Raymond Shop offerings of per cent. The renovated Raymond
men’s apparel plus fabric plus

GARMENTING
Raymond will continue strengthening its partnership
with leading international customers, while sharpening
639
Sales in H crore
11%
its product lines and differentiating for exclusiveness
and quality craftsmanship.
Overview • Only Indian manufacturer with Strategic outlook

In this B2B business, the Raymond the expertise to craft full-canvas Raymond is strengthening its global
Group is a white label-integrated premium jackets manufacturing strategy by addressing
supplier to leading international market challenges. The company is
• Enduring trusted relationships with
brands. This segment comprises of commissioning a garmenting plant in
customers
manufacturing of mainly high-end suits, Ethiopia with a capacity of 2.6 million
jackets, trousers and shirts, exported to Financial highlights, 2016-17 pieces per annum as part of a global
USA, Europe and Japan. • Sales were H639 crore; EBIDTA was textile hub where the land and building
H54 crore; EBIDTA margin was 8.4% are being provided by the government,
There are four state-of-the-art
and the labour and power costs are
garmenting plants in Bengaluru with • The total volume of jackets, trousers globally competitive. The company will
an aggregated annual manufacturing and shirts sold was 5.3 million benefit on account of duty exemptions
capacity of 2.2 million tailored jackets, pieces in USA and Europe on exports
2.4 million tailored trousers and 2.4
from Ethiopia, making it possible to
million shirts. Challenges
address the incremental demand from
There is an increasing demand for
Strengths these markets and remain globally
low-margin polyester-blended garments
• Capability to provide complete competitive.
instead of the worsted variety and
solutions to customers increasing capabilities of the suppliers
of garmenting and fabric solutions at
• Unique craftsmanship capability and
lower costs from neighboring Asian
quality consistency rather than just a
countries.
capacity to produce
HIGH VALUE COTTON
SHIRTING BUSINESS
Raymond manufactures one of the finest shirting
fabrics in India, marked by innovative designs and
500
Sales in H crore
finishes around the latest fashion. This helps B2B

customers (retailers/brands) reinvent garments for
different seasons around a compelling proposition for
consumers to change their wardrobe.
9%
Overview • Strong product development team Challenges

This segment, a B2B business, supported by renowned Italian The industry is marked by strong
possesses 26 million metres of capacity designers competition from low price and low
at its state-of-the–art manufacturing quality, similar-look shirting fabrics
• Proximity to the weaving cluster,
facility in Kolhapur (Maharashtra). The offered by the Indian unorganised
resulting in a unique flexibility and
unit produces high value cotton and sector and Chinese exporters.
cost advantage
linen shirting and bottom weight fabrics
Strategic outlook
for leading domestic and international Financial highlights, 2016-17
Raymond will continue to focus on
brands. • Sales at H500 crore; EBIDTA was
product innovation, developing a
H49 crore; EBIDTA margin 9.8%
Strengths sustainable competitive advantage that
• Flexible and versatile facility capable • The total volume sold was 25 million helps increase its customer base by
of producing the world’s finest 340s metres providing better products and services.
count cotton and 150 lea pure linen
The results shown above are for 100% operations
fabrics for apparel and B2C fabric
and include minority interest.
brands

ENGINEERING:
AUTO COMPONENTS
Raymond will continue to leverage state-of-art
164
Sales in H crore
design and technology capabilities, high quality

standards and operating efficiencies, as well as
enduring customer relationships to sustain its growth
momentum in the coming years.
3%
• Spread across USA, Canada,

Europe, Australia and Asia
Financial Highlights, 2016-17

• The sales for the year at H164 crore
and EBIDTA at H24 crore with 14.5%
EBIDTA margins
• Total volume sold during the year:

3.2 million pieces of ring gears, 0.21
million pieces of flexplates and 2.9
million pieces of bearings

Challenges
The industry encountered increased
competition coupled with a decline
in the demand of industrial, power
Overview Strengths generators and earth-moving
This segment comprises the • On-time ~98-99% delivery, higher equipment. The industry is also affected
manufacture of Ring Gears, Flexplates than the industry average by a continuous increase in commodity
and Water pump bearings. The prices and exchange rate volatility.
• Lean manufacturing and the
company is present in diverse industry
indigenous development of zero- Strategic outlook
segments like Automotive, Industrial
defect machines The business focus is to expand
and Power generators, Agricultural
and Marine Applications, marked by the global Flexplates division of
• Meeting ‘zero’ defect levels
strong relationships with domestic and blue-chip customers and enhance
for prominent domestic and
international OEMs. realisations of low-margin products,
international customers
strengthen footprint of Bearings in
The aggregate annual manufacturing • Strong sales and marketing key OEM applications and increase share
capacity is 4.8 million pieces of ring account management structure of business for Ring Gears in global
gears, 0.4 million pieces of flexplates OEMs.
and 5.0 million pieces of shaft bearings • Enduring relationships with leading
in an ISO/TS 16949 quality system- global OEM companies and
certified plant in Nashik, Maharashtra. suppliers
ENGINEERING:
TO OLS AND HARDWARE 350
Sales in H crore
The business will continue to strengthen initiatives that

turn this business around, expecting to regain market
share and significantly improve Return on Capital
Employed in 18-24 months.
6%
Overview • Manufacture of products conforming from China and competition from India’s
This segment comprises of with various international quality unorganised market. The product price
manufacturing of steel files and cutting standards backed by service elasticity is high, impacted by exchange
tools and marketing of hand tools rate fluctuations in the international
• Strong distribution network in Africa,
and power tools. Raymond Group is markets.
Asia and Latin America
a leading manufacturer of steel files in
Strategic outlook
the world with a domestic market share • Wide network of domestic
The company to accelerate business
of ~65% The company possesses distributors and agents with
turnaround through product range
manufacturing capacity of 71 million significant cross-sale synergies
rationalisation, realignment of
pieces of files and 21 million pieces
Financial highlights, 2016-17 manufacturing capacity and improved
of drills per annum in ISO 9000-2008
• The Sales for the year at H350 crore quality. The company intends to
certified plants in India.
and EBIDTA at H7 crore with 2% strengthen relationships with domestic
Strengths EBIDTA margins and export channel partners, regaining
• Dominant in India with high recall market share. These initiatives, coupled
among technical professionals with financial prudence, are expected to
enhance capital efficiency and improve
• Leading global manufacturer of steel
Challenges Return on Capital Employed.
files with corresponding advantages
The industry is marked by low entry
of scale economies
barriers, making it vulnerable to imports

BUSINESS THROUGH ASSOCIATES: FMCG
The business commenced its transformational journey with strategic initiatives to
enhance visibility, offtake and cost-efficiency, putting it at the cusp of a turnaround.
Overview KamaSutra Dotted Condoms which is • Strong retail presence through 0.25
The Raymond Group is present in the one of the most aspirational condom million retail outlets and 90,000
FMCG business through associate brands in India. Also, Park Avenue pharmacies in India
companies – J.K. Helene Curtis Limited Voyage was rated as the one of the
Challenges
and J.K. Ansell Private Limited (JKAL). top five deodorants in India by GQ,
The business encounters challenges
Through these companies, Raymond the world’s leading men’s magazine in
in graduating from a manufacturing
Group caters mainly to the male February 2017.
mindset to a consumer mindset,
grooming segment through pioneering
Strengths conventional supply chain, demand
brands like Park Avenue and KS; home
• The business capitalised on the forecasting capabilities and quality
care segment through Premium brand
robust foundation of one of India’s controls.
and sexual wellness segment through
best-placed men’s grooming brands
KamaSutra brand. The company, JKAL, Strategic outlook
possesses a world-class manufacturing • The FMCG product library comprises The business will redefine brand
facility (capacity 400 million condoms innovative brands enjoying an identities (Park Avenue and
per annum) located in Aurangabad, international imagery (Park Avenue, KamaSutra), formulate brand-specific
Maharashtra. KamaSutra and Premium) strategies, innovative products across
the men’s grooming space, improve
Some of the champion products • The business enjoys a strong
packaging and communication,
comprise of Park Avenue and KS position in the deodorants segment
and increase the proportion of non-
deodorants where Raymond Group has on account of its association with
deodorant products in the overall
the second largest aggregated market and knowledge of quality fragrances
mix (soaps, talc, shampoos, room
share by value (Source: AC Nielson
• The business enjoys strong equity in fresheners and Eau de Cologne).
Report, March 2016), Park Avenue
Beer Shampoo, Park Avenue Voyage, large towns and upmarket stores
PA Pure Collection, KS Spark and
BUSINESS THROUGH JV*: DENIM
Raymond will continue to focus on the high-end quality denim segment, carving
out a larger market share by strengthening innovation and service to offer
differentiated products and full package solutions.
Overview • The business is adequately Strategic outlook

Raymond UCO Denim Private Limited dispersed across the domestic and The company is optimistic of its
manufactures denim fabric and export markets prospects and aims to achieve its vision
markets a wide range of denim fabric of being “World’s best in class provider
• The business helps leading global
and garments. The business caters to of denim products and services”.
and domestic garment brands
customers across Americas, Europe, Improved productivity, reduced
address the growing demands of
Asia and domestic markets. The wastage, launch of new innovative
their fashion-conscious customers
business’s fabric manufacturing facilities products, increased nominations from
are located in Yavatmal (Maharashtra) • The business invested extensively US and European brands, reinforces
and Romania (Europe) with an to mitigate water and air pollution, this resolve.
aggregated capacity of 47 million initiating several energy conservation
metres. measures to promote ‘green living’
Strengths Challenges
• The business enjoys global respect The key challenges comprised an
as a quality product manufacturer. unprecedented increase in cotton
The business provides an end-to- prices, excess global capacity and
end solution ranging from designing trade pacts making neighboring Asian
to manufacturing quality fabric and countries more competitive.
garments
*The JV’s results are accounted for in the consolidated accounts under the equity method.

ACCOLADES
Branded Textile
• National award for Supply Chain • BBC Knowledge - Design • Energy Management Insight
and Logistics Excellence given by Excellence Awards: Award - 2016, award won by
Confederation of Indian Industry Raymond Chhindwara and
• Champion’s Collection: Best
(CII) in Retail Category Jalgaon plants
Product Design;
• Technosmart and Jacketing:

Best Textile Design
Branded Apparel
• Raymond recognised as ‘Most • Raymond won two Effie Awards - campaign – won one award
Admired Men’s Apparel Brand’ for Raymond Whites and Father’s under the Jewellery, Fashion &
(Retail Category) at GLOBE Day campaign Lifestyle category and one award
Platinum Awards 2016 under the Retail category at Prime
• Raymond Shades of White
Time Awards, 2016
Retail
• Raymond Store, Linking Road, • Global award for best store • Raymond RTW Indiranagar,
won the prestigious ‘Flagship design - Raymond RTW, Bangalore, won Best Store
Store of the Year’ awarded by Indiranagar, Bangalore; Awarded Design Award at A.R.E Design
Images Retail -Indian Fashion by VMSD Magazine, Canada Awards in Las Vegas, USA
Forum 2017
Garmenting
• SSAL bagged ‘Best place to • SSAL secured third position at • Best Manufacturer Exporter
work’ 22nd rank in Asia by Great APEC Export Awards 2015-16 Award in FKCCI (Large Category
Place To Work Institute, 2016 in the highest global exports Silver)
category
High Value Cotton Shirting

• Raymond Luxury Cottons Ltd • RLCL won Vasundhara award • RLCL receives 6th Annual
(RLCL) awarded ‘Excellence in from Maharashtra Pollution Greentech HR Award 2016 for
Cost Management’ award by the Control Board in 2016 employee engagement
Institute of Cost Accountants of
India
Marketing
• Marketing Campaign of the Year • Best Integrated Media Campaign: Media in CSR/cause Marketing
- Raymond Trouser Exchange, Look Good Do Good campaign,
• Effie Awards –
Recognised as the most managed by Raymond Rewards
outstanding and comprehensive Loyalty Platform at Customer • Raymond MTM – Where Craft
marketing campaign of the year Loyalty Summit, Pinnacle Forum Meets Science under the
at Global Marketing Excellence Consumer Products category,
• Various awards received for
Awards
Best Marketing Campaigns at • Raymond RTW - Whites
• Middle East Digital Marketing BBC National Digital Marketing Campaign – In-House Central
Leadership Award – 1st position Conference Marketing Team under the
for Father’s Day – Saluting Single Retail Category
• Raymond Whites: Best Social
Mothers Campaign
Media Marketing Campaign, • Father’s Day Campaign – A
• ‘Best Use Of Social Media in Best Multi-channel integrated single mom’s true story,
marketing’ and ‘Brand Leadership campaign, Best Brand under Corporate Advertising/
in Child and Women care’ - Marketing Campaign, Best Reputation
Raymond Father’s Day Campaign Use of Video;
at Global Marketing Excellence • Raymond Father’s Day awarded
• Father’s Day: Best use of in The South-Asia Laadli Media
Awards
Video, Best use of Digital Awards for Gender Sensitivity
Tools & Hardware

• JK Files (India) Ltd was Awarded Export Performance at the EEPC
‘Star Performer Award in the (Engineering Export Promotion
category of Hand Tools - Large Council)
Enterprise for Outstanding
FMCG
• KamaSutra has been recognised • J.K. Ansell Private Limited leveraging digital technology by
as ‘The Most Iconic Indian Brand’ has been awarded the Most BW DigiPharmax 2016
by Economic Times in 2016 Enterprising Company for
Denim
• Raymond UCO Denim Winner of • Asia Subcontinent Regional • State-level Energy Conservation
‘Golden Peacock Environment Corporate Energy Management Award given by Maharashtra
Management Award’ for the year Award (USA) Energy Development Agency
2016
• Green Tech Award ( Gold
Category) for Health & Safety

G OING BEYOND BUSINESS
1 2
1:
JK Trust Gram
Vikas Yojana
2:
JK BovaGenix
3&4:
Skilled Tailoring
Institute
3 4
5&6:
Raymond
Rehabilitation
Centre, Thane
7&8:
Singhania Schools
5 6
7 8

The Raymond Group’s CSR JK Trust Gram Vikas Yojana Singhania Schools
initiatives are designed to The JK Trust Gram Vikas Yojana The Shrimati Sulochanadevi
benefit disadvantaged sections aims to significantly improve Singhania School at Thane
of society. Raymond’s CSR the quality of life in rural areas (managed by the Shrimati
initiatives are centred on the through a strategically executed Sulochanadevi Singhania
core principle of inclusiveness cattle breeding programme. Thus School Trust) and the Kailashpat
and empowerment, driven by an far, this initiative has provided Singhania High School in
overarching vision of creating a breeding and veterinary services Chhindwara, Madhya Pradesh
better tomorrow for all Indians. to >4.5 million people across have a combined headcount of
Raymond’s commitment to its 45,000 villages in 11 States of ~8,000 students. Similarly, the
CSR projects and programmes India. Dr. Vijaypat Singhania School in
is vindicated by its calculated Vapi, Gujarat, provides quality
JK BovaGenix
investments in activities specified education to the children of
This first-of-its-kind breeding
under Schedule VII of the Raymond employees and local
programme utilising in-vitro
Companies Act, 2013 (2% of residents. As per the Education
fertilisation of selected indigenous
the average profit earned during World rankings of 2015,
cattle breeds was launched on
the past three years). Raymond the Shrimati Sulochanadevi
20th July, 2016. JK BovaGenix
has undertaken CSR activities in Singhania School was adjudged
aims to achieve 1,000 IVF
the realms of healthcare (raising the number one school in India
pregnancies within a year of its
awareness about cancer, treating for employing a holistic approach
commissioning and scale it to
patients suffering from cancer to education.
10,000 by 2020.
and treating patients afflicted with
renal ailments), potable water, Skilled Tailoring Institutes
employment, environmental The Skilled Tailoring Institutes
sustainability and promotion of in Patna, Jaipur, Jodhpur and
traditional art forms. At Raymond, Lucknow provide training in
CSR activities are carried out tailoring skills to marginalised
as per the company’s Board- women and youth, enhancing
approved CSR policy. Moreover, their livelihoods.
there are in place precise SOPs
for the implementation of these Raymond Rehabilitation Centre
projects as approved by the The Raymond Rehabilitation
CSR committee. Consequently, Centre was set up for the welfare
Raymond’s CSR expenditure of underprivileged youth at
stood at H0.57 crore during Jekegram (Thane). It runs free
FY16 and H1.53 crore in FY17, vocational training workshops
respectively. The company also (electrical, air conditioning,
continues to voluntarily support refrigeration and plumbing) for
the following social initiatives: boys over 16 years of age.
STORE LOCATIONS
TRS EBO

MANUFACTURING UNITS
DIRECTORS’ REPORT
MANAGEMENT DISCUSSION
AND ANALYSIS

D IRECTORS’ REPORT
DEAR MEMBERS,
Your Directors are pleased to present the Ninety-Second Annual Report on the business and operations of the Company together with the Audited
Financial Statements for the year ended March 31, 2017.
1. CORPORATE OVERVIEW
Raymond Limited (“Your Company” or “The Company”) is a leading Indian Lifestyle, Textile and Branded Apparel Company, with interest in the
Engineering (Files, Power Tools, Auto-Components), FMCG and Realty. The Group has its corporate headquarters at Mumbai.
2. FINANCIAL RESULTS
Particulars Standalone Consolidated
H in Crore H in Crore
March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016
Gross Revenue 2822.18 2791.91 5391.32 5176.83
Profit before tax (after exceptional item) 47.09 112.40 77.78 122.43
Tax Expenses (Including Deferred Tax) 13.27 38.65 21.84 46.52
Minority Interest and Share in Profit of Associates - - (30.42) 8.89
Profit after Tax 33.83 73.75 25.52 84.80
3. FINANCIAL PERFORMANCE 4. DIVIDEND AND RESERVES

Your Company reported a marginal top-line growth of 1.08 % over the Your Directors recommend a dividend of 12.50 % i.e. H1.25 per equity
Previous Year. At Standalone level, the Gross Revenue from operations share of face value of H10 each aggregating to H 7.67 crore (Previous
stood at H2822.18 crore compared with H2791.91 crore in the Previous Year: H18.41 crore). During the year under review, your Company
Year. The Operating Profit before tax stood at H47.09 crore as against transferred a sum of H37.25 crore to the Debenture Redemption
H112.40 crore in the Previous Year. The Net Profit for the year stood at Reserve (Previous Year: H21 crore).
H33.83 crore against H73.75 crore reported in the Previous Year.
Pursuant to Regulation 43A of the SEBI (Listing Obligations and
The company continues to retain and reinforce its market leadership Disclosure Requirements) Regulations, 2015, top five hundred listed
in branded suiting and shirting fabrics with a pan India distribution entities based on market capitalization are required to formulate a
network comprising of exclusive stores, wholesalers and dealers. Dividend Distribution Policy. The Board has approved and adopted
the Dividend Distribution Policy and the same is available on the
The Consolidated Gross Revenue from operations for FY 2017
Company’s Website viz. www.raymond.in
was at H5391.32 crore (Previous Year: H5176.83 crore), registering
a growth of 4.14 %. The Consolidated Operating Profit stood at During the year under review, H33.75 crore was transferred to General
H87.82 crore (Previous Year: H157.64 crore). The Consolidated Profit Reserve from Debenture Redemption Reserve.
after tax stood at H25.52 crore (Previous Year: H84.80 crore).
There are no material changes or commitments affecting the financial 5. SHARE CAPITAL
position of the Company which have occurred between the end of the The paid up Equity Share Capital as at March 31, 2017 stood at
financial year and the date of this Report. H61.38 crore. During the year under review, the company has not
issued shares with differential voting rights nor has granted any stock
Directors’ Report | Raymond Limited | 69

options or sweat equity. As on March 31, 2017, none of the Directors growth performance. The Gross Revenue of the company for FY 2017
of the company hold instruments convertible into equity shares of the stood at H426.89 crore (Previous Year: H423.40 crore). The company
Company. had a profit after tax of H21.80 crore (Previous Year: H14.25 crore).
The Company, through its subsidiary is putting up a suit and jacket
6. FINANCE AND ACCOUNTS manufacturing plant in Ethiopia.
During the year under review, your Company had redeemed following Dress Master Apparel Private Limited
two series of Debentures on attaining maturity: The company is engaged in garment manufacturing at its plant located
• 10.55% - 1000 Unsecured Redeemable Listed Non-Convertible in Bangalore. The Gross Revenue of the company for FY 2017 stood
Debentures (NCD) for Series C of H10,00,000/- each aggregating at H37.96 crore (Previous Year: H14.49 crore). The company registered
to H100 crore. a Loss of H3.31 crore (Previous Year: Loss of H0.67 crore) during the
year under review.
• Zero Coupon - 350 Unsecured Redeemable Listed Non-
Convertible Debentures (NCD) for Series E of H10,00,000/- each Celebrations Apparel Limited
aggregating to H35 crore. This company has a state-of-the art manufacturing facility for formal
shirts. The Gross Revenue of the company for FY 2017 stood at
In April 2017, your Company had issued and allotted 8.35% - 1500 H87.41 crore (Previous Year: H76.75 crore). The company earned a
Unsecured Redeemable Non-Convertible Debentures (NCD) for Series Profit of H0.43 crore (Previous Year: Loss of H0.83 crore).
J of H10,00,000/- each for cash at par aggregating to H150 crore on
private placement basis. The NCD’s are listed on Wholesale Debt Everblue Apparel Limited
Market (WDM) segment of National Stock Exchange of India Limited. This company has a state-of-the art denim-wear facility offering
During the year under review, the Rating agency CARE maintained the seamless denim garmenting solutions. The Gross Revenue of
“AA” rating for the Company’s long term borrowings. CRISIL and CARE the company for FY 2017 stood at H67.25 crore (Previous Year:
maintained the A1+ rating for the Company’s short term borrowings. H55.41 crore). The company earned a Profit after tax of H0.32 crore
(Previous Year: H0.14 crore).
As mandated by the Ministry of Corporate Affairs, the Company
has adopted the IND AS for the Financial Year commencing from Raymond Woollen Outerwear Limited
April 1, 2016. The estimates and judgments relating to the Financial The Gross Revenue of the company for FY 2017 stood at H0.27 crore
Statements are made on a prudent basis, so as to reflect in a true and (Previous Year: H3.24 crore). During the year, the company had a loss
fair manner, the form and substance of transactions and reasonably of H0.08 crore (Previous Year: Loss of H0.23 crore).
present the Company’s state of affairs, profits and cash flows for the
JK Files (India) Limited
year ended March 31, 2017.
This company manufactures steel files and cutting tool and markets,
hands tools and power tools. It is the leading manufacturer of steel files
7. PERFORMANCE OF SUBSIDIARY COMPANIES in the world with a domestic market share of ~65%.
Domestic subsidiaries
The company reported a Gross Revenue of H354.11 crore for the FY
Raymond Apparel Limited
2017 (Previous Year: H399.49 crore). The Company registered a Loss
Raymond Apparel Limited brings to its customers stylish and innovative of H12.61 crore (Previous Year: Loss of H3.81 crore). The loss was
wardrobe solutions through some of India’s most prestigious brands due to continuing weak economic conditions in the company’s main
– Raymond Premium Apparel, Park Avenue and Parx. The Gross markets, which impacted offtakes and hence operating margins.
Revenue of the company for FY 2017 stood at H981.78 crore (Previous
Year: H825.77 crore). Profit after tax for the year stood at H8.03 crore JK Talabot Limited
(Previous Year: H20.84 crore). This company manufactures files and rasps at its plant at Chiplun in
Ratnagiri District, in the State of Maharashtra. During FY 2017, the
Pursuant to Scheme of Arrangement between Color Plus Fashions
Gross Revenue of the company stood at H21.11 crore (Previous Year:
Limited (CPFL) and Raymond Apparel Limited (RAL), the Ready-
H24.39 crore). The company reported a profit after tax of H1.50 crore
made Garments and Accessories Undertaking / Business of CPFL is
during FY 2017 (Previous Year: H1.38 crore).
being demerged into RAL. Necessary Applications was made by both
the Companies to National Company Law Tribunal (NCLT), Mumbai Scissors Engineering Products Limited
Bench. By an order dated February 23, 2017 of the NCLT, meetings of This company registered a loss of H0.01 crore during the year under
the respective shareholders of RAL and CPFL were held on April 12, review (Previous Year: Loss of H0.02 crore).
2017. RAL and CPFL are in the process of obtaining the approval of
the NCLT, Mumbai Bench for the said Scheme of Arrangement. Ring Plus Aqua Limited
This company manufactures high quality Ring Gears, Flexplates and
Color Plus Fashions Limited
Water-pump bearing. It is present in all segments of industries like
This company operates as the ready-to-wear premium casual lifestyle Automotive, Industrial & Powergen, Agricultural and Marine Application.
brand for men under the ‘Colorplus’ brand. The company’s Gross It has a strong relationships with domestic and international OEMs.
Revenue for FY 2017 stood at H269.32 crore (Previous Year: H264.78
crore). The company made a loss of H12.16 crore (Previous Year: Loss The Gross Revenue of the company stood at H157.32 crore (Previous
of H4.27 crore). Year: H173.83 crore). During the year under review, the company made
Profit of H11.06 crore (Previous Year: Loss of H40.68 crore).
Silver Spark Apparel Limited
The company has a quality overseas clientele for suits, jackets and On September 21, 2016, the company entered into a Share Purchase
trousers, and the strong export order book led to a strong sales Agreement with Neel Metals Products Limited, to transfer by way of
sale its entire equity share holding of 1,04,30,631 equity shares in its
70 | Annual Report 2016-17 | Directors’ Report

50:50 Joint Venture Company namely; Rose Engineered Products crore). Runaway increase in the prices of cotton, the main raw material
India Private Limited (ROSE). Consequent to said transaction ROSE and demonitisation effect, adversely impacted profitability.
ceased to be an Associate of Ring Plus Aqua Limited and Raymond
Limited. The Enterprise Value of ROSE was arrived at H20.19 crore. 9. QUALITY AND ACCOLADES
Pashmina Holdings Limited Your Company continues to win awards year-after-year, thus reiterating
The company made a loss of H0.06 crore in FY 2017 (Previous Year: its credible market position. Details of the awards won have been given
Profit H0.04 crore). on page no.61 and 62 of this Report.
Raymond Luxury Cottons Limited

10. CONSOLIDATED FINANCIAL STATEMENTS
This company manufactures high value fine cotton and linen shirting for
The Consolidated Financial Statements of the Company are prepared
both domestic and international customers. The company completed
in accordance with relevant Indian Accounting Standards issued by
its 10 million metre per annum expansion programme.
the Institute of Chartered Accountants of India and forms an integral
During the year under review, the Gross Revenue for the FY 2017 part of this Report.
stood at H500.07 crore (Previous Year: H467.14 crore). The Net profit
Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule
after tax stood at H14.38 crore (Previous Year: H13.47 crore).
5 of the Companies (Accounts) Rules, 2014, a statement containing
Overseas subsidiaries salient features of the financial statements of Subsidiaries/Associate
Jaykayorg AG Companies/Joint Ventures is given in Form AOC-1 and forms an
integral part of this Report.
This Company recorded a Profit of CHF 98,202 (equivalent to H0.65
crore) for the year ended December 31, 2016 [Previous Year: Profit of
CHF 1,11,147 (equivalent to H0 .73 crore)]. 11. MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report on the operations
Raymond (Europe) Limited
of the Company, as required under SEBI (Listing Obligations and
The Company recorded a profit of GBP 73,078 (equivalent to H0.61 Disclosure Requirements) Regulations, 2015 is provided in a separate
crore) for the year ended December 31, 2016 [Previous Year: Profit section and forms an integral part of this Report.
GBP 58,091 (equivalent to H0.57 crore)].
R & A Logistics INC, USA 12. CORPORATE GOVERNANCE
This Company is the subsidiary of Ring Plus Aqua Limited set up in As per Regulation 34 (3) read with Schedule V of the SEBI (Listing
USA to provide better service to US based customers and made a Obligations and Disclosure Requirements) Regulations, 2015, a
loss of USD 23,282 (equivalent to H0.17 crore) for the year ended separate section on corporate governance practices followed by the
March 31, 2017 [Previous Year: profit of USD 11,281 (equivalent to Company, together with a certificate from the Company’s Auditors
H0.12 crore)]. confirming compliance forms an integral part of this Report.
Silver Spark Middle East (FZE)

13. EXTRACT OF ANNUAL RETURN
This company is the wholly owned subsidiary of Silver Spark Apparel
Limited incorporated in Sharjah Airport Free Zone (SAIFZONE), Sharjah, The details forming part of the extract of the Annual Return in form
UAE. This company will engage in Garmenting, Trading of Apparel and MGT-9, as required under Section 92 of the Companies Act, 2013,
related products for the Middle East and African markets. is annexed as Annexure - A and forms an integral part of this Report.
Raymond Lifestyle International DMCC

14. DIRECTORS
This company is the wholly owned subsidiary of Raymond Limited and
The Board of Directors has appointed Mr. Akshaykumar Chudasama
incorporated in the Dubai Multi Commodities Centre (DMCC), Dubai.
(DIN: 00010630) as an Additional Director and designated him as an
This company will engage in Trading of Textile, Apparel and related
Independent Director of the Company with effect from July 21, 2016
products for the Middle East and African markets.
for a period of 5 years. In terms of Section 161 of the Companies
Silver Spark Apparel Ethiopia PLC Act, 2013, Mr. Akshaykumar Chudasama holds office up to the date of
During the year under review, Silver Spark Apparel Limited has ensuing Annual General Meeting. The Company has received requisite
incorporated its step down subsidiary in Ethiopia on August 10, 2016. notice in writing from a member proposing his name for the office of
This company is a wholly owned subsidiary of Silver Spark Middle Director. Accordingly, the Board recommends the resolution in relation
East (FZE). This company will engage in the Manufacturing of wearing to appointment of Mr. Akshaykumar Chudasama as an Independent
apparel. Director, for the approval by the shareholders of the Company.
Mr. H. Sunder resigned as Whole-time Director of the Company with
8. PERFORMANCE OF JOINT VENTURE effect from April 28, 2017. The Board has placed on record its sincere
appreciation and gratitude for contributions made by him during his
Raymond UCO Denim Private Limited
tenure as Whole-time Director. Mr. Sunder will continue as a Non-
This company is engaged in the business of manufacturing and Executive Director of the Company.
marketing of denim fabrics and garments for both the domestic and
international markets. In FY 2017, revenue from Indian operations was In accordance with the provisions of Section 152 of the Companies
H875.32 crore (Previous Year: H840.77 crore). Act, 2013 and the Company’s Articles of Association, Mr. Gautam Hari
Singhania, Chairman and Managing Director retires by rotation at the
The company made a loss before interest on preference capital, tax forthcoming Annual General Meeting and, being eligible offers himself
and exceptional items of H38.46 crore (Previous Year Profit: H51.86 for re-appointment. The Board recommends his re-appointment for the

consideration of the Members of the Company at the ensuing Annual 21. REMUNERATION AND NOMINATION POLICY
General Meeting.
The Board of Directors has framed a policy which lays down a
All Independent Directors have given declarations that they meet the framework in relation to remuneration of Directors, Key Managerial
criteria of independence as laid down under Section 149(6) of the Personnel and Senior Management of the Company. This policy also
Companies Act, 2013 and Regulation 16 (b) of SEBI (Listing Obligations lays down criteria for selection and appointment of Board Members.
and Disclosure Requirements) Regulations, 2015. The details of this policy are explained in the Corporate Governance
Report.
15. NUMBER OF MEETINGS OF THE BOARD
The details of the number of meetings of the Board held during the
22. RELATED PARTY TRANSACTIONS
Financial Year 2016-17 forms part of the Corporate Governance All transactions entered with Related Parties for the year under review
Report. were on arm’s length basis and in the ordinary course of business and
that the provisions of Section 188 of the Companies Act, 2013 and
the Rules made thereunder are not attracted. Thus, disclosure in form
16. KEY MANAGERIAL PERSONNEL
AOC-2 in terms of Section 134 of the Companies Act, 2013 is not
The following are the Key Managerial Personnel of the Company: required. Further, there are no material related party transactions during
1. Mr. Gautam Hari Singhania : Chairman and Managing Director the year under review with the Promoters, Directors or Key Managerial
Personnel. The Company has developed a framework through
2. Mr. H. Sunder : Whole-time Director (upto April 28, 2017) Standard Operating Procedures for the purpose of identification and
monitoring of such Related Party Transactions.
3. Mr. Sanjay Bahl : Chief Financial Officer
All Related Party Transactions are placed before the Audit Committee
4. Mr. Thomas Fernandes : Company Secretary
as also to the Board for approval. Omnibus approval was obtained on a
yearly basis for transactions which are of repetitive nature. Transactions
17. COMMITTEES OF THE BOARD entered into pursuant to omnibus approval are audited by the Risk
The Board of Directors has the following Committees: Assurance Department and a statement giving details of all Related
Party Transactions are placed before the Audit Committee and the
1. Audit Committee Board for review and approval on a quarterly basis.
2. Remuneration and Nomination Committee The Company has put in place a mechanism for certifying the Related
3. Committee of Directors (Stakeholders’ Relationship Committee) Party Transactions Statements placed before the Audit Committee and
the Board of Directors from an Independent Chartered Accountant.
4. Corporate Social Responsibility Committee.
The policy on Related Party Transactions as approved by the Board
The details of the Committees along with their composition, number of Directors has been uploaded on the website of the Company viz.
of meetings and attendance at the meetings are provided in the www.raymond.in. None of the Directors has any pecuniary relationship
Corporate Governance Report. or transactions vis-à-vis the Company.
18. BOARD EVALUATION 23. SIGNIFICANT AND MATERIAL ORDERS PASSED

Pursuant to the provisions of the Companies Act, 2013 and the SEBI BY THE REGULATORS OR COURTS
(Listing Obligations and Disclosure Requirements) Regulations, 2015,
There are no significant and material orders passed by the Regulators/
a structured questionnaire was prepared after taking into consideration
Courts that would impact the going concern status of the Company
the various aspects of the Board’s functioning, composition of the
and its future operations.
Board and its Committees, culture, execution and performance of
specific duties, obligations and governance.
24. DIRECTORS’ RESPONSIBILITY STATEMENT
The performance evaluation of the Independent Directors was
To the best of knowledge and belief and according to the information
completed. The performance evaluation of the Chairman and the Non-
and explanations obtained by them, your Directors make the following
Independent Directors was carried out by the Independent Directors.
statement in terms of Section 134(3) (c) of the Companies Act, 2013:
The Board of Directors expressed their satisfaction with the evaluation
process. (i) that in the preparation of the Annual Accounts for the year ended
March 31, 2017, the applicable accounting standards have
19. PARTICULARS OF LOANS, GUARANTEES OR been followed along with proper explanation relating to material
departures, if any;
INVESTMENTS BY THE COMPANY
Details of Loans, Guarantees and Investments covered under the (ii) the directors had selected such accounting policies and applied
provisions of Section 186 of the Companies Act, 2013 are given in the them consistently and made judgements and estimates that are
notes to Financial Statements. reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company as at March 31, 2017 and of the
profit of the Company for the year ended on that date;
20. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has a Whistle Blower Policy to report genuine concerns (iii) that the Directors have taken proper and sufficient care for the
or grievances. The Whistle Blower Policy has been posted on the maintenance of adequate accounting records in accordance with
website of the Company viz. www.raymond.in. the provisions of the Companies Act, 2013 for safeguarding the
assets of the Company and for preventing and detecting fraud

and other irregularities; revised standard operating procedures. The Company’s internal
control system is commensurate with its size, scale and complexities of
(iv) the annual accounts have been prepared on a going concern
its operations. The internal and operational audit is entrusted to Messrs
basis;
Mahajan & Aibara LLP, a reputed firm of Chartered Accountants. The
(v) that the Directors had laid down internal financial controls to be main thrust of internal audit is to test and review controls, appraisal
followed by the Company and that such internal financial controls of risks and business processes, besides benchmarking controls with
are adequate and were operating effectively; and best practices in the industry.
(vi) that the Directors had devised proper systems to ensure The Audit Committee of the Board of Directors actively reviews the
compliance with the provisions of all applicable laws and that adequacy and effectiveness of the internal control systems and
such systems were adequate and operating effectively. suggests improvements to strengthen the same. The Company has
a robust Management Information System, which is an integral part of
the control mechanism.
25. AUDITORS
(a) STATUTORY AUDITOR The Audit Committee of the Board of Directors, Statutory Auditors
and the Business Heads are periodically apprised of the internal audit
Pursuant to the provisions of Section 139 of the Companies Act, 2013,
findings and corrective actions taken. Audit plays a key role in providing
and Rules made thereunder the term of office of Messrs Dalal & Shah
assurance to the Board of Directors. Significant audit observations and
LLP, as the Statutory Auditors of the Company will conclude from the
corrective actions taken by the management are presented to the Audit
close of ensuing Annual General Meeting of the Company.
Committee of the Board. To maintain its objectivity and independence,
The Board of Directors places on record its appreciation to the services the Internal Audit function reports to the Chairman of the Audit
rendered by Messrs Dalal & Shah LLP as the Statutory Auditors of the Committee.
Company.
Subject to the approval of the Members, the Board of Directors of 27. RISK MANAGEMENT
the Company has recommended the appointment of Messrs Walker Risk management is embedded in your Company’s operating
Chandiok & Co LLP, Chartered Accountants (ICAI Firm Registration framework. Your Company believes that managing risks helps in
Number 001076N/N500013) as the Statutory Auditors of the Company maximizing returns. The Company’s approach to addressing business
pursuant to Section 139 of the Companies Act, 2013. risks is comprehensive and includes periodic review of such risks and
a framework for mitigating controls and reporting mechanism of such
Accordingly, the Board recommends the resolution in relation to
risks. The risk management framework is reviewed periodically by the
appointment of Statutory Auditors, for the approval by the shareholders
Board and the Audit Committee. Some of the risks that the Company
of the Company.
is exposed to are:
There is no audit qualification for the year under review.
Financial risks
(b) COST AUDITOR The Company’s policy is to actively manage its foreign exchange
As per the requirement of Central Government and pursuant to Section risk within the framework laid down by the Company’s forex policy
148 of the Companies Act, 2013 read with the Companies (Cost approved by the Board. Given the interest rate fluctuations, the
Records and Audit) Rules, 2014 as amended from time to time, your Company has adopted a prudent and conservative risk mitigation
Company has been carrying out audit of cost records relating to Textile strategy to minimize financial and interest cost risks.
Divisions every year.
Commodity price risks
The Board of Directors, on the recommendation of Audit Committee, The Company is exposed to the risk of price fluctuations of raw materials
has appointed Messrs R. Nanabhoy & Co., Cost Accountants, (Firm as well as finished goods. The Company proactively manages these
Registration Number 7464) as Cost Auditor to audit the cost accounts risks through forward booking, inventory management and proactive
of the Company for the financial year 2017-18. As required under the vendor development practices. The Company’s reputation for quality,
Companies Act, 2013, a resolution seeking member’s approval for product differentiation and service, coupled with the existence of
the remuneration payable to the Cost Auditor forms part of the Notice powerful brand image with a robust marketing network mitigates the
convening the Annual General Meeting for their ratification. impact of price risk on finished goods.
(c) SECRETARIAL AUDIT Regulatory risks
Pursuant to the provisions of Section 204 of the Companies Act, 2013 The Company is exposed to risks attached to various statutes,
and rules made thereunder, the Company has appointed Messrs laws and regulations including the Competition Act. The Company
Ashish Bhatt & Associates, a firm of Company Secretaries in Practice is mitigating these risks through regular review of legal compliances
(C.P.No.2956) to undertake the Secretarial Audit of the Company. The carried out through internal as well as external compliance audits.
Secretarial Audit Report is annexed as Annexure - B and forms an
integral part of this Report. Human resource risks
Retaining the existing talent pool and attracting new talent are major
There is no secretarial audit qualification for the year under review.
risks. The Company has initiated various measures including rolling
out strategic talent management system, training and integration of
26. INTERNAL CONTROL SYSTEMS AND THEIR learning and development activities. The Company has also established
ADEQUACY a “Raymond Leadership Academy” which helps to identify, nurture and
Your Company has an effective internal control and risk-mitigation groom managerial talent within the Raymond Group to prepare them
system, which are constantly assessed and strengthened with new/ for future business leadership.

Strategic risks in receipt of remuneration in terms of Rule 5(2) of the Companies
Emerging businesses, capital expenditure for capacity expansion (Appointment and Remuneration of Managerial Personnel) Rules,
etc, are normal strategic risks faced by the Company. However, the 2014, is annexed as Annexure – F and forms an integral part of this
Company has well-defined processes and procedures for obtaining Report.
approvals for investments in new businesses and capacity expansions. The above Annexure is not being sent along with this Annual Report to
the Members of the Company in line with the provision of Section 136
28. CORPORATE SOCIAL RESPONSIBILITY (CSR) of the Companies Act, 2013. Members who are interested in obtaining
As a part of its initiative under the “Corporate Social Responsibility” these particulars may write to the Company Secretary at the Registered
(CSR) drive, the Company has undertaken projects in the area of Office of the Company. The aforesaid Annexure is also available for
urban and rural development, eradicating hunger, promoting health inspection by Members at the Registered Office of the Company, 21
care and education. These projects are in accordance with Schedule days before and up to the date of the ensuing Annual General Meeting
VII of the Companies Act, 2013 and the Company’s CSR policy. The during the business hours on working days.
Report on CSR activities as required under the Companies (Corporate None of the employees listed in the said Annexure is a relative of any
Social Responsibility Policy) Rules, 2014 is annexed as Annexure - C Director of the Company. None of the employees hold (by himself or
and forms an integral part of this Report. Apart from the CSR activities along with his spouse and dependent children) more than two percent
under the Companies Act, 2013, the Company continues to voluntarily of the equity shares of the Company.
support various social initiatives details of which have been given on
page no. 64 of this Report. The Company has not accepted any deposits, within the meaning of
Section 73 of the Companies Act, 2013, read with the Companies
(Acceptance of Deposits) Rules, 2014.
29. ENVIRONMENT AND SAFETY
The Company is conscious of the importance of environmentally
clean and safe operations. The Company’s policy requires conduct of
32. BUSINESS RESPONSIBILITY REPORT
operations in such a manner so as to ensure safety of all concerned, The Business Responsibility Report as required by Regulation
compliances of environmental regulations and preservation of natural 34(2) of the SEBI (Listing Obligations and Disclosure Requirements)
resources. Regulations, 2015, is annexed as Annexure – G and forms an integral
part of this Report.
As required by the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013, the Company
has formulated and implemented a policy on prevention of sexual
33. CAUTIONARY STATEMENT
harassment at the workplace with a mechanism of lodging complaints. Statements in this Directors’ Report and Management Discussion and
Besides, redressal is placed on the intranet for the benefit of Analysis describing the Company’s objectives, projections, estimates,
employees. During the year under review, no complaints were reported expectations or predictions may be “forward-looking statements”
to the Board. within the meaning of applicable securities laws and regulations. Actual
results could differ materially from those expressed or implied. Important
factors that could make difference to the Company’s operations include
30.
HUMAN RESOURCES AND INDUSTRIAL
raw material availability and its prices, cyclical demand and pricing in
RELATIONS the Company’s principle markets, changes in Government regulations,
The Company takes pride in the commitment, competence and Tax regimes, economic developments within India and the countries
dedication of its employees in all areas of the business. The Company in which the Company conducts business and other ancillary factors.
has a structured induction process at all locations and management
development programs to upgrade skills of managers. Objective 34. APPRECIATION
appraisal systems based on key result areas (KRAs) are in place for
senior management staff. Your Directors wish to place on record their appreciation, for the
contribution made by the employees at all levels but for whose hard
The Company is committed to nurturing, enhancing and retaining its work, and support, your Company’s achievements would not have
top talent through superior learning and organizational development. been possible. Your Directors also wish to thank its customers, dealers,
This is a part of our Corporate HR function and is a critical pillar to agents, suppliers, investors and bankers for their continued support
support the organization’s growth and its sustainability in the long run. and faith reposed in the Company.
31. STATUTORY INFORMATION

The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo pursuant to Section 134(3)(m) of
the Companies Act, 2013, read with the Rule 8(3) of the Companies
(Accounts) Rules, 2014 is annexed as Annexure - D and forms an
integral part of this Report.
For and on behalf of the Board
The Disclosure required under Section 197(12) of the Companies Act,
2013 read with the Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, is annexed as Gautam Hari Singhania
Annexure - E and forms an integral part of this Report. A statement Chairman and Managing Director
comprising the names of top 10 employees in terms of remuneration Mumbai, April 28, 2017 DIN: 00020088
drawn and every persons employed throughout the year, who were

MANAGEMENT DISCUSSION AND ANALYSIS
1) OVERVIEW OF THE ECONOMY billion is expected to grow at a CAGR of 5% and global textiles trade
which is estimated at $ 341 billion is projected to grow at a CAGR of
Global Economy
3% over 2016-26 (fabric is expected to lead the category, followed by
Global economy growth continued to stagnate following slow trades, yarns and fibre).
low investments and policy uncertainties in advanced economies.
Major global events during the year included United Kingdom’s Indian Textile & Apparel industry
decision to leave the European Union and the outcome of presidential
Textile Industry:
elections in United States of America both the events are expected
to have long-term effects on the global economy. Global growth in The Indian textiles industry is one of the oldest industries of the country.
2016 was estimated at 3.1% and is projected to rise to 3.5% in 2017. The textile industry has two broad segments. First, the unorganised
Growth in emerging markets and developing economies is expected to sector consisting of handloom, handicrafts and sericulture and the
pick up in 2017 on the back of fiscal stimulus measures in developed second is the organised sector consisting of spinning, weaving,
economies and narrowing of divergence between commodity knitting, garments and home textiles segment. The industry has a major
exporters and importers. The main factors that could possibly weigh contribution to the national economy in terms of direct and indirect
on the medium-term growth prospects across many emerging employment generation and net foreign exchange earnings. The sector
markets and developing economies are weak investments, below par contributes 14% to industrial production, 4% to India’s Gross Domestic
levels of productivity coupled with heightened policy uncertainty, and Product (GDP) and 15% to the country’s export earnings. It is the
protectionist pressures. second largest employment provider in the country employing nearly
51 million people directly and 68 million people indirectly in 2015-16.
Indian economy
Exports have been a core feature of India’s textile sector. The Indian
India emerged as a ‘bright spot’ in an otherwise subdued world
textiles export market estimated at $18 billion is expected to grow at
economy when it overtook China in 2015-16 as the fastest-growing
a CAGR of 4% as compared to the global CAGR of 3% over 2016-26
major economy in the world. Though India’s fundamentals still remain
strong, the recent demonetisation initiative undertaken by the Indian The company holds a dominant position in the Indian textiles market
Government is expected to lower India’s GDP growth from 7.6% in as a B2C branded player for suiting and shirting fabrics. In the Suiting,
FY16 to 6.8% in FY17. The IMF mentioned that this cash shortage and category, the company has been a prominent player since nine decades
slowed private consumption would only be a temporary disruption and whereas in the Shirting business, it has become the largest OTC player
the otherwise healthy economy will return to familiar territories post the in the organized shirting segment within two years of its launch.
predicted slowdown in FY17. The Indian Government’s decisive policy
Apparel Industry:
manoeuvres towards ensuring fiscal consolidation and pegging back
inflation will help it maintain economic stability in the years ahead. India’s The domestic apparel market which is estimated at $46 billion is
eight core infrastructure industries – coal, crude oil, natural gas, refinery expected to grow at a CAGR of 9.7% over 2016-26 driven by increase
products, fertilisers, steel, cement and electricity registered cumulative in both the per capita consumption and the average spends on apparel.
growth of 4.9% during the April-November period compared to 2.5% Currently, at 41% Men’s wear is the biggest category in the Indian
a year ago. apparel market; however the rate of growth in women’s wear and kid’s
wear has been rapid. It is estimated that, within another decade, the
(Source: International Monetary Fund (IMF) and Economic Survey) Women’s wear category will rival the Men’s wear.
On the exports front, the apparel exports estimated at $17 billion is
2) ANALYSIS AND REVIEW
expected to grow at 10% (2x the global CAGR of 5%) over 2016-26.
Global textile and apparel industry
The company is among the top three branded players in the menswear
The global textile and apparel industry will continue to grow along
apparel industry in India with portfolio of four power brands namely
with growing consumption of textile and apparel products in
Raymond Ready to Wear, Park Avenue, ColorPlus and Parx. These
developing countries and a gradual economic recovery of major
four power brands cater to the entire spectrum of men’s wardrobe
developed economies. Geography-wise, while the apparel market is
across various price points.
still largely dominated by the European Union and the US, countries
like China, India and Russia are emerging as future destinations for The up-gradation of technology in the industry has led to emergence
apparel consumption. The high growth in the market is expected to of new trend of “Smart Garments”. Currently, the wearable technology
be primarily driven by the increase in population as well as per capita market mainly consists of wearable devices such as fitness bands,
apparel spending of the already large population in these countries. smart watches. But, recently there has been a shift towards smart
The Global trade in the apparel segment which is estimated at $467 garments among premium and luxury customers
Management discussion and analysis | Raymond Limited | 75

The company is focusing on product innovations to make its products 2025. Rise in smartphone use due to higher affordability will be an
more relevant to today’s consumer market. In last couple of years, it has integral driver of e-commerce. From the current 35%, smartphone
launched many new and innovative products such as Technosmart, penetration is expected to be 80% by 2020. At present, apparel and
Technostretch, light weight jackets, auto fit shirts and others. lifestyle segments (lifestyle includes footwear, bags, belts, wallets,
watches, jewellery, among others) form ~ 25% of the e-retailing market.
Overall, the government has been supportive in encouraging textile
The leading contributor is the electronics category with a share of
industry in India. Many incentives and schemes have been announced
~50%.
in the Union Budget to promote the sector. Further, introduction of GST
is seen as positive step as it will result in ‘Fibre-neutrality effect’ on the Retail industry is gradually shifting towards omni channel retailing,
sector. With the right government policies, we believe that the Indian which is an integrated multi-channel approach that seeks to provide
Textile Industry is well poised to benefit from the large opportunity the customer with a seamless shopping experience, whether via online
offered in the domestic and export market. or brick-and-mortar stores.
Retail, e-commerce and omni channel With launch of “Store of Future”, opening up of converged stores
India’s retail market, estimated at $63 billion, is dominated by traditional and renovation of old stores the company endeavours to provide the
retail. The retail market is expected to grow at CAGR of 11.1% over consumers with best in class shopping experience. Further, keeping
2016-20 aided by growth in organised retail and e-commerce. India’s in view with the changing trends in consumer buying behaviour and
organised retail segment is expected to continue to grow mainly due to gain from the rapid growth of e-commerce as a sales channel, it
to the following factors: revamped and launched www.raymondnext.com as a one-stop fashion
solution for all brands under the Raymond umbrella. The company is
• Rapidly changing fashion industry which is driving the shift from setting up processes to being a omni-channel player that will provide
unorganised to organised retail the customer with a seamless shopping experience both offline as well
as online.
• Increased fashion awareness along with rising disposable incomes
(Source: Technopak and Make in India)
• Organised retail is no longer just limited to only metro and Tier-1
cities and is rapidly growing in suburban areas
India’s online retail market which is estimated at ~2% of retail is
expected to grow to 4-6% of retail by 2020 and to 8-9% of retail by
76 | Annual Report 2016-17 | Management Discussion and Analysis

ANNEXURE - A
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
As on Financial Year ended on 31.03.2017
Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the Company (Management & Administration) Rules, 2014
I. REGISTRATION & OTHER DETAILS:

1. CIN L17117MH1925PLC001208
2. Registration Date 10/09/1925
3. Name of the Company Raymond Limited
4. Category/Subcategory of the Company Company Limited by Shares / Indian Non-government Company
5. Address of the Registered office & contact details Plot No. 156/H No. 2, Village - Zadgaon, Ratnagiri 415612 ,
Maharashtra
Tel: 02352 – 232514
Fax: 02352 – 232513
Email : corp.secretarial@raymond.in
6. Whether listed company Yes
7. Name, Address & contact details of the Registrar & Transfer Link Intime India Private Limited
Agent, if any. C – 101, 247 Park,
LBS Marg, Vikhroli West,
Mumbai – 400 083 Maharashtra
Tel No: +91 22 49186000
Fax: +91 22 49186060
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)
S. Name and Description of main products / NIC Code of the Product/service % to total turnover of the company
No. services
1 Worsted - Suiting Fabric 13133 41%
2 PV Fabric Suiting Fabric 13134 23%
3 Cotton - Shirting Fabric 13131 13%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

S. Name and Address of the Company CIN / GIN Holding/ % of Applicable
No. Subsidiary/ shares section
Associate Held
Indian Subsidiaries
1 Raymond Apparel Limited U18109MH2006PLC262077 Subsidiary Company 100% Section 2 (87)
Jekegram, Pokhran Road No.1, Thane-
400606
2. Pashmina Holdings Limited U67120MH1983PLC031734 Subsidiary Company 100% Section 2(87)
New Hind House, Narottam Morarjee
Marg, Ballard Estate, Mumbai-400001
3. Everblue Apparel Limited U72900MH2000PLC124912 Subsidiary Company 100% Section 2(87)
New Hind House Narottam Morarjee
Annexure to Directors’ Report | Raymond Limited | 77

Associate Held
4. JK Files (India) Limited U27104MH1997PLC105955 Subsidiary Company 100% Section 2(87)

5. Color Plus Fashions Limited U51102MH1987PLC260720 Subsidiary Company 100% Section 2(87)
Jekegram, Pokhran Road No.1, Thane-
400606
6 Silver Spark Apparel Limited U72900MH2000PLC127831 Subsidiary Company 100% Section 2(87)
7 Celebrations Apparel Limited U18100PN2004PLC140524 Subsidiary Company 100% Section 2(87)
Plot No.156 / H. No.2, Village Zadgaon,
Ratnagiri- 415612
8 Scissors Engineering Products Limited U29130MH2005PLC154732 Subsidiary Company 100% Section 2(87)
9 Ring Plus Aqua Limited. U99999MH1986PLC040885 Subsidiary Company 89.07% Section 2(87)
D-3,4, Sinnar Taluka Audyogik Vasahat
Maryadit, Village Musalgoan, Taluka
Sinnar, Nasik- 422112
10 JK Talabot Limited U28930MH2005PLC154517 Subsidiary Company 90% Section 2(87)
11 Raymond Woollen Outerwear Limited U17120MH2005PLC154066 Subsidiary Company 99.54% Section 2(87)
12 Raymond Luxury Cottons Limited U17120MH2004PLC149276 Subsidiary Company 75.69% Section 2(87)
13 Dress Master Apparel Private Limited U31909KA1978PTC003267 Subsidiary Company 100% Section 2(87)
Plot Nos. 76 and 77, 6th Main, IIIrd
Phase, Peenya Industrial Area,
Bangalore 560058
Foreign Subsidiaries
1 Jaykayorg AG - Subsidiary Company 100% Section 2(87)

2, Quai Ostervald, 2000 Neuchatel,
Switzerland
2 Raymond (Europe) Limited - Subsidiary Company 100% Section 2(87)
Barratt House, 341-349, Oxford Street,
London – WIC2JE
3 R&A Logistics Inc. - Subsidiary Company 100% Section 2(87)
27, Mulvaney Street , Asheville, NC
28803, USA
4 Raymond Lifestyle International DMCC - Subsidiary Company 100% Section 2(87)
Unit No. 30-01-3108
Jewellery & Gemplex 3
Plot No. DMCC PH2 - J&G Plexs
Jewellery & Gemplex, Dubai UAE
5 Silver Spark Middle East (FZE) - Subsidiary Company 100% Section 2(87)
SAIF DESK, Q1-05-024/B, P.O Box
513549, Sharjah, UAE
6 Silver Spark Apparel Ethiopia PLC - Subsidiary Company 100% Section 2(87)
Shade No. 17, 18 and 19, Hawassa
Industrial Park, Hawassa, Ethiopia
78 | Annual Report 2016-17 | Annexure to Directors’ Report

Associate Held
Associate Companies
1 P.T. Jaykay Files Indonesia - Associate Company 39.20% Section 2(6)
Jl. Sukodono, Gedangan, Sidoarjo –
61202 (East Java) Indonesia
2 J.K. Investo Trade (India) Limited U99999MH1947PLC005735 Associate Company 47.66% Section 2(6)
3 Radha Krshna Films Limited U92110MH2002PLC136949 Associate Company 25.38% Section 2(6)
Mahindra Towers 3rd Floor, B Wing,
Pandurang Budhkar Marg, Worli,
Mumbai - 400018
4 Raymond UCO Denim Private Limited U17115MH2006PTC162450 Associate Company 50% Section 2(6)
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
A) Category-wise Share Holding
Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
Shareholders [As on 1st April 2016] [As on 31st March 2017] during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
A. Promoters
(1) Indian
a) Individual/ HUF 278710 - 278710 0.45 242610 - 242610 0.40 (0.05)
b) Central Govt - - - - - - - - -
c) State Govt(s) - - - - - - - - -
d) Bodies Corp. 25310765 - 25310765 41.24 25839245 - 25839245 42.10 0.86
e) Banks / FI - - - - - - - - -
f) Any other - - - - - - - - -
Subtotal (A)(1): 25589475 - 25589475 41.69 26081855 - 26081855 42.50 0.81
(2) Foreign
a) NRIs Individuals - - - - - - - - -
b) Other Individuals - - - - - - - - -
c) Bodies Corp. - - - - - - - - -
d) Banks/ FI - - - - - - - - -
e) Any Other - - - - - - - - -
Subtotal (A)(2): - - - - - - - - -
Total shareholding of 25589475 - 25589475 41.69 26081855 - 26081855 42.50 0.81
Promoter (A)= (A)(1)+(A)
(2)

Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
Shareholders [As on 1st April 2016] [As on 31st March 2017] during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
B. Public Shareholding
1. Institutions
a) Mutual Funds/UTI 2257446 4594 2262040 3.69 4828179 4594 4832773 7.87 4.18
b) Banks / FI 64814 10251 75065 0.12 111939 10251 122190 0.20 0.08
c) Central Govt - - - - - - - - -
d) State Govt - - - - - - - - -
e) Venture Capital Funds - - - - - - - - -
f) Insurance Companies 5255768 250 5256018 8.56 4333560 250 4333810 7.06 (1.5)
g) FIIs 4765646 5071 4770717 7.77 5464150 5071 5469221 8.91 1.14
h) Foreign Venture - - - - - - - - -
Capital Funds
i) Others (specify) - - - - - - - - -
Subtotal (B)(1): 12343674 20166 12363840 20.14 14737828 20166 14757994 24.04 3.90
2. Non-Institutions
a) Bodies Corp.
i) Indian 6624096 41784 6665880 10.86 4672410 41034 4713444 7.68 (3.18)
ii) Overseas - 3445 3445 - - 3445 3445 - -
b) Individuals
i) Individual shareholders 8002995 1915735 9918730 16.16 8030132 1840417 9870549 16.08 (0.08)
holding nominal share
capital upto H1 lakh
ii) Individual shareholders 5047609 38562 5086171 8.29 3050932 26274 3077206 5.01 (3.28)
holding nominal share
capital in excess of H1
lakh
c) Others (specify)
Clearing Members 67397 - 67397 0.11 1115223 - 1115223 1.82 1.71
Foreign Nationals 100 - 100 - 231 - 231 - -
Non Resident Indians 197597 169218 366815 0.60 252986 165880 418866 0.68 0.08
(REPAT)
Non Resident Indians 161067 1384 162451 0.26 154685 1384 156069 0.25 (0.01)
(NON REPAT)
Hindu Undivided Family 354768 - 354768 0.58 382002 - 382002 0.62 0.04
Trusts 1332 - 1332 - 3520 - 3520 - -
Subtotal (B)(2): 20456961 2170128 22627089 36.86 17662121 2078434 19740555 32.16 (4.72)
Total Public 32800635 2190294 34990929 57.01 32399949 2098600 34498549 56.20 (0.81)
Shareholding (B)=(B)
(1)+ (B)(2)
C. Shares held by 793000 7450 800450 1.30 793000 7450 800450 1.30 -
Custodian for GDRs &
ADRs
Grand Total (A+B+C) 59183110 2197744 61380854 100 59274804 2106050 61380854 100 -

B) Shareholding of Promoter
S. Shareholder’s Name Shareholding at the beginning of the year No. of Shares held at the end of the year % change in
No. [As on 1st April 2016] [As on 31st March 2017] shareholding
during the
No. of % of total %of Shares No. of % of total %of Shares
year
Shares Shares of Pledged / Shares Shares of Pledged /
the company encumbered the company encumbered
to total to total
shares shares
1 J K Investors (Bombay) 17332798 28.24 - 17861278 29.10 - 0.86
Limited
2 J K Helene Curtis Limited 3592050 5.85 - 3592050 5.85 - -
3 J. K. Investo Trade (India) 2802826 4.57 - 2802826 4.57 - -
Limited
4 JK Sports Foundation 792395 1.29 - 792395 1.29 - -
5 Smt. Sunitidevi Singhania 691496 1.13 - 691496 1.13 - -
Hospital Trust
6 Ms. Ashadevi Singhania 139119 0.23 - 139119 0.23 - -
7 Dr. Vijaypat Singhania 119097 0.19 - 80997 0.13 - (0.06)
8 Polar Investments Limited 99200 0.16 - 99200 0.16 - -
9 Ms. Shephali A Ruia 13140 0.02 - 13140 0.02 - -
10 Mr. Gautam Hari Singhania 5529 0.01 - 5529 0.01 - -
11 Mr. Ritwik Ruia 1000 0.00 - 2000 0.00 - -
12 Mr. Advait Ruia 825 0.00 - 1825 0.00 - -
C) Change in Promoters’ Shareholding as on March 31, 2017 (please specify, if there is no change)
S. Shareholder’s Name No. of Shares % of total Date Increase/ Reason Cumulative % of total
No. at the shares Decrease in Shares shares of the
beginning of of the Shareholding during the company
the year company year during the
(01.04.2016) year
1 J K Investors (Bombay) Limited 17332798 28.24 17332798 28.24
01-04-2016 18710 Purchase 17351508 28.27
08-04-2016 29734 Purchase 17381242 28.32
15-04-2016 41075 Purchase 17422317 28.38
22-04-2016 17045 Purchase 17439362 28.41
29-04-2016 1156 Purchase 17440518 28.41
29-07-2016 86222 Purchase 17526740 28.55
05-08-2016 155495 Purchase 17682235 28.81
12-08-2016 36495 Purchase 17718730 28.87
19-08-2016 69703 Purchase 17788433 28.98
26-08-2016 854 Purchase 17789287 28.98
17-02-2017 29443 Purchase 17818730 29.03
24-02-2017 42548 Purchase 17861278 29.10
At the end of the year (31.03.2017) 17861278 29.10
2 J K Helene Curtis Limited 3592050 5.85 No change 3592050 5.85
3 J K Investo Trade (India) Limited 2802826 4.57 No change 2802826 4.57
4 J K Sports Foundation 792395 1.29 No change 792395 1.29

(01.04.2016) year
5 Smt. Sunitidevi Singhania 691496 1.13 No change 691496 1.13
Hospital Trust
6 Ms. Ashadevi Singhania 139119 0.23 No change 139119 0.23
7 Dr. Vijaypat Singhania 119097 0.19 119097 0.19
10-06-2016 (12000) Sale 107097 0.17
08-07-2016 (2000) Sale 105097 0.17
23-09-2016 (3000) Sale 102097 0.17
30-09-2016 (2000) Sale 100097 0.16
14-10-2016 (6000) Sale 94097 0.15
21-10-2016 (2000) Sale 92097 0.15
04-11-2016 (2000) Sale 90097 0.15
11-11-2016 (2000) Sale 88097 0.14
25-11-2016 (4000) Sale 84097 0.14
09-12-2016 (3100) Sale 80997 0.13
8 Polar Investments Limited 99200 0.16 No change 99200 0.16
9 Ms. Shephali A Ruia 13140 0.02 No change 13140 0.02
10 Mr. Gautam Hari Singhania 5529 0.01 No change 5529 0.01
11 Mr. Ritwik A Ruia 1000 0.00 1000 0.00
27-05-2016 879 Purchase 1879 0.00
03-06-2016 121 Purchase 2000 0.00
12 Mr. Advait Ruia 825 0.00 825 0.00
27-05-2016 1000 Purchase 1825 0.00
D) Shareholding Pattern of top ten Shareholders as on March 31, 2017: (Other than Directors, Promoters and Holders of GDRs and ADRs):
(01.04.2016) year
1. Life Insurance Corporation Of India 4079297 6.64 4079297 6.64
03-06-2016 (141006) Sale 3938291 6.42
10-06-2016 (49513) Sale 3888778 6.34
17-06-2016 (9481) Sale 3879297 6.32
23-09-2016 (160551) Sale 3718746 6.06
30-09-2016 (76018) Sale 3642728 5.93
07-10-2016 (185639) Sale 3457089 5.63
14-10-2016 (62071) Sale 3395018 5.53
21-10-2016 (133936) Sale 3261082 5.31
28-10-2016 (64312) Sale 3196770 5.21
04-11-2016 (39681) Sale 3157089 5.14

(01.04.2016) year
2. Mirae Asset Fund 0 0 0 0
23-09-2016 649021 Purchase 649021 1.06
30-09-2016 432905 Purchase 1081926 1.76
07-10-2016 190000 Purchase 1271926 2.07
21-10-2016 204470 Purchase 1476396 2.41
28-10-2016 530 Purchase 1476926 2.41
04-11-2016 115000 Purchase 1591926 2.59
11-11-2016 30000 Purchase 1621926 2.64
30-12-2016 36555 Purchase 1658481 2.70
06-01-2017 45000 Purchase 1703481 2.78
10-02-2017 15000 Purchase 1718481 2.80
17-02-2017 100000 Purchase 1818481 2.96
24-02-2017 220000 Purchase 2038481 3.32
03-03-2017 245000 Purchase 2283481 3.72
3. Finquest Securities Pvt. Ltd. 1854300 3.02 1854300 3.02
06-05-2016 366474 Purchase 2220774 3.62
13-05-2016 (21474) Sale 2199300 3.58
20-05-2016 (11076) Sale 2188224 3.57
27-05-2016 (35000) Sale 2153224 3.51
03-06-2016 (138995) Sale 2014229 3.28
10-06-2016 (10005) Sale 2004224 3.27
09-09-2016 1000 Purchase 2005224 3.27
16-09-2016 (1000) Sale 2004224 3.27
23-09-2016 (67395) Sale 1936829 3.16
30-09-2016 (134867) Sale 1801962 2.94
07-10-2016 (92085) Sale 1709877 2.79
14-10-2016 (50353) Sale 1659524 2.70
21-10-2016 (210800) Sale 1448724 2.36
28-10-2016 411374 Purchase 1860098 3.03
04-11-2016 (15577) Sale 1844521 3.01
11-11-2016 (31830) Sale 1812691 2.95
18-11-2016 (1967) Sale 1810724 2.95
16-12-2016 4240 Purchase 1814964 2.96
23-12-2016 (4240) Sale 1810724 2.95
30-12-2016 3185 Purchase 1813909 2.96
06-01-2017 (29010) Sale 1784899 2.91
13-01-2017 (118810) Sale 1666089 2.71
20-01-2017 (4216) Sale 1661873 2.71
27-01-2017 (17649) Sale 1644224 2.68

(01.04.2016) year
03-02-2017 (51000) Sale 1593224 2.60
24-02-2017 (149350) Sale 1443874 2.35
03-03-2017 (214300) Sale 1229574 2.00
10-03-2017 (2700) Sale 1226874 2.00
24-03-2017 9978 Purchase 1236852 2.02
31-03-2017 85942 Purchase 1322794 2.16
4. Government Pension Fund Global 830747 1.35 830747 1.35
08-04-2016 (33264) Sale 797483 1.30
15-04-2016 (24835) Sale 772648 1.26
22-04-2016 (28002) Sale 744646 1.21
29-04-2016 (162160) Sale 582486 0.95
24-06-2016 (11576) Sale 570910 0.93
30-06-2016 (27571) Sale 543339 0.89
01-07-2016 (10187) Sale 533152 0.87
08-07-2016 (28605) Sale 504547 0.82
15-07-2016 129022 Purchase 633569 1.03
22-07-2016 81830 Purchase 715399 1.17
29-07-2016 (10399) Sale 705000 1.15
12-08-2016 295000 Purchase 1000000 1.63
19-08-2016 200000 Purchase 1200000 1.96
26-08-2016 40000 Purchase 1240000 2.02
18-11-2016 (20000) Sale 1220000 1.99
5. Reliance Capital Trustee Co. Ltd. 1330437 2.17 1330437 2.17
19-08-2016 (279909) Sale 1050528 1.71
26-08-2016 (53778) Sale 996750 1.62
6. Birla Sun Life Insurance Company 0 0 0 0
Limited
24-02-2017 280000 Purchase 280000 0.46
03-03-2017 260000 Purchase 540000 0.88
10-03-2017 113570 Purchase 653570 1.06
17-03-2017 27000 Purchase 680570 1.11
24-03-2017 57000 Purchase 737570 1.20
31-03-2017 850 Purchase 738420 1.20
7 General Insurance Corporation of 699570 1.14 No change 699570 1.14
India
8. Tata Mutual Fund 0 0 0 0
27-05-2016 91990 Purchase 91990 0.15
03-06-2016 118000 Purchase 209990 0.34

(01.04.2016) year
22-07-2016 50000 Purchase 259990 0.42
29-07-2016 84800 Purchase 344790 0.56
19-08-2016 19070 Purchase 363860 0.59
14-10-2016 57730 Purchase 421590 0.69
28-10-2016 2700 Purchase 424290 0.69
04-11-2016 19300 Purchase 443590 0.72
18-11-2016 (10000) Sale 433590 0.71
03-02-2017 15500 Purchase 449090 0.73
17-02-2017 30000 Purchase 479090 0.78
24-02-2017 55000 Purchase 534090 0.87
03-03-2017 16300 Purchase 550390 0.90
10-03-2017 7700 Purchase 558090 0.91
24-03-2017 105800 Purchase 663890 1.08
31-03-2017 700 Purchase 664590 1.08
9 Ms. Ujjwala A Singhania 918209 1.50 918209 1.50
01-04-2016 (9) Sale 918200 1.50
08-04-2016 (5000) Sale 913200 1.49
29-04-2016 (1129) Sale 912071 1.49
06-05-2016 (28871) Sale 883200 1.44
13-05-2016 (1000) Sale 882200 1.44
10-06-2016 (10173) Sale 872027 1.42
22-07-2016 (6000) Sale 866027 1.41
29-07-2016 (5000) Sale 861027 1.40
23-09-2016 (19215) Sale 841812 1.37
30-09-2016 (11564) Sale 830248 1.35
07-10-2016 (36014) Sale 794234 1.29
14-10-2016 (9000) Sale 785234 1.28
21-10-2016 (15986) Sale 769248 1.25
28-10-2016 (25000) Sale 744248 1.21
04-11-2016 (5500) Sale 738748 1.20
13-01-2017 108224 Purchase 846972 1.38
24-02-2017 (17500) Sale 829472 1.35
03-03-2017 (60000) Sale 769472 1.25
10-03-2017 (2452) Sale 767020 1.25
17-03-2017 (21042) Sale 745978 1.22
24-03-2017 (582254) Sale 163724 0.27
31-03-2017 493131 Purchase 656855 1.07

(01.04.2016) year
10. Dimensional Emerging Markets 670708 1.09 670708 1.09
Value Fund
08-07-2016 (15811) Sale 654897 1.07
15-07-2016 (20689) Sale 634208 1.03
22-07-2016 (11294) Sale 622914 1.01
16-12-2016 1413 Purchase 624327 1.02
E) Shareholding of Directors and Key Managerial Personnel:
S. Shareholding of each Directors Shareholding at the Date Increase/ Reason Cumulative Shareholding
No. and each Key Managerial beginning of the year Decrease in during the year
Personnel (01.04.2016) Shareholding
No. of shares % of total No. of shares % of total
shares of the shares of the
company company
1. Dr. Vijaypat Singhania 119097 0.19 119097 0.19

10-06-2016 (12000) Sale 107097 0.17
08-07-2016 (2000) Sale 105097 0.17
23-09-2016 (3000) Sale 102097 0.17
30-09-2016 (2000) Sale 100097 0.16
14-10-2016 (6000) Sale 94097 0.15
21-10-2016 (2000) Sale 92097 0.15
04-11-2016 (2000) Sale 90097 0.15
11-11-2016 (2000) Sale 88097 0.14
25-11-2016 (4000) Sale 84097 0.14
09-12-2016 (3100) Sale 80997 0.13
2. Mr. Gautam Hari Singhania
At the beginning of the year 5529 0.01 5529 0.01
Date wise Increase / Decrease - - - -
in Shareholding during the year
specifying the reasons for increase /
decrease (e.g. allotment / transfer /
bonus/ sweat equity etc.):
At the end of the year 5529 0.01 5529 0.01
3. Mr. Thomas Fernandes
At the beginning of the year 100 0.00 100 0.00
Date wise Increase / Decrease - - - -
in Shareholding during the year
specifying the reasons for increase /
decrease (e.g. allotment / transfer /
bonus/ sweat equity etc.):
At the end of the year 100 0.00 100 0.00

V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding / accrued but not due for payment
(H in lakhs)
Particulars Secured Loans Unsecured Loans Deposits Total Indebtedness
excluding deposits
Indebtedness at the beginning of the financial year
i) Principal Amount 63,894.00 94,842.08 - 1,58,736.08
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 414.33 1986.49 - 2,400.82
Total (i+ii+iii) 64,308.33 96,828.57 - 1,61,136.90
Change in Indebtedness during the financial year
* Addition 3430.05 22023.48 - 25,453.53
* Reduction 12576.18 13500.00 - 26,076.18
Net Change (9,146.13) 8523.48 - (622.65)
Indebtedness at the end of the financial year
i) Principal Amount 55,162.20 1,05,352.05 - 1,60,514.25
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 126.96 1197.94 - 1,324.90
Total (i+ii+iii) 55,289.16 1,06,549.99 - 1,61,839.15
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Wholetime Directors and/or Manager:
(H in lakhs)
S. Particulars of Remuneration Name of MD/WTD/ Manager Total Amount
No.
CMD WTD
Mr. Gautam Hari* Mr. H. Sunder**
Singhania
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the 552.00 266.62 818.62
Income tax Act, 1961
(b) Value of perquisites u/s 17(2) of the Income tax Act, 1961 20.75 0.55 21.30
(c) Profits in lieu of salary u/s 17(3) of the Income tax Act, 1961 - - -
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission - - -
as % of profit
others, specify…
5 Others, please specify - - -
Total (A) 572.75 267.17 839.92
Ceiling as per the Act 455 lakh (being 10% of Net Profit of the Company calculated as
per Section 198 of the Companies Act, 2013)
*The Company has made application under Section 197 and other applicable provisions of the Companies Act, 2013 to the Central Government
seeking approval for the payment of remuneration to Mr. Gautam Hari Singhania on the terms and conditions approved by the Board for FY 2016-17.
**The remuneration paid to Mr. H. Sunder, who is functioning in the professional capacity, is in line with Clause B of Section II of Part II of Schedule V
of Companies Act, 2013

B. Remuneration to other directors
(H in lakhs)
S. Particulars of Remuneration Name of Directors Total
No. Amount
1 Independent Directors Mr. I D Mr. Nabankur Mr. Pradeep Mr. Boman
Agarwal Gupta Guha Irani
Fee for attending Board/ Committee Meetings 13.00 18.00 18.50 - 49.50
Commission 7.00 7.00 7.00 - 21.00
Others, please specify - - - -
Total (1) 20.00 25.00 25.50 - 70.50
2 Other Non-Executive Directors Dr. Vijaypat Mrs. Nawaz Mr.
Singhania Singhania Akshaykumar
Chudasama
Fee for attending Board/ Committee Meetings 3.00 5.00 3.00 11.00
Commission 7.00 7.00 7.00 21.00
Others, please specify - - -
Total (2) 10.00 12.00 10.00 32.00
Total Managerial 102.50
Remuneration
Total (B)=(1+2)
Overall Ceiling as per the Act 45 lakh (being 1% of Net Profits of the Company calculated as per Section 198 of the
Companies Act, 2013)
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD

(H in lakhs)
S. Particulars of Remuneration Key Managerial Personnel Total Amount
No.
CEO CFO CS
Mr. Sanjay Mr. Thomas
Bahl Fernandes
1 Gross salary
(a) Salary as per provisions contained in section - 239.77 90.23 -
17(1) of the Income tax Act, 1961
(b) Value of perquisites u/s 17(2) of the Income - - 0.10 -
tax Act, 1961
(c) Profits in lieu of salary u/s 17(3)of the Income - - - -
tax Act, 1961
2 Stock Option - - - -
3 Sweat Equity - - - -
4 Commission - - - -
- as % of profit - - - -
- others, specify… - - - -
5 Others, please specify - - - -
Total - 239.77 90.33 -

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type Section of the Brief Details of Penalty Authority Appeal made,

Companies Act Description / Punishment/ [RD / NCLT/ if any (give
Compounding COURT] Details)
fees imposed
A. COMPANY
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
B. DIRECTORS
Penalty - - - - -
C. OTHER OFFICERS IN DEFAULT
Penalty - - - - -

ANNEXURE - B
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2017
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To,
The Members,
Raymond Limited
Plot No. 156/H. No. 2,
Village – Zadgaon,
Ratnagiri – 415 612,
Maharashtra.
We have conducted the secretarial audit of the compliance of applicable Acquisition of Shares and Takeovers) Regulations, 2011;
statutory provisions and the adherence to good corporate practices
(b) The Securities and Exchange Board of India (Prohibition of
by Raymond Limited (hereinafter called the Company). The Secretarial
Insider Trading) Regulations, 2015
Audit was conducted in a manner, which provided us a reasonable
basis for evaluating the corporate conducts/statutory compliances and (c) The Securities and Exchange Board of India (Issue of Capital
expressing our opinion thereon. and Disclosure Requirements) Regulations, 2009;
Based on our verification of the Company’s books, papers, minute (d) The Securities and Exchange Board of India (Share Based
books, forms and returns filed and other records maintained by the Employee Benefits) Regulations, 2014; (Not applicable to the
Company and also the information provided by the Company, its Company during audit period)
officers, agents and authorized representatives during the conduct of
secretarial audit, we hereby report that in our opinion, the company (e) The Securities and Exchange Board of India (Issue and
has, during the audit period covering the financial year ended on March Listing of Debt Securities) Regulations, 2008;
31, 2017 complied with the statutory provisions listed hereunder and (f) The Securities and Exchange Board of India (Registrars
also that the Company has proper Board-processes and compliance- to an Issue and Share Transfer Agents) Regulations, 1993
mechanism in place to the extent, in the manner and subject to the regarding the Companies Act and dealing with client;
reporting made hereinafter:
(g) The Securities and Exchange Board of India (Delisting of
We have examined the books, papers, minute books, forms and Equity Shares) Regulations, 2009 (Not applicable to the
returns filed and other records maintained by the Company for the Company during audit period); and
financial year ended on March 31, 2017 according to the provisions of:
(h) The Securities and Exchange Board of India (Buyback
(i) The Companies Act, 2013 (the Act) and the Rules made there of Securities) Regulations, 1998 (Not applicable to the
under; Company during audit period);
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the (vi) We have relied on the representation made by the Company and its
Rules made there under; Officers for systems and mechanism formed by the Company for
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws compliances under other applicable Acts, Laws and Regulations
framed there under; to the Company. The list of major head/groups of Acts, Laws and
Regulations as applicable to the Company is given in Annexure I.
(iv) Foreign Exchange Management Act, 1999 and the Rules and
Regulations made there under to the extent of Foreign Direct We have also examined compliance with the applicable clauses of the
Investment, Overseas Direct Investment, External Commercial following:
Borrowings; (i) Secretarial Standards issued by The Institute of Company
(v) The following Regulations and Guidelines prescribed under the Secretaries of India.
Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):- (ii) Securities and Exchange Board of India (Listing Obligation and
(a) The Securities and Exchange Board of India (Substantial Disclosure Requirements) Regulations, 2015;

During the period under review the Company has complied with the We further report that during the audit period the Company has not
provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. passed any Special Resolution in pursuance of the above referred
mentioned above. Laws, Rules, Regulations, Guidelines, Standards, etc.
We further report that the Board of Directors of the Company is duly
constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition
of the Board of Directors that took place during the period under review
were carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board
Meetings and agenda and detailed notes on agenda were sent at least
seven days in advance, and a system exists for seeking and obtaining For Ashish Bhatt & Associates
further information and clarifications on the agenda items before the
meeting and for meaningful participation at the meeting. Majority
decision is carried through while the dissenting members’ views, if any, Ashish Bhatt
are captured and recorded as part of the minutes. Practicing Company Secretary
FCS No: 4650
We further report that there are adequate systems and processes C.P. No. 2956
in the company commensurate with the size and operations of the
company to monitor and ensure compliance with applicable laws, Place: Thane
rules, regulations and guidelines. Date: April 28, 2017
ANNEXURE I
List of applicable laws to the Company
Under the Major Group and Head

1. Factories Act, 1948;
2. Industries (Development & Regulation) Act, 1951
3. Labour Laws and other incidental laws related to labour and employees appointed by the Company either on its payroll or on contractual basis
as related to wages, gratuity, provident fund, ESIC, compensation etc.;
4. Acts prescribed under prevention and control of pollution;
5. Acts prescribed under Environmental protection;
6. Acts as prescribed under Direct Tax and Indirect Tax
7. Land Revenue laws of respective States;
8. Labour Welfare Act of respective States;
9. Trade Marks Act 1999 & Copy Right Act 1957
10. The Legal Metrology Act, 2000
11. Acts as prescribed under Shop and Establishment Act of various local authorities.
For Ashish Bhatt & Associates
Ashish Bhatt
Practicing Company Secretary
FCS No: 4650
C.P. No. 2956
Place: Thane
Date: April 28, 2017

ANNEXURE - C
ANNUAL REPORT DETAILS OF THE CSR ACTIVITIES
1. A brief outline of the Company’s CSR policy, including The average Net Profit for the last three financial years is H7,600.30
overview of projects or programs proposed to be undertaken lakh.
and a reference to the web-link to the CSR policy and projects
4. Prescribed CSR Expenditure (two percent of the amount as in
or programs.
item 3 above).
The CSR Policy is available on the Company’s website. The
The Company is required to spend H153 lakh towards CSR for the
web link of the same is http://www.raymond.in/cr/policies/csrp/
Financial Year 2016-17.
csr_policy.html. A gist of the programs that the Company can
undertake under the CSR policy is mentioned below. 5. Details of CSR spent during the Financial Year:-
The Company had proposed to undertake activities relating to a. Total amount to be spent for the financial year: H153 lakh
rural development including preventive healthcare, safe drinking
water, environment sustainability, promoting traditional arts, b. Amount unspent, if any : NIL*
enhancing vocational skills etc. for the Financial Year 2016-17. c. Manner in which the amount spend during the financial year
The activities and funding are monitored internally by the detailed below:
Company. In accordance with the Company’s CSR policy and in compliance with
2. The Composition of the CSR Committee. the Companies (Corporate Social Responsibility Policy) Rules, 2014,
Raymond Limited has undertaken number of CSR projects. During
Mr. I. D. Agarwal, Chairman (Independent Director);
the year under review the CSR Committee identified various projects
Mr. Pradeep Guha (Independent Director); with Non-Profit Organisations which are registered as Public Charitable
Mr. Boman Irani (Independent Director); Trust or incorporated under Section 8 of the Companies Act, 2013.
Mrs. Nawaz Gautam Singhania (Non-Executive Director); *The Company has committed to spend H153 lakh out of which
H109.77 lakh has already been released as on March 31, 2017.
3. Average net profit of the Company for last three Financial
Years:
The details are as under:

(H in lakhs)
(1) (2) (3) (4) (5) (6) (7) (8)
S. CSR project or activity Sector in which the project is covered Projects or Amount outlay Amount Cumulative Amount
No. identified programs (1) (budget) spent on the expenditure spent: Direct
Local area project or projects or upto to the or through
or other (2) program wise programs Sub reporting implementing
Specify the - heads : period agency
State and 1) Direct
district where expenditure
projects or on projects (2)
programs overheads
were
undertaken
1 a) Preventive Health Ensuring that the children suffering from Mumbai 50 50 50 50
Care- Through St. cancer and travelling to big cities with their
Jude India Childcare parents:
Centres a) Have a hygienic and safe place to
stay;
b) Facilities to prepare home cooked
nutritious food;
c) Transport facility to and from the
hospital for treatment;
d) Theme-based educational learning;
e) Recreational facilities;
f) Counselling to help cope with the
stress of cancer;
g) Vocational training for parents.

2. a) Preventive Health Ensuring that the kidney Patients get proper Mumbai 50 50 50 50
Care- Through Apex dialysis by:
Kidney Foundation a) Providing 6 dialysis machines
b) Providing training to technicians to
handle the dialysis machines.
3. Making available safe De-silting of Mehrun Lake Jalgaon 12 12 12 12
drinking water
4. Ensuring environmental Developing a green belt by growing shrubs, Thane 23.75 23.75 23.75 23.75
sustainability, protection of trees and maintaining the same.
flora and fauna.
5. Promotion and Promoting art, culture and education in Kochi 10.50 10.50 10.50 10.50
development of traditional India.
arts through Kochi
Biennale Foundation
6. Promoting employment Supporting the initiatives to distribute PAN India 6.75 6.75 6.75 6.75
enhancing vocational Charkhas to spin Khadi yarn to around 50
skills and livelihood women artisans living in rural India.
enhancement programs
through Khadi & Village
Industries Commission.
TOTAL 153 153 153 153
6. In case the Company has failed to spend the two percent of the average net profit of the latest three financial years or any part thereof, the
Company shall provide the reasons for not spending the amount in its Board report.
Not applicable
7. Pursuant to the Companies (Corporate Social Responsibility Policy) Rules, 2014, we hereby confirm that the CSR Committee has implemented
and monitored the CSR initiatives of Raymond in line with CSR Objectives and Policy of the Company.
Gautam Hari Singhania I.D. Agarwal

Chairman & Managing Director Chairman of CSR Committee
DIN: 00020088 DIN: 00293784
Date: April 28, 2017

Place: Mumbai
CONTENTS OF CSR POLICY

(approved by the Board of Directors on July 25, 2014)
Our aim is to be one of the most respected Companies in India delivering superior and sustainable value to all our customers, business partners,
shareholders, employees and host communities.
The CSR initiatives focus on holistic development of host communities and create social, environmental and economic value to the society.
The Company’s commitment to CSR projects and programs will be by investing resources into any of the following areas.
• Improving the quality of life in rural areas;
• Eradicating hunger, poverty and malnutrition;
• Promoting healthcare including preventive healthcare;
• Employment enhancing vocational Skills;
• Promotion of education including investment in technology in schools;
• Ensuring environmental sustainability including measures for reducing inequalities faced by socially and economically backward groups;
• Promoting sports including rural and Olympic sports;
• Contribution to funds for promoting technology;
• Investing in various rural development projects;
• Contributing to the Prime Minister’s National Relief Fund or any other fund setup by the Central Government for development and relief; and
• Other areas approved by the CSR Committee that are covered in the CSR Rules as amended from time-to-time.

ANNEXURE - D
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
The information under Section 134 (3) (m) of the Companies Act, 2013 B. TECHNOLOGY ABSORPTION
read with Rule 8 (3) of the Companies (Accounts) Rules, 2014 for
I. The efforts made by the Company towards technology absorption.
the year ended March 31, 2017 is given below and forms part of the
Directors’ Report. Innovation and Technology are synonymous with Raymond. Your
Company continues to invest in research and development and
A. CONSERVATION OF ENERGY as a result the Company products meet market expectations.
The investment in technology acts as a catalyst and enables the
I. Steps taken or impact on conservation of energy. Company to be innovative and regularly launch world-class textile
In line with the Company’s commitment towards conservation products. The Company has upgraded Picanol Loom with PLC.
of energy, all units continue with their efforts aimed at improving During the year, the Company has also installed Compressed Air
energy efficiency through innovative measures to reduce wastage Monitoring System of Plant.
and optimize consumption. Some of the measures taken by the II. The benefits derived like product improvement, cost reduction,
Company in this direction at its textile units located at Chhindwara, product development or import substitution.
Vapi and Jalgaon are as under:
TECHNO STRETCH
i. Installation of energy efficient lighting fixtures.
Techno Stretch is an intelligent and upgraded product with outstanding
ii. Reduction in distribution losses by installing energy features like UV Protection, Water Repellency, Easy Care, Smooth
management system & monitoring feeder-wise power factor. Touch and Stretch in one fabric.
iii. Reducing power consumption in cooling towers. A comfortable fabric blended with technology to cater a unique product
which has natural elasticity and enhanced easy care features along
iv. Replacement of screw compressor motor (150 HP) by IE2
with fabulous feel and drape. Techno Stretch brings a unique blending
motor. Heat recovery from Screw Compressor
of opposite features in one product catering a comfortable fabric for
v. Replacement of inefficient motor. the wearer. This is a new product under Techno series.
vi. Installed LEDs and Noricool day lighting system at several TECHNO FRESH
locations. Techno Fresh is a new innovation in techno series with fusion of
vii. Installation of plant condensate recovery system for water comfort, freshness, fashion and performance in one product. The
conservation. fabric offers UV Protection, Moisture management, anti-microbial and
stain resistant features. The elegant look and feel of the fabric has
viii. Installation of automatic cut-off in suction motor of Gill Box in crafted a premium product with prolonged freshness and enhanced
Combing and lighting system in Yarn room. comfort for the travellers. The product possesses fabric hygiene which
can refresh the body and maximizes the comfort for wearer.
ix. Installing efficient recovery equipment for cooling water for
steaming machines. CHAMPION COLLECTION
These measures have also led to better pollution control, reduced The collection was inspired by “Mr. Gautam Hari Singhania” a great
the impact on environment, reduced maintenance time and visionary leader who proved his dynamic skills at each touch point. The
cost, improved hygienic condition and consistency in quality and story of Champion’s collection goes around the Ferrari Championship
improved productivity. of 2015 in which Mr. Singhania proved his unbeaten victory claiming
10 podiums in overall championship and bagging the first position in
II. The steps taken by the company for utilising alternate Finale race.
sources of energy.
The collection caters a wide variety of products named after the name
During the year under review the Company utilised solar energy of the cities where Ferrari Championship happened.
for water heating. In order to save water, the Company made its
efforts to reuse cooling water in Ash handling plant. Mugello – A range of high end fabrics crafted from Vicuna, Guanaco,
Yak, Kid mohair and Cashmere fibers along with luxurious Wool Silk,
III. The Capital investment on energy conservation equipment- Pure Super 180s and ultimate black fabric. The marvellous range of
Nil. rich fabrics has been designed to incline the heights of leadership in
innovation.

Imola – This collection offers fine suiting fabric crafted from Compact IV. The expenditure incurred on Research and Development.
yarn with outstanding design clarity and rich look. The range offers
The Company has incurred an expenditure of H0.40 crore towards
Wool rich fabric crafted from Super 120s Merino wool and Poly wool
Research and Development.
fabric made from Super 100s.
Monza – The collection offers a trend setting range of Poly wool fabrics C. FOREIGN EXCHANGE EARNINGS AND OUTGO
with soft and pliable handle, rich sheen and design freshness. The new
look of poly wool fabric created in new color range with fabulous feel H In Crore
and finish. Monza presented a masterly crafted collection with fusion Particulars 2015-16 2016-17
of color brilliance, technology of dyeing technique and innovation in
designs created an exceptional range. Foreign Exchange Earned 173.93 173.90
Foreign Exchange Used 345.62 321.24
Le Castellet – The range offers fine Poly wool suiting fabric crafted in
Super 100s and Super 90s with addition of 3 functional features like
intelligent freshness, stain resistant and wrinkle free properties.
III. In case of imported technology (imported during the last
three years reckoned from the beginning of the financial year)
- NOT APPLICABLE

ANNEXURE - E
DISCLOSURE IN DIRECTORS’ REPORT PURSUANT TO SECTION 197(12) OF
THE COMPANIES ACT, 2013 READ WITH COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL), RULES, 2014
Sr. No. Requirements Disclosure
Name of the Director Ratio
1 The ratio of the remuneration of each director to the median remuneration Mr. Gautam Hari Singhania 200.26x
of the employees of the company for the financial year Dr. Vijaypat Singhania 2.45x
Mrs. Nawaz Singhania 2.45x
Mr. I.D. Agarwal 2.45x
Mr. Nabankur Gupta 2.45x
Mr. Pradeep Guha 2.45x
Mr. Akshaykumar Chudasama 2.45x
Mr. H. Sunder 93.41x
1. The median remuneration of employees of the Company
was H2.86 lakh.
2. For this purpose, Sitting Fees paid to the Directors have not
been considered as remuneration.
3. Figures have been rounded off wherever necessary.
4. Mr. Boman Irani had written to the Company stating that he
shall not take any remuneration from the Company.
2 The percentage increase in remuneration of each director, Mr. Gautam Hari Singhania -47.88%
Chief Financial Officer and Company Secretary in the financial year Dr. Vijaypat Singhania -6.67%
Mrs. Nawaz Singhania -6.67%
Mr. I.D. Agarwal -6.67%
Mr. Nabankur Gupta -6.67%
Mr. Pradeep Guha -6.67%
Mr. Akshaykumar Chudasama NA*
Mr. H. Sunder – WTD 15.16%
Mr. Sanjay Bahl – CFO NA**
Mr. Thomas Fernandes – CS 13.37%
* Mr. Akshaykumar Chudasama was appointed as an Additional
Director w.e.f. July 21,2016
** Mr. Sanjay Bahl was appointed as CFO w.e.f. January 21, 2016
3 The percentage increase in the median remuneration of employees in the During FY 2017, the percentage increase in the median
financial year: remuneration of employees as compared to previous year was
approximately 42%.
4 The number of permanent employees on the rolls of company There were 7101 employees as on March 31, 2017
5 Average percentage increase already made in the salaries of employees Average increase in remuneration is 19% for Employees
other than the managerial personnel in the last financial year and its other than Managerial Personnel and -36.90% for Managerial
comparison with the percentage increase in the managerial remuneration Personnel.
and justification thereof and point out if there are any exceptional
circumstances for increase in the managerial remuneration.
6 Affirmation that the remuneration is as per the remuneration policy of the Yes, it is confirmed.
Company
General Note:
1. Managerial Personnel includes Chairman and Managing Director and Whole-time Director.
2. The Company has made application under section 197 and other applicable provisions of the Companies Act, 2013 to the Central Government seeking
approval for the payment of remuneration to Mr. Gautam Hari Singhania on the terms and conditions approved by the Board for FY 2016-17.
3. Substantial increase in median remuneration and average remuneration were due to Wage Agreement entered by the Company with workmen of
Chhindwara Plant.

ANNEXURE - G
BUSINESS RESPONSIBILITY REPORT
SECTION A: GENERAL INFORMATION ABOUT THE Please refer Annexure C to Board’s Report for CSR Activities.
COMPANY
1. Corporate Identity Number (CIN) of the Company: SECTION C: OTHER DETAILS
L17117MH1925PLC001208 1. Does the Company have any Subsidiary Company/ Companies?
2. Name of the Company: Raymond Limited As on March 31, 2017 the Company has 19 Subsidiaries including
6 foreign subsidiaries.
3. Registered address: Plot No156/H No 2 Village Zadgaon,
Ratnagiri, Maharashtra 415612 2. Do the Subsidiary Company/Companies participate in the BR
Initiatives of the parent company? If yes, then indicate the number
4. Website: www.raymond.in
of such subsidiary company(s).
5. E-mail id: Corp.secretarial@raymond.in
The Subsidiaries are separate entities and hence they follow BR
6. Financial Year reported: 2016-17 Initiatives as per the rules and regulations applicable to them.
7. Sector(s) that the Company is engaged in (industrial activity code- 3. Do any other entity/entities (e.g. suppliers, distributors etc.) that
wise): the Company does business with, participate in the BR initiatives
of the Company? If yes, then indicate the percentage of such
13133 - Worsted - Suiting Fabric entity/entities? [Less than 30%, 30-60%, More than 60%]
13134 - PV Fabric - Suiting Fabric The Company has not mandated any supplier, distributer etc.,
13131 - Cotton Shirting Fabric to participate in BR Initiatives of the Company. However, they
are encouraged to adopt BR Initiatives and follow the concept
8. List three key products/services that the Company manufactures/ expected from responsible businesses.
provides (as in balance sheet):
It is difficult to establish the extent of their support in Company’s
(a) Wool & Wool Blended Fabrics BR initiatives.
(b) Cotton, Linen and Blended Shirting Fabrics
SECTION D: BR INFORMATION
(c) Polyester, Viscose Blended Fabrics
1. Details of Director/Directors responsible for BR
9. Total number of locations where business activity is undertaken by
the Company: (a) Details of the Director/Director responsible for implementation
of the BR policy/policies
(a) Number of International Locations – 49 (Franchised Stores)
1. DIN Number: 00020583
(b) Number of National Locations- 116 Company Owned and
658 Franchised Stores 2. Name: Mr. H. Sunder
10. Markets served by the Company – Local/State/National/ 3. Designation: Whole-time Director (upto April 28, 2017)
International (b) Details of the BR head
National and International
No. Particulars Details
SECTION B: FINANCIAL DETAILS OF THE COMPANY 1 DIN Number 00020583

(if applicable)
1. Paid up Capital (INR): 61.38 crore
2 Name Mr. H. Sunder
2. Total Turnover (INR): 2822.18 crore
3 Designation Whole-time Director
3. Total profit after taxes (INR) : 33.83 crore (upto April 28, 2017)
4. Total Spending on Corporate Social Responsibility (CSR) as 4 Telephone number 022-61527000
percentage of profit after tax (%)
5 e-mail id Corp.secretarial@raymond.in
The Company’s total spending on CSR for the year ended March
31, 2017 was H1.53 crore which is 4.52 % of the profit after tax.
5. List of activities in which expenditure in 4 above has been
incurred:-

2. Principle-wise (as per NVGs) BR Policy/policies
(a) Details of compliance (Reply in Y/N)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Ethics Product Life Employee Stakeholder Human Environment Policy Community Customer
Cycle Sus- Well-Being Engagement Rights Advocacy Development Value
tainability
1 Do you have a policy/ Y Y Y Y Y Y Y Y Y
policies for....
2 Has the policy Y Y Y Y Y Y Y Y Y
been formulated
in consultation
with the relevant
stakeholders?
3 Does the policy The policies conform to the nine principles of National Voluntary Guidelines (NVGs) for Business Responsibility Report.
conform to any
national / international
standards? If yes,
specify? (50 words)
4 Has the policy being Y Y Y Y Y Y Y Y Y
approved by the
Board?
Is yes, has it been
signed by MD/ owner/
CEO/ appropriate
Board Director?
5 Does the company Y Y Y Y Y Y Y Y Y
have a specified
committee of the
Board/ Director/
Official to oversee the
implementation of the
policy?
6 Indicate the link View restricted to the respective stakeholders.
for the policy to be
viewed online?
7 Has the policy Y Y Y Y Y Y Y Y Y
been formally
communicated to
all relevant internal
and external
stakeholders?
8 Does the company Y Y Y Y Y Y Y Y Y
have in-house
structure to
implement the policy/
policies.
9 Does the Company Y Y Y Y Y Y Y Y Y
have a grievance
redressal mechanism
related to the policy/
policies to address
stakeholders’
grievances related to
the policy/ policies?
10 Has the company The Company is working on developing and improving its system for evaluating the implementation of the policies.
carried out
independent audit/ The policies are evaluated from time to time and updated whenever required.
evaluation of the
working of this policy
by an internal or
external agency?

(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options) NOT APPLICABLE
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 The company has - - - - - - - - -
not understood the
Principles
2 The company is not - - - - - - - - -
at a stage where
it finds itself in a
position to formulate
and implement the
policies on specified
principles
3 The company does - - - - - - - - -
not have financial or
manpower resources
available for the task
4 It is planned to be - - - - - - - - -
done within next 6
months
5 It is planned to be - - - - - - - - -
done within the next
1 year
6 Any other reason - - - - - - - - -
(please specify)
3. Governance related to BR The Corporate Governance framework is further supported by

a Vigil Mechanism Policy which serves as a mechanism for its
a) Indicate the frequency with which the Board of Directors,
Directors and employees to report any genuine concerns about
Committee of the Board or CEO assess the BR performance
unethical behaviour, actual or suspected fraud or violation of
of the Company. Within 3 months, 3-6 months, Annually,
the Code of Conduct without fear of reprisal, and hence to help
More than 1 year
ensure the Company continues to uphold its high standards.
There is no defined frequency. However, the BR performance
2. How many stakeholder complaints have been received in the past
of the Company is periodically assessed by the Management.
financial year and what percentage was satisfactorily resolved by
b) Does the Company publish a BR or a Sustainability Report? the management? If so, provide details thereof, in about 50 words
What is the hyperlink for viewing this report? How frequently or so.
it is published?
The Company takes action on the complaints and provides a
This is the first Business Responsibility Report of the suitable reply to the stakeholders on immediate basis. The details
Company and the Company proposes to publish BR of shareholder complaints received and resolved during the
annually. financial year are given in the Corporate Governance Report.
PRINCIPLE 1 PRINCIPLE 2
1. Does the policy relating to ethics, bribery and corruption cover 1. List up to 3 of your products or services whose design has
only the company? Yes/ No. Does it extend to the Group/ Joint incorporated social or environmental concerns, risks and/or
Ventures/ Suppliers/ Contractors / NGOs/ others? opportunities.
Raymond Limited considers Corporate Governance as an (a) All Wool Fabrics

integral part of good management. As a result, the Company has
(b) Polyester Wool Fabrics
adopted a Code of Business Conduct & Ethics ('the Code').This
Code is applicable to the Board of Directors and all employees (c) Polyester, Viscose Blended Fabrics
of the Company. The members of the Board of Directors and the
The Company is committed to attainment of environmental and
members of the Senior Management of the Company are required
economic benefits from efficient use of energy, water, chemicals
to affirm semi-annual compliance of this code.
and waste reduction. The 3 products are: All Wool, Polyester
This Code requires the Directors and employees of the Company Wool & Polyester Viscose Blended fabrics. The Company
to act honestly, fairly, ethically and with integrity. This Code ensures fulfilment of all compliance obligations (legal requirements
helps the Directors and employees to conduct themselves in and other requirements) that relate to products and services,
professional, courteous and respectful manner and also to ensure environmental aspects and occupational health & safety.
that their independent judgement is not sub-ordinated.

2. For each such product, provide the following details in respect of PRINCIPLE 3
resource use (energy, water, raw material etc.) per unit of product
1. Please indicate the Total number of employees. -7101
(optional):
2. Please indicate the Total number of employees hired on temporary/
a. Reduction during sourcing/production/ distribution achieved
contractual/casual basis.-1997
since the previous year throughout the value chain?
3. Please indicate the Number of permanent women employees.-336
The company is committed to environment sustainability. It
constantly works towards reduction and optimal utilization 4. Please indicate the Number of permanent employees with
of energy, water, raw material, logistics etc. by incorporating disabilities-10
new techniques and innovative ideas.
5. Do you have an employee association that is recognized by
As consumption per unit depends on the product mix, there management? Yes
are no specific standards to ascertain reduction achieved at
6. What percentage of your permanent employees is members of
each product level.
this recognized employee association? 35.78%
b. Reduction during usage by consumers (energy, water) has
7. Please indicate the Number of complaints relating to child labour,
been achieved since the previous year?
forced labour, involuntary labour, sexual harassment in the last
The Company's products do not have any broad-based financial year and pending, as on the end of the financial year. Nil
impact on energy and water consumption by consumers.
However, the Company continuously takes measures to Category No. of Complaints No. of complaints
reduce the consumption of energy and water. filed during the pending as on end
Financial Year of the Financial
3. Does the company have procedures in place for sustainable
Year
sourcing (including transportation)?
Child labour/forced NIL NA
a. If yes, what percentage of your inputs was sourced labour/involuntary
sustainably? Also, provide details thereof, in about 50 words labour
or so.
Sexual harassment NIL NA
The Company endeavours to focus on protection of
Discriminatory NIL NA
environment, stakeholders’ interest and cost effectiveness
employment
while procuring any raw material or goods. The main raw
materials - wool, polyester fibre and viscose are procured 8. What percentage of your under mentioned employees were given
from manufacturers / producers who are well reputed keeping safety and skill up-gradation training in the last year?
in mind the need for quality and consistency. Adequate steps
are taken for safety during transportation and optimization a. Permanent Employees-88.01%
of logistics, which, in turn, help to mitigate the impact on b. Permanent Women Employees-51%
climate.
c. Casual/Temporary/Contractual Employees- Contractual
4. Has the company taken any steps to procure goods and services employees are given training
from local & small producers, including communities surrounding
their place of work? Yes d. Employees with Disabilities-40%
a. If yes, what steps have been taken to improve their capacity

and capability of local and small vendors? PRINCIPLE 4
1. Has the company mapped its internal and external stakeholders?
The Company encourages local procurement of goods and Yes/No
services around its plants proximity and region. Several
community development and training initiatives are regularly Yes, the Company has mapped its key internal and external
conducted by the individual plant’s HR team in order to stakeholders.
help people in skill development and raise their scope for
2. Out of the above, has the company identified the disadvantaged,
employment.
vulnerable & marginalized stakeholders.
5. Does the company have a mechanism to recycle products and
The Company engages with its stakeholders on an ongoing basis.
waste? If yes what is the percentage of recycling of products and
It is committed to the welfare of marginalized and vulnerable
waste (separately as <5%, 5-10%, >10%). Also, provide details
sections of the society and endeavours to meet the expectations
thereof, in about 50 words or so.
of the said stakeholders.
The Company endeavours to manage the environmental
The Company has also identified specific areas like educating and
impacts of organizational activities, products and services. The
training underprivileged /vulnerable stakeholders which help them
percentage of recycling of products and waste falls in the range
in improving their standard of living.
of 5-10%. Grease recovery plant to extract grease from Wool
Scouring Effluent, effective utilization of hot water between Dyeing 3. Are there any special initiatives taken by the company to engage
& Finishing Departments, Waste Water Recycling etc., are some with the disadvantaged, vulnerable and marginalized stakeholders.
examples that are in practice by the Company. If so, provide details thereof, in about 50 words or so.

Besides CSR initiatives, details of which are given in Annexure The Company’s policy requires conduct of operations in such a
C to Board’s Report, the Company has taken various initiatives manner, so as to ensure safety of all concerned, compliances of
to engage with the disadvantaged, vulnerable and marginalized environmental regulations and preservation of natural resources.
stakeholders, which are stated below: In line with the Company’s commitment towards conservation of
energy, all its units continue with their efforts aimed at improving
1. Raymond Tailoring Initiative- The Raymond Tailoring Initiative
energy efficiency through innovative measures to reduce wastage
holds the vision of imparting training skills to the unemployed,
and optimise consumption.
underprivileged as well as the existing tailoring community, by
upgrading their current skill set and encouraging employment During the year under review, the Company utilised solar energy
and entrepreneurship to upgrade their product in terms of for water heating. In order to save water, the Company made its
finish and style, earn more revenue and thereby improve efforts to reuse cooling water in Ash handling plant. The investment
their status in the society. Women and modern youth are our in technology acts as a catalyst and enables the Company to be
major target audience. innovative and regularly launch world-class textile products.
2. Raymond Rehabilitation Centre- With an intention of making The Company is conscious of the importance of environmentally
less fortunate children independent and self-sufficient in clean and safe operations and the efforts of the Company in this
life, the centre provides free vocational training workshops direction have been recognised through the following awards:
to young boys and girls over 16 years. The three-month
a) Chhindwara plant has been awarded the Health, Safety, and
vocational courses will comprise of basic training in electrical,
the Environment (HSE) Award 2015 by the National Safety
air-conditioning and refrigeration courses, tyre puncture,
Council of India.
repair, plumbing etc.
b) Vapi and Jalgaon manufacturing plants have been conferred
3. Raymond Look Good, Do Good Initiative- Raymond, in
with the ‘Greentech Safety Award’ at the 15th Annual
association with Goonj Foundation, through this initiative of
Greentech Safety Award 2016.
Look Good, Do Good, partnered with its customers in an
effort to give back to the society. The stores accepted full- 3. Does the company identify and assess potential environmental
length trousers of any kind that were in a wearable condition, risks? Y/N
which were then given to Goonj Foundation for distributing
the same to underprivileged. Yes, the Company has a mechanism to identify and assess risks
which includes environmental risks. All the three manufacturing
units are ISO 14001, 18000 and 50001 certified.
PRINCIPLE 5
1. Does the policy of the company on human rights cover only 4. Does the company have any project related to Clean Development
the company or extend to the Group/Joint Ventures/Suppliers/ Mechanism? If so, provide details thereof, in about 50 words or
Contractors/NGOs/Others? so. Also, if Yes, whether any environmental compliance report is
filed?
The Company remains committed to respect and protect human
rights. The Company’s Code of Business Conduct & Ethics and Yes in line with the National Clean Development Mechanism, the
the human resource practices cover most of these aspects. The Company has replaced around 20000 40 Watt Tube lights with 16
Company does not hire child labour, forced labour or involuntary Watt Led tube lights. The Company is in process of installing the
labour. The Company never discriminates between its employees. Solar panel for 650 kwp. No environmental clearance is required
This practice extends to the Raymond Group. for the aforesaid projects.
2. How many stakeholder complaints have been received in the past 5. Has the company undertaken any other initiatives on – clean
financial year and what percent was satisfactorily resolved by the technology, energy efficiency, renewable energy, etc. Y/N. If yes,
management? please give hyperlink for web page etc.
No stakeholder complaints, relating to human rights, have been For cleaner technology, the Company has installed RO and
received in the past financial year. MEE systems for reuse of effluent water, ESP for air pollution
control and online monitoring system. All the chemical and dyes
dispensing systems are automated.
PRINCIPLE 6
1. Does the policy related to Principle 6 cover only the company The Company has taken various initiatives in energy efficiency like
or extends to the Group/Joint Ventures/Suppliers/Contractors/ waste heat recovery, VFDs on various machines, replacement of
NGOs/others ? Tube light with LED and high efficiency motor.
The Company strives to preserve the environment by striking Raymond Chhindwara plant has clinched the honour of being
a balance between economic growth and preservation of the featured in Clean Energy Ministerial’s Energy Management Insight
environment with due concern for ecology. The Company is Awards 2016 for contributing towards building a global insight
committed to operate all its units in an environment friendly on the benefits of energy management systems in industrial and
manner while protecting health and safety of its employees. The commercial facilities.
Subsidiaries and Joint Ventures are encouraged to adopt the The Company is in process of installing solar panel, which is
practices of Company. expected to be installed by June 2017.
2. Does the company have strategies/ initiatives to address global 6. Are the Emissions/Waste generated by the company within the
environmental issues such as climate change, global warming, permissible limits given by CPCB/SPCB for the financial year
etc? Y/N. If yes, please give hyperlink for webpage etc. being reported?

Yes, the emissions/waste generated by the Company are within 4. What is your company’s direct contribution to community
the permissible limits given by CPCB/SPCB . We have online development projects- Amount in INR and the details of the
monitoring system for Stack and effluent. projects undertaken ?
7. Number of show cause/ legal notices received from CPCB/SPCB The Company has spent H1.53 crore on the CSR Activities during
which are pending (i.e. not resolved to satisfaction) as on end of the financial year 2016-17. The amount was spent on areas as
Financial Year. mentioned in Annexure C to the Board’s Report.
During the Financial Year 2016-17, there were no unresolved 5. Have you taken steps to ensure that this community development
show cause/legal notice received from CPCB/SPCB. initiative is successfully adopted by the community? Please
explain in 50 words, or so.
PRINCIPLE 7 Yes. Initiatives undertaken under CSR are tracked to determine
1. Is your company a member of any trade and chamber or the outcomes achieved and the benefits to the community.
association? If Yes, Name only those major ones that your Internal tracking mechanisms, monthly reports and follow-up field
business deals with: visits, telephonic and email communications are regularly carried
out. The Company has dedicated team of employees to drive and
a. Bombay Chamber of Commerce monitor the CSR activities.
b. Madhya Pradesh Textile Association, Indore Any project that comes up for CSR is first internally reviewed and
c. Vidarbha Industries Association, Nagpur assessed by the Management. If the Management is convinced of
the project, it is put up to the CSR Committee for its consideration
d. Borgaon Industries Association, Nagpur and approval. If the project is approved, it is tracked and the
e. Indian Captive Power Plant Association, New Delhi reports, through telephone, emails etc., are taken from time to
time.
f. CII, New Delhi
g. Jalgaon Industrial Association PRINCIPLE 9
1. What percentage of customer complaints/consumer cases are
h. Vapi Industries Association
pending as on the end of financial year?
i. Gujarat Chamber of Commerce
The Company’s uncompromising commitment to providing world-
j. Wool Research Association class products and services to customers is supported by its
concern for the safety of its customers. A well-established system
2. Have you advocated/lobbied through above associations for the
is in place for dealing with customer feedback and complaints.
advancement or improvement of public good? Yes/No; if yes
Customers are provided multiple options to connect with the
specify the broad areas (drop box: Governance and Administration,
Company through email, telephone, website, social media,
Economic Reforms, Inclusive Development Policies, Energy
feedback forms, etc.
security, Water, Food Security, Sustainable Business Principles,
Others) All complaints are appropriately addressed and resolved. As on
the end of the financial year, there was negligible percentage of
From time to time, the Company has been raising various issues
unresolved complaints.
like coal quality, energy security, tariff hike, textile development
policies etc. through the above mentioned associations. 2. Does the company display product information on the product
label, over and above what is mandated as per local laws? Yes/
PRINCIPLE 8 No/N.A. /Remarks(additional information)
1. Does the company have specified programmes/initiatives/projects Yes, the Company displays product information on the products
in pursuit of the policy related to Principle 8? If yes details thereof. label.
The Company has a well-defined CSR policy which is in line with 3. Is there any case filed by any stakeholder against the company
the Companies Act, 2013. The Company, its Subsidiaries and regarding unfair trade practices, irresponsible advertising and/or
Joint Ventures have taken various CSR initiatives for support and anti-competitive behaviour during the last five years and pending
development of society. The report on the CSR projects carried by as on end of financial year. If so, provide details thereof, in about
the Company is annexed with the Board’s Report. 50 words or so.
2. Are the programmes/projects undertaken through in-house team/ There are no cases in relation to unfair trade practices, irresponsible
own foundation/external NGO/government structures/any other advertising and/or anti-competitive behaviour during the last five
organization? years and pending as on end of financial year.
The Company, through various NGOs, supports various CSR 4. Did your company carry out any consumer survey/ consumer
initiatives in a project/ program mode. All the projects are satisfaction trends?
monitored by the internal teams of the Company.
Yes, Consumer Satisfaction Surveys are being conducted
3. Have you done any impact assessment of your initiative? periodically to assess the consumer satisfaction levels and
consumer’s trends.
A report on each project and its impact on society is taken from
NGOs/ Trusts which is reviewed from time to time. The internal
teams ensure the implementation of the projects undertaken.

CORPORATE GOVERNA NCE REPORT
The Directors present the Company’s Report on Corporate as prescribed by The Securities and Exchange Board of India (SEBI)
Governance for the year ended March 31, 2017, in terms of in Chapter IV read with Schedule V of the Listing Regulations is given
Regulation 34(3) read with Schedule V of the SEBI (Listing below:
Obligations and Disclosure Requirements) Regulations, 2015
(“The Listing Regulations”). GOVERNANCE STRUCTURE
The Corporate Governance structure at Raymond is as follows:
COMPANY’S PHILOSOPHY
1. Board of Directors: The Board is entrusted with an ultimate
Raymond’s (“The Company”) governance philosophy is based on
responsibility of the Management, directions and performance
trusteeship, transparency and accountability. As a corporate citizen,
of the Company. As its primary role is fiduciary in nature,
our business fosters a culture of ethical behavior and disclosures
the Board provides leadership, strategic guidance, objective
aimed at building trust of our stakeholders. The Company’s Code
and independent view to the Company’s management while
of Business Conduct and Ethics, Internal Code of Conduct for
discharging its responsibilities, thus ensuring that the management
Regulating, Monitoring and Reporting of Trades by Insiders and the
adheres to ethics, transparency and disclosures.
Charter–Business for Peace are an extension of our values and reflect
our commitment to ethical business practices, integrity and regulatory 2. Committees of the Board: The Board has constituted the following
compliances. Committees viz, Audit Committee, Remuneration and Nomination
Committee, Corporate Social Responsibility (CSR) Committee and
The Company’s governance framework is based on the following
the Committee of Directors (which also acts as the Stakeholders’
principles:
Relationship Committee). Each of the said Committee has been
• Appropriate composition and size of the Board, with each member mandated to operate within a given framework.
bringing in expertise in their respective domains;
• Availability of information to the members of the Board and Board THE BOARD OF DIRECTORS
Committees to enable them to discharge their fiduciary duties; Composition and category of Directors
• Timely disclosure of material operational and financial information The Board is broad-based and consists of eminent individuals from
to the stakeholders; Industrial, Managerial, Technical, Financial and Marketing background.
The Company is managed by the Board of Directors in co-ordination
• Systems and processes in place for internal control; and with the Senior Management team. The composition and strength of
• Proper business conduct by the Board, Senior Management and the Board is reviewed from time to time for ensuring that it remains
Employees. aligned with statutory as well as business requirements.
The Company continues to focus its resources, strengths and The Company has a judicious Combination of Executive and Non-
strategies to achieve the vision of becoming a Global leader in Textiles, Executive Directors. As on March 31, 2017, the Board comprised of 9
Apparel, Garmenting and Lifestyle Brands while upholding the core Directors out of which two are Executive Directors, five are Independent
values of Quality, Trust, Leadership and Excellence. Directors and two are Non-Executive Directors. The Chairman of the
Board is an Executive Director.
A Report on compliance with the principles of Corporate Governance
The details of each member of the Board alongwith the number of Directorship/Committee Membership are as given below:
Directorship / Committee Membership as on March 31, 2017
Name Date of Appointment Category of Directorships in other No. of Board Committees in which
Director Indian Public Limited Chairman / Member (excluding Raymond)
Companies (excluding
Chairman Member
Raymond)
Mr. Gautam Hari 01/04/1990 Promoter/Chairman 6 Nil 1
Singhania and Managing
DIN: 00020088 Director
Dr. Vijaypat Singhania 29/06/1971 Promoter/ Non- 5 Nil Nil

DIN: 00020063 Executive/Chairman
Emeritus
Mrs. Nawaz Gautam 30/04/2014 Promoter/Non- 1 Nil Nil
Singhania Executive
DIN: 00863174
Corporate Governance Report | Raymond Limited | 103

Name Date of Appointment Category of Directorships in other No. of Board Committees in which
Director Indian Public Limited Chairman / Member (excluding Raymond)
Companies (excluding
Chairman Member
Raymond)
Mr. Nabankur Gupta 15/01/2001 Independent 7 1 4
DIN: 00020125
Mr. I.D. Agarwal 23/06/2006 Independent 1 Nil 1
DIN: 00293784
Mr. Pradeep Guha 15/06/2009 Independent 3 1 2
DIN: 00180427
Mr. Boman R. Irani 21/04/2011 Independent Nil Nil Nil
DIN: 00057453
Mr. Akshaykumar 21/07/2016 Independent 5 Nil 4
Chudasama
DIN: 00010630
Mr. H. Sunder 29/07/2011 Whole-time 6 1 4
DIN: 00020583 Director
Notes: Board. This ensures timely and informed decisions by the Board. The
Board reviews the performance of the Company vis-à-vis the budgets/
1. Directorships exclude Private Limited Companies, Foreign
targets.
Companies and Section 8 Companies.
In the Financial Year 2016-2017, the Board met four times. The
2. Chairmanship/Membership of Committee only includes Audit
Meetings were held on April 26, 2016, July 21, 2016, October 26,
Committee and Stakeholders Relationship Committee in Indian
2016 and January 25, 2017. The interval between two Meetings was
Public Limited companies other than Raymond Limited. Members
well within the maximum period mentioned under Section 173 of the
of the Board of the Company do not have membership of more
Companies Act, 2013 and Regulation 17(2) of the Listing Regulations.
than ten Board-level Committees or Chairman of more than five
such Committees. Attendance of Directors at the Board Meetings and at the last
Annual General Meeting (AGM)
3. Dr. Vijaypat Singhania, Mr. Gautam Hari Singhania and Mrs.
Nawaz Gautam Singhania are related to each other. Sr. Name of Directors No. of Board Attendance at
No. Meetings the AGM
4. Details of Director(s) retiring or being re-appointed are given in
attended held on June
notice to Annual General Meeting.
07, 2016
5. Brief profiles of each of the above Directors is available on the
1. Mr. Gautam Hari Singhania, 4 of 4 Present
Company’s website: www.raymond.in
Chairman and Managing
Independent Directors Director
The Non-Executive Independent Directors fulfil the conditions of 2. Dr. Vijaypat Singhania, 1 of 4 Leave sought
independence specified in Section 149 of the Companies Act, 2013 Chairman Emeritus
and Regulation 16(b) of the Listing Regulations. A formal letter of
3. Mrs. Nawaz Gautam 4 of 4 Present
appointment to Independent Directors as provided in Companies Act,
Singhania
2013 has been issued and disclosed on website of the Company viz.
www.raymond.in 4. Mr. Nabankur Gupta 4 of 4 Leave sought
Board Meetings 5. Mr. I. D. Agarwal 4 of 4 Present

The Board meets at regular intervals to discuss and decide on 6. Mr. Pradeep Guha 4 of 4 Leave sought
business strategies/policies and review the financial performance 7. Mr. Boman Irani 4 of 4 Leave sought
of the Company and its subsidiaries. The Board Meetings are pre-
scheduled and a tentative annual calendar of the Board is circulated 8. Mr. H. Sunder 4 of 4 Present
to the Directors well in advance to facilitate the Directors to plan their 9. Mr. Akshaykumar 2 of 3 N.A
schedules accordingly. In case of business exigencies, the Board’s Chudasama*
approval is taken through circular resolutions. The circular resolutions
are noted at the subsequent Board Meeting. *Note:- Appointed w.e.f July 21, 2016.
The notice and detailed agenda along with the relevant notes and other Information placed before the Board
material information are sent in advance separately to each Director The Company provides the information as set out in Regulation 17 read
and in exceptional cases tabled at the Meeting with the approval of the with Part A of Schedule II of the Listing Regulations to the Board and
104 | Annual Report 2016-17 | Corporate Governance Report

the Board Committees to the extent it is applicable and relevant. Such the Company. The Company Secretary is the Compliance Officer for
information is submitted either as part of the agenda papers in advance monitoring adherence to the said PIT Regulations.
of the respective Meetings or by way of presentations and discussions
The Company has also formulated ‘The Code of Practices and
during the Meetings.
Procedures for Fair Disclosure of Unpublished Price Sensitive
Post Meeting Mechanism Information (UPSI)’ in compliance with the PIT Regulations. This Code
The important decisions taken at the Board/Board Committee Meetings is displayed on the Company’s website viz. www.raymond.in
are communicated to the concerned department/division.
COMMITTEES OF THE BOARD
Board Support
The Board of Directors have constituted Board Committees to deal with
The Company Secretary attends the Board Meetings and advises the
specific areas and activities which concern the Company and requires
Board on Compliances with applicable laws and governance.
a closer review. The Board Committees are formed with approval
of the Board and function under their respective Charters. These
FAMILIARISATION PROGRAMME FOR DIRECTORS Committees play an important role in the overall management of day-
At the time of appointing a Director, a formal letter of appointment is to-day affairs and governance of the Company. The Board Committees
given to him, which inter alia explains the role, function, duties and meet at regular intervals and take necessary steps to perform its duties
responsibilities expected from him as a Director of the Company. entrusted by the Board. The Minutes of the Committee Meetings are
The Director is also explained in detail the Compliance required from placed before the Board for noting.
him under Companies Act, 2013, the Listing Regulations and other
The Board currently has the following Committees:
various statutes and an affirmation is obtained. The Chairman and
Managing Director also has a one to one discussion with the newly
appointed Director to familiarize him with the Company’s operations. (A) AUDIT COMMITTEE
Further, on an ongoing basis as a part of Agenda of Board / Committee Composition
Meetings, presentations are regularly made to the Independent Audit Committee of the Board of Directors (“the Audit Committee”) is
Directors on various matters inter-alia covering the Company’s and entrusted with the responsibility to supervise the Company’s internal
its subsidiaries/associates businesses and operations, industry and controls and financial reporting process. The composition, quorum,
regulatory updates, strategy, finance, risk management framework, powers, role and scope are in accordance with Section 177 of the
role, rights, responsibilities of the Independent Directors under various Companies Act, 2013 and the provisions of Regulation 18 of the Listing
statutes and other relevant matters. The details of the familiarisation Regulations. All members of the Audit Committee are financially literate
programme for Directors are available on the Company’s website, viz. and bring in expertise in the fields of Finance, Taxation, Economics,
www.raymond.in Risk and International Finance. It functions in accordance with its
terms of reference that defines its authority, responsibility and reporting
GOVERNANCE CODES function. Mr. I.D. Agarwal, Independent Director is the Chairman of the
Code of Business Conduct & Ethics Audit Committee. The other members of the Audit Committee include
Dr. Vijaypat Singhania, Promoter Non-Executive Director, Mr. Nabankur
The Company has adopted Code of Business Conduct & Ethics
Gupta and Mr. Pradeep Guha, Independent Directors.
(“the Code”) which is applicable to the Board of Directors and all
Employees of the Company. The Board of Directors and the members Meetings and Attendance
of Senior Management Team (one level below the Board of Directors) The Audit Committee met five times during the Financial Year 2016-
of the Company are required to affirm semi-annual Compliance of this 17. The maximum gap between two Meetings was not more than 120
Code. The Code requires Directors and Employees to act honestly, days. The Committee met on April 26, 2016, July 21, 2016, October
fairly, ethically, and with integrity, conduct themselves in professional, 26, 2016, January 25, 2017 and March 21, 2017. The requisite quorum
courteous and respectful manner. The Code is displayed on the was present at all the Meetings. The Chairman of the Audit Committee
Company’s website viz. www.raymond.in. was present at the Annual General Meeting of the Company.
Conflict of Interests The Table below provides the attendance of the Audit Committee
Each Director informs the Company on an annual basis about the members:
Board and the Committee positions he occupies in other companies
including Chairmanships and notifies changes during the year. The Sr. Name of the Position Category No. of
Members of the Board while discharging their duties, avoid conflict of No. Directors Meetings
interest in the decision making process. The Members of Board restrict Attended
themselves from any discussions and voting in transactions in which
1. Mr. I.D. Agarwal Chairman Independent 5 of 5
they have concern or interest.
Director
Insider Trading Code 2. Dr. Vijaypat Member Promoter 2 of 5
The Company has adopted an ‘Internal Code of Conduct for Singhania Non-Executive
Regulating, Monitoring and Reporting of Trades by Insiders (“the Director
Code”) in accordance with the SEBI (Prohibition of Insider Trading)
3. Mr. Nabankur Member Independent 5 of 5
Regulations, 2015 (The PIT Regulations).
Gupta Director
The Code is applicable to Promoters and Promoter’s Group, all 4. Mr. Pradeep Guha Member Independent 5 of 5
Directors and such Designated Employees who are expected to Director
have access to unpublished price sensitive information relating to

Terms of Reference (B) REMUNERATION AND NOMINATION COMMITTEE
The Audit Committee inter alia performs the functions of approving Composition
Annual Internal Audit Plan, review of financial reporting system, internal
The Remuneration and Nomination Committee comprises of Five
controls system, discussion on financial results, interaction with
Directors. Mr. I.D. Agarwal, Independent Director, is the Chairman
Statutory and Internal Auditors, one-on-one Meeting with Statutory
of the Committee. The other members of the Remuneration and
and Internal Auditors, recommendation for the appointment of
Nomination committee include Dr. Vijaypat Singhania, Promoter Non-
Statutory and Cost Auditors and their remuneration, recommendation
Executive Director, Mr. Gautam Hari Singhania, Promoter, Chairman
for the appointment and remuneration of Internal Auditors, Review of
and Managing Director, Mr. Nabankur Gupta and Mr. Pradeep Guha,
Business Risk Management Plan, Review of Forex policy, Management
Independent Directors. The Composition of Remuneration and
Discussions and Analysis, Review of Internal Audit Reports and
Nomination Committee is in accordance with the provisions of Section
significant related party transactions. The Board has framed the
178 of the Companies Act, 2013 and Regulation 19 of the Listing
Audit Committee Charter for the purpose of effective compliance of
Regulations.
provisions of section 177 of the Companies Act, 2013 and Regulation
18 of the Listing Regulations. In fulfilling the above role, the Audit Meeting and Attendance
Committee has powers to investigate any activity within its terms of The Remuneration and Nomination Committee met twice during
reference, to seek information from employees and to obtain outside the year on April 26, 2016 and July 21, 2016. The requisite quorum
legal and professional advice. was present at the Meeting. The Chairman of the Remuneration and
Functions of Audit Committee Nomination Committee was present at the last Annual General Meeting
of the Company. The table below provides the attendance of the
The Audit Committee, while reviewing the Annual Financial Statements
Remuneration and Nomination Committee members:
also reviews the applicability of various Accounting Standards (AS)
referred to in Section 133 of the Companies Act, 2013. Compliance Sr. Name of the Position Category No. of
of the Accounting Standards as applicable to the Company has been No. Directors Meetings
ensured in the preparation of the Financial Statements for the year Attended
ended March 31, 2017.
1. Mr. I.D. Agarwal Chairman Independent 2 of 2
The Audit Committee bridges the gap between the Internal Auditors Director
and the Statutory Auditors. The Statutory Auditors are responsible for
2. Mr. Gautam Hari Member Promoter 2 of 2
performing Independent audit of the Company’s Financial Statements
Singhania Executive
in accordance with the generally accepted auditing practices and
Director
issuing reports based on such audits, while the Internal Auditors are
responsible for the internal risk controls. 3. Dr. Vijaypat Member Promoter 0 of 2
Singhania Non-Executive
Besides the above, Chairman and Managing Director, Whole-time Director
Director, Chief Financial Officer, Business Heads of the Company’s
4. Mr. Nabankur Member Independent 2 of 2
Divisions, the representatives of the Statutory Auditors and the Internal
Gupta Director
Auditors are permanent invitees to the Audit Committee Meetings.
The representatives of the Cost Auditor attend such Meetings of the 5. Mr. Pradeep Guha Member Independent 2 of 2
Audit Committee where matters relating to the Cost Audit Report are Director
discussed at length. The Company Secretary acts as a Secretary to the Terms of Reference
Committee as required by Regulation 18(1)(e) of the Listing Regulations.
The broad terms of reference of the Remuneration and Nomination
The Company follows best practices in financial reporting. The Committee, as approved by the Board, are in compliance with Section
Company has been reporting on quarterly basis, the Un-audited 178 of the Companies Act, 2013 and Regulation 19 of the Listing
Consolidated Financial Statements as required by the Regulation Regulations, which are as follows:
33 of the Listing Regulations. The Company’s quarterly Un-audited
Standalone Financial Statements are made available on the web-site • Reviewing the overall compensation policy, service agreements
www.raymond.in and are also sent to the Stock Exchanges where and other employment conditions of Managing/Whole-time
the Company’s Equity Shares are listed for display at their respective Director(s) and Senior Management (one level below the Board of
websites. Directors);
The Audit Committee also oversees and reviews the functioning of • To help in determining the appropriate size, diversity and
a vigil mechanism (implemented in the Company as a Fraud Risk composition of the Board;
Management Policy and Whistle Blower Policy) and reviews the • To recommend to the Board appointment/re-appointment and
findings of investigation into cases of material nature and the actions removal of Directors;
taken in respect thereof.
• To frame criteria for determining qualifications, positive attributes
Internal Controls and Governance Processes and independence of Directors;
The Company continuously invests in strengthening its internal control
• To recommend to the Board remuneration payable to the
and processes. The Audit Committee along with CFO formulates a
Directors (while fixing the remuneration of executive Directors
detailed plan for the Internal Auditors for the year, which is reviewed
the restrictions contained in the Companies Act, 2013 are to be
at the Audit Committee Meetings. The Internal Auditors attend the
considered);
Meetings of the Audit Committee at regular basis and submit their
recommendations to the Audit Committee and provide a road map • To create an evaluation framework for the Independent Directors
for the future. and the Board;

• To provide necessary reports to the Chairman after the evaluation
Mr. Boman R. Irani* Nil Nil Nil
process is completed by the Directors;
Mr. Akshaykumar 3,00,000 Nil 7,00,000
• To assist in developing a succession plan for the Board; Chudasama**
• To assist the Board in fulfilling responsibilities entrusted from time- *Mr. Boman R. Irani has written to the Company stating that he will not
to-time; and receive any remuneration from the Company.
• Delegation of any of its powers to any Member of the Committee ** Appointed w. e .f July 21, 2016.
or the Compliance Officer.
***Commission to Non-Executive Directors will be paid after the
REMUNERATION POLICY accounts are approved by the shareholder at the Annual General
A. Remuneration to Non-Executive Directors Meeting scheduled to be held on June 5, 2017.
The Non-Executive Directors are paid remuneration by way of
Commission and Sitting Fees. The Non-Executive Directors are (b) EXECUTIVE DIRECTORS
paid sitting fees for each Meeting of the Board or Committee of
Directors attended by them. The total amount of sitting fees paid Particulars Mr. Gautam Hari Mr. H. Sunder,
to Non-Executive Directors during the Financial Year 2016-17 was Singhania, Chairman Whole-time Director
H60.50 lakh. The Non-Executive Director/Independent Directors and Managing Director
do not have any material pecuniary relationship or transactions Term of For a period of 5 years For a period w.e.f.
with the Company. Appointment from July 1, 2014 to June July 29, 2016 to April
30, 2019. 28, 2017.*
B. Remuneration to Executive Directors
The appointment and remuneration of Executive Directors Salary H5,52,00,000/- H47,62,947/-
including Chairman and Managing Director and Whole-time Allowances Nil H1,54,94,602/-
Director is governed by the recommendation of the Remuneration
& Nomination Committee, Resolutions passed by the Board Commission Nil Nil
of Directors and Shareholders of the Company. Payment of Variable Pay Nil H64,04,388/-
remuneration to Executive Directors is governed by the respective
Agreements executed between them and the Company. The Perquisites H20,74,683/- H54,600/-
remuneration package of Chairman and Managing Director Sitting Fees H6,00,000/- NIL
and Whole-time Director comprises of salary, perquisites and
allowances, and contributions to Provident and other Retirement Sitting Fees H7,00,000/- NIL
Benefit Funds as approved by the shareholders at the General from Subsidiary
Meetings. Annual increments are linked to performance and are Companies
decided by the Remuneration and Nomination Committee and Minimum The Company has made The remuneration
recommended to the Board for approval thereof. Remuneration application under section paid to Mr. H.
197 and other applicable Sunder, who is
The remuneration policy is directed towards rewarding
provisions of the functioning in the
performance, based on review of achievements. It is aimed at
Companies Act, 2013 to professional capacity,
attracting and retaining high caliber talent.
the Central Government is in line with Clause
Presently, the Company does not have a stock options scheme seeking approval for the B of Section II of
for its Directors. payment of remuneration Part II of Schedule V
to Mr. Gautam Hari of Companies Act,
The Remuneration and Nomination Policy is displayed on the Singhania on the terms 2013.
Company’s website viz. www.raymond.in and conditions approved
DETAILS OF REMUNERATION PAID TO DIRECTORS FOR THE by the Board for FY
YEAR ENDED MARCH 31, 2017 2016-17.
(a) NON EXECUTIVE DIRECTORS Notice Period & Six months’ notice or Three months’ notice
Severance Fees six months’ salary in lieu or three months’
Name of the Director Sitting Fees No. of Commission thereof. salary in lieu thereof.
(H) Shares held to Non-
Executive *Shareholders approval being sought at 92nd Annual General Meeting.
Directors
(H)*** PERFORMANCE EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and
Dr. Vijaypat Singhania 3,00,000 80,997 7,00,000
Regulation 17 of the Listing Regulations, the Board has carried out
Chairman Emeritus
the annual evaluation of its own performance, its Committees and
Mrs. Nawaz Gautam 5,00,000 Nil 7,00,000 Directors individually. A structured questionnaire was prepared after
Singhania circulating the draft forms, covering various aspects of the Board’s
Mr. Nabankur Gupta 18,00,000 Nil 7,00,000 functioning such as adequacy of the composition of the Board and
its Committees, Board culture, execution and performance of specific
Mr. I. D. Agarwal 13,00,000 Nil 7,00,000 duties, obligations and governance.
Mr. Pradeep Guha 18,50,000 Nil 7,00,000
The performance evaluation of the Chairman and Managing Director
and the Non Independent Directors was carried out by the Independent

Directors. The Directors expressed their satisfaction with the evaluation DETAILS OF SHAREHOLDERS’ COMPLAINTS RECEIVED,
process. SOLVED AND PENDING SHARE TRANSFERS
The total number of complaints received and resolved during the year
(C) STAKEHOLDERS RELATIONSHIP COMMITTEE ended March 31, 2017 were 77. There were no complaints outstanding
Composition and Attendance as on March 31, 2017. The number of pending share transfers and
pending requests for dematerialization as on March 31, 2017 were
The Stakeholders Relationship Committee comprises of three Nil. Shareholders’/Investors’ complaints and other correspondence
Directors. Mr. Nabankur Gupta, Independent Director is the Chairman are normally attended to within seven working days except where
of this Committee. The table below highlights the composition and constrained by disputes or legal impediments. No investor grievances
attendance of the Members of the Committee. The requisite quorum remained unattended /pending for more than thirty days as on March
was present at all the Meetings. 31, 2017.
Sr. Name of the Position Category No. of Sr. Nature of Complaints Complaints Complaints
No. Directors Meetings No. Received Redressed
Attended
1. Non-receipt of Dividend 11 11
1. Mr. Nabankur Chairman Independent 12 of 12
Gupta Director 2. Non-receipt of Shares 5 5
lodged for Transfer
2. Mr. H. Sunder Member Executive 12 of 12
Director 3. Non-receipt of Duplicate/ 39 39
Consolidated Share
3. Mr. Pradeep Guha Member Independent 12 of 12 Certificates
Director
4. Non-receipt of Demat 0 0
Mr. Thomas Fernandes, Company Secretary is the Compliance Officer. Credit/ Remat requests
Terms of Reference 5. Others (e.g. Queries 22 22
The Board has clearly defined the terms of reference for this committee, received from other
which generally meets once a month. The Committee looks into the Statutory Authorities, etc.)
matters of Shareholders/ Investors grievances along with other matters Total 77 77
listed below:
The above table includes Complaints received from SEBI SCORES by
• approval of transfer of shares/debentures and issue of duplicate/ the Company.
split/consolidation/sub-division of share/debenture certificates;
• opening/modification of operation and closing of Bank accounts; (D) CORPORATE SOCIAL RESPONSIBILITY
• grant of special/general Power of Attorney in favour of employees COMMITTEE
of the Company from time to time in connection with the conduct Composition
of the business of the Company particularly with Government and The Corporate Social Responsibility (CSR) Committee comprises of
Quasi-Government Institutions; Four Directors. Mr. I.D. Agarwal, Independent Director, is the Chairman
• to fix record date/book closure of share/debenture transfer book of the Committee. The other members of the CSR Committee include
of the Company from time to time; Mrs. Nawaz Gautam Singhania, Promoter Non- Executive Director,
Mr. Pradeep Guha and Mr. Boman Irani, Independent Directors. The
• to appoint representatives to attend the General Meeting of other Composition of CSR Committee is in accordance with the provisions
companies in which the Company is holding shares; of Section 135 of the Companies Act, 2013 and the Companies
(Corporate Social Responsibility Policy) Rules, 2014. As per Section
• to change the signatories for availment of various facilities from
135 of the Companies Act, 2013 the Company was required to spend
Banks/Financial Institutions;
H153 lakh for the financial year 2016-17.
• to grant authority to execute and sign foreign exchange contracts
The Company has formulated CSR Policy, which is uploaded on the
and derivative transactions;
website of the Company viz. www.raymond.in
• to carry out any other duties that may be delegated to the
Terms of Reference
Committee by the Board of Directors from time-to-time.
• To review the existing CSR Policy and to make it more
The Secretarial Department of the Company and the Registrar and comprehensive so as to indicate the activities to be undertaken
Share Transfer Agent, Link Intime India Private Limited attend to all by the Company as specified in Schedule VII of the Companies
grievances of the shareholders received directly or through SEBI, Stock Act, 2013;
Exchanges, Ministry of Corporate Affairs, Registrar of Companies, etc.
The Minutes of the Stakeholders Relationship Committee Meetings are • To provide guidance on various CSR activities to be undertaken
circulated to the Board and noted by the Board of Directors at the by the Company and to monitor process.
Board Meetings. The Composition of the CSR Committee as at March 31, 2017
Continuous efforts are made to ensure that grievances are more and the details of Meetings of the Committee are as under:
expeditiously redressed to the complete satisfaction of the investors. Meetings and Attendance:
Shareholders are requested to furnish their updated telephone
numbers and e-mail addresses to facilitate prompt action. The CSR Committee met twice during the year on October 12, 2016
and November 29, 2016. The requisite quorum was present at all

the Meetings. The Table below provides the attendance of the CSR As required under Regulation 23(1) of the Listing Regulations,
Committee members: the Company has formulated a policy on dealing with Related
Party Transactions. The Policy is available on the website of the
Sr. Name of the Position Category No. of Company viz. www.raymond.in
No. Directors Meetings
None of the transactions with Related Parties were in the conflict
Attended
with the interest of Company. All the transactions are in the
1. Mr. I. D. Agarwal Chairman Independent 2 of 2 ordinary course of business and have no potential conflict with
Director the interest of the Company at large and are carried out on an
2. Mrs. Nawaz Member Promoter 2 of 2 arm’s length or fair value basis.
Gautam Singhania Non-Executive c. Details of non-compliance by the Company, penalties, and
Director strictures imposed on the Company by Stock Exchanges
3. Mr. Pradeep Guha Member Independent 1 of 2 or SEBI or any statutory authority, on any matter related to
Director capital markets, during last three Financial Years.
4. Mr. Boman Irani Member Independent 0 of 2 The Company has complied with all requirements specified under
Director the Listing Regulations as well as other regulations and guidelines
of SEBI. Consequently, there were no strictures or penalties
imposed by either SEBI or Stock Exchanges or any statutory
(E) INDEPENDENT DIRECTORS’ MEETING authority for non-compliance of any matter related to the capital
During the year under review, the Independent Directors met on markets during the last three Financial years.
February 22, 2017, inter alia, to:
d. Vigil Mechanism / Whistle Blower Policy
• Evaluate performance of Non-Independent Directors and the Pursuant to Section 177(9) and (10) of the Companies Act, 2013,
Board of Directors as a whole; and Regulation 22 of the Listing Regulations, the Company has
• Evaluate performance of the Chairman of the Company, taking formulated Whistle Blower Policy for vigil mechanism of Directors
into account the views of the Executive and Non-Executive and employees to report to the management about the unethical
Directors; behavior, fraud or violation of Company’s code of conduct. The
mechanism provides for adequate safeguards against victimization
• Evaluation of the quality, content and timeliness of flow of of employees and Directors who use such mechanism and makes
information between the Management and the Board that is provision for direct access to the chairman of the Audit Committee
necessary for the Board to effectively and reasonably perform its in exceptional cases. None of the personnel of the Company has
duties. been denied access to the Audit Committee. The Whistle Blower
All the Independent Directors were present at this Meeting. Policy is displayed on the Company’s website viz. www.raymond.
in
SUBSIDIARY COMPANIES
e. Disclosure of Accounting Treatment
The Company does not have any material subsidiary as defined
under the Listing Regulations. However, the Company has formulated In the preparation of the financial statements, the Company has
the Material Subsidiary Policy and uploaded on the website of the followed the Accounting Standards referred to in Section 133 of
Company viz. www.raymond.in the Companies Act, 2013. The significant accounting policies
which are consistently applied are set out in the Notes to the
AFFIRMATIONS AND DISCLOSURES: Financial Statements.
a. Compliances with Governance Framework f. Risk Management
The Company is in compliance with all mandatory requirements Business risk evaluation and Management is an ongoing process
under the Listing Regulations. within the Company. The assessment is periodically examined by
b. Related party transactions the Board.
All transactions entered into with the Related Parties as defined g. Commodity price risk and Commodity hedging activities
under the Companies Act, 2013 and Regulation 23 of the Listing The Company is exposed to the risk of price fluctuation of raw
Regulations during the financial year were in the ordinary course materials as well as finished goods. The Company proactively
of business and on arm’s length basis and do not attract the manages its risk through forward booking Inventory management
provisions of Section 188 of the Companies Act, 2013. There and proactive vendor development practices. The Company’s
were no materially significant transactions with Related Parties reputation for quality, products differentiation and service, coupled
during the financial years. For this purpose, matter reported in with existence of powerful brand image with robust marketing
note 2B under the financial statements has not been considered network mitigates the impact of price risk on finished goods.
pending approval of the shareholders referred to in that note.
Related party transactions have been disclosed under the note h. Non-mandatory requirements
43 of significant accounting policies and notes forming part of the Adoption of non-mandatory requirements of the Listing
Financial Statements in accordance with “IND AS”. A statement Regulations is being reviewed by the Board from time-to-time.
in summary form of transactions with Related Parties in ordinary
course of business and arm’s length basis is periodically placed
before the Audit committee for review and recommendation to the
Board for their approval.

SHAREHOLDER INFORMATION
GENERAL BODY MEETING
DETAILS OF LAST THREE ANNUAL GENERAL MEETINGS HELD
AGM Financial Year Date and Time Venue Details of Special Resolution Passed
89th 2013-14 JUNE 10, 2014 REGISTERED OFFICE OF THE • To create Securities in favour of Lenders u/s 180(1)(a) of
11.00 AM COMPANY AT RATNAGIRI the Companies Act, 2013.
• Borrowing limits of the Company u/s 180(1)(c) of the
Companies Act, 2013.
• To Issue and offer Non-Convertible Debentures upto
H175 Crore.
• Payment of Commission to Non-Executive Directors
during the period from April 1, 2014 to March 31, 2017.
90th 2014-15 JUNE 8, 2015 REGISTERED OFFICE OF THE • Adoption of new Article of Association of the Company
11.00 AM COMPANY AT RATNAGIRI containing regulations in conformity with the Companies
Act, 2013.
91st 2015-16 JUNE 7, 2016 REGISTERED OFFICE OF THE • To Issue and offer Non-Convertible Debentures upto
11.00 AM COMPANY AT RATNAGIRI H750 Crore.
POSTAL BALLOT
During the year, no resolutions have been passed through postal ballot.
ANNUAL GENERAL MEETING FOR THE FINANCIAL YEAR 2016-17

DAY AND DATE Monday, June 5, 2017
TIME 11.00 AM
VENUE (Registered Office of the Company) Plot No. 156/H. No. 2, Village Zadgaon, Ratnagiri, Maharashtra - 415
612.
FINANCIAL YEAR April 1, 2016 to March 31, 2017
BOOK CLOSURE DATES FOR DIVIDEND May 27, 2017 to June 5, 2017 (both days inclusive)
LAST DATE OF RECEIPT OF PROXY FORMS Saturday, June 3, 2017 before 11.00 AM
Tentative Calendar for Financial Year ending March 31, 2018

The tentative dates for Board Meetings for consideration of quarterly financial results are as follows:
Sr. Particulars of Quarter Tentative dates

No.
1. First Quarter Results In or before the Fourth week of July 2017.
2. Second Quarter & Half Yearly Results In or before the Fourth week of October 2017.
3. Third Quarter & Nine-months Results In or before the Fourth week of January 2018.
4. Fourth Quarter & Annual Results In or before the Fourth week of April 2018.
DIVIDEND
The Board of Directors at their Meeting held on April 28, 2017, recommended dividend payout, subject to approval of the shareholders at the
ensuing Annual General Meeting of H1.25/- per share, on equity shares of the Company for the Financial Year 2016-17. The Dividend shall be
paid to the members whose names appear on Company’s Register of Members on May 26, 2017 in respect of physical shareholders and whose
name appear in the list of Beneficial Owner on May 26, 2017 furnished by NSDL and CDSL for this purpose. The dividend if declared at the Annual
General Meeting shall be paid on or after June 6, 2017.

Dividend History for the last 10 financial years
The Table below highlights the history of Dividend declared by the Company in the last 10 financial years:
Sr. F.Y. of Declaration of Dividend Date of Declaration of Dividend Amount declared per share
No.
1. 2006-07 June 18, 2007 H5.00
2. 2007-08 June 18, 2008 H2.50
3. 2008-09 No Dividend Declared Nil
4. 2009-10 No Dividend Declared Nil
5. 2010-11 June 07, 2011 H1.00
6. 2011-12 June 06, 2012 H2.50
7. 2012-13 June 07, 2013 H1.00
8. 2013-14 June 10, 2014 H2.00
9. 2014-15 June 8, 2015 H3.00
10. 2015-16 June 7, 2016 H3.00
Unclaimed Dividend/ Shares

Pursuant to the provisions of Section 124(5) of the Companies Act, 2013, if the dividend transferred to the Unpaid Dividend Account of the
Company remains unpaid or unclaimed for a period of seven years from the date of such transfer then such unclaimed or unpaid dividend shall
be transferred by the company along with interest accrued, if any to the Investor Education and Protection Fund (‘the IEPF’), a fund established
under sub-section (1) of section 125. The details of unclaimed/unpaid dividend are available on the website of the Company viz. www.raymond.in
Section 124(6) of the Companies Act, 2013 mandates transfer of all those shares, in respect of which Unpaid or Unclaimed dividend has been
transferred by the Company to the IEPF.
Details of Unclaimed Dividend as on March 31, 2017 and due dates for transfer are as follows:
Sr. F.Y. of Declaration of Dividend Date of Declaration of Unclaimed Amount (H) Due Date for transfer to IEPF
No. Dividend Account
1. 2009-10 No Dividend Declared N.A. N.A.
2. 2010-11 June 07, 2011 8,17,898 July 13, 2018
3. 2011-12 June 06, 2012 18,58,686 July 12, 2019
4. 2012-13 June 07, 2013 8,67,322 July 13, 2020
5. 2013-14 June 10, 2014 18,28,732 July 16, 2021
6. 2014-15 June 8, 2015 26,14,332 July 14, 2022
7. 2015-16 June 7, 2016 25,96,761 July 13, 2023
During the year under review, the Company has not transferred any amount to Investor Education and Protection Fund since no dividend was
declared in FY 2008-09.
As per Regulation 34(3) read with Schedule V of the Listing Regulations, the details of the shares in the Suspense Account are as follows
Aggregate Number of Number of shareholders Number of shareholders Aggregate number of That the voting rights on
Shareholders and the who approached the to whom shares were shareholders and the these shares shall remain
Outstanding Shares in the Company for transfer of transferred from suspense outstanding shares in the frozen till the rightful
suspense account lying at shares from suspense account during the year suspense account lying at owner of such shares
the beginning of the year account during the year the end of the year claims the shares
(1) (2) (3) (4) (5)
2193 number of NIL NIL 2193 number of 55318 Equity Shares
shareholders and 55318 shareholders and 55318
Equity Shares Equity Shares
Note: During the year, No Shares were credited by the Company to the said demat suspense account.

DISTRIBUTION OF SHAREHOLDING AS ON MARCH 31, 2017
No. of equity shares No. of shareholders % of shareholders No. of shares held % of Shareholding
1 to 500 103222 96.81 6754222 11.00
501 to 1000 1902 1.78 1403503 2.29
1001 to 2000 741 0.70 1072393 1.75
2001 to 3000 230 0.22 572932 0.93
3001 to 4000 116 0.11 415192 0.68
4001 to 5000 67 0.06 317535 0.52
5001 to 10000 146 0.14 1083914 1.77
10001 and above 195 0.18 49761163 81.06
GRAND TOTAL 106619 100 61380854 100
CATEGORIES OF SHAREHOLDERS AS ON MARCH 31, 2017
Percentage holding
Other Public
24%
Promoter Holding
GDR 42%
1%
NRI and Foreign

National
1%
Bodies Corporate
8%
Foreign Insititutions
9% Mutual Funds/UTI
8%
Indian Insititutions
7%
DEMATERIALISATION OF SHARES AND LIQUIDITY

96.57% of the equity shares of the Company have been dematerialized (NSDL – 89.69% and CDSL 6.88%) as on March 31, 2017. The Company
has entered into agreements with 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.
RECONCILIATION OF SHARE CAPITAL AUDIT REPORT

As stipulated by SEBI, a qualified Practicing 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 Stock Exchanges where the Company’s shares are listed. 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.

NCD holders of the Company as on March 31, 2017:
Sr. Name of the Debenture holders No of NCD Coupon Rate ISIN

No. held
1 HDFC TRUSTEE COMPANY LIMITED A/C HIGH INTEREST FUND SHORT 200.00 Zero INE301A08381
TERM PLAN
2 HDFC TRUSTEE COMPANY LTD A/C HDFC ARBITRAGE FUND 250.00 Zero INE301A08381
3 HDFC TRUSTEE CO LTD A/C HDFC FMP 1175D JANUARY 2014 (1) 300.00 Zero INE301A08381
4 HDFC TRUSTEE CO LTD A/C HDFC FMP 1127D MARCH 2014 (1) 250.00 Zero INE301A08381
5 HDFC TRUSTEE COMPANY LTD - HDFC SHORT TERM PLAN 300.00 10.2 INE301A08399
6 HDFC TRUSTEE COMPANY LIMITED A/C HIGH INTEREST FUND SHORT 100.00 10.2 INE301A08399
TERM PLAN
7 HDFC TRUSTEE COMPANY LIMITED A/C HDFC CASH MANAGEMENT 250.00 10.2 INE301A08399
FUND TREASURY ADVANTAGE PLAN
8 HDFC TRUSTEE CO LTD A/C HDFC FMP 1184D JANUARY 2015 (1) 100.00 10.2 INE301A08399
9 HDFC TRUSTEE COMPANY LTD - HDFC SHORT TERM PLAN 219.00 9.75 INE301A08407
10 HDFC TRUSTEE COMPANY LIMITED A/C HDFC CASH MANAGEMENT 700.00 9.75 INE301A08407
FUND TREASURY ADVANTAGE PLAN
11 HDFC TRUSTEE CO LTD A/C HDFC FMP 1127D MAY 2015 (1) 81.00 9.75 INE301A08407
12 RELIANCE CAPITAL TRUSTEE CO. LTD-A/C RELIANCE FIXED HORIZON 13.00 9.52 INE301A08415
FUND XXIV SERIES 2
13 RELIANCE CAPITAL TRUSTEE CO. LTD-A/C RELIANCE CORPORATE 150.00 9.52 INE301A08415
BOND FUND
14 ITPL - INVESCO INDIA CORPORATE BOND OPPORTUNITIES FUND 100.00 9.52 INE301A08415
15 RELIANCE CAPITAL TRUSTEE CO LTD AC RELIANCE FIXED HORIZON 11.00 9.52 INE301A08415
FUND XXIX SERIES 18
16 RELIANCE CAPITAL TRUSTEE CO LTD- A/C RELIANCE FIXED HORIZON 13.00 9.52 INE301A08415
FUND XXX SERIES 3
FUND XXX SERIES 8
18 RELIANCE CAPITAL TRUSTEE CO LTD-A/C RELIANCE FIXED HORIZON 116.00 9.52 INE301A08415
FUND XXX SERIES 11
FUND XXX SERIES 14
FUND XXX SERIES 18
FUND XXX SERIES 20
22 RELIANCE CAPITAL TRUSTEE CO. LTD -A/C RELIANCE FIXED HORIZON 260.00 9.52 INE301A08415
FUND XXXI SERIES 2
FUND XXXI SERIES 4
FUND XXXI SERIES 6
FUND XXXI SERIES 11

Outstanding GDRs/ Warrants and Convertible Bonds, conversion date and likely impact on equity
There were 4,00,225 outstanding GDRs representing 8,00,450 equity shares, 1.30% of the total share Capital as on March 31, 2017. Each GDR
represents 2 underlying Equity shares of face value H10/- each.
The Company’s GDR are listed on the Luxembourg Stock Exchange.
Details of Shares/GDRs Listed on Stock Exchanges as on March 31, 2017
Stock Exchange Stock Code

BSE Limited (BSE) 500330
P.J. Towers, Dalal Street, Mumbai – 400 001
National Stock Exchange of India Limited (NSE) Raymond EQ
Exchange Plaza, 5th Floor, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051
International Standard Identification Number (ISIN) INE301A01014
Luxembourg Stock Exchange (GDRs) USY721231212
Societe De La De Luxembourg Societe,
35A, Boulevard Joseph II, L-1840 Luxembourg
Annual Listing fees for Financial Year 2017-18 has been paid to BSE and NSE. The annual listing fee has been paid to Luxembourg Stock Exchange
for the Calendar Year 2017.
Un-secured Redeemable Non-Convertible Debentures (NCDs) of face value H10,00,000/- each are listed on the Wholesale Debt Market segment
of National Stock Exchange of India Limited:
Series# Coupon Rate % ISIN Principal Amount Date of Maturity Debenture Trustee Credit Rating
(H in Crore)
F Zero INE301A08381 100 April 24, 2017 CARE AA-
G 10.20 INE301A08399 75 April 19, 2018 Axis CRISIL AA- / Stable
H 9.75 INE301A08407 100 April 20, 2018 Trustee CRISIL AA- / Stable
I 9.52 INE301A08415 100 April 10, 2019 Services Limited CARE AA (Double A)
J 8.35 INE301A08423 150 April 21, 2020 CARE AA (Double A)
Notes:
1. Series C (ISIN: INE301A08357) matured on June 28, 2016 and has been duly redeemed.
2. Series E (ISIN: INE301A08373) matured on November 14, 2016 and has been duly redeemed.
SHARE PRICE DATA

MONTH BSE NSE
HIGH LOW VOLUME HIGH LOW VOLUME
(H) (H) (Nos.) (H) (H) (Nos.)
April 2016 437.00 395.00 367,736 439.80 394.00 2,335,671
May 2016 490.00 418.25 784,482 490.00 415.20 3,947,783
June 2016 494.00 439.95 844,523 494.60 439.00 3,243,528
July 2016 495.00 450.00 642,849 494.90 452.10 2,859,008
August 2016 462.90 398.15 344,393 463.00 397.75 2,402,564
September 2016 568.95 415.50 1,649,642 568.40 415.00 8,135,785
October 2016 647.75 539.00 1,470,292 647.85 536.00 8,384,223
November 2016 654.00 475.10 990,523 654.00 464.50 4,158,179
December 2016 513.70 457.50 512,718 514.00 458.00 2,297,425
January 2017 539.00 490.50 570,944 539.50 491.00 3,365,782
February 2017 633.00 492.60 2,138,861 634.00 492.35 12,559,855
March 2017 672.60 577.55 3,232,172 672.40 577.35 13,439,874
Particulars BSE NSE

Closing share price as on March 31, 2017 (H) 633.25 633.65
Market Capitalisation as on March 31, 2017(H in lakh) 3,88,694 3,88,940

STOCK PERFORMANCE VIS-À-VIS INDEX
30000 900
29000 800
700
28000
600
27000
500 SH
26000
400 SL
25000
RH
300
24000 RL
200
23000 100
22000 0
Apr.-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
MEANS OF COMMUNICATION TO SHAREHOLDERS
(i) The Un-audited quarterly/ half yearly results are announced within forty-five days of the close of the quarter. The audited annual results are
announced within sixty days from the closure of the financial year as per the requirement of the Listing Regulations.
(ii) The approved financial results are forthwith sent to the Stock Exchanges and are published in a national English newspaper and in local
language (Marathi) newspaper, within forty-eight hours of approval thereof. Presently the same are not sent to the shareholders separately.
(iii) The Company’s financial results and official press releases are displayed on the Company’s Website- www.raymond.in.
(iv) Any presentation made to the institutional investors or/and analysts are also posted on the Company’s website.
(v) Management Discussion and Analysis forms part of the Annual Report, which is sent to the shareholders of the Company.
(vi) The quarterly results, shareholding pattern, quarterly compliances and all other corporate communication to the Stock Exchanges viz. BSE
Limited and National Stock Exchange of India Limited are filed electronically. The Company has complied with filing submissions through
BSE’s BSE Listing Centre. Likewise, the said information is also filed electronically with NSE through NSE’s NEAPS portal.
(vii) A separate dedicated section under “Investors Relation”, on the Company’s website gives information on unclaimed dividends, shareholding
pattern, quarterly/half yearly results and other relevant information of interest to the investors / public.
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 Regulations, a Practicing Company Secretary carries out audit of the System of
Transfer and a certificate to that effect is issued.
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 (SEBI) has made it mandatory for all companies to use the Bank account details furnished by the
Depositories for depositing dividends. Dividend will be credited to the Members’ bank account through ECS wherever complete core banking
details are available with the Company. In case where the core banking details are not available, dividend warrants will be issued to the Members
with bank details printed thereon as available in the Company’s records. This ensures that the dividend warrants, even if lost or stolen, cannot be
used for any purpose other than for depositing the money in the accounts specified on the dividend warrants and ensures safety for the investors.
The Company complies with the SEBI requirement.
Service of documents through electronic mode
As a part of Green Initiatives, the members who wish to receive the notices/documents through e-mail, may kindly intimate their e-mail addresses
to the Company’s Registrar and Share Transfer Agent, Link Intime India Private Limited; to its dedicated e-mail id i.e., “raymond@linkintime.co.in.”
Address for Correspondence:
Compliance Officer Link Intime India Pvt. Ltd. Correspondence with the Company
Mr. Thomas Fernandes Unit: Raymond Limited Raymond Limited,
Director-Secretarial & Company Secretary C-101, 247 Park, Share Department,
Phone: 022-61527000 L.B.S Marg, Pokhran Road No.1,
e-mail: thomas.fernandes@raymond.in Vikhroli (West),Mumbai – 400 083 Jekegram, Thane (W) 400606.
Tel : 022-49186000/022-49186200/022-49186270 Phone: 022-61527000/61528687
Fax : 022-49186060 Fax :022-25412805
e-mail: raymond@linkintime.co.in e-mail: corp.secretarial@raymond.in
Plant Locations:
The Company has the following manufacturing and operating Divisions:
Textile Division :
Jalgaon No. E-1 and E-11, MIDC Area, Phase II, Ajanta Road, Jalgaon, Maharashtra - 425 003;
Chhindwara B 1, A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, Tehsil Sauser, Dist. Chhindwara,
Madhya Pradesh - 480 001;
Vapi N. H. No.8, Khadki - Udwada, Taluka Pardi, District Valsad, Gujarat - 396 185;
Aviation Division:
Thane Sapphire, First Floor, Jekegram, Pokhran Road No.1, Thane (West) – 400 606.
COMPLIANCE CERTIFICATE OF THE AUDITORS:

The Statutory Auditors have certified that the Company has complied with the conditions of Corporate Governance as stipulated in the Listing
Regulations and the same is annexed to this Report.
DECLARATIONS
Compliance with the Code of Business Conduct and Ethics
As provided under Regulation 26 (3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, 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, 2017.
For Raymond Limited
Gautam Hari Singhania

Mumbai: April 28, 2017 Chairman and Managing Director

CEO / CFO CERTIFICATION
We the undersigned, in our respective capacities as Managing Director and Chief Financial Officer of Raymond Limited (“the Company”) to the best
of our knowledge and belief certify that:
a. We have reviewed financial statements and the cash flow statement for the year ended March 31, 2017 and that to the best of our knowledge
and belief, we state that:
i. these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
ii. these statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards,
applicable laws and regulations.
b. We further state that to the best of our knowledge and belief, no transactions entered into by the Company during the year, which are
fraudulent, illegal or violative of the Company’s code of conduct.
c. We are responsible for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of
internal control systems of the Company pertaining to financial reporting of the Company and have disclosed to the Auditors and the Audit
Committee, deficiencies in the design or operation of internal controls, if any, of which we are aware and the steps we have taken or propose
to take to rectify these deficiencies.
d. We have indicated to the Auditors and the Audit Committee:
i. significant changes, if any, in internal control over financial reporting during the year;
ii. significant changes, if any, in accounting policies during the year and that the same have been disclosed in the notes to the financial
statements; and
iii. instances of significant fraud of which they have become aware and the involvement therein, if any, of the management or an employee
having a significant role in the Company’s internal control system over financial reporting.
For Raymond Limited For Raymond Limited
Gautam Hari Singhania Sanjay Bahl

Chairman and Managing Director Chief Financial Officer
Mumbai: April 28, 2017

AUDITORS’ CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS
OF CORPORATE GOVERNANCE
To the Members of
Raymond Limited
We have examined the compliance of conditions of Corporate Governance by Raymond Limited, for the year ended March 31, 2017 as stipulated
in Regulations 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C , D and E of Schedule
V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (collectively referred to as
“SEBI Listing Regulations, 2015).
The compliance of conditions of Corporate Governance is the responsibility of the Company’s management. Our examination was carried out
in accordance with the Guidance Note on Certification of Corporate Governance, issued by the Institute of Chartered Accountants of India and
was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate
Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us,
We certify that the Company has complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations, 2015.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the
management has conducted the affairs of the Company.
For Dalal & Shah LLP

Firm Registration Number: 102021W/W100110
Chartered Accountants
Anish P Amin
Mumbai Partner
April 28, 2017 Membership Number: 40451

INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF RAYMOND LIMITED
Report on the Standalone Financial Statements about the amounts and the disclosures in the standalone
1. We have audited the accompanying standalone financial financial statements. The procedures selected depend on the
statements of Raymond Limited (“the Company”), which comprise auditors’ judgment, including the assessment of the risks of
the Balance Sheet as at March 31, 2017 the Statement of Profit material misstatement of the standalone financial statements,
and Loss (including Other Comprehensive Income), the Cash whether due to fraud or error. In making those risk assessments,
Flow Statement and the Statement of Changes in Equity for the the auditor considers internal financial control relevant to the
year then ended, and a summary of the significant accounting Company’s preparation of the standalone financial statements
policies and other explanatory information. that give a true and fair view, in order to design audit procedures
that are appropriate in the circumstances. An audit also includes
Management’s Responsibility for the Standalone Financial
evaluating the appropriateness of the accounting policies used
Statements
and the reasonableness of the accounting estimates made by the
2. The Company’s Board of Directors is responsible for the matters
Company’s Directors, as well as evaluating the overall presentation
stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with
of the standalone financial statements.
respect to the preparation of these standalone financial statements
to give a true and fair view of the financial position, financial 7. We believe that the audit evidence we have obtained is sufficient
performance (including other comprehensive income), cash flows and appropriate to provide a basis for our audit opinion on the
and changes in equity of the Company in accordance with the standalone financial statements.
accounting principles generally accepted in India, including the
Opinion
Indian Accounting Standards specified in the Companies (Indian
8. In our opinion and to the best of our information and according
Accounting Standards) Rules, 2015 (as amended) under Section
to the explanations given to us, the aforesaid standalone financial
133 of the Act. This responsibility also includes maintenance of
statements give the information required by the Act in the manner
adequate accounting records in accordance with the provisions
so required and give a true and fair view in conformity with the
of the Act for safeguarding of the assets of the Company and for
accounting principles generally accepted in India, of the state
preventing and detecting frauds and other irregularities; selection
of affairs of the Company as at March 31, 2017, and its profit
and application of appropriate accounting policies; making
(including other comprehensive income), its cash flows and the
judgments and estimates that are reasonable and prudent; and
changes in equity for the year ended on that date.
design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the Emphasis of Matter
accuracy and completeness of the accounting records, relevant 9. We draw attention to note 49 to the standalone financial
to the preparation and presentation of the standalone financial statements, relating to remuneration paid in respect of the
statements that give a true and fair view and are free from material Chairman and Managing Director of the Company for the financial
misstatement, whether due to fraud or error. year 2016-17, in excess of the limits prescribed under section
197 of the Act, due to inadequacy of profits, which is subject to
Auditors’ Responsibility
the approval of Central Government. Our opinion is not qualified
3. Our responsibility is to express an opinion on these standalone
in respect of this matter.
financial statements based on our audit.
Other Matter
4. We have taken into account the provisions of the Act and the
10. The financial information of the Company for the year ended March
Rules made thereunder including the accounting and auditing
31, 2016 and the transition date opening balance sheet as at April
standards and matters which are required to be included in the
1, 2015 included in these standalone financial statements, are
audit report under the provisions of the Act and the Rules made
based on the previously issued statutory financial statements for
thereunder.
the years ended March 31, 2016 and March 31, 2015 prepared
5. We conducted our audit of the standalone financial statements in accordance with the Companies (Accounting Standards)
in accordance with the Standards on Auditing specified under Rules, 2006 (as amended) which were audited by us, on which
Section 143(10) of the Act and other applicable authoritative we expressed an unmodified opinion dated April 26, 2016 and
pronouncements issued by the Institute of Chartered Accountants April 29, 2015 respectively. The adjustments to those financial
of India. Those Standards and pronouncements require that we statements for the differences in accounting principles adopted by
comply with ethical requirements and plan and perform the audit the Company on transition to the have been audited by us.
to obtain reasonable assurance about whether the standalone
Report on Other Legal and Regulatory Requirements
financial statements are free from material misstatement.
11. As required by the Companies (Auditor’s Report) Order, 2016,
6. An audit involves performing procedures to obtain audit evidence issued by the Central Government of India in terms of sub-section
Standalone Financial Statements | Raymond Limited | 119

(11) of section 143 of the Act (“the Order”), and on the basis of Companies (Audit and Auditors) Rules, 2014, in our opinion
such checks of the books and records of the Company as we and to the best of our knowledge and belief and according
considered appropriate and according to the information and to the information and explanations given to us:
explanations given to us, we give in the Annexure B a statement
i The Company has disclosed the impact, if any, of
on the matters specified in paragraphs 3 and 4 of the Order.
pending litigations as at March 31, 2017 on its financial
12. As required by Section 143 (3) of the Act, we report that: position in its standalone financial statements.
(a) We have sought and obtained all the information and ii. The Company has made provision as at March 31, 2017,
explanations which to the best of our knowledge and belief as required under the applicable law or accounting
were necessary for the purposes of our audit. standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts.;
(b) In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from our iii. There has been no delay in transferring amounts,
examination of those books required to be transferred, to the Investor Education
and Protection Fund by the Company during the year
(c) The Balance Sheet, the Statement of Profit and Loss
ended March 31, 2017.
(including other comprehensive income), the Cash Flow
Statement and the Statement of Changes in Equity dealt with iv. The Company has provided requisite disclosures in the
by this Report are in agreement with the books of account. standalone financial statements as to holding as well
as dealings in Specified Bank Notes during the period
(d) In our opinion, the aforesaid standalone financial statements
from 8th November, 2016 to December, 2016, on the
comply with the Indian Accounting Standards specified
basis of information available with the Company. Based
under Section 133 of the Act.
on audit procedures, and relying on management’s
(e) On the basis of the written representations received from representation, we report that disclosures are in
the directors as on March 31, 2017 taken on record by the accordance with the books of accounts maintained
Board of Directors, none of the directors is disqualified as on by the Company and as produced to us by the
March 31, 2017 from being appointed as a director in terms Management. – Refer Note 50.
of Section 164 (2) of the Act.
For Dalal & Shah LLP
(f) With respect to the adequacy of the internal financial controls Chartered Accountants
over financial reporting of the Company and the operating Firm Registration Number: 102021W/W100110
effectiveness of such controls, refer to our separate Report
in Annexure A. Anish P. Amin
(g) With respect to the other matters to be included in the Mumbai Partner
Auditors’ Report in accordance with Rule 11 of the April 28, 2017 Membership Number: 040451
120 | Annual Report 2016-17 | Standalone Financial Statements

ANNEXURE A TO INDEPENDENT AUDITORS’ REPORT
Referred to in paragraph 12(f) of the Independent Auditors’ Report of even date to the members of Raymond Limited on the standalone
financial statements for the year ended March 31, 2017
Report on the Internal Financial Controls under Clause (i) of Sub- Meaning of Internal Financial Controls Over Financial Reporting
section 3 of Section 143 of the Act 6. A company’s internal financial control over financial reporting is
1. We have audited the internal financial controls over financial a process designed to provide reasonable assurance regarding
reporting of Raymond Limited (“the Company”) as of March 31, the reliability of financial reporting and the preparation of financial
2017 in conjunction with our audit of the standalone financial statements for external purposes in accordance with generally
statements of the Company for the year ended on that date. accepted accounting principles. A company’s internal financial
control over financial reporting includes those policies and
Management’s Responsibility for Internal Financial Controls
procedures that
2. The Company’s management is responsible for establishing and
maintaining internal financial controls based on the internal control (1) pertain to the maintenance of records that, in reasonable
over financial reporting criteria established by the Company detail, accurately and fairly reflect the transactions and
considering the essential components of internal control stated dispositions of the assets of the company;
in the Guidance Note on Audit of Internal Financial Controls
(2) provide reasonable assurance that transactions are recorded
Over Financial Reporting issued by the Institute of Chartered
as necessary to permit preparation of financial statements in
Accountants of India (ICAI). These responsibilities include the
accordance with generally accepted accounting principles,
design, implementation and maintenance of adequate internal
and that receipts and expenditures of the company are being
financial controls that were operating effectively for ensuring
made only in accordance with authorisations of management
the orderly and efficient conduct of its business, including
and directors of the company; and
adherence to company’s policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the accuracy (3) provide reasonable assurance regarding prevention or timely
and completeness of the accounting records, and the timely detection of unauthorised acquisition, use, or disposition of
preparation of reliable financial information, as required under the the company’s assets that could have a material effect on the
Act. financial statements.
Auditors’ Responsibility Inherent Limitations of Internal Financial Controls Over Financial

3. Our responsibility is to express an opinion on the Company’s Reporting
internal financial controls over financial reporting based on our 7. Because of the inherent limitations of internal financial controls over
audit. We conducted our audit in accordance with the Guidance financial reporting, including the possibility of collusion or improper
Note on Audit of Internal Financial Controls Over Financial management override of controls, material misstatements due to
Reporting (the “Guidance Note”) and the Standards on Auditing error or fraud may occur and not be detected. Also, projections
deemed to be prescribed under section 143(10) of the Act to the of any evaluation of the internal financial controls over financial
extent applicable to an audit of internal financial controls, both reporting to future periods are subject to the risk that the internal
applicable to an audit of internal financial controls and both issued financial control over financial reporting may become inadequate
by the ICAI. Those Standards and the Guidance Note require that because of changes in conditions, or that the degree of
we comply with ethical requirements and plan and perform the compliance with the policies or procedures may deteriorate.
audit to obtain reasonable assurance about whether adequate
Opinion
internal financial controls over financial reporting was established
8. In our opinion, the Company has, in all material respects, an
and maintained and if such controls operated effectively in all
adequate internal financial controls system over financial reporting
material respects.
and such internal financial controls over financial reporting
4. Our audit involves performing procedures to obtain audit evidence were operating effectively as at March 31, 2017, based on the
about the adequacy of the internal financial controls system over internal control over financial reporting criteria established by
financial reporting and their operating effectiveness. Our audit the Company considering the essential components of internal
of internal financial controls over financial reporting included control stated in the Guidance Note on Audit of Internal Financial
obtaining an understanding of internal financial controls over Controls Over Financial Reporting issued by the Institute of
financial reporting, assessing the risk that a material weakness Chartered Accountants of India.
exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditor’s judgement, For Dalal & Shah LLP
including the assessment of the risks of material misstatement of Chartered Accountants
the financial statements, whether due to fraud or error. Firm Registration Number: 102021W/W100110
5. We believe that the audit evidence we have obtained is sufficient

Anish P. Amin
and appropriate to provide a basis for our audit opinion on the
Mumbai Partner
Company’s internal financial controls system over financial
April 28, 2017 Membership Number: 040451
reporting.

ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT
Referred to in paragraph 11 of the Independent Auditors’ Report of even date to the members of Raymond Limited on the standalone
financial statements as of and for the year ended March 31, 2017
i. (a) The Company is maintaining proper records showing full (c) In respect of the aforesaid loans, there is no amount which is
particulars, including quantitative details and situation, of overdue for more than ninety days.
fixed assets.
iv. In our opinion, and according to the information and explanations
(b) The fixed assets are physically verified by the Management given to us, the Company has complied with the provisions of
according to a phased programme designed to cover all the Section 185 and 186 of the Companies Act, 2013 in respect of
items over a period of three years which, in our opinion, is the loans and investments made, and guarantees and security
reasonable having regard to the size of the Company and provided by it.
the nature of its assets. Pursuant to the programme, a
v. The Company has not accepted any deposits from the public
portion of the fixed assets has been physically verified by the
within the meaning of Sections 73, 74, 75 and 76 of the Act and
Management during the year and no material discrepancies
the Rules framed there under to the extent notified.
have been noticed on such verification.
vi. Pursuant to the rules made by the Central Government of India,
(c) The title deeds of immovable properties, as disclosed in
the Company is required to maintain cost records as specified
Note 2A on Property, plant and equipment to the standalone
under Section 148(1) of the Act in respect of its products.
financial statements, are held in the name of the Company,
except for leasehold land and building acquired, pursuant We have broadly reviewed the same, and are of the opinion that,
to scheme of demerger having a carrying value of ` 731.16 prima facie, the prescribed accounts and records have been
Lakhs as at March, 31, 2017. made and maintained. We have not, however, made a detailed
examination of the records with a view to determine whether they
ii. The physical verification of inventory excluding stocks with third
are accurate or complete.
parties have been conducted at reasonable intervals by the
Management during the year. In respect of inventory lying with vii. (a) According to the information and explanations given to us
third parties, these have substantially been confirmed by them. and the records of the Company examined by us, in our
The discrepancies noticed on physical verification of inventory opinion, the Company is generally regular in depositing
as compared to book records were not material and have been undisputed statutory dues in respect of sales tax including
appropriately dealt with in the books of accounts. value added tax, employees state insurance, provident fund
and income tax, though there has been a slight delay in a
iii. The Company has granted unsecured loans to six companies
few cases, and is regular in depositing undisputed statutory
covered in the register maintained under Section 189 of the
dues, including service tax, duty of customs, duty of excise,
Act. There are no firms/LLP/other parties covered in the register
cess and other material statutory dues, as applicable, with
maintained under section 189 of the Act.
the appropriate authorities.
(a) In respect of the aforesaid loans, the terms and conditions
(b) According to the information and explanations given to us
under which such loans were granted are not prejudicial to
and the records of the Company examined by us, there are
the Company’s interest.
no dues of income-tax and service-tax, which have not been
(b) In respect of the aforesaid loans, the schedule of repayment deposited on account of any dispute. The particulars of dues
of principal and payment of interest has been stipulated, and of sales tax including value added tax, duty of customs and
the parties are repaying the principal amounts, as stipulated, duty of excise, as at March 31, 2017 which have not been
and are also regular in payment of interest as applicable. deposited on account of a dispute, are as follows:
Name of the statute Nature of dues Amount Period to which the Forum where the dispute is
(` In lakhs) amount relates pending
Central Excise Act Excise Duty 259.68 2002-2004 Supreme Court
442.41 1995-1997, 2004-2005 High Court
367.23 1991-2006 Central Excise and Service Tax
Appellate Tribunal
7.18 1994-2000 Departmental Authorities
Custom Act Custom Duty 407.62 2007-2009 and 2011- Central Excise and Service Tax
13 Appellate Tribunal
Central Sales Tax Act Central Sales Tax 6.30 1999-2000 Supreme Court
and Local Sales Tax and Local Sales Tax 11.94 1995-96 and 1996- High Court
(Including Value Added) 2007
98.86 1999-2000, 2007-09, Tribunal
2010-11
1667.99 1989-1990,1998-2000,
2004-2005, 2007-2010
and 2011-13

viii. According to the records of the Company examined by us and xiii. The Company has entered into transactions with related parties
the information and explanation given to us, the Company has in compliance with the provisions of Sections 177 and 188 of
not defaulted in repayment of loans or borrowings to any financial the Act. The details of such related party transactions have been
institution or bank or Government or dues to debenture holders as disclosed in the standalone financial statements as required under
at the balance sheet date. Ind AS 24, Related Party Disclosures specified under Section 133
of the Act, read with Rule 7 of the Companies (Accounts) Rules,
ix. In our opinion, and according to the information and explanations
2015.
given to us, term loans have been applied for the purposes for
which they were obtained. xiv. The Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during
x. During the course of our examination of the books and records
the year under review. Accordingly, the provisions of Clause 3(xiv)
of the Company, carried out in accordance with the generally
of the Order are not applicable to the Company.
accepted auditing practices in India, and according to the
information and explanations given to us, we have neither come xv. The Company has not entered into any non cash transactions
across any instance of material fraud by the Company or on the with its directors or persons connected with him. Accordingly, the
Company by its officers or employees, noticed or reported during provisions of Clause 3(xv) of the Order are not applicable to the
the year, nor have we been informed of any such case by the Company.
Management.
xvi. The Company is not required to be registered under Section
xi. Except for managerial remuneration aggregating to ` 345.29 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the
lakhs, the managerial remuneration paid/ provided for its Chairman provisions of Clause 3(xvi) of the Order are not applicable to the
and Managing Director by the Company is in accordance with the Company.
requisite approvals as mandated by the provisions of Section 197
read with Schedule V to the Act. The Company has applied to For Dalal & Shah LLP
the Central Government for the waiver of the same and pending Chartered Accountants
approval, the amount is being held in trust by the Chairman and Firm Registration Number: 102021W/W100110
Managing Director.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, Anish P. Amin
2014 are not applicable to it, the provisions of Clause 3(xii) of the Mumbai Partner
Order are not applicable to the Company. April 28, 2017 Membership Number: 040451

STANDALONE BALANCE SHEET as at 31st March, 2017
(` in lakhs)
Note As at As at As at
No. 31st March, 2017 31st March, 2016 1st April, 2015
I ASSETS
1. Non-current assets
(a) Property, plant and equipment (12.58) 2A 56,887.38 60,049.87 63,204.52
(b) Capital work - in - progress 2B 28,537.95 19,676.33 16,739.67
(c) Investment properties 3 522.53 545.81 574.83
(d) Intangible assets 4 – – 52.91
(e) Investments in subsidiaries, associates and joint venture 5 39,708.23 37,061.27 18,272.27
(f) Financial assets
(i) Investments 5 (a) 7,229.43 4,022.35 13,172.36
(ii) Loans 6 16,786.71 17,404.05 14,926.79
(iii) Others financial assets 7 6,765.99 6,200.44 9,406.50
(g) Deferred tax assets (net) 36 2,438.84 2,804.86 4,300.00
(h) Current tax assets (net) 36 7,602.09 7,047.93 7,153.99
(i) Other non - current assets 8 4,251.05 3,640.66 3,595.86
2. Current assets
(a) Inventories 9 69,827.28 65,689.05 57,665.61
(b) Financial assets
(i) Investments 10 36,700.42 34,456.37 31,563.09
(ii) Trade receivables 11 71,396.41 72,620.57 63,904.65
(iii) Cash and cash equivalents 12 806.72 1,023.46 1,455.24
(iv) Bank Balances other than cash and cash equivalents 13 3,068.04 5,516.34 8,090.36
(v) Loans 14 1,224.96 1,595.72 2,156.32
(vi) Others financial assets 15 1,306.26 1,192.35 3,088.86
(c) Other current assets 16 5,559.24 8,362.29 6,003.23
TOTAL ASSETS 360,619.53 348,909.72 325,327.06
II EQUITY AND LIABILITIES
1. Equity
a) Equity share capital 17 A 6,138.08 6,138.08 6,138.08
b) Other equity 17 B 116,265.99 115,819.50 110,406.55
2. Liabilities
Non-current liabilities
(a) Financial liabilities
Borrowings 18 47,396.51 79,173.71 75,493.25
(b) Other non - current liabilities 19 1,795.59 1,939.53 2,428.47
3. Current liabilities
(a) Financial liabilities
(i) Borrowings 20 81,223.34 53,855.19 49,774.76
(ii) Trade payables 21 40,006.78 32,207.18 24,741.04
(iii) Other financial liabilities 22 54,739.60 46,684.36 43,586.15
(b) Provisions 23 3,910.97 3,040.06 3,150.58
(c) Liability for current tax (Net) 36 – 204.81 –
(d) Other current liabilities 24 9,142.67 9,847.30 9,608.18
TOTAL EQUITY AND LIABILITIES 360,619.53 348,909.72 325,327.06
SIGNIFICANT ACCOUNTING POLICIES 1
The accompanying notes are an integral part of these standalone financial statements
As per our Report of even date For and on behalf of Board of Directors
For DALAL & SHAH LLP SANJAY BAHL GAUTAM HARI SINGHANIA
Chartered Accountants Chief Financial Officer Chairman and Managing Director
Firm Registration Number: 102021W/W100110 DIN: 00020088
Anish P. Amin THOMAS FERNANDES H. SUNDER
Partner Company Secretary Whole-time Director
Membership No. 040451 DIN: 00020583
Mumbai, 28th April, 2017 Mumbai, 28th April, 2017

STANDALONE STATEMENT OF PROFIT AND LOSS for the year ended 31st March, 2017
(` in lakhs)
Note Year ended Year ended
Particulars
No. 31st March, 2017 31st March, 2016
CONTINUING OPERATIONS
I INCOME
Revenue from operations 25 282,218.08 279,191.49
Other income 26 12,876.47 13,099.82
Total Income 295,094.55 292,291.31
II EXPENSES
Cost of materials consumed 27 57,048.71 58,634.82
Purchases of stock-in-trade 28 69,496.73 66,527.03
Changes in inventories of finished goods, stock-in-trade and work-in progress 29 (2,867.40) (7,116.34)
Manufacturing and operating costs 30 40,982.56 43,327.98
Employee benefits expense 31 37,460.41 34,107.28
Finance costs 32 14,436.33 15,482.67
Depreciation and amortization expense 33 9,036.76 9,177.22
Other expenses 34 64,197.91 60,910.81
Total expenses 289,792.01 281,051.47
III Profit / (loss) before exceptional Items and tax 5,302.54 11,239.84
IV Exceptional Item 35 593.07 –
V Profit / (loss) before tax 4,709.47 11,239.84
VI Tax expense 36
Current tax 945.42 2,704.59
Deferred tax charge/(credit) 366.02 1,159.98
Tax in respect of earlier years 15.20 –
VII Profit/(Loss) for the year from continuing operations 3,382.83 7,375.27
VIII Other Comprehensive Income
(i) Items that will not be reclassified to profit or loss
Remeasurements of net defined benefit plans 41 (1,101.06) 327.69
Income tax relating to above items 381.06 (113.41)
IX Total Comprehensive Income for the year 2,662.83 7,589.55
X Earnings per equity share of ` 10 each (for continuing operation): 47
Basic (`) 5.51 12.02
Diluted (`) 5.51 12.02
SIGNIFICANT ACCOUNTING POLICIES 1

STANDALONE STATEMENT OF CASH FLOW for the year ended 31st March, 2017
(` in lakhs)
Year ended Year ended
Particulars
31st March, 2017 31st March, 2016
CASH FLOW FROM OPERATING ACTIVITIES:
Profit before exceptional Items and tax as per statement of profit and loss 5,302.54 11,239.84
Adjustments for:
Depreciation and amortization expenses 9,036.76 9,177.22
Finance cost 14,436.33 15,482.67
Unrealsied exchange difference 56.57 11.67
Dividend income (335.59) (6.04)
Interest income (7,981.14) (7,894.51)
Gain on conversion of Preference Shares / Debenture of subsidiaries to equity – (156.27)
Net gain on sale / fair valuation of investments through profit and loss (1593.67) (526.99)
Allowance for bad and doubtful debts – 11.49
Remeasurements of net defined benefit plans (1,101.06) 327.69
Bad debts / assets written off 67.34 2.87
(Profit)/ loss on sale of fixed assets (net) 109.60 0.20
17,997.68 27,670.06
Operating profit before working capital changes
Adjustments for:
(Increase)/decrease in trade & other receivables 1,787.20 (8,385.82)
(Increase)/decrease in inventories (4,138.23) (8,023.44)
Increase/(decrease) in trade & other payables 8,667.81 9,480.11
Increase/(decrease) in provisions 870.91 (110.51)
25,185.38 20,630.40
Less: Direct taxes paid (net of refunds) 1,338.53 2,507.15
23,846.84 18,123.25
Less: Exceptional items 593.07 –
Net cash flows (used in)/ generated from operating activities after exceptional items 23,253.77 18,123.25
CASH FLOW FROM INVESTING ACTIVITIES:

Inflows
Sale proceeds of property, plant and equipment 238.22 375.74
Interest received 9,612.18 6,366.06
Dividend received from subsidiaries, joint venture and associates – 1,646.40
Dividend received from others 335.59 6.04
Fixed deposit with banks 2,448.29 2,574.02
12,634.29 10,968.27
Outflows
Purchase of property, plant and equipment/ intangible assets (13,659.82) (8,902.74)
Purchase of non current investments (3,207.08) (3,470.03)
Purchase of current investments (net) (650.38) (2,260.73)
Investment in subsidiaries/ Joint Venture (2,646.96) (6,118.46)
(20,164.24) (20,751.97)
Net cash (used in) / generated from investing activities (7,529.95) (9,783.69)

STANDALONE STATEMENT OF CASH FLOW for the year ended 31st March, 2017
(` in lakhs)
Particulars
Inflows
Proceeds from long-term borrowings – 33349.11
Proceeds of short term borrowings (net) 27420.60 4125.84
27420.60 37474.95
Outflows
Repayment of long term borrowings (26,076.18) (29,506.38)
Dividend paid (1,841.43) (1,841.43)
Dividend distribution tax (374.91) –
Interest paid (15,026.05) (14,968.91)
(43,318.57) (46,316.71)
Net cash (used in) / generated from financing activities (15,897.98) (8,841.76)
NET INCREASE/(DECREASE) IN CASH AND BANK BALANCES (174.16) (502.21)
Add : Cash and cash equivalence at beginning of the year 849.39 1,351.60
Cash and cash equivalence at end of the year 675.23 849.39
Cash and Cash equivalent as per above comprises of the following

31.03.2017 31.03.2016
Cash and Cash Equivalents (Refer Note 12) 806.72 1023.46
Bank Overdrafts (Refer Note 22) (131.49) (174.07)
Balances as per statement of Cash Flows 675.23 849.39
Notes:
1 The cash flow statement has been prepared under the indirect method as set out in Indian Accounting Standard (Ind AS 7) statement of cash
flows.
2 Additions to property, plant, equipment and intangible assets include movements of capital work-in-progress and intangible assets under
development respectively during the year.

STANDALONE STATEMENT OF CHANGES IN EQUITY for the year ended 31st March, 2017
A. EQUITY SHARE CAPITAL (` in lakhs)

Notes Amount
As at 1st April, 2015 6,138.08
Changes in equity share capital 17 A –
As at 31st March, 2016 6,138.08
Changes in equity share capital 17 A –
As at 31st March, 2017 6,138.08
B. OTHER EQUITY (` in lakhs)

Reserves and Surplus
Capital Debenture
Reserves Capital General Retained Total
Redemption Redemption
and Surplus Reserve Reserves Earnings
Reserve Reserve
Balance as at 1st April, 2015 13,319.86 2,131.95 1,371.01 7,000.00 81,612.34 4,971.39 110,406.55
Profit for the year 7,375.27 7,375.27
Other Comprehensive Income for 214.28 214.28
the year
Total Comprehensive Income for 7,589.55 7,589.55
the year
Dividends (1,841.43) (1,841.43)

Dividend distribution tax (net of (335.17) (335.17)
credit available on distribution of
dividend by Subsidiary)
Transfer from Debenture 3,250.00 3,250.00
Redemption Reserve
Transferred to General Reserve (3,250.00) (3,250.00)
Transferred from Retained Earnings 2,100.00 2,100.00
Transferred to Debenture (2,100.00) (2,100.00)
Redemption Reserve
Balance as at 31st March, 2016 13,319.86 2,131.95 1,371.01 5,850.00 84,862.34 8,284.34 115,819.50
Other Comprehensive Income for (720.00) (720.00)
the year
the year
Dividends (1,841.43) (1,841.43)
Dividend distribution tax (374.91) (374.91)
Redemption Reserve
Redemption Reserve


NOTES TO THE STANDALONE FINANCIAL STATEMENTS for the year ended 31st March, 2017
Note :- 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

I. Background
Raymond Limited (‘RL’ or ‘the Company’) incorporated in India is a leading Indian Textile, Lifestyle and Branded Apparel Company. The
Company has its wide network of operations in local as well foreign market. The Company sells its product through multiple channels including
wholesale, franchisee, retail etc.
II. Significant Accounting Policies followed by the Company

(a) Basis of preparation
(i) Compliance with Ind AS
These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the
‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (‘Act’) read with of the
Companies (Indian Accounting Standards) Rules,2015 as amended and other relevant provisions of the Act.
These financial statements for the year ended 31st March, 2017 are the first financials with comparatives, prepared under Ind
AS. For all previous periods including the year ended 31st March, 2016, the Company had prepared its financial statements in
accordance with the accounting standards notified under companies (Accounting Standard) Rule, 2006 (as amended) and other
relevant provisions of the Act (hereinafter referred to as ‘Previous GAAP’) used for its statutory reporting requirement in India.
The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of
the opening Ind AS Balance Sheet as at 1st April, 2015 being the date of transition to Ind AS.
(ii) Historical cost convention

The financial statements have been prepared on a historical cost basis, except for the following:
1) certain financial assets and liabilities that are measured at fair value;
2) assets held for sale - measured at lower of carrying amount or fair value less cost to sell;
3) defined benefit plans - plan assets measured at fair value;
(iii) Current non-current classification

All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle (twelve months)
and other criteria set out in the Schedule III to the Act.
(iv) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of
Schedule III, unless otherwise stated.
(b) Use of estimates and judgments

The estimates and judgments used in the preparation of the financial statements are continuously evaluated by the Company and are
based on historical experience and various other assumptions and factors (including expectations of future events) that the Company
believes to be reasonable under the existing circumstances. Differences between actual results and estimates are recognised in the
period in which the results are known/materialised.
The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide
additional evidence about conditions existing as at the reporting date.
(c) Property, plant and equipment

The Company has applied for the one time transition exemption of considering the carrying cost on the transition date i.e. April 1, 2015
as the deemed cost under IND AS. Hence regarded thereafter as historical cost.
Freehold land is carried at cost. All other items of property, plant and equipment are stated at cost less depreciation and impairment, if
any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The
carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance
are charged to the Statement of Profit and Loss during the reporting period in which they are incurred.
Depreciation methods, estimated useful lives and residual value

Depreciation on Factory Buildings, Plant and Equipment, Aircrafts, is provided on a Straight Line Method and in case of other assets on
Written Down Value Method, over the estimated useful lives of assets. Leasehold land is amortised over the period of lease. Leasehold
improvements are amortised over the period of lease or estimated useful life, whichever is lower.
The Company depreciates its property, plant and equipment over the useful life in the manner prescribed in Schedule II to the Act, and
management believe that useful life of assets are same as those prescribed in Schedule II to the Act, except for plant and machinery
which based on an independent technical evaluation, life has been estimated as 24 years (on a single shift basis), which is different from
that prescribed in Schedule II to the Act.
Useful life considered for calculation of depreciation for various assets class are as follows-
Asset Class Useful Life
Factory Building 30 years
Non- Factory Building 60 years
Plant and Machinery 24 years
Furniture and Fixtures 10 years
Office Equipment 5 years
Vehicles 8 years
Boat and water equipments 13 years
Aircraft 20 years
The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and
adjusted if appropriate, at the end of each reporting period.
In case of pre-owned assets, the useful life is estimated on a case to case basis.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of
Profit and Loss.
(d) Investment properties

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified
as investment property. Investment property is measured at its cost, including related transaction costs and where applicable borrowing
costs less depreciation and impairment if any.
Depreciation on building is provided over it’s useful life using the written down value method.
Useful life considered for calculation of depreciation for assets class are as follows-
(e) Intangible assets

Computer software
Computer software are stated at cost, less accumulated amortisation and impairments, if any.
Amortisation method and useful life

The Company amortizes computer software using the straight-line method over the period of 3 years.

Profit and Loss.
(f) Lease
Operating Lease
As a lessee
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Company, as lessee, are classified
as operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight-line basis
over the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for the
Company’s expected inflationary cost increases.
As a lessor
Lease income from operating leases where the Company is a lessor is recognised in income on a straight-line basis over the lease term
unless the receipts are structured to increase in line with expected general inflation to compensate for the excepted inflationary cost
increases. The respective leased assets are included in the balance sheet based on their nature.
(g) Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, bank overdraft,
deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of three months or less
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(h) Inventories
Inventories of Raw Materials, Work-in-Progress, Stores and spares, Finished Goods and Stock-in-trade are stated ‘at cost or net
realisable value, whichever is lower’. Goods-in-Transit are stated ‘at cost’. Cost comprise all cost of purchase, cost of conversion and
other costs incurred in bringing the inventories to their present location and condition. The excise duty in respect of closing inventory
of finished goods is included as part of finished goods. Cost formulae used are ‘First-in-First-out’, ‘Weighted Average cost’ or ‘Specific
identification’, as applicable. Due allowance is estimated and made for defective and obsolete items, wherever necessary.
(i) Investments in subsidiaries, joint ventures and associates

Investments in subsidiaries, joint ventures and associates are recognised at cost as per Ind AS 27. Except where investments accounted
for at cost shall be accounted for in accordance with Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations, when
they are classified as held for sale.
(j) Investments and other financial assets

(i)
Classification
The Company classifies its financial assets in the following measurement categories:
(1) those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of
Profit and Loss), and
(2) those measured at amortised cost.
The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the
cash flows.
(ii)
Measurement
At initial recognition, the Company measures a financial asset at its fair value. Transaction costs of financial assets carried at fair value
through the Profit and Loss are expensed in the Statement of Profit and Loss.
Debt instruments:
Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the cash

flow characteristics of the asset. The Company classifies its debt instruments into following categories:
(1) Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortised cost. Interest income from these financial assets is included in other income
using the effective interest rate method.
(2) Fair value through profit and loss: Assets that do not meet the criteria for amortised cost are measured at fair value through
Profit and Loss. Interest income from these financial assets is included in other income.
Equity instruments:
The Company measures its equity investment other than in subsidiaries, joint ventures and associates at fair value through profit
and loss. However where the Company’s management makes an irrevocable choice on initial recognition to present fair value gains
and losses on specific equity investments in other comprehensive income (Currently no such choice made), there is no subsequent
reclassification, on sale or otherwise, of fair value gains and losses to the Statement of Profit and Loss.
(iii) Impairment of financial assets

The Company measures the expected credit loss associated with its assets based on historical trend, industry practices and the
business environment in which the entity operates or any other appropriate basis. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
(iv) Income recognition

Interest income
Interest income from debt instruments is recognised using the effective interest rate method.
Dividends
Dividends are recognised in the Statement of Profit and Loss only when the right to receive payment is established.
(k) Impairment of non-financial assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment,
or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s
fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or group of assets
(cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the
impairment at the end of each reporting period.
(l) Non-current assets held for sale

Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather
than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and
fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and
contractual rights under insurance contracts, which are specifically exempt from this requirement.
Non-current assets are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to
the liabilities of a disposal Company classified as held for sale continue to be recognised.
(m) Derivative financial instruments

Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to hedge its foreign currency risks
are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value
with changes in fair value recognised in the Statement of Profit and Loss in the period when they arise.

(n) Segment Reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
(o) Borrowings
Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption amount is recognised in the Statement of Profit and Loss over the period of the
borrowings using the effective interest method.
Preference shares, which are mandatorily redeemable on a specific date are classified as liabilities. The dividend on these preference
shares is recognised in Statement of Profit and Loss as finance costs.
(p) Borrowing costs

Interest and other borrowing costs attributable to qualifying assets are capitalised. Other interest and borrowing costs are charged to
Statement of Profit and Loss.
(q) Provisions and contingent liabilities

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that
an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised
for future operating losses.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation
at the end of the reporting period. The discount rate used to determine the present value is a pre tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is
recognised as interest expense.
Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by
the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company or where any
present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be
made.
(r) Revenue recognition

Revenue is measured at the value of the consideration received or receivable. Amounts disclosed as revenue are inclusive of excise duty
and net of returns, trade allowances, rebates, discounts, loyalty discount, value added taxes and amounts collected on behalf of third
parties.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will
flow to the Company and specific criteria have been met for each of the Company’s activities as described below.
Sale of goods
Sales are recognised when substantial risk and rewards of ownership are transferred to customer, In case of domestic customer,
generally sales take place when goods are dispatched or delivery is handed over to transporter, in case of export customers, generally
sales take place when goods are shipped onboard based on bill of lading.
Sale of goods – customer loyalty programme (deferred revenue)

The Company operates a loyalty programme where customers accumulate points for purchases made which entitle them to discounts on
future purchases. Revenue related to the award points is deferred and recognised when the points are redeemed. The amount of revenue
is based on the number of points redeemed relative to the total number expected to be redeemed.
Sales Return-
The Company recognises provision for sales return, based on the historical results, measured on net basis of the margin of the sale.

Revenue from services

Revenue from services is recognised in the accounting period in which the services are rendered.
Other operating revenue - Export incentives

“Export Incentives under various schemes are accounted in the year of export.
Loyalty Income
The Company operates a loyalty program for the customers of the Group Companies and franchisees of the Company. The customer
accumulates points for purchases made which entitles them for discount on future purchases.
The Company charges fixed percentage of sales to group companies and franchises who participates in this scheme, which is recognised
as revenue. The discount offered to customers on the basis of points redeemed are recognised as cost.
The Company recognises provision for the accumulated points as at the reporting date, estimated based on the historical results.
(s) Employee benefits

(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end
of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
(ii) Other long-term employee benefit obligations

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months are measured as the
present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period using the projected unit credit method. The benefits are discounted using the Government Securities (G-Sec) at the end of
the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience
adjustments and changes in actuarial assumptions are recognised in the Statement of Profit and Loss.
(iii) Post-employment obligations

The Company operates the following post-employment schemes:
(a) defined benefit plans such as gratuity and pension; and
(b) defined contribution plans such as provident fund.
Pension and gratuity obligations

The liability or asset recognised in the balance sheet in respect of defined benefit pension and gratuity plans is the present value of
the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is
calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to
market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related
obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value
of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in
the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of
changes in equity and in the balance sheet.
Defined Contribution Plans

Defined Contribution Plans such as Provident Fund etc., are charged to the Statement of Profit and Loss as incurred. 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.
Termination benefits
Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or when
an employee accepts voluntary redundancy in exchange for these benefits. The Company recognises termination benefits at the
earlier of the following dates: (a) when the Company can no longer withdraw the offer of those benefits; and (b) when the Company
recognises costs for a restructuring that is within the scope of Ind AS 37 and involves the payment of terminations benefits.
In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are
discounted to present value.
(t) Foreign currency translation

(i) Functional and presentation currency
The financial statements are presented in Indian rupee (INR), which is Company’s functional and presentation currency.
(ii) Transactions and balances

Transactions in foreign currencies are recognised at the prevailing exchange rates on the transaction dates. Realised gains and
losses on settlement of foreign currency transactions are recognised in the Statement of Profit and Loss.
Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange rates and the resultant
exchange differences are recognised in the Statement of Profit and Loss.
(u) Income tax

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income
tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
Deferred income tax is provided in full, using the liability method on temporary differences arising between the tax bases of assets and
liabilities and their carrying amount in the financial statement. Deferred income tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the end of the reporting period and are excepted to apply when the related defferred income
tax assets is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when
the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are off set where the Company has a
legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively
Minimum Alternate Tax credit is recognised as deferred tax asset only when and to the extent there is convincing evidence that the
Company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying
amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the Company will
pay normal income tax during the specified period.
(v) Earnings Per Share

Basic earnings per share
Basic earnings per share is calculated by dividing:
- the profit attributable to owners of the Company

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares
issued during the year and excluding treasury shares.
Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
-the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
-the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive
potential equity shares.
(w) Government Grants

Grants from the government are recognised at their fair value where there is reasonable assurance that the grant will be received and the
Company will comply with all attached conditions.
Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income
and are credited to Profit and Loss on a straight - line basis over the expected lives of related assets and presented within other income.
(x) Manufacturing and Operating Expenses

The Company classifies separately manufacturing and operating expenses which are directly linked to manufacturing and service
activities of the group.
Amendments to Ind AS 7, ‘Statement of cash flows’ on disclosure initiative:

The amendment to Ind AS 7 introduce an additional disclosure that will enable users of financial statements to evaluate changes in
liabilities arising from financing activities. This includes changes arising from cash flows (e.g. drawdowns and repayments of borrowings)
and non-cash changes (i.e. changes in fair values), Changes resulting from acquisitions and disposals and effect of foreign exchange
differences. Changes in financial assets must be included in this disclosure if the cash flows were, or will be, included in cash flows from
financing activities. This could be the case, for example, for assets that hedge liabilities arising from financing liabilities. The Company is
currently assessing the potential impact of this amendment. These amendments are mandatory for the reporting period beginning on or
after April 1, 2017.
(ii) : Critical estimates and judgements -

The preparation of financial statements requires the use of accounting estimates which by definition will seldom equal the actual results.
Management also need to exercise judgement in applying the Group’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and items which are more likely to
be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information
about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for
each affected line item in the financial statements.
The areas involving critical estimtes or judgement are:

Estimation of Defined benefit obligation - refer note 41
Estimation of current tax expenses and Payable - refer note 36
Carrying value of exposure in Raymond Uco Denim Private Limited - refer note 5
Inventory write down - refer note 9

Note :- 2A - PROPERTY, PLANT AND EQUIPMENT (` in lakhs)
Land
Boats
Leasehold Plant & Furniture & Office
Freehold Leasehold Buildings Vehicles and water Aircraft Total
Improvement Machinery fixtures equipment
Equipments
Gross Carrying amount
Deemed cost as at 1st April, 2015 2426.18 463.07 15806.71 – 36256.89 2939.07 533.80 108.03 1939.24 2731.53 63204.52
Additions – – 1130.93 108.92 2049.67 598.37 188.79 57.03 105.73 2077.15 6316.59
Disposals – – 0.27 – 335.51 74.75 17.90 0.09 – – 428.52
Reclassification as held for sale – – – – – – – – – – –
Balance as at 31st March, 2016 2426.18 463.07 16937.37 108.92 37971.05 3462.69 704.69 164.97 2044.97 4808.68 69092.59
Additions – – 1,121.47 1,441.50 2,038.04 1,373.23 38.90 185.67 – – 6,198.81
Disposals – – 23.29 – 249.13 99.00 0.86 2.62 33.86 – 408.76
Accumulated Depreciation
Balance as at 1st April, 2015 – – – – – – – – – – –
Additions – 6.29 954.56 36.32 5641.54 827.11 187.08 55.61 409.49 977.29 9095.29
Disposals – – 0.12 – 36.93 13.90 1.63 – – – 52.58
Balance as at 31st March, 2016 – 6.29 954.44 36.32 5604.61 813.21 185.45 55.61 409.49 977.29 9042.71
Additions – 6.29 957.33 258.67 5,322.43 874.07 162.89 79.10 333.33 1,019.37 9,013.48
Disposals – – 0.14 – 39.18 17.92 – – 3.70 – 60.94
Balance as at 31st March, 2017 – 12.58 1911.91 294.99 10966.22 1705.20 348.34 134.71 746.52 1996.66 17995.25
Net carrying amount

Balance as at 1st April, 2015 2426.18 463.07 15806.71 0.00 36256.89 2939.07 533.80 108.03 1939.24 2731.53 63204.52
Note:
i) Refer to Note 39 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
ii) Refer Note 37 For information on property, plant and equipment pledged as security by the company.
iii) In terms of the acquisition proceedings initiated by Thane Municipal Corporation, about 11780 sq. meters (11482 sq. meters in 2015-16 and 4222 sq.meters as at 1st April, 2015) of the Company’s freehold 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.
iv) Leasehold Land and Buildings acquired, pursuant to the scheme of Demerger in an earlier year, are pending registration in the name of the Company.
Note :- 2B - CAPITAL WORK IN PROGRESS

1st April, 2015 16739.67
31st March,2016 19676.33
31st March,2017 28537.95
(a) Capital work in progress includes `27027.91 lakhs (` 18668.63 lakhs in 2015-16 & ` 16451.49 lakhs as at 1st April, 2015) towards cost incurred till date for redevelopment of Company’s property at Bhulabhai Desai Road, Mumbai in respect
of which the Municipal Commissioner has approved the revised plan, accordingly, Company had applied for occupancy certificate which has been received from Municipal Corporation during the year.
(b) In terms of the tripartite agreements executed by the Company in the year 2007, an offer is required to be made for allotment of premises in the new building constructed on the property situated at Bhulabhai Desai Road (called by the name
of “JK House”).The Company has received letters/notices from some of the sub-lessees (being Mr. Vijaypath Singhania; Mr. Akshaypat Singhania; and Ms. Veenadevi Singhania alongwith Mr. Anant Singhania), who are considered to be related
parties, seeking to purchase premises located in JK House. In this regard, Mr. Akshaypat Singhania; and Ms. Veenadevi Singhania alongwith Mr. Anant Singhania have also initiated court proceedings with respect to proposed arbitration to
enforce their claim.
As the transaction is not in the ordinary course of business and on an arm’s length basis, considering the current market price, the audit committee has: (a) referred the matter to the shareholders; and (b) recommended that the board of
directors should refer the matter to the shareholders for their approval under Section188 of the Companies Act 2013, to the said transfer. The Board of Directors had unanimously agreed to the recommendation and referred the matter to the
shareholders for their approval.
Pending the said approval, the amount already spent in respect of the said tenements continues to be carried in the books of account under Capital Work in Progress.

Note :- 3- INVESTMENT PROPERTIES (` in lakhs)

Amount
Gross carrying amount
Deemed cost as at 1st April, 2015 574.83
Additions –
Disposals –
Balance as at 31st March, 2016 574.83
Additions –
Disposals –
Additions 29.02
Disposals –
Additions 23.28
Disposals –
Net carrying amount

Balance as at 1st April, 2015 574.83
Fair value
As at 1-04-2015 4,840.64
As at 31-03-2016 4,908.64
As at 31-03-2017 5,364.42

Note :- 3- INVESTMENT PROPERTIES (contd...) (` in lakhs)

Particulars
Rental income derived from investment properties 375.26 374.61
Direct operating expenses (including repairs and maintenance) generating rental income 6.67 6.67
Income arising from investment properties before depreciation 368.59 367.94
Depreciation 23.28 29.02
Income from investment properties (Net) 345.31 338.92
Premises given on operating lease:

The Company has given certain investment properties on operating lease. These lease arrangements range for a period between 2 and 5 years and
include both cancellable and non-cancellable leases. Most of the leases are renewable for further period on mutually agreeable terms.
The total future minimum lease rentals receivable at the Balance Sheet date is as under: (` in lakhs)
31st March, 2017 31st March, 2016 1st April 2015
For a period not later than one year 431.55 253.96 306.61
For a period later than one year and not later than five years 447.68 47.75 190.45
For a period later than five years – – 13.50
Estimation of fair value

The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand,
restrictive entry to the complex,age of building and trend of fair market rent in village panchpakhadi area.
This valuation is based on valuations performed by an accredited independent valuer. Fair valuation is based on replacement cost method. The fair
value measurement is categorised in level 2 fair value hierarchy.
Note :- 4 - INTANGIBLE ASSETS (` in lakhs)

Computer Software Total
Gross carrying amount
Deemed cost as at 1st April, 2015 52.91 52.91
Additions – –
Disposals – –
Balance as at 31st March, 2016 52.91 52.91
Additions – –
Disposals – –
Accumulated amortisation
Additions 52.91 52.91
Disposals – –
Additions – –
Disposals – –
Net carrying amount

Balance as at 1st April, 2015 52.91 52.91
Balance as at 31st March, 2016 – –
Balance as at 31st March, 2017 – –

Note :- 5 - INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE (` in lakhs)

As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015
Particulars
No. of Units Amount No. of Units Amount No. of Units Amount
A. Investment in subsidiaries
Unquoted
i. Equity instruments at cost
Raymond Apparel Limited (Equity 2,219,200 3,041.51 2,000,000 191.51 2,000,000 191.51
Shares of `10 each)
Raymond (Europe) Limited (Equity 1,000 0.03 1,000 0.03 1,000 0.03
Shares of £.1 each)
Jaykayorg AG (Equity Shares of Swiss 500 0.98 500 0.98 500 0.98
Francs 100 each)
Pashmina Holdings Limited (Equity 740,000 724.00 740,000 724.00 740,000 724.00
Shares of `10 each)
Everblue Apparel Limited (Equity 5,000,000 500.00 5,000,000 500.00 5,000,000 500.00
Shares of `10 each)
Silver Spark Apparel Limited (Equity 8,488,100 3,700.00 7,000,000 700.00 7,000,000 700.00
Shares of `10 each)
Celebrations Apparel Limited (Equity 2,710,000 271.00 2,710,000 271.00 2,710,000 271.00
Shares of `10 each)
Scissors Engineering Products 7,741,065 819.05 7,291,630 729.16 7,291,630 729.16
Limited(Equity Shares of `10 each)
Raymond Woollen Outerwear Limited 1,931,000 162.68 1,931,000 162.68 1,931,000 162.68
(Equity Shares of `10 each)
J K Files (India) Limited (Equity Shares 8,740,658 1,222.01 8,740,658 1,222.01 8,740,658 1,222.01
of `10 each)
Raymond Luxury Cottons Limited 127,680,000 12,768.00 127,680,000 12,768.00 66,000,000 6,600.00
(Equity Shares of `10 each)@
Raymond Lifestyle International 800 146.96 – – – –
DMCC (Equity Shares of AED 1000
each)
23,356.22 17,269.37 11,101.37
ii. Preference Shares
9% Non-Cumulative Compulsory
Convertible Preference Shares of `
100 each at cost:*
Raymond Apparel Limited 3,430,000 3,430.00 3,430,000 3,430.00
Everblue Apparel Limited 1,000,000 1,000.00 1,000,000 1,000.00
Silver Spark Apparel Limited 500,000 500.00 1,000,000 1,000.00
Scissors Engineering Products 2,052,060 2,051.11 2,141,947 2,141.00
Limited
J K Files (India) Limited 2,200,000 2,200.00 2,200,000 2,200.00
9,181.11 9,771.00 –
iii. Debentures at Cost*
Zero Coupon Compulsory Convertible – – 2,850,000 2,850.00 – –
Debentures of Raymond Apparel
Limited at cost (Converted into
219200 Equity Shares of ` 10 each at
a premium of ` 1290 per share)
– 2,850.00 –
Total (A) (i + ii + iii) 32,537.33 29,890.37 11,101.37

Note :- 5 - INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE (contd...) (` in lakhs)

Particulars
B Investment in associates
Unquoted
Equity instruments at cost
P.T. Jaykay Files Indonesia (Equity Shares 24,000 23.99 24,000 23.99 24,000 23.99
of Indon.Rp.4,150 = US$ 10 each)
Radha Krshna Films Limited (Equity 2,500,000 250.00 2,500,000 250.00 2,500,000 250.00
Shares of `10 each)
Less: Provision for diminution in value of (250.00) (250.00) (250.00)
Investments
J.K. Investo Trade (India) Limited (Equity 3,489,878 326.12 3,489,878 326.12 3,489,878 326.12
Shares of `10 each)
Total (B) 350.11 350.11 350.11
C. Investment in joint venture
Unquoted
i. Equity instruments at cost
Raymond UCO Denim Private Limited: 12,167,179 18,220.79 12,167,179 18,220.79 12,167,179 18,220.79
Equity Shares of `10 each
Less: Provision for diminution in value (11,400.00) (11,400.00) (11,400.00)
of Investments
Total (C) 6,820.79 6,820.79 6,820.79
Total (A+B+C) 39,708.23 37,061.27 18,272.27
Aggregate amount of unquoted investments 51,358.23 48,711.27 29,922.27
before impairment
Aggregate amount of impairment in the value (11,650.00) (11,650.00) (11,650.00)
of investment
Notes:
@ During the previous years, the Company invested an amount of `6168 lakhs as at 31st March, 2016 and `2000 lakhs as at 1st April 2015
by subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (RLCL) a Subsidiary of the Company, enhancing the
Company’s shareholding from 62% to 75.69% in 2015-16 and from 55% to 62% in 2014-15.
In the year 2012-13, Cottonificio Honegger S.p.A (‘CH’), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture
Company in India, Raymond Luxury Cotton Limited (RLCL) (formerly known as Raymond Zambaiti Limited), had submitted request for voluntary
winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31st March, 2013, had provided
for its entire accounts receivable from CH of USD 1,255,058 and Euro 612,831, equivalent Indian Rupee aggregating ` 1,122.24 Lakhs. In the
year 2013 - 14, RLCL had put up its claim of receivable from CH of ` 1,122. 24 Lakhs before the Judicial Commissioner of the Composition
(the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with Cottonificio Honegger S.p.A (‘CH’), Italy, the Judicial
Commissioner of the Composition (“the Commissioner”) appointed by the Court of Bergamo, Italy, has declared RLCL as unsecured creditor for
the amount outstanding from ‘CH’. Further ‘CH’ had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against
RLCL in India.
RLCL had received a notice dated 23rd November 2015 notifying that CH has filed a Petition against then before the Hon’ble Company Law
Board (“CLB”), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The CLB in
its order dated 26th November, 2015 has recorded the statement made by the counsel for RLCL that CH’s shareholding in RLCL shall not be
reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to the
National Company Law Tribunal (“NCLT”), Mumbai bench and currently, the matter is pending before the said forum.
* These securities issued by Subsidiaries are equity nature investment for Raymond Limited. (Refer Note 5(a))
Significant Estimates : The carrying value of exposure in Raymond Uco Denim Private Limited is determined by an Independent valuer.The
company uses judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the
end of each reporting period.

Note :- 5(a) - NON-CURRENT INVESTMENTS (` in lakhs)

Particulars
A. Investment in subsidiaries*
Unquoted
At Fair value through Profit and Loss
i. Preference Shares
Raymond Apparel Limited: 6% – – – – 3,430,000 2,977.52
Cumulative Redeemable Preference
Shares of `100 each
Everblue Apparel Limited: 6% – – – – 1,000,000 713.00
Cumulative Optionally Convertible
Preference Shares of ` 100 each
Silver Spark Apparel Limited: : 7% – – – – 1,000,000 941.70
Non Cumulative Preference Shares of
`100 each
Scissors Engineering Products – – – – 2,141,947 3,194.54
Limited: 6% Cumulative Optionally
Convertible Preference Shares of
`100 each
J K Files (India) Limited: 6% – – – – 2,200,000 2,490.36
Cumulative Redeemable Preference
Shares of `100 each
– – 10,317.12
ii. Debentures *
Raymond Apparel Limited: Fully – – – 2,850,000 2,353.42
Convertible Unsecured Debentures of
`100 each
– – 2,353.42
Total (A) (i + ii) – – 12,670.54
B. Other Equity Instruments
Unquoted
At Fair value through Profit and
Loss
Gujarat Sheep & Wool 102 – 102 – 102 –
Development Corporation Limited
(Equity Shares of `100 each)#
Impex (India) Limited (Equity Shares of 8,000 0.80 8,000 0.80 8,000 0.80
`10 each)
Seven Seas Transportation Limited 205,000 – 205,000 – 205,000 –
(Equity Shares of `10 each)#
J.K. Cotton Spg. & Wvg. Mills 10,510 – 10,510 – 10,510 –
Company Limited (Equity Shares of
`10 each)#
Total (B) 0.80 0.80 0.80
C. Investment in government securities
Unquoted
At amortised cost
Investments in National Savings 0.06 0.06 0.06
Certificates (deposited with
Government Department as security)
Total (C) 0.06 0.06 0.06

Note :- 5(a) - NON-CURRENT INVESTMENTS (contd...) (` in lakhs)

Particulars
D. Investment in Tax Free Bonds
Quoted
At amortised cost
7.28% NTPC Limited 12491 124.91 12491 124.91 – –
7.18% Indian Railway Finance 50000 502.60 50000 502.60 – –
Corporation Limited
7.35% National Highways Authority of 157140 1575.90 157140 1575.90 – –
India
8.26% India Infrastructure Finance 100 1081.84 100 1081.84 – –
Company Limited
7.04% Indian Railway Finance 35270 352.70 35270 352.70 – –
Corporation Limited
7.04% National Bank for Agriculture and 11523 115.23 11523 115.23 – –
Rural Development
6.70% Indian Railway Finance 1,200 1202.19 – – – –
Corporation Limited
7.21% Indian Railway Finance 100 1016.24 – – – –
Corporation Limited
6.72% Indian Railway Finance 1,000 1013.78 – – – –
Corporation Limited
Total (D) 6,985.39 3,753.18 –
E. Investment in Venture capital funds

Unquoted
At Fair value through profit and loss @
India Growth Fund (Units of `1000 each, 22413 35.10 24235 57.45 32,517 137.53
Paid up value per Unit of `966.73 each,
Previous year `966.73 each)
HDFC India Real Estate Fund (Units of 22220 208.08 23109 210.86 68,442 363.43
`1000 each)
Total (E) 243.18 268.31 500.96
Non-current Investments total 7,229.43 4,022.35 13,172.36
(A+B+C+D+E)
Aggregate amount of quoted investments 6,985.39 3,753.18 –

at cost
Market Value of the quoted investments 7,430.72 3,854.18 –
amortised at cost
Aggregate amount of unquoted investments 244.04 269.17 13,172.36
Aggregate amount of impairment in the value – – –
of investment
Notes:
@ Investment in venture capital funds have been fair valued at closing NAV.
# Company has invested in non trade investments aggregrating ` 30.53 Lakhs which have already been fully provided in the books
* The Company has invested in Preference Shares and Debenture of some of its Subsidiaries, the terms of said instruments were changed
effective 1st April, 2015, consequently said instruments became compulsory convertible in to equity shares. After conversion of terms, aforesaid
investments has been shown under investments in subsidiaries, associates and joint venture (Refer note 5), gain on aforesaid conversion
aggregating to ` 156. 27 is shown under other income, (Refer note 26).

Note :- 6 - NON-CURRENT LOANS (Non- current loans) (` in lakhs)

As at As at As at
Particulars
31st March, 2017 31st March, 2016 1st April, 2015
Loans to related parties (Refer Note 43) 16,779.05 17,404.05 14,896.41
Loans to employees 7.66 – 30.38
Total 16,786.71 17,404.05 14,926.79
Refer Note 45 for information about credit risk and market risk for loans.
Note :- 7 - OTHER NON-CURRENT FINANCIAL ASSETS (Non- current loans) (` in lakhs)

As at As at As at
Particulars
Deposits with others 6,043.35 5,328.15 4,881.75
Margin money deposits with bank (Refer Note below) 633.41 588.92 1,644.80
Investments in Term deposits – – 2,613.85
Advance recoverable in Cash 89.23 283.37 266.10
Total 6,765.99 6,200.44 9,406.50
Note:
Held as lien by bank against bank guarantees amounting to ` 633.41 Lakhs (`588.92 lakhs as at 31st March, 2016 and `547.31 lakhs as at 1st
April, 2015) and Term Loan amounting to Nil (Nil as at 31st March, 2016 and `1097.49 Lakhs as at 1st April 2015)
Note :- 8 - OTHER NON-CURRENT FINANCIAL ASSETS (` in lakhs)

As at As at As at
Particulars
Capital advances 94.67 216.48 474.13
Prepaid expenses 814.13 1,091.19 1,213.97
Deposits with customs, port trust, excise and other govt. authorities 3,325.70 2,315.36 1,865.24
Other advances 16.55 17.63 42.52
Total 4,251.05 3,640.66 3,595.86
Note :- 9 - INVENTORIES (` in lakhs)

As at As at As at
Particulars
Raw Materials 5,471.13 4,319.92 4,140.58
Raw Materials - In Transit 2,336.55 2,883.43 2,639.07
Work-in-progress 15,052.24 14,317.11 14,786.44
Finished goods 20,631.01 20,658.65 18,202.60
Stock-in-trade 22,620.37 20,417.12 15,250.25
Stock-in-trade - In Transit 618.21 344.29 470.29
Stores and Spares 2,739.28 2,445.60 2,001.30
Stores and Spares - In Transit 218.28 171.08 68.00
Loose Tools 140.21 131.85 107.08
Total 69,827.28 65,689.05 57,665.61
Inventory writedowns are accounted, considering the nature of inventory, ageing,liquidation plan and net realisable value. Write-downs of inventories
amounted to ` 3587.58.lakhs as at 31st March, 2017 (as at 31st March, 2016 - `2501.11 lakhs, as at 1st April, 2015 ` 2634.58 lakhs) These
writedowns were recognised as an expense and included in ‘changes in value of inventories of work-in-progress, stock-in-trade and finished goods’ in
the Statement of Profit and Loss.

Note :- 10 - CURRENT INVESTMENTS (` in lakhs)

Particulars
A. Investment in Equity instruments
i. Quoted
Loss
Banswara Syntex Limited (Shares of 21,660 34.87 106,862 95.37 106,862 65.83
`10 each)
UPL Limited (Equity Shares of `2 146,278 1,061.83 146,278 708.94 189,300 792.79
each) #
Vascon Engineers Limited (Shares of 290,310 109.74 290,310 72.43 – –
`10 each)
Alembic Pharmaceutical Limited 16,074 100.25 – – – –
(Shares of `10 each)
1,306.69 876.74 858.62
ii. Unquoted
Loss
Ansal Hi-Tech Townships Limited – – – – 17,441 6.92
Nitesh Estate Private Limited (Shares – – – – 1,438 1.28
of `100 each)
BCC Infrastructure Private Limited – – – – 290 0.03
– – 8.23
Total (A) (i + ii) 1,306.69 876.74 866.85
B. Investments in Preference Shares
i. Quoted
Loss
UPL Limited (Shares of `10 each) # 438,834 66.26 – – – –
66.26 – –
ii. Unquoted
Loss
BCC Infrastructure Private Limited – – – – 871 3.06
Runwal Township Private Limited – – – – 660 6.33
(Shares of Re.1 each)
Runwal Township Private Limited- – – – – 264 9.77
Class C (Shares of `10 each)
– – 19.16
Total (B) (i + ii) 66.26 – 19.16
C. Investments in Debentures
Unquoted
Atithi Building Commodities Private – – – – 2,800 65.60
Limited (Debentures of `1000 each)
Aristo Realtors Private Limited – – – – 1,444 32.33
(Debentures of `1000 each)
Total Environment Projects Private – – – – 5,272 10.38
Nitesh Land Holding Private Limited – – – – 5,696 5.70
Aristo Realtors Private Limited- III – – – – 153 3.43

Note :- 10 - CURRENT INVESTMENTS (contd...) (` in lakhs)

Particulars
C. Investments in Debentures (contd.)
Atithi Building Commodities Private – – – – 467 10.94
Limited- II (Debentures of `1000 each)
Total Environment Projects Private – – – – 587 1.14
Limited- Debnture.II
BCC Infrastructure Private Limited – – – – 19,866 33.44
Runwal Township Private Limited – – – – 15,335 28.64
Total Environment Habitat Private Limited – – – – 34,838 70.31
Marvel Realtors and Developers Private – – 3,556 6.92
Total (C) – – 268.83
D. Certificate of Deposits
Unquoted
At Amortised cost
Housing Development Finance 2,500.00 500.00 2,500.00
Corporation Limited
PNB Housing Finance Limited 535.90 3,071.53 2,500.00
Bajaj Finance Limited 500.00 2,900.00 –
Housing & Urban Development – 2,500.00 –
Corporation Limited
Total (D) 3,535.90 8,971.53 5,000.00
E. Investments in Mutual Funds
i. Quoted
Religare Invesco FMP - Sr.23-Plan A (13 – – – – 4,500,000 495.53
Months) - Direct Plan Growth
HDFC FMP 369D April 2014 (2) Series 31 – – – – 10,000,000 1,087.62
- Direct - Growth
– – 1,583.15
ii. Unquoted
Tata Short Term Bond Fund Direct Plan 5,584,734.92 1,758.32 3,933,616.29 1,131.60 3,933,616.29 1,040.22
- Growth
HDFC Short Term Opportunities Fund- 9,645,466.15 1,745.88 6,776,766.53 1,124.83 6,776,766.53 1,035.56
Direct Plan - Growth Option
Reliance Money Manager Fund -Direct 48,597.95 1,106.34 48,260.79 1013.33 – –
Growth Plan - Growth Option (Units of
`1000 each)
UTI Money Market Fund - Institutional 131,596.74 2,400.62 211,355.67 3590.44 – –
Plan - Direct Plan - Growth (Units of
`1000 each)
DSP BlackRock Ultra Short Term Fund - 6,203,570.15 738.70 9,229,690.07 1013.87 – –
Direct Plan - Growth
Invesco India Liquid Fund - Growth Plan 73,939.88 1,650.63 168,426.26 3504.47 – –
(Units of `1000 each)


Particulars
E. Investments in Mutual Funds (contd.)
Birla sun Life Savings Fund - Growth - 584,635.09 1,871.48 344,957.24 1013.55 – –
Direct Plan (Units of `100 each)
SBI Premier Liquid Fund - Direct Plan - 82,844.40 2,114.45 160,103.56 3812.00 – –
Growth (Units of `1000 each)
L&T Liquid Fund - Regular Growth 53,951.91 1,200.30 – – – –
HDFC Liquid Fund - Direct Plan - 21,095.12 676.92 – – – –
Growth Option (Units of `1000 each)
LIC MF Liquid Fund - Direct - Growth 64,606.88 1,905.28 – – – –
Plan (Units of `1000 each)
UTI Banking & PSU Debt Fund - Direct 7,806,827.85 1,046.16 – – – –
Plan - Growth
Canara Robeco Liquid - Direct Growth 176,712.89 3,481.59 – – – –
Invesco India Liquid Fund - Direct Plan 53,616.86 1,200.31 – – – –
Kotak Equity Arbitrage Fund - Direct 19,165,019.70 2,098.97 – – – –
Plan - Monthly Dividend
ICICI Prudential Equity Arbitrage Fund 14,406,679.91 2,101.47 – – – –
Direct Plan - Dividend
IDFC Arbitrage Fund-Dividend -(Direct 16,932,953.19 2,203.54 – – – –
Plan)
HDFC Arbitrage Fund-Wholesale Plan 11,847,723.77 1,243.66 – – – –
-Monthly Dividend -Direct Plan
Reliance Arbitrage Advantage 115,529,980.07 1,246.95 – – – –
Fund- Direct Monthly Dividend Plan
Reinvestment
Kotak Liquid Scheme Plan A - Direct – – 97,752.34 3,004.96 28,226.79 801.58
Plan - Growth (Units of `1000 each)
L&T Liquid Fund Direct Plan - Growth – – 113,519.02 2,358.81 140,844.92 2,702.30
HDFC Floating Rate Income Fund -Short – – 3,881,520.47 1013.08 – –
Term Plan - Direct Plan - Wholesale
Option - Growth Option
Kotak Treasury Advantage Fund -Direct – – 8,315,455.11 2025.38 – –
Plan - Growth
Kotak Treasury Advantage Fund - – – 7,371.12 1.78 – –
Growth (Regular Plan)
Reliance Liquidity Fund - Direct Growth – – – – 38,005.67 801.42
Plan - Growth Option (LQ-AG) (Units of
`1000 each)
Kotak Floater Short Term - Direct Plan - – – – – 117,899.61 2,706.19
Growth (Units of ` 1000 each)
Reliance Liquid Fund - Treasury Plan – – – – 79,290.31 2,704.80
- Direct Growth Plan - Growth Option


Particulars
E. Investments in Mutual Funds (contd.)
JM High Liquidity Fund (Direct) - Growth – – – – 7,076,120.71 2,705.15
Option
Sundaram Money Fund -Direct Plan - – – – – 9,163,072.14 2,704.65
Growth
HDFC Cash Management Fund - – – – – 5,142,304.71 1,502.54
Savings Plan - Direct Plan - Growth
Option
IDBI Liquid Fund - Regular Plan - – – – – 180,549.42 2,702.51
UTI Liquid Cash Plan - Institutional - – – – – 104,937.15 2,406.50
Direct Plan Growth (Units of `1000 each)
HDFC Cash Management Fund - – – – – 40,008.02 11.68
Savings Plan - Growth - Direct Plan
31,791.57 24,608.10 23,825.10
Total (E) (i + ii) 31,791.57 24,608.10 25,408.25
Current Investments total 36,700.42 34,456.37 31,563.09
(A+B+C+D+E)
Aggregate amount of quoted investments 1,372.95 876.74 2,441.77

and Market value there of
Aggregate amount of unquoted investments 35,327.47 33,579.63 29,121.32
# The Company had invested in the Equity Shares of Advanta Limited (face value of ` 2 each). During the year Advanta Limited merged with UPL
Limited and in lieu of this, the Company received One Equity Shares (face value of ` 2 each) and three Preference Shares (face value of ` 10 each)
for every one Equity Share of UPL Limited held in Advanta Limited. The number of shares held by Company of Advanta Limited as at March 31,
2016 and April 1, 2015 were 146278 and 189300 shares respectively.
Refer Note 44 for information about fair value measurement, credit risk and market risk of investments.
Note :- 11 - TRADE RECEIVABLES (` in lakhs)

As at As at As at
Particulars
Trade receivables 65,947.23 67,731.68 60,569.39
Receivables from related parties (Refer Note 43) 5,572.56 5,012.27 3,489.29
Less: Allowance for doubtful trade receivables (123.38) (123.38) (154.03)
Total receivables 71,396.41 72,620.57 63,904.65
Current portion 71,396.41 72,620.57 63,904.65
Non-current portion – – –
Break-up of security details

Secured, considered good 6,139.89 7,752.07 5,898.64
Unsecured, considered good 65,256.52 64,868.50 58,006.01
Doubtful 123.38 123.38 154.03
Total 71,519.79 72,743.95 64,058.68
Allowance for doubtful trade receivables (123.38) (123.38) (154.03)
Total trade receivables 71,396.41 72,620.57 63,904.65
Refer Note 45 for information about credit risk and market risk of trade receivables.

Note :- 12 - CASH AND CASH EQUIVALENTS (` in lakhs)

As at As at As at
Particulars
Cash on hand 39.53 41.05 81.36
Cheques, drafts on hand 300.52 93.39 752.84
Balances with Banks - In current accounts 466.67 889.02 621.04
Total 806.72 1,023.46 1,455.24
Note :- 13 - BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS (` in lakhs)
As at As at As at
Particulars
Margin money deposits (Refer Note (a) below) 1,179.52 1,097.49 547.88
Investments in Term deposits (Refer Note (b) below) 1,782.00 4,337.09 7,472.50
Unclaimed dividends and unclaimed matured debenture -Earmarked 106.52 81.76 69.98
balances with banks
Total 3,068.04 5,516.34 8,090.36
Notes:
(a) Held as lien by bank against term loan amounting to ` Nil (`1097.49 lakhs as on 31st March, 2016 and ` 547.89 lakhs as on 1st April 2015),
Held as lien by bank against letter of credit amounting to ` 1179.52 lakhs (Previous year ` Nil)
(b) Includes deposits aggregating `1782 lakhs (` 3337.09 lakhs as at 31st March, 2016, `3272.73 lakhs as at 1st April, 2015) earmarked against
unsecured debentures due for redemption in next twelve months.
Note :- 14 - CASH AND CASH EQUIVALENTS (Unsecured, considered good) (` in lakhs)

As at As at As at
Particulars
Loans to related parties (Refer Note 43) 1,193.23 1,577.77 2,113.83
Loans to employees 31.73 17.95 42.49
Total 1,224.96 1,595.72 2,156.32
Refer Note 45 for information about credit risk and market risk for loans.
Note :- 15 - OTHER CURRENT FINANCIAL ASSETS (Unsecured, considered good) (` in lakhs)

As at As at As at
Particulars
Deposits with others 444.37 349.46 826.92
Advances recoverable 356.65 325.15 484.29
Dividend receivable – – 1,646.40
Interest receivable 505.24 517.74 131.25
Total 1,306.26 1,192.35 3,088.86

Note :- 16 - OTHER CURRENT ASSETS (` in lakhs)

As at As at As at
Particulars
Export Benefits receivables 1,098.08 1,166.90 1,572.76
Interest Subsidy receivable 724.24 2,223.50 1,200.82
Other Subsidy receivable – 119.28 –
Advances to Suppliers 1,516.88 1,276.69 827.80
Deposits with customs, port trust, excise and other govt. authorities 441.12 424.04 435.77
Claims Receivable 247.13 1,404.78 231.14
Prepaid expenses 670.61 890.99 843.22
Advances recoverable in kind for value to be received 366.20 298.91 405.68
Other advances 494.98 557.20 486.04
Total 5,559.24 8,362.29 6,003.23
Note :- 17A - EQUITY SHARE CAPITAL (` in lakhs)

As at As at As at
Particulars
Authorised
10,00,00,000 [31st March, 2016: 10,00,00,000 and 1st April, 10,000.00 10,000.00 10,000.00
2015:10,00,00,000] Equity Shares of `10 each
Issued, subscribed and fully paid up
6,13,80,854 [31st March, 2016: 6,13,80,854 and 1st April, 2015: 6,138.08 6,138.08 6,138.08
6,13,80,854] Equity Shares of ` 10 each
Total 6,138.08 6,138.08 6,138.08
Notes:
a) Reconciliation of number of shares (` in lakhs)
As at 31st March, 2017 As at 31st March, 2016
Number of Number of
Amount Amount
shares shares
Equity Shares :
Balance as at the beginning of the year 61,380,854 6,138.08 61,380,854 6,138.08
Balance as at the end of the year 61,380,854 6,138.08 61,380,854 6,138.08
b) Rights, preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of `10 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except
in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
d) Details of equity shares held by shareholders holding more than 5% of the aggregate shares in the Company
% No. of shares % No. of shares % No. of shares
J.K. Investors (Bombay) Limited 29.10 17861278 28.24 17332798 27.41 16826419
Life Insurance Corporation of India 5.14 3157089 6.65 4079297 6.65 4079297
J.K. Helene Curtis Limited 5.85 3592050 5.85 3592050 5.54 3399208

Note :- 17B - OTHER EQUITY (` in lakhs)

Reserves and Surplus
Securities Capital Debenture
Capital General Retained Total
Premium Redemption Redemption
Reserve Reserve Earnings
Reserve Reserve Reserve
Other Comprehensive Income for 214.28 214.28
the year
the year
Dividends (1,841.43) (1,841.43)

Dividend distribution tax (net of (335.17) (335.17)
credit available on distribution of
dividend by Subsidiary)
Redemption Reserve
Redemption Reserve
Other Comprehensive Income for (720.00) (720.00)
the year
the year
Dividends (1,841.43) (1,841.43)
Dividend distribution tax (374.91) (374.91)
Redemption Reserve
Redemption Reserve
Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. These reserve is utilised in accordance with the provisions of the Act.
Capital reserve
Capital reserve is utilised in accordance with provision of the Act.
Capital Redemption Reserve

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

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

Note :- 18 - NON-CURRENT BORROWINGS (` in lakhs)

As at As at As at
Particulars
Secured
Term loans from banks 15,388.70 27,844.98 39,036.88
Secured - Total (A) 15,388.70 27,844.98 39,036.88
Unsecured
Term loans from banks 4,562.09 11,598.05 3,991.61
Debentures 27,445.72 39,730.68 32,464.76
Unsecured - Total (B) 32,007.81 51,328.73 36,456.37
Total (A+B) 47,396.51 79,173.71 75,493.25
Refer Note 45 for liquidity risk
Nature of Security and terms of repayment for Long Term secured borrowings:
Nature of Security Terms of Repayment

i. Term loan from bank, balance outstanding amounting to `10350.00 Repayable in 32 quarterly installments starting from September
lakhs (March 31, 2016 : `11550.00 lakhs and April 1, 2015 : `12637.50 2011. Last installment due in June 2019. Rate of interest 10.95%
lakhs) is secured by pari passu charge on the entire immovable assets .p.a. as at year end. (March 31, 2016 : 11.20% p.a. and April 1,
at Vapi Plant acquired out of this loan and exclusive first charge on the 2015 : 12.50% p.a.)*
entire movable assets acquired out of the said loans from the bank,
located at Vapi Plant.
ii. Term loan from bank, balance outstanding amounting to ` 1920.21 Repayable in 32 quarterly installments starting from June 2011.
lakhs (March 31, 2016 : ` 2200.21 lakhs and April 1, 2015 : ` 2480.21 Last installment due in March 2019. Rate of interest 10.95%.p.a.
lakhs) is secured by way of first pari passu charge on fixed assets of as at year end. (March 31, 2016 : 11.20% p.a. and april 1, 2015
Chindwara and Jalgaon Plant. : 12.50% p.a.)*
iii. Term loan from bank, balance outstanding amounting to ` 5552.00 Repayable in 32 quarterly installments starting from September
(March 31, 2016 : `6312.00 lakhs and April 1, 2015: `7000.75 lakhs) 2011. Last installment due in June 2019. Rate of interest 11.05%
is secured by pari passu charge on the entire immovable assets at .p.a. as at year end. (March 31, 2016 : 12.00% p.a. and April 1,
Vapi Plant acquired out of this loan and exclusive first charge on the 2015 : 12.50% p.a.)*
entire movable assets acquired out of the loans, located at the Vapi
Plant.
iv. Term loan from bank, balance outstanding amounting to ` Nil (March Repaid in December, 2016..Rate of interest 9.65% p.a. as at the
31, 2016 : `1072.52 lakhs and April 1, 2015: `2972.53 lakhs) is date of repayment. (March 31, 2016 : 9.70% p.a. and April 1,
secured by pari passu charge on the immovable assets at Vapi Plant 2015 : 10.20% p.a.)*
and exclusive charge on movable assets acquired under the loan, at
Vapi Plant.
v. Term loan from bank, balance outstanding amounting to ` Nil (March Repaid in February 2017. Rate of interest 10.75%.p.a. as at the
31, 2016 : `515.63 lakhs and April 1, 2015: ` 1031.25 lakhs) is date of repayment. (March 31, 2016 : 10.80% p.a. and April 1,
secured by Lien on Fixed Deposits placed with State Bank of India for 2015 : 11.50% p.a.)*
` Nil. (March 31, 2016 : `1097.49 lakhs and April 1, 2015 ` 1645.37
lakhs)
vi. Term loan from bank, balance outstanding amounting to ` Nil (March Repaid in April, 2016. Rate of interest 11.70% p.a. as at the date
31, 2016 : ` 1653.02 lakhs and April 1, 2015: ` 1985.02 lakhs partial of prepayment. (March 31, 2016 : 11.70% p.a. and April 1, 2015
disbursement) is secured by first charge on movable assets including : 12.20% p.a.)
plant and machinery, furniture and fixture and other assets of Captive
Power Plant at Vapi and pari passu charge on the immovable assets
at Vapi Plant.

Note :- 18 - NON-CURRENT BORROWINGS (contd...)


vii. Term loan from bank, balance outstanding amounting to `2763.39 Repayable in 20 quarterly installments starting from November
lakhs (March 31, 2016 : ` 3498.39 lakhs and April 1, 2015: `4110.89 2013. Last installment due in September, 2018. Rate of interest
lakhs) is secured by way of first pari passu charge on fixed assets 10.60% p.a. as at year end. (March 31, 2016 : 10.70% p.a. and
of Vapi and Jalgaon factories and second pari passu charge on April 1, 2015 : 11.25% p.a.)*
immoveable assets at Vapi Plant acquired out of this loan.
viii. Term loan from bank, balance outstanding amounting to ` 6050.00 Repayable in 10 equal quarterly installment starting from January
lakhs (March 31, 2016 : `12410 lakhs and April 1, 2015: 14000 lakhs) 2016 and last installment due in July 2018. Rate of interest 9.85%
is secured by first pari passu charge on fixed assets of Chindwara and p.a. as at year end. (March 31, 2016 : 10.25% p.a. and April 1,
Jalgaon factories, moveable fixed assets of Company owned retail 2015 : 10.90% p.a.)
stores and second pari passu charge on the land at Vapi Plant.
Terms of repayment for Long Term unsecured borrowings:

Term loans from banks
` Nil (March 31, 2016 : ` Nil and April 1, 2015 : ` 5000 lakhs) Repaid in August 2015. Rate of interest 11.20% p.a. as at the date of
repayment.
` Nil (March 31, 2016 : ` Nil and April 1, 2015 : `4500 lakhs) Repaid in March 2016. Rate of interest 10.85% p.a. as at the date of
repayment.
`5000.00 lakhs (March 31, 2016 : `5000 lakhs and April 1, 2015 : Nil) Repayable in 12 equal quarterly installment starting from March 2018 and
last installment due in December 2020. Rate of interest 9.55% p.a. as at
year end. (March 31, 2016 : 9.75% p.a.)
`6570.00 lakhs (USD 10.00 milion) (`6625 lakhs, March 31, 2016 : Repayable in October 2017. Rate of interest USD Overnight Libor +107.
(USD 10.00 million) and April 1, 2015 : Nil) bps as at year end. (March 31, 2016 : USD Overnight Libor+ 107 bps)
Privately Placed Non-Convertible Debentures (face value `10

lakhs each)
` Nil (March 31, 2016 : ` Nil and April 1, 2015 : `10000 lakhs) Repaid in October 2015. Rate of interest 11.10% p.a.
` Nil (March 31, 2016 : `10000 lakhs and April 1, 2015 : `10000 lakhs) Repaid in June 2016. Rate of interest 10.55% p.a. (March 31,2016
:10.55% p.a. and April 1, 2015 : 10.55% p.a)
` Nil (March 31, 2016 : ` Nil and April 1, 2015 : `3000 lakhs) Repaid in November 2015. Rate of interest 11.25% p.a.
` Nil (March 31, 2016 : `4465.59 lakhs and April 1, 2015 : `4067.48 Repaid in November 2016. Redemption premium at a Yield to maturity of
lakhs) 11.01% p.a. (March 31, 2016 : 11.01% p.a. April 1, 2015 : 11.01% p.a.)
`13712.74 lakhs (March 31, 2016 : `12473.47 lakhs and April 1, Repayable in April 2017. Redemption premium at a Yield to maturity of
2015 : `11253.95 lakhs) 10.71% p.a. (March 31, 2016 : 10.71% p.a. April 1, 2015 : 10.71% p.a.)
`7500 lakhs. (March 31, 2016 : `7500 lakhs and April 1, 2015 : `7500 Repayable in April 2018. Rate of interest 10.20% p.a. (March 31, 2016 :
lakhs) 10.20% p.a. April 1, 2015 : 10.20% p.a.)
`10000 (March 31, 2016 : `10000 lakhs and April 1, 2015 : Nil) Repayable in June 2018. Rate of interest 9.75% p.a.(March 31, 2016 :
9.75% p.a.)
`10000 (March 31, 2016 : `10000 lakhs and April 1, 2015 : Nil) Repayable in April 2019. Rate of interest 9.52% p.a. (March 31,2016 :
9.52% p.a.)
Installments falling due within a year in respect of all the above Loans aggregating `31894.40 lakhs (March 31, 2016 : ` 25707.18 lakhs and April
1, 2015 : ` 25473.25 lakhs) have been grouped under “Current maturities of long-term debt” (Refer Note 22)
Amount of ` 127.44 lakhs (March 31, 2016: ` 394.94 lakhs and 1st April, 2015: ` 573.08 lakhs) related to deferred expense towards processing
charges is netted of against loan.
* Rate of Interest is without considering interest subsidy under TUF scheme.
The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.

Note :- 19 - OTHER NON-CURRENT LIABILITIES (` in lakhs)

As at As at As at
Particulars
Other Payables – 40.40 132.85
Government Grant # 1,795.59 1,899.13 2,295.62
Total 1,795.59 1,939.53 2,428.47
# Represents unamortised amount of duty saved referred to in note 48
Note :- 20 - CURRENT BORROWINGS (` in lakhs)

As at As at As at
Particulars
Secured
(a) Loans repayable on demand from banks 27,067.75 20,101.47 14,352.59
(Including foreign currency loan ` Nil (31st March, 2016 ` Nil, 1st April, 2015
`312.50 lakhs)
(b) Local Bills discounted with bank – 1,964.19 2,319.09
(c) Buyers credit arrangements 1,510.75 2,728.20 –
(Working capital loan from banks, buyers credit arrangements and bills
discounted with banks are secured by hypothecation of inventories, books
debts and other current assets, both present and future)
Secured - total (A) 28,578.50 24,793.86 16,671.68
Unsecured
(a) By issue of Commercial Papers [Maximum balance outstanding during the 42,166.21 17,792.67 20,304.58
year `55000 lakhs (31st March, 2016 ` 44500 lakhs, 1st April, 2015 `33000
lakhs)
(b) Export Packing Credit 2674.00 – –
(c) Local Bills discounted with bank 3454.29 5,000.00 5,000.00
(d) Supplier Finance facility from bank 4,350.34 6,268.66 7,798.50
Unsecured - total (B) 52,644.84 29,061.33 33,103.08
Total (A+B) 81,223.34 53,855.19 49,774.76
The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.
Note :- 21 - TRADE PAYABLES (` in lakhs)

As at As at As at
Particulars
Trade payables [Refer Note below]
Amounts due to related parties [Refer Note 43] 8,625.64 7,721.81 6,943.86
Others 31,381.14 24,485.37 17,797.18
Total 40,006.78 32,207.18 24,741.04
Refer Note 45 for information about liquidity risk and market risk of trade payables.

Note :- 21 - TRADE PAYABLES (contd...)

Note :
DUES TO MICRO AND SMALL ENTERPRISES
The Company has certain dues to suppliers registered under Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act’). The
disclosure pursuant to the said MSMED Act are as follows.
(` in lakhs)
As at As at As at
Particulars
Current Current Current
Principal amount due to suppliers registered under the MSMED Act and 109.08 70.18 51.26
remaining unpaid as at year end
Interest due to suppliers registered under the MSMED Act and remaining – – –
unpaid as at year end
Principal amounts paid to suppliers registered under the MSMED Act, – – –
beyond the appointed day during the year
Interest paid, other than under Section 16 of MSMED Act, to suppliers – – –
registered under the MSMED Act, beyond the appointed day during the year
Interest paid, under Section 16 of MSMED Act, to suppliers registered under – – –
the MSMED Act, beyond the appointed day during the year
Interest due and payable towards suppliers registered under MSMED Act, for – – –
payments already made
Further interest remaining due and payable for earlier years – – –
Note :- 22 - OTHER CURRENT FINANCIAL LIABILITIES (` in lakhs)

As at As at As at
Particulars
(a) Current maturities of long-term debt (Refer Note 18) 31,894.40 25,707.18 25,473.25
(b) Interest accrued but not due on borrowings 1,324.90 2,400.82 1,958.70
(c) Deposits from Dealers, Agents, etc. 13,579.88 12,812.53 12,177.55
(d) Unpaid dividends [Refer Note (a) below] 105.84 81.08 69.30
(e) Unclaimed matured debentures and interest accrued thereon 0.69 0.69 0.69
(f) Overdrawn Bank Balances 131.49 174.07 103.65
(g) Salary and Wages payable 5,121.87 4,039.31 2,455.81
(h) Mark to market of derivative financial instruments 160.46 49.83 55.04
(i) Capital Creditors 1,416.96 138.15 45.29
(j) Other payables 1,003.11 1,280.70 1,246.87
Current total 54,739.60 46,684.36 43,586.15
Note :
(a) There are no amounts due for payment to the Investor Education and Protection Fund Under Section 125 of the Companies Act, 2013 as at
the year end.

Note :- 23 - PROVISIONS (` in lakhs)

As at As at As at
Particulars
Provision for employee benefits [Refer Note 41]
Pension 39.38 31.07 30.06
Gratuity 743.42 – –
Leave Entitlement 2,543.17 2,423.99 2,535.52
Provision for litigation/dispute [Refer Note (a) below] 585.00 585.00 585.00
Current total 3,910.97 3,040.06 3,150.58
Note :
(a) Provision for litigation/dispute represents claims against the company that are expected to materialise in respect of matters in litigation/dispute.
Movement in provisions Provision for

litigation/dispute
Balance as at 1st April, 2015 585.00
Provision recognised during the year –
Amount utilised / reclassified during the year –
Amount reversed during the year –
Provision recognised during the year –
Amount utilised / reclassified during the year –
Amount reversed during the year –
Note :- 24 - OTHER CURRENT LIABILITIES (` in lakhs)

As at As at As at
Particulars
Revenue received in advance 3,653.80 4,382.89 3,302.72
Statutory Dues 2,035.70 1,132.22 759.04
Government Grant # 426.66 396.49 394.39
Other payables 3,026.51 3,935.70 5,152.03
Current total 9,142.67 9,847.30 9,608.18
# Represents unamortised amount of duty saved referred to in note 48

Note :- 25 - REVENUE FROM OPERATIONS (` in lakhs)

Particulars
Sale of Products
(i) Manufactured goods 184,252.14 185,998.51
(ii) Stock-in trade 89,929.49 86,971.56
Sales of Services
(i) Income from Tailoring Service 1,932.10 2,185.43
(ii) Income from air taxi operations etc 791.83 401.66
(iii) Income from Loyalty Participation Program 1,601.35 –
Other operating revenue
(i) Export Incentives, etc 2,304.03 1,973.89
(ii) Process waste sale 1,407.14 1,660.44
Total 282,218.08 279,191.49
Note :- 26 - OTHER INCOME (` in lakhs)

Particulars
Interest income 7,981.14 7,894.51
Dividend Income 335.59 6.04
Rent and compensation 528.03 525.53
Other non-operating income 1,977.59 2,128.59
Apportioned Income from Government Grant (Refer Note 48) 394.39 396.49
Power loom electricity tariff Subsidy – 1,098.15
Net gain on sale / Fair valuation of investments through profit and loss* 1593.67 526.77
Gain on conversion of Preference Shares / Debenture to equity (net) (Refer Note 5 (a)) – 156.27
Provision no longer required 66.06 367.47
Total 12,876.47 13,099.82
* Includes fair value gain / (loss) as at 31st March, 2017 amounting to ` 1107.17 lakhs (31st March, 2016 ` 41.01 lakhs)
Note :- 27 - COST OF MATERIALS CONSUMED (` in lakhs)

Particulars
Opening Stock 4,319.92 4,140.58
Purchases 58,119.42 58,806.78
Less : Sales 31.22 17.29
Less : Closing Stock 5,471.13 4,319.92
56,936.99 58,610.15
Excise duty 111.72 24.67
Total 57,048.71 58,634.82
Note :- 28 - PURCHASES OF STOCK-IN-TRADE (` in lakhs)

Particulars
Garments 7,185.84 5,198.29
Shirting 36,676.64 34,724.01
Suiting Fabrics 16,789.08 19,562.01
Others 8,845.17 7,042.72
Total 69,496.73 66,527.03

Note :- 29 - CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS (` in lakhs)

Particulars
Opening inventories
Finished goods 20,658.65 18,202.60
Work-in-progress 14,317.11 14,786.44
Stock-in-trade 20,417.12 15,250.25
55,392.88 48,239.29
Closing inventories
Finished goods 20,631.01 20,658.65
Work-in-progress 15,052.24 14,317.11
Stock-in-trade 22,620.37 20,417.12
58,303.62 55,392.88
Excise duty on increase/ (decrease) of finished goods (43.30) (37.25)
Total (2,867.40) (7,116.34)
Note :- 30 - MANUFACTURING AND OPERATING COSTS (` in lakhs)

Particulars
Consumption of stores and spare parts 14,676.05 14,129.16
Power and fuel 11,537.78 11,972.49
Job work charges 9,049.57 10,961.02
Repairs to buildings 1,136.72 1,853.96
Repairs to machinery 1,633.81 1,531.06
Other Manufacturing and Operating expenses 2,948.63 2,880.29
Total 40,982.56 43,327.98
Note :- 31 - EMPLOYEE BENEFITS EXPENSE (` in lakhs)

Particulars
Salaries and wages 33,558.65 30,226.58
Contribution to provident funds and other funds (Refer Note 41) 1,651.91 1,523.82
Gratuity and Pension plan expense (Refer Note 41) 366.66 551.63
Workmen and Staff welfare expenses 1,883.19 1,805.25
Total 37,460.41 34,107.28
Note :- 32 - FINANCE COSTS (` in lakhs)

Particulars
Interest expense on Debentures and Term Loans 8,271.96 10,072.05
(Net of subsidy `978.11 lakhs (Previous year `1209.76 lakhs) under TUF Scheme)
Interest expense - others 6,052.48 5,258.91
Applicable net loss on foreign currency transactions and translation 103.22 139.28
Other borrowing costs 8.67 12.43
Total 14,436.33 15,482.67

Note :- 33 - DEPRECIATION AND AMORTIZATION EXPENSE (` in lakhs)

Particulars
Depreciation on Property, Plant and Equipment 9,013.48 9,095.29
Depreciation on Investment Property 23.28 29.02
Amortization on Intangible assets – 52.91
Total 9,036.76 9,177.22
Note :- 34 - OTHER EXPENSES (` in lakhs)

Particulars
Rent 7,862.25 7,341.24
Lease Rentals 32.64 32.27
Insurance 425.93 342.17
Repairs and Maintainence Others 3,254.45 3,718.53
Rates and Taxes 203.42 220.41
Advertisement Expenses 13,552.25 13,228.57
Commission to selling agents 6,701.08 6,152.52
Freight, Octroi, etc 1,855.84 2,484.42
Bad Debts, Advances, Claims and Deposits written off 67.34 2.87
Legal and Professional Expenses 5,038.65 5,281.53
Travelling and Conveyance 3,352.43 4,921.79
Sales Promotion expenses 4,647.65 2,881.65
Director Fees (Refer Note 43) 75.52 67.56
Expenditure incurred for Corporate Social Responsibility (Refer Note 51) 109.77 57.00
Contribution to Charitable Funds 0.20 18.90
Commission to Non Executive Directors (Refer Note 43) 42.00 37.50
Exchange Fluctuation - Others 403.88 211.22
Provision for doubtful debts – 11.49
Net Loss on sale/discard of assets 109.60 0.20
Outsourced Support Services 2,865.16 2,340.34
IT outsourced Support Services 924.01 867.54
Electricity Charges of stores,offices and other 1,384.72 1,351.39
Security Charges 1,458.97 1,390.19
Loyalty Participation Program Cost 2,269.36 –
Miscellaneous Expenses 7,560.81 7,949.52
Total 64,197.91 60,910.81

Particulars
Legal and Professional expenses include:
Auditors' remuneration and expenses
For Audit Fees 71.31 70.99
For Limited Review 22.43 22.27
For Other services 10.66 6.38
For reimbursement of expenses 2.90 1.60
Total 107.30 101.24
Note :- 35 - EXCEPTIONAL ITEM (` in lakhs)

Particulars
Payments under Voluntry Retirement Scheme 593.07 –
Total 593.07 –

Note :- 36 - INCOME TAXES EXPENSE

Tax expense recognized in the Statement of Profit and Loss (` in lakhs)
Particulars
Current tax
Current Tax on taxable income for the year 945.42 2,704.59
Total current tax expense 945.42 2,704.59
Deferred tax
Deferred tax charge/(credit) (559.87) 3,121.19
MAT Credit (taken)/utilised 925.89 (1,961.21)
Total deferred income tax expense/(benefit) 366.02 1,159.98

Total income tax expense 1,326.64 3,864.57
A reconciliation of the income tax expenses to the amount computed by applying the statutory income tax rate to the profit before
income taxes is summarized below: (` in lakhs)
Particulars
Enacted income tax rate in India applicable to the Company 34.608% 34.608%
Profit before tax 4,709.47 11,239.84
Current tax expenses on Profit before tax expenses at the enacted income tax rate in India 1,629.85 3,889.88
Tax effect of the amounts which are not deductible/(taxable) in calculating taxable income
Permanent Disallowances 167.85 363.38
Deduction under section 24 of the Income Tax Act (42.62) (52.14)
Interest income from Joint Venture on liability element of compound financial instrument (233.06) (210.00)
Income exempted from income taxes (273.04) (91.24)
Other items 62.46 (35.31)
Total income tax expense/(credit) 1,326.64 3,864.57
Consequent to reconciliation items shown above, the effective tax rate is 28.17% (2015-16: 34.38%).
Significant Estimates : In calculation of tax expense for the current year and earlier years, the group has disallowed certain expenditure pertaining
to exempt income based on previous tax assessements, matter is pending before various tax authorities.

Note :- 36 - INCOME TAXES EXPENSE (contd...)

B) The movement in deferred tax assets and liabilities during the year ended March 31, 2016 and March 31, 2017: (` in lakhs)
As at 1st Credit/ Credit/ As at Credit/ As at
April, 2015 (charge) in (charge) 31st March, (charge) in 31st March,
- Deferred statement of directly in 2016 - Statement of 2017 -Deferred
Tax Asset/ Profit and other equity Deferred Profit and Tax Asset/
(Liabilities) Loss Tax Asset/ Loss (Liabilities)
(Liabilities)
Depreciation (5,226.82) 698.33 – (4,528.49) 895.85 (3,632.64)
VRS paid 695.27 (324.27) – 371.00 (160.07) 210.93
Expenses allowed in the year of payment 742.95 70.32 – 813.27 56.05 869.32
Provision for doubtful debts 71.43 (28.73) – 42.70 58.80 101.50
Tax on premium on debentures (134.89) – – (134.89) 108.19 (26.70)
Unabsorbed losses 3,566.92 (3,566.92) – – – –
Others (162.10) 30.08 (132.02) (398.95) (530.97)
Total (447.24) (3,121.19) – (3,568.43) 559.87 (3,008.56)
MAT Credit Entitlements 4412.08 1,961.21 – 6373.29 (925.89) 5,447.40

Dividend distribution tax on dividend from 335.16 – (335.16) – – –
Subsidiary
4,300.00 (1,159.98) (335.16) 2,804.86 (366.02) 2,438.84
Significant Estimates : Based on the approved plans and budgets, the company has estimated that the future taxable income will be sufficient
to absorb carried forward unabsorbed depreciation, which mangement believes is probable, accordingly the company has recognized deferred
tax asset on aforesaid losses.
Note :- 37 - ASSETS PLEDGED AS SECURITY

The carrying amounts of assets Pledged as security for current and non-current borrowings are: (` in lakhs)
As at As at As at
Particulars
Current Assets
Financial Assets
Floating Charge
Receivables 67,924.00 59,855.00 49,699.00
Fixed Deposit lien by bank against term loan # – 1,097.49 547.88
67,924.00 60,952.49 50,246.88
Non Financial Assets
Floating Charge
Inventories 66,654.00 62,290.00 54,488.00
Total Current assets Pledged as security 134,578.00 123,242.49 104,734.88
Non Current Assets
First Charge
Land 2,662.88 2,668.16 2,673.44
Building 12,953.18 13,085.83 13,228.81
Furniture, fittings and equipment 1,399.20 1,963.10 2,453.62
Plant and Machinary 25,042.76 28,471.28 32,093.70
Fixed Deposit lien by bank against term loan – – 1,097.49
Others 62.26 26.99 27.27
Total non-current assets Pledged as security 42,120.28 46,215.36 51,574.33
Total assets Pledged as security 176,698.28 169,457.85 156,309.21

# This excludes deposits aggregating `1782 lakhs (` 3337.09 lakhs as at 31st March, 2016, `3272.73 lakhs as at 1st April, 2015) earmarked
against unsecured debentures due for redemption in next twelve months.

Note :- 38 - CONTINGENT LIABILITIES AND CONTINGENT ASSETS (TO THE EXTENT NOT PROVIDED FOR)
i) Contingent Liabilities (` in lakhs)
As at As at As at
Particulars
(a) Claims against the Company not acknowledged as debts in respect of
past disputed liabilities of the Cement and Steel Divisions divested during
the year 2000-01 and Denim Division divested during the year 2006-07
(interest thereon not ascertainable at present)
Sales Tax 98.54 98.54 98.54
Royalty 2,201.94 2,201.94 2,201.94
Other Matters 211.48 247.08 247.08
2,511.96 2,547.56 2,547.56
(b) claims against the company not acknowledged as debts in respect of
other divisions.
Sales tax* 1,814.97 1,774.97 1,762.20
Compensation for premises 1,615.58 1,559.07 1,515.37
Electricity duty 673.31 658.83 508.79
Water charges 156.18 149.86 131.61
Other matters 134.28 126.45 60.44
4,394.32 4,269.18 3,978.41
* Includes contingent liability amounting to ` 40 lakhs pertaining to Raymond Woolen Outerwear Ltd (Demerged divison of Raymond Limited)
for the year 2011-12.
(c) On account of corporate guarantee to the bankers on behalf of 282.00 973.00 553.00
subsidiaries for facilities availed by them (amount outstanding at close of
the year)
(d) Disputed demands in respect of Income-tax, etc. (Interest thereon not 3,907.91 3,880.22 3,880.22
ascertainable at present)
(e) Disputed Excise/Custom Duty 2,549.09 2,063.01 2,126.35
(f) Liability on account of jute packaging obligation upto 30th June, 1997, Amount not Amount not Amount not
in respect of the Company's erstwhile Cement Division. Under the jute determinable determinable determinable
Packaging Materials (Compulsory use in Packing Commodities) Act,
1987.
(g) Company's liabilities/obligations pertaining to the period upto the date of Amount not Amount not Amount not
transfer of the Company's erstwhile Steel, Cement and Denim Division in determinable determinable determinable
respect of which the Company has given undertakings to the acquirers.
It is not practicable for the Company to estimate the timing of cash
outflows, if any, in respect of the above (a), (b), (d to g) pending resolution
of the respective proceedings.
The Company does not expect any reimbursements in respect of the
above contingent liabilities.
ii) Contingent Assets
Freehold land at Thane, acquired by Thane Municipal Corporation for the purpose widening of Municipal Road, included in Property, Plant and
Equipment (Refer Note 2A (iii))

Note :- 39 - COMMITMENTS
Capital Commitments
Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
(` in lakhs)
As at As at As at
Particulars
(i) Property, plant and equipment 1,244.35 3,261.48 6,089.81
Less: Capital advances (Refer Note 8) (94.67) (216.48) (474.13)
Net Capital commitments 1,149.68 3,045.00 5,615.68
Note :- 40 - LEASE (` in lakhs)

As at As at As at
Particulars
a) Premises taken on operating lease:
The Company has significant operating leases for premises. These lease
arrangements range for a period between 11 months and 9 years, which
include both cancellable and non-cancellable leases. Most of the leases
are renewable for further period on mutually agreeable terms and also
include escalation clauses.
With respect to non-cancellable operating lease, the future minimum
lease payment as at Balance Sheet date is as under:
For a period later than five years – 979.56 69.04
b) Vehicles taken on operating lease:
The Company has operating leases for vehicles. These lease
arrangements range for a period between 1 and 4 years, which include
both cancellable and non-cancellable leases. Most of the leases are
renewable for further period on mutually agreeable terms.
With respect to non-cancellable operating lease, the future minimum
lease payment as at Balance Sheet date is as under:
For a period later than five years – – –
Total operating lease expenses (including Contingent Rent ` 160.14 lakhs, Previous Year ` 202.23 lakhs) debited to Statement of Profit and Loss
is ` 8179.43 lakhs (Previous year ` 7564.16 lakhs)
Note :- 41 - POST RETIREMENT BENEFIT PLANS

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

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

Note :- 41 - POST RETIREMENT BENEFIT PLANS (contd...)

As per Actuarial Valuation as on 31st March, 2017, 31st March, 2016 and 1st April, 2015 and recognised in the financial statements in respect
of Employee Benefit Schemes:
A. Amount recognised in the Balance Sheet (` in lakhs)
As at As at As at
Particulars
Gratuity:
Present value of plan liabilities 8,903.41 7,204.05 6,827.16
Fair value of plan assets 8,159.99 7,296.79 6,827.16
Deficit/(Surplus) of funded plans 743.42 (92.74) –
Unfunded plans – – –
Net plan liability/ (Asset)* 743.42 (92.74) –
Providend Fund**
Present value of plan liabilities 17050.90 15716.89 14276.25
Fair value of plan assets 17050.90 15716.89 14276.25
Deficit/(Surplus) of funded plans – – –
Unfunded plans – – –
Net plan liability/ (Asset) – – –
Pension:
Present value of plan liabilities 39.38 31.07 30.06
Fair value of plan assets – – –
Net plan liability/ (Asset) 39.38 31.07 30.06
B. Movements in plan assets and plan liabilities (` in lakhs)

Year ended 31st March, 2017 Year ended 31st March, 2016
Gratuity:
Plan Assets Plan liabilities Net Plan Assets Plan liabilities Net
As at 1st April 7,296.79 7,204.05 (92.74) 6,827.15 6,827.15 –
Current service cost – 470.63 470.63 – 469.58 469.58
Employee contributions – – – – – –
Return on plan assets excluding actual (29.52) – 29.52 72.06 – (72.06)
return on plan assets
Actual return on plan asset 579.72 – (579.72) 527.11 – (527.11)
Interest cost – 560.18 560.18 – 515.41 515.41
Actuarial (gain)/loss arising from changes in – – – – – –
demographic
assumptions – – – – – –
Actuarial (gain)/loss arising from changes in – 556.46 556.46 – (198.69) (198.69)
financial
Actuarial (gain)/loss arising from experience – 515.08 515.08 – (56.94) (56.94)
adjustments
Employer contributions 716.00 – (716.00) 222.93 – (222.93)
Benefit payments (403.00) (403.00) – (352.46) (352.46) –
As at 31st March, 8,159.99 8,903.40 743.42 7,296.79 7,204.05 (92.74)


Providend Fund** (` in lakhs)
Year ended 31st March, 2017 Year ended 31st March, 2016
Gratuity:
As at 1st April 15716.89 15716.89 – 14276.25 14276.25 –
Current service cost – 539.55 539.55 480.60 480.60
Employee contributions 997.21 997.21 – 916.92 916.92 0.00
Return on plan assets excluding actual 37.38 – (37.38) 107.79 (107.79)
Actual return on plan asset 1,249.84 – (1,249.84) 1,090.02 (1,090.02)
Interest cost – 1,249.84 1,249.84 – 1,090.02 1,090.02
demographic
financial
Actuarial (gain)/loss arising from experience – 37.38 37.38 – 107.79 107.79
adjustments
Employer contributions 539.55 (539.55) 480.60 (480.60)
Benefit payments (1,461.08) (1,461.08) – (1,564.60) (1,564.60) –
Liability Assumed on Acquisition / (Settled – (28.90) (28.90) – 409.91 409.91
on Divestiture)
Assets Aquired on Acquisition/ (Distributed (28.90) – 28.90 409.91 – (409.91)
on Divestiture)
As at 31st March, 17,050.89 17,050.89 0.00 15,716.89 15,716.89 (0.00)
(` in lakhs)
Pension: Plan Assets Plan liabilities Net Plan Assets Plan liabilities Net
As at 1st April – 31.07 31.07 – 30.06 30.06
Employee contributions – – – – – –
Return on plan assets excluding actual – – – – – –
Actual return on plan asset – – – – – –
Interest cost – 2.25 2.25 – 2.13 2.13
demographic
financial
Actuarial (gain)/loss arising from experience – – – – – –
adjustments
Employer contributions – – – – – –
Benefit payments – – – – – –
As at 31st March, – 39.38 39.38 – 31.07 31.07


The liabilities are split between different categories of plan participants as follows:
Defined benefit obligation and employer contribution (` in lakhs)

Gratuity Provident Fund Pension Fund
As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March, 2017 March, 2016 March, 2017 March, 2016 March, 2017 March, 2016
Active members 7095 7196 2679 2668 56 56
• deferred members - NIL (2015-16:NIL)

• retired members - NIL (2015-16: NIL)
The weighted average duration of the defined benefit plans is 13.95 years (2015-16 : 10.82 Years)
The Company expects to contribute around ` 300 lakhs to the funded plans in financial year 2017-18 (2016-17 : ` 300 lakhs) for gratuity
C. Amount recognised in the Statement of Profit and Loss as Employee Benefit Expenses (` in lakhs)
Gratuity:
Current service cost 470.63 469.58
Finance cost/(income) (19.54) (11.70)
Asset/(Liabilities) recognised in Balance Sheet* (92.74) 92.74
Net impact on the Profit / (Loss) before tax 358.35 550.62
Remeasurement of the net defined benefit liability:
Return on plan assets excluding acturial return on plan assets (29.52) 72.06
Actuarial gains/(losses) arising from changes in demographic – –
Actuarial gains/(losses) arising from changes in financial assumption (556.46) 198.69
Experience gains/(losses) arising on experience adjustments (515.08) 56.94
benefit plan liabilities –
Net Gain recognised in the Other Comprehensive Income before tax (1,101.06) 327.69
* Surplus of assets over liabilities has not been recognised on the basis that future economic benefits are not available to the Company in the form
of a reduction in future contributions or cash refunds.
Providend Fund** (` in lakhs)

Finance cost/(income) 0.00 0.00
Amount recognised in the Statement of Profit and loss 539.55 480.60

Actual return on plan assets less expected interest on plan asset (37.38) (107.79)
Actuarial gains/(losses) arising from changes in financial assumption – –
Experience gains/(losses) arising on experience adjustments 37.38 107.79
Expected Return on Plan Assets – –
Net Acturial Losses/ (Gain) Recognised in Year – –
benefit plan liabilities
Amount recognised in the Other Comprehensive Income – –


(` in lakhs)
Pension:
Employee Benefit Expenses:
Finance cost/(income) 6.82 (0.48)
Amount recognised in the Statement of Profit and Loss 8.31 1.01

Actual return on plan assets less expected interest on plan asset – –
Actuarial gains/(losses) arising from changes in financial assumption – –
Experience gains/(losses) arising on experience adjustments – –
benefit plan liabilities – –
Amount recognised in the Other Comprehensive Income – –
D. Assets (` in lakhs)
As at As at As at
Gratuity:
Unquoted
Government Debt Instruments 630.80 620.09 631.05
Corporate Bonds – – 346.49
Insurer managed funds 7517.32 6657.58 5,826.52
Others 11.87 19.12 23.10
Total 8159.99 7296.79 6827.16
Providend Fund**
Quoted
Government Debt Instruments 7956.21 6494.36 6,889.32
Other Debt Instruments 8074.13 8569.05 6,804.60
Total (A) 16030.34 15063.41 13693.92
Unquoted
Government Debt Instruments – – –
Others 1020.55 653.48 582.33
Total (B) 1020.55 653.48 582.33
Total (A+B) 17050.89 15716.89 14276.25


E. Assumptions
With the objective of presenting the plan assets and plan liabilities of the defined benefits plans and post retirement medical benefits at their fair
value on the balance sheet, assumptions under Ind AS 19 are set by reference to market conditions at the valuation date
The significant actuarial assumptions were as follows:

Gratuity: (` in lakhs)
As at As at As at
Financial Assumptions
Discount rate 7.45% 8.05% 7.80%
Salary Escalation Rate # 7.50% 7.50% 7.50%
Demographic Assumptions
Published rates under the Indian Assured Lives Mortality (2006-08) Ult table.
Providend Fund**
Discount rate 7.45% 8.05% 7.80%
Pension:
Discount rate 7.45% 8.05% 7.80%
F. Sensitivity
The sensitivity of the defined benefit obligation to changes in the weighted key assumptions are: (` in lakhs)
Change in Increase Decrease Change in Increase Decrease
Gratuity : assumption in present in present assumption in present in present
value of plan value of plan value of plan value of plan
liabilities liabilities liabilities liabilities
Discount rate 100 bps -10.11% 11.82% 100 bps -10.02% 11.72%
Salary Escalation Rate 50 bps 5.17% -4.90% 50 bps 5.13% -4.87%
Attrrition Rate 50 bps 0.04% -0.04% 50 bps 0.21% -0.22%
The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end
of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other
assumptions constant. When calculating the sensitivity to the assumption, the method (Projected Unit Credit Method) used to calculate the liability
recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change
compared with the previous period.


G. The defined benefit obligations shall mature after year end 31st March, 2017 as follows: (` in lakhs)
As at As at
Gratuity :
2017 – 490.63
2018 479.37 280.87
2019 352.72 324.44
2020 429.68 402.64
2021 471.77 434.53
2022 516.96
Thereafter 21497.35 19117.52
Pension:
2017 – 6.34
2018 1.56 1.50
2019 1.53 2.21
2020 0.81 1.49
2021 2.24 1.98
2022 1.41
Thereafter 94.30 88.87
**In case of certain employees, the Provident Fund contribution is made to a trust administered by the Company. In terms of the guidance note
issued by the institute of Actuaries of India, the actuary has provided a valuation of Provident Fund liability based on the assumptions listed above
and determined that there is no shortfall as at 31st March, 2017.
# takes into account the inflation, seniority, promotions and other relevant factors.
Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a
deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest
rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of the funds are invested in equity
securities and in alternative investments % which have low correlation with equity securities. The equity securities are expected to earn a return in
excess of the discount rate and contribute to the plan deficit.
(iii)
Leave obligations
The leave obligations cover the Company’s liability for sick and earned leave.
The amount of the provision of ` 2543.17 lakhs (31st March, 2016 – `2423.99 lakhs, 1 April 2015 – ` 2535.52 lakhs) is presented as current,
since the Company does not have an unconditional right to defer settlement for any of these obligations
(iv) Defined contribution plans

The Company also has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of 12%
of basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of
the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised
during the period towards defined contribution plan is ` 1,112.46 lakhs (31st March, 2016 - ` 1,043.22 lakhs).
Note :- 42
In accordance with Accounting Standard Ind As 108 ‘Operating Segment ‘, segment information has been given in the consolidated financial
statements of Raymond Limited, and therefore, no separate disclosure on segment information is given in these financial statements.

Note :- 43 - RELATED PARTY DISCLOSURES AS PER Ind AS 24 (` in lakhs)

Ownership interest
31st 31st 1st
March, 2017 March, 2016 April, 2015
1. Relationships :
a) Subsidiary Companies :
Pashmina Holdings Limited India 100 100 100
Everblue Apparel Limited India 100 100 100
Jaykayorg AG Switzerland 100 100 100
Raymond (Europe) Limited England 100 100 100
JK Files (India) Limited India 100 100 100
Colorplus Fashions Limited India 100 100 100
Silver Spark Apparel Limited India 100 100 100
Celebrations Apparel Limited India 100 100 100
Ring Plus Aqua Limited India 89.07 89.07 89.07
Raymond Woollen Outerwear Limited India 99.54 99.54 99.54
R & A Logistics Inc., USA 100 100 100
Scissors Engineering Products Limited India 100 100 100
JK Talabot Limited India 90 90 90
Raymond Apparel Limited India 100 100 100
Raymond Luxury Cottons Limited India 75.69 75.69 61.68
Dress Master Apparel Private Limited (w.e.f.10.09.2015) India 100 100 –
Silver Spark Middle East (FZS) (w.e.f.10.09.2015) Dubai 100 100 –
Raymond Lifestyle International DMCC (w.e.f.24.03.2016) Dubai 100 100 –
Silver Spark Apparel Ethiopia PLC (w.e.f.10.08.2016) Ethiopia 100 – –
b) Joint Ventures and Jointly controlled entities :
Rose Engineered Products India Private Limited.(Ceases from JV w.e.f. India – 50 50
22nd Sept.2016)
Raymond UCO Denim Private Limited and its subsidiaries/Joint Venture
UCO Fabrics Inc.and its Subsidiaries. Belguim 50 50 50
UCO Testatura S.r.l. Romania 25 25 25
UCO Raymond Denim Holding NV Belguim 50 50 50
c) Associates
J.K. Investo Trade (India) Limited India 47.66 47.66 47.66
P. T. Jaykay Files Indonesia Indonesia 39.2 39.2 39.2
J.K. Helene Curtis Limited India 47.66 47.66 47.66
J.K. Ansell Limited India 23.83 23.83 23.83
Radha Krshna Films Limited India 25.38 25.38 25.38
d) Other Significant influences
J.K. Investors (Bombay) Limited India
e) Executive Directors
Shri Gautam Hari Singhania Chairman and Managing
Director
Shri H.Sunder President-Corporate
Affiars,Whole-Time Director
f) Relatives of Executive Directors with whom transactions have taken
place :
Dr. Vijaypat Singhania Chairman Emeritus /
Director
Smt. Nawaz Singhania Non Executive Director
Smt. Meenakshi Sunder (Wife of Shri H. Sunder) Wife of Shri H.Sunder
g) Non executive directors and enterprises over which they are able to
exercise significant influence (with whom transactions have taken
place)
Shri I D Agarwal Non Executive Director
Shri Nabankur Gupta Non Executive Director
Shri Pradeep Guha Non Executive Director
Shri Boman Irani Non Executive Director
Shri Akshaykumar Chudasama (w.e.f. 21st July 2016) Non Executive Director
M/s Shardul Amarchand Mangaldas and Co.
h) Trust
Raymond Limited Employees Provident Fund
Raymond Limited Employees Gratuity Fund

Note :- 43 - RELATED PARTY DISCLOSURES AS PER Ind AS 24 (Contd...)

2. Transactions carried out with related parties referred in 1 above, in ordinary course of business: (` in lakhs)
Nature of transactions Related parties
Referred in Referred in Referred in 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 1(f) above 1(g) above 1(h) above
Purchases
Goods and Materials 9120.61 2.31 348.13 40868.75 – – – –
(7825.34) – (159.97) (38065.51) (–) (–) (–) (–)
Sales
Goods, Materials and Services 13175.49 – – – – – –
(14809.40) (1.45) (2.39) (–) (–) (–) (–) (–)
Expenses
Rent and other service charges 33.68 – 264.12 707.79 – 8.04 – –
(28.62) (–) (260.93) (701.62) – (8.04) (–) (–)
Job work charges 1,180.50 – – 927.06 – – – –

(1060.00) (–) (–) (529.18) (–) (–) (–) (–)
Commission to selling agent 981.09 – – 573.34 – – – –

(1065.46) (–) (–) (507.28) (–) (–) (–) (–)
Employee benefits expenses – – – – 888.46 – – –

(–) (–) (–) (–) (1376.23) (–) (–) (–)
Deputation of staff – 3.90 – – – – – –

(53.38) (3.33) (–) (–) (–) (–) (–) (–)
Interest paid – – – 31.85 – – – –

(–) (–) (–) (29.29) (–) (–) (–) (–)
Directors' Fees & Commission – – – – 6.00 22.00 85.00 –

(Excluding service tax) (–) (–) (–) (–) (5.50) (25.00) (67.00) (–)
Legal and professional expenses – – – – – – 145.95 –

(–) (–) (–) (–) (–) (–) (–) (–)
Loyalty 279.18 – – – – – – –
(–) (–) (–) (–) (–) (–) (–) (–)
Other Reimbursements 1,097.35 – – 68.91 – – – –

(818.64) (0.20) (0.23) (75.76) (–) (–) (–) (–)
Paid to Trust - Employees Provident – – – – – – – 539.55

Fund contribution (–) (–) (–) (–) (–) (–) (–) (480.60)
Paid to Trust - Employees Gratuity – – – – – – – 313.00

Fund contribution (–) (–) (–) (–) (–) (–) (–) (–)


Nature of transactions Related parties
Referred in Referred in Referred in 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 1(f) above 1(g) above 1(h) above
Income
Rent and other service charges 874.71 20.64 80.42 – – – – –
(888.23) (20.64) (80.42) (–) (–) (–) (–) (–)
Royalty 567.91 – 0.34 – – – – –

(481.89) (–) (5.18) (–) (–) (–) (–) (–)
Interest/Dividend 1927.60 675.00 – – – – – –

(2605.16) (607.63) (–) (–) (–) (–) (–) (–)
Other Receipts
Deputation of staff 8.68 82.84 16.68 134.62 – – – –
(299.92) (66.04) (44.22) (36.93) (–) (–) (–) (–)
Advertisement Reimbursements 1,271.26 – – – – – – –

(19.10) (–) (–) (7.86) (–) (–) (–) (–)
Other reimbursements 1,048.73 34.79 66.42 84.06 – – – –

(667.06) (20.71) (58.58) (95.47) (–) (–) (–) (–)
Loyalty 282.57 – – – – – – –
(–) (–) (–) (–) (–) (–) (–) (–)
Finance
Loans and Advances given 39,400.00 675.00 – – – – – –
(56640.00) (607.63) (–) (–) (–) (–) (–) (–)
Investments
Investments made 2,646.96 – – – – – – –
(6168.00) (–) (–) (–) (–) (–) (–) (–)


Nature of transactions (` in lakhs)
As at As at As at
Outstandings
Dividend Receivable
Subsidiaries
Beginning of the year – 1646.40 –
Receivable – – –
Received during the year – 1646.40 –
End of the year – – 1646.40
Guarantees given to bank

Subsidiaries
Beginning of the year 6,438.00 6,413.00 6,486.00
Addition during the year – 25.00 –
Withdrawn 138.00 – 73.00
End of the year 6,300.00 6,438.00 6,413.00
Payable (Trade Payables & Other Liablities)

Subsidiaries 1,673.15 1,821.77 1,662.16
Joint Ventures and Jointly controlled entities – – –
Associates 25.78 26.85 10.07
Other significant influences 6,926.71 5,340.80 4,959.60
Key Management personnel – 517.39 312.03
Relatives of key managerial personnel 13.00 15.00 10.00
Independent Directors 32.50 22.50 15.00
End of the year 8,671.14 7,744.31 6,968.86
Receivable
Subsidiaries 5,482.83 4272.37 2794.06
Joint Ventures and Jointly controlled entities – 718.58 673.97
Associates 2.39 13.84 17.91
Other significant influences 87.34 7.48 3.35
End of the year 5,572.56 5,012.27 3,489.29
Agency/Property Deposits received

Subsidiaries
Beginning of the year – 44.03 44.03
Received during the year – – –
Paid during the year – 44.03 –
End of the year – – 44.03
Joint Ventures and Jointly controlled entities

Beginning of the year 1.00 1.00 1.00
Paid during the year – – –
End of the year 1.00 1.00 1.00
Other significant influences

Interest charged during the year 26.36 24.10 22.00
End of the year 318.48 292.12 268.02


Nature of transactions (` in lakhs)
As at As at As at
Loans and Advances
Subsidiaries & Joint Ventures
Non current 16,779.05 17,404.05 14,896.41
Current 1,193.23 1,577.77 2,113.83

Loans advanced 39,790.46 57,247.63 37,100.00
Loan repayments received 40,800.00 55,540.00 36,800.00
Interest charged – – –
Interest received – – –
End of the year 17,972.28 18,981.82 17,010.24
Property Deposit paid

Joint Ventures and Jointly controlled entities
Interest charged during the year – – –
End of the year 1.00 1.00 1.00
Associates
Beginning of the year 57.46 57.46 –
Paid during the year – – 57.46
End of the year 57.46 57.46 57.46
Other significant influences

End of the year 2,935.85 2,935.85 2,935.85
Previous years figures are in ( )
Notes :
1) The above excludes waiver of interest during the year with respect to Raymond UCO Denim Private Limited.
2) The Company has agreed with the lenders (Banks) of some of these subsidiaries/Joint Ventures for not disposing off Company’s investments
in such Subsidiries/Joint /Venturs without their prior consent.
3) Loans to Subsidiaries:
Loans to the Subsidiaries have been given for acquisition of assets and augmenting working capital and have been utilised for the same.
Guarantees given:
Guarantees provided to the lenders of the subsidiaries are for availing term loans and working capital facilities from the lender banks.


Executive Directors Compensation (` in lakhs)
a) Short- term employee benefits 839.91 1287.55
b) Post- employment benefits 48.55 88.68
Total compensation * 888.46 1376.23
* This aforesaid amount does not includes amount in respect of gratuity and leave as the same is not determinable.
3 Disclosure in respect of material transactions with related parties during the year. (included in 2 above). (` in lakhs)
2016-17 2015-16
Purchases
Goods and Materials
Raymond Apparel Limited 7,692.90 5590.67
Raymond Luxury Cottons Limited 676.06 1189.47
J.K. Investors (Bombay) Limited 40,868.75 38065.51
Sales
Goods,Materials and Services
Silver Spark Apparel Limited 10,645.63 11784.82
Expenses
Rent and other service charges
J.K. Investors (Bombay) Limited 707.79 701.62
J.K. Investo Trade (India) Limited 264.12 260.93
Job work charges

Silver Spark Apparel Limited 889.75 770.22
Celebrations Apparel Limited 290.75 289.78
Commission to selling agent

Raymond (Europe) Limited 981.09 1065.46
Remuneration
Shri Gautam Hari Singhania # 615.65 1,139.87
Shri H. Sunder * 272.81 236.36
Deputation of staff
Raymond Apparel Limited – 53.38
Interest Paid
Director Sitting Fees and Commission to Executive Directors (excluding service tax)
Shri Gautam Hari Singhania 6.00 5.50
Dr. Vijaypat Singhania 10.00 14.50
Smt. Nawaz Gautam Singhania 12.00 10.50
# Refer Note 49
* Reappointment w.e.f. 29th July, 2016, is subject to approval in forthcoming Annual General Meeting

2016-17 2015-16
Director Sitting Fees and Commission to Non Executive Directors (excluding service tax)
Shri I D Agarwal 24.50 18.50
Shri Nabankur Gupta 25.00 24.50
Shri Pradeep Guha 25.50 24.00
Shri Akshaykumar Chudasama 10.00 –
Legal and professional expenses

M/s Shardul Amarchand Mangaldas & Co. 145.95 –
Paid to Trust
Raymond Limited Employees Provident Fund 539.55 480.60
Raymond Limited Employees Gratuity Fund 313.00 –
Income
JK Files (India) Limited 625.42 625.42
Raymond Apparel Limited 166.68 173.88
Royalty
Interest
JK Files (India) Limited 411.48 604.93
Silver Spark Apparel Limited 299.23 443.77
Other Receipts
Deputation of staff
Raymond Apparel Limited – 155.76
Raymond Luxury Cottons Limited – 58.42
J.K. Helene Curtis Limited 15.06 23.81
Advertisement Reimbursements
J.K. Investors (Bombay) Limited – 7.86
Investment
Raymond Luxury Cottons Limited – 6168.00
Silver Spark Apparel Limited 2,500.00 –
Raymond Lifestyle International DMCC 146.96 –


2016-17 2015-16
Outstandings
Guarantees given to bank
Everblue Apparel Limited 4,300.00 4300.00
Celebrations Apparel Limited 1,186.00 1186.00
Payable
Raymond Luxury Cottons Limited 218.38 117.49
J.K. Investors (Bombay) Limited 6,926.71 5340.80
Receivable
Raymond Apparel Limited 1,502.02 –
Silver Spark Apparel Limited 3,748.66 3657.95
Raymond UCO Denim Private Limited 653.96 718.58
Property Deposit paid

Property Deposit received

Raymond Apparel Limited – –
Loans and advances in the nature of loans given (` in lakhs)

Amount Maximum Shares held by Loanee in the
outstanding balance during Company
As at the year No. of Shares Maximum
31st March, 31st March, outstanding at No. of shares held
2017 2017 the year-end during the year
(i) Subsidiaries:
Everblue Apparel Limited 1845.00 1845.00 – –
(1845.00) (2095.00) (–) (–)
JK Files (India) Limited 3427.82 5427.82 – –

(3427.82) (6085.00) (–) (–)
Raymond Apparel Limited – 7000.00 – –

(–) (7000.00) (–) (–)
Silver Spark Apparel Limited 2707.96 3207.96 – –

(2707.96) (4007.96) (–) (–)


Loans and advances in the nature of loans given (` in lakhs)
Amount Maximum Shares held by Loanee in the
outstanding balance during Company
As at the year No. of Shares Maximum No. of
31st March, 31st March, outstanding at the shares held during
2017 2017 year-end the year
(i) Subsidiaries:
Celebrations Apparel Limited 1,031.08 1,031.08 – –

(931.08) (931.08) (–) (–)
Ring Plus Aqua Limited 1139.00 2639.00 – –

(2639.00) (2989.00) (–) (–)
Colorplus Fashions Limited – 2500.00 – –

(–) (1500.00) (–) (–)
Raymond Luxury Cottons Limited – – – –

(–) (1000.00) (–) (–)
(ii) Joint Ventures

Raymond Uco Denim Private Limited 6798.19 6798.19 – –
(6123.19) (–) (–) (–)
(Figures in bracket relate to previous year)
Note :- 44 - FAIR VALUE MEASUREMENT

Financial Instrument by category and hierarchy
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans
from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.
2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and
individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these
receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
The fair values for loans, security deposits and investment in preference shares were calculated based on cash flows discounted using a current
lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party
credit risk.
The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair
values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.
For financial assets and liabilities that are measured at fair value, the carriying amounts are equal to the fair values.

Note :- 44 - FAIR VALUE MEASUREMENT (Contd...)

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
(` in lakhs)
Financial Assets and Routed through Profit and Loss Routed through OCI Carried at amortised cost
Total
Liabilities as at 31st Non
Current Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Amount
March, 2017 Current
Financial Assets
Investments
- Equity instruments 0.80 1,306.69 1,307.49 1,306.69 0.80 1,307.49 – – 1,307.49
- Preference shares – 66.26 66.26 66.26 66.26 – – 66.26
- Debentures – – –
- Tax Free Bonds 6,985.39 6,985.39 – – 6,985.39 6,985.39 6,985.39
- Mutual funds 31,791.57 31,791.57 31,791.57 – 31,791.57 – – 31,791.57
- Venture capital fund 243.18 243.18 243.18 243.18 – – 243.18
- Government Securities 0.06 0.06 – – 0.06 0.06 0.06
- Certificate of deposits 3,535.90 3,535.90 – – 3,535.90 3,535.90 3,535.90
7,229.43 36,700.42 43,929.86 33,164.52 – 243.98 33,408.50 – – – – 6,985.39 3,535.96 – 10,521.35 43,929.86
Other Assets
Loans to Employees 7.66 31.73 39.39 – – 39.39 39.39 39.39
Security Deposit 6,043.35 444.37 6,487.72 6,487.72 6,487.72 6,487.72
Loans to Related Parties 16,779.05 1,193.23 17,972.27 17,972.27 17,972.27 17,972.27
Other Financial Assets 722.64 861.88 1,584.52 – 1,584.52 1,584.52 1,584.52
Trade receivable 71,396.41 71,396.41 – 71,396.41 71,396.41 71,396.41
Cash and Cash quivalents 806.72 806.72 – 806.72 806.72 806.72
Other Bank Balance 3,068.04 3,068.04 – 3,068.04 3,068.04 3,068.04
23,552.70 77,802.38 101,355.08 – – – – – – – – – – 101,355.08 101,355.08 101,355.08
Financial Liabilities
Borrowings 47,396.51 113,117.73 160,514.24 160,514.24 160,514.24 160,514.24

Other Financial Liabilities 22,845.21 22,845.21 22,845.21 22,845.21 22,845.21
Trade Payables 40,006.78 40,006.78 40,006.78 40,006.78 40,006.78
47,396.51 175,969.72 223,366.23 – – – – – – – – – – 223,366.23 223,366.23 223,366.23

Note :- 44 - FAIR VALUE MEASUREMENT (Contd...) (` in lakhs)
Total
March, 2016 Current
Financial Assets
Investments
- Equity instruments 0.80 876.74 877.54 876.74 0.80 877.54 – – – 877.54
- Preference shares – – – – – – –
- Debentures – – – – –
- Tax Free Bonds 3,753.18 3,753.18 – – 3,753.18 3,753.18 3,753.18
- Mutual funds 24,608.10 24,608.10 24,608.10 – 24,608.10 – – 24,608.10
4,022.35 34,456.37 38,478.72 25,484.84 – 269.11 25,753.95 – – – – 3,753.18 8,971.59 – 12,724.77 38,478.72
Other Assets
Loans to Employees – 17.95 17.95 – – 17.95 17.95 17.95
Security Deposit 5,328.15 349.46 5,677.61 – 5,677.61 5,677.61 5,677.61
Other Financial Assets 872.29 842.89 1,715.18 – 1,715.18 1,715.18 1,715.18

Cash and Cash quivalents 1,023.46 1,023.46 – 1,023.46 1,023.46 1,023.46
23,604.49 81,948.44 105,552.93 – – – – – – – – – – 105,552.93 105,552.93 105,552.93
Borrowings 79,173.71 79,562.37 158,736.08 158,736.08 158,736.08 158,736.08

Other Financial Liabilities – 20,977.17 20,977.17 20,977.17 20,977.17 20,977.17
Trade Payables 32,207.18 32,207.18 32,207.18 32,207.18 32,207.18
79,173.71 132,746.72 211,920.43 – – – – – – – – – – 211,920.43 211,920.43 211,920.43

Note :- 44 - FAIR VALUE MEASUREMENT (Contd...) (` in lakhs)

Total
March, 2015 Current
Financial Assets
Investments
- Equity instruments 0.80 866.85 867.65 858.62 9.03 867.65 – – – 867.65
- Preference shares 10,317.12 19.16 10,336.28 10,336.28 10,336.28 – – 10,336.28
- Debentures 2,353.42 268.83 2,622.25 2,622.25 2,622.25 – 2,622.25
- Tax Free Bonds – – – – – – –
- Mutual funds – 25,408.25 25,408.25 25,408.25 25,408.25 – – 25,408.25
13,172.36 31,563.09 44,735.45 26,266.87 – 13,468.52 39,735.39 – – – – – 5,000.06 – 5,000.06 44,735.45
Other Assets
Loans to Employees 30.38 42.49 72.87 – – 72.87 72.87 72.87
Security Deposit 4,881.75 826.92 5,708.67 – 5,708.67 5,708.67 5,708.67
Other Financial Assets 4,524.75 2,261.94 6,786.69 – 6,786.69 6,786.69 6,786.69
Cash and Cash equivalents 1,455.24 1,455.24 – 1,455.24 1,455.24 1,455.24
24,333.30 78,695.44 103,028.73 – – – – – – – – – – 103,028.73 103,028.73 103,028.73
Borrowings 75,493.25 75,248.01 150,741.26 150,741.26 150,741.26 150,741.26

Other Financial Liabilities – 18,112.88 18,112.88 18,112.89 18,112.89 18,112.89
Trade Payables 24,741.04 24,741.04 24,741.04 24,741.04 24,741.04
75,493.25 118,101.93 193,595.18 – – – – – – – – – – 193,595.19 193,595.19 193,595.19

Note :- 44 - FAIR VALUE MEASUREMENT (Contd...)

Fair value of financial assets and liabilities measured at amortised cost- (` in lakhs)
Carrying Carrying Carrying
Fair Value Fair Value Fair Value
amount amount amount
Financial Assets
Investment Others 6,985.45 7,430.78 3,753.24 3,854.24 0.06 0.06
Certificate of deposits 3,535.90 3,535.90 8,971.53 8,971.53 5,000.00 5,000.00
Security deposits 6,487.72 6,487.72 5,677.61 5,677.61 5,708.67 5,708.67
17,009.07 17,454.40 18,402.38 18,503.38 10,708.73 10,708.73
Borrowings 160,514.24 161,016.24 158,736.08 159,290.18 150,741.27 151,459.61
160,514.24 161,016.24 158,736.08 159,290.18 150,741.27 151,459.61
(iii) Fair value measurements using significant unobservable inputs (level 3)

The following table presents the changes in level 3 items for the periods ended 31st March, 2017 and 31st March, 2016:
(` in lakhs)
Equity Venture capital
Total
instruments fund*
As at 1 April 2015 0.80 500.96 501.76
Acquisitions – – –
Disposal – 533.41 533.41
Gains/losses recognised in profit or loss – 300.77 300.77
As at 31st March, 2016 0.80 268.32 269.12
Acquisitions – – –
Disposal – 26.50 26.50
Losses recognised in profit or loss – 1.36 1.36
As at 31st March, 2017 0.80 243.19 243.99
*Company has invested in HDFC India Real Estate Fund and Kotak India Growth Fund and these funds have been further invested into various
companies. Company has considered the fair value on the basis of the valuation report provided by venture capital fund.
Note :- 45 - FINANCIAL RISK MANAGEMENT

Financial risk management objectives and policies
The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The Company’s financial risk
management policy is set by the Managing Board.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument.
The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other
market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including
investments and deposits, foreign currency receivables, payables and loans and borrowings.
The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process
of market risk management. The treasury department recommend risk management objectives and policies, which are approved by Senior
Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies
for foreign currency exposures like foreign exchange forward contracts, borrowing strategies and ensuring compliance with market risk limits and
policies.
Market Risk- Interest rate risk

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

Note :- 45 - FINANCIAL RISK MANAGEMENT (Contd...)

treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial
instruments in its total portfolio.
According to the Company interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared
assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase
or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the
reasonably possible change in interest rates.
Exposure to interest rate risk

(` in lakhs)
Particulars As at 31st As at 31st As at
March, 2017 March, 2016 1st April, 2015
Total Borrowings 160514.23 158736.08 150741.29
% of Borrowings out of above bearing variable rate of interest 28.46 36.66 44.50
Interest rate sensitivity

A change of 50 bps in interest rates would have following Impact on profit before tax
(` in lakhs)
2016-2017 2015-2016
50 bp increase would decrease the profit before tax by 228.45 291.00
50 bp decrease would Increase the profit before tax by (228.45) (291.00)
Market Risk- Foreign currency risk.

The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed
to foreign exchange risk through its sales and services in overseas and purchases from overseas suppliers in various foreign currencies. Foreign
currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.
Derivative instruments and unhedged foreign currency exposure
(a) Derivative outstanding as at the reporting date Foreign currency In lakhs

Forward contracts to sell USD USD 21.64 USD 61.64 USD 59.50
Forward contracts to buy USD USD 119.54 USD 135.10 USD 111.20
Forward contracts to buy AUD AUD 160.36 AUD 33.58 AUD 28.50
Option contracts to buy USD USD – USD – USD 36.60
Swaps USD 100.00 USD 100.00 USD –

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


(b) Particulars of unhedged foreign currency exposures as at the reporting date
As at 31st March, 2017 Foreign currency In lakhs

Particulars USD EURO GBP RMB AUD CHF AED JPY
Trade Receivable 33.36 4.38 2.05 – – – – –
Trade payables 6.92 19.98 0.05 – – 0.09 – 4.06
Loans taken – – – – – – – –
Cash and Bank balances 0.69 – – – – – – –

Particulars USD EURO GBP RMB AUD CHF AED
Trade Receivable 13.35 5.16 0.30 – – –
Trade payables – – – – – 0.55 –
Loans taken 12.71 – – – – – –
Cash and Bank balances 0.24 – – 0.76 – – –

Particulars USD EURO GBP RMB AUD CHF AED
Trade Receivable – 1.40 0.37 – – 18.26
Trade payables – 2.63 0.02 – 20.92 0.06 –
Loans taken 5.00 – – – – – –
Cash and Bank balances 0.20 – – 0.50 – – –
(a) (iii) Market Risk- Price Risk

(a) Exposure
The Company’s exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at
fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company
diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.
(b) Sensitivity
The table below summarizes the impact of increases/decreases of the BSE index on the Company’s equity and Gain/Loss for the period. The
analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all
the Company’s equity instruments moved in line with the index.
Impact on Profit before tax (` in lakhs)

31st March, 2017 31st March, 2016 1st April 2015
BSE Sensex 30- Increase 5% 197.44 (67.93) 331.63
BSE Sensex 30- Decrease 5% (197.44) 67.93 (331.63)
Above referred sensitivity pertains to quoted equity investment (Refer note 5(ii)). Profit for the year would increase/ (decrease) as a result of gains/
losses on equity securities as at fair value through profit or loss.
(c) Foreign Currency Risk Sensitivity

A change of 5% in Foreign currency would have following Impact on profit before tax (` in lakhs)
2016-17 2015-16
5% Increase 5% decrease 5% Increase 5% decrease
USD 87.98 (87.98) 2.92 (2.92)
EURO (53.87) 53.87 19.45 (19.45)
GBP 8.12 (8.12) 1.43 (1.43)
Others (0.28) 0.28 (1.50) 1.50
Increase / (decrease) in profit or loss 41.95 (41.95) 22.30 (22.30)


Credit risk
Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company
periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic
trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such
information.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on
an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of
default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive
forwarding-looking information such as:
i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counterparty,
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its obligations,
iv) Significant increase in credit risk on other financial instruments of the same counterparty,
v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit
enhancements.
Financial assests are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with
the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover
the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.
The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry
practices and the business environment in which the entity operates.Loss rates are based on actual credit loss experience and past trends. Based
on the historical data, loss on collection of receivable is not material hence no additional provision considered.
Ageing of Account receivables (` in lakhs)

As at 31st As at 31st As at 1st
Not due 35365.32 40853.02 35731.18
0-3 months 20217.35 22930.21 20254.68
3-6 months 11142.08 5021.15 5570.51
6 months to 12 months 3381.09 1539.87 1145.46
beyond 12 months and less than 2 years 1290.57 2276.32 1202.82
Total 71396.41 72620.57 63904.65
Financial Assets are considered to be of good quality and there is no significant increase in credit risk.
Movement in provisions of doubtful debts (` in lakhs)

As at 31st As at 31st
March, 2017 March, 2016
Opening provision 123.38 154.03
Add:- Additional provision made – 11.49
Less:- Provision write off – (42.14)
Less:- Provision reversed – –
Closing provisions 123.38 123.38


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

The Company had access to the following undrawn borrowing facilities at the end of the reporting period:
Ageing of Account receivables (` in lakhs)

As at 31st As at 31st As at 1st
Floating Rate
Expiring within one year (bank overdraft and other facilities) 25,303.96 26,434.34 31,828.32
Expiring beyond one year (bank loans) – 3,500.00 3,500.00
The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance of satisfactory
credit ratings, the bank loan facilities may be drawn at any time in INR.
(ii) Maturity patterns of borrowings (` in lakhs)

beyond 5 beyond 5
0-1 years 1-5 years Total 0-1 years 1-5 years Total
years years
Long term borrowings (Including 31,894.40 47,396.51 – 79,290.91 25,707.18 79,173.71 – 104,880.89
current maturity of long tern debt)
Short term borrowings 81,223.34 – – 81,223.34 53,855.19 – – 53,855.19
Total 113,117.74 47,396.51 – 160,514.25 79,562.37 79,173.71 – 158,736.08
Maturity patterns of other Financial Liabilities (` in lakhs)

As at 31st March,'17 6 months to 12 beyond 12
0-3 months 3-6 months Total
months months
Trade Payable 40,006.78 – – – 40,006.78
Payable related to Capital goods 1,416.96 1,416.96
Other Financial liability (Current and 7,716.88 13,579.88 21,296.76
Non Current)
Total 49,140.62 – – 13,579.88 62,720.50
(` in lakhs)
months months
Trade Payable 32,207.18 – – – 32,207.18
Payable related to Capital goods 138.15 – – – 138.15
Other Financial liability (Current and 7,852.43 – – 12,812.53 20,664.96
Non Current)
Total 40,197.76 – – 12,812.53 53,010.29

Note :- 45 - FINANCIAL RISK MANAGEMENT (Contd...) (` in lakhs)

months months
Trade Payable 24,741.04 – – – 24,741.04
Other Financial liability (Current and 5,786.41 – – 12,177.55 17,963.96
Non Current)
Total 30,572.74 – – 12,177.55 42,750.29
Note :- 46 - CAPITAL RISK MANAGEMENT

(a) Risk Management
The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our
shareholders.
The capital structure of the Company is based on management’s judgement of the appropriate balance of key elements in order to meet its
strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in
economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may
adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.
The Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and
market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain,
or if necessary adjust, its capital structure.
(` in lakhs)
(b) Dividend 31st March, 2017 31st March, 2016
Equity shares
Final dividend for the year ended 31st March, 2016 of INR 3 1841.43 1841.43
(31st March, 2015 – INR 3) per fully paid share
Dividends not recognised at the end of the reporting period
In addition to the above dividends, since year end the directors have recommended the payment 767.26 1841.43
of a final dividend of INR 1.25 per fully paid equity share (31st March, 2016 – INR 3). This proposed
dividend is subject to the approval of shareholders in the ensuing annual general meeting.
Note :- 47 - EARNINGS PER SHARE (` in lakhs)

Earnings Per Share has been computed as under:
Profit/(Loss) for the year 3,382.83 7,375.27
Weighted average number of equity shares outstanding 61,380,854 61,380,854

Earnings Per Share (`) - Basic (Face value of Re. 10 per share) 5.51 12.02
Diluted earning per share is same as basic earning per share.
Note :- 48 - EXPORT PROMOTION CAPITAL GOODS (EPCG)

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

Note :- 49 -
In view of inadequacy of profit for the year 2016-17 remuneration paid by the Company to Chairman and Managing Director (CMD) is in excess of
the limit prescribed under 197 read with Schedule V of the Companies Act, 2013. Pending approval of Central Government an amount of ` 345.29
lakhs is being held in trust by the CMD.
Note :- 50 - DISCLOSURE IN RESPECT OF SPECIFIED BANK NOTES HELD AND TRANSACTED :- (` in lakhs)
Particulars Other
Specified Bank
denomination Total (`)
Notes(SBNs)
notes & Coins
Closing cash in hand as on 08.11.2016 5,552,000 4,993,764 10,545,764
(+) Permitted receipts – –
(-) Permitted payments – –

–
(-) Amount deposited in Banks 5,552,000 – –
Closing cash in hand as on 30.12.2016 – – –
Specified Bank Notes is defined as Bank Notes of denominations of the existing series of the value of five hundred rupees and one thousand
rupees.
The disclosures with respects to ‘Permitted Receipts’, ‘Permitted Payments’, ‘Amount Deposited in Banks’ and ‘Closing Cash in Hand as on
30.12.2016’ is understood to be applicable in case of SBNs only.
Note :- 51 - DETAILS OF CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENDITURE: (` in lakhs)

Amount required to be spent as per Section 135 of the Act 153.00 53.00
Amount spent during the year on:
(i) Construction / acquisition of an asset – –
(ii) On purpose other than (i) above 109.77 57.00
Total 109.77 57.00
Note :- 52 - EVENT OCCURING AFTER BALANCE SHEET DATE

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

Note :- 54 - FIRST-TIME ADOPTION OF Ind AS
These are the Company’s first financial statements prepared in accordance with Ind AS.
The Company has adopted Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs with effect from 1st April, 2016,
with a transition date of 1st April, 2015. Ind AS 101-First-time Adoption of Indian Accounting Standards requires that all Ind AS standards and
interpretations that are issued and effective for the first Ind AS financial statements which is for the year ended 31st March, 2017 for the company,
be applied retrospectively and consistently for all financial years presented. Consequently, in preparing these Ind AS financial statements, the
Company has availed certain exemptions and complied with the mandatory exceptions provided in Ind AS 101, as explained below. The resulting
difference in the carrying values of the assets and liabilities as at the transition date between the Ind AS and Previous GAAP have been recognised
directly in equity (retained earnings or another appropriate category of equity).
Set out below are the Ind AS 101 optional exemptions availed as applicable and mandatory exceptions applied in the transition from previous
GAAP to Ind AS.
A.
Optional Exemptions availed
(a) Deemed Cost
The Company has opted paragraph D7 AA and accordingly considered the carrying value of property, plant and equipments and
Intangible assets as deemed cost as at the transition date.
(b) Investments in subsidiaries, joint ventures and associates

The Company has opted para D14 and D15 and accordingly considered the Previous GAAP carrying amount of Investments as deemed
cost as at the transition date.
(c) Designation of previously recognised financial instruments

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

(a) Estimates
An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same
date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies).
Ind AS estimates as at 1 April 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP.
The company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under
previous GAAP:
- Investment in equity instruments carried at FVPL or FVOCI;
- Investment in debt instruments carried at FVPL; and
- Impairment of financial assets based on expected credit loss model.
(b) Classification and measurement of financial assets

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

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to
Ind AS as required under Ind AS 101:
I. Reconciliation of Balance sheet as at April 1, 2015 (Transition Date)
II. A. Reconciliation of Balance sheet as at March 31, 2016
B. Reconciliation of Total Comprehensive Income for the year ended March 31, 2016
III. Reconciliation of Equity as at April 1, 2015 and as at March 31, 2016
IV. Adjustments to Statement of Cash Flows

Note :- 54 - FIRST-TIME ADOPTION OF Ind AS (Contd...)

The presentation requirements under Previous GAAP differs from Ind AS, and hence, Previous GAAP information has been regrouped for ease
of reconciliation with Ind AS. The Regrouped Previous GAAP information is derived from the Financial Statements of the Company prepared in
accordance with Previous GAAP.
I. Reconciliation of Balance sheet as at April 1, 2015 (` in lakhs)

Notes to first Regrouped Ind AS
Ind AS
time adoption Previous GAAP adjustments
ASSETS
Non-current assets
Property, Plant and Equipment K 60,514.50 2,690.02 63,204.52
Capital work-in-progress 16,739.67 – 16,739.67
Intangible assets 52.91 – 52.91
Investment Property 574.83 – 574.83
Investments in subsidiaries, associates and joint venture D 21,408.13 (3,135.86) 18,272.27
Financial Assets –
Non Current Investment 13,172.36 – 13,172.36
Long - term loans and advances 14,926.79 – 14,926.79
Other financial assets E 11,100.64 (1,694.13) 9,406.50
Deferred Tax Assets (Net) N 4,261.82 38.18 4,300.00
Current Tax Assets (Net) 7,153.99 – 7,153.99
Other non-current assets E 2,412.58 1,183.28 3,595.86
Current assets
Inventories 57,665.61 – 57,665.61
Investments D 30,771.51 791.58 31,563.09
Trade receivables F 63,899.63 5.02 63,904.65
Cash and cash equivalents 1,455.24 – 1,455.24
Other Bank Balance 8,090.36 – 8,090.36
Short - term loans and advances 2,156.32 – 2,156.32
Other financial assets 3,088.86 – 3,088.86
Other current assets E 5,618.15 385.08 6,003.23
TOTAL 325,063.91 263.17 325,327.06
EQUITY AND LIABILITIES
Equity
Equity Share capital 6,138.08 – 6,138.08
Other Equity L 110,638.20 (231.65) 110,406.55
LIABILITIES
Financial liabilities
Long - term borrowings A 76,033.21 (539.96) 75,493.25
Deferred tax liabilities (Net) – – –
Other non-current liabilities K 132.85 2,295.62 2,428.47
Current liabilities
Short Term Borrowings 49,774.76 – 49,774.76
Trade payables F 24,755.66 (14.62) 24,741.04
Other financial liabilities A,F 43,650.04 (63.89) 43,586.15
Other current liabilities B,K 8,949.10 659.08 9,608.18
Provisions C 4,992.02 (1,841.42) 3,150.58
TOTAL 325,063.91 263.17 325,327.06


II. A. Reconciliation of Balance Sheet as at March 31, 2016 (` in lakhs)
Notes to first Regrouped Ind AS
Ind AS
time adoption Previous GAAP adjustments
ASSETS
Non-current assets
Property, Plant and Equipment K 57,681.64 2,368.23 60,049.87
Capital work-in-progress 19,676.33 – 19,676.33
Intangible assets – – –
Investment Property 545.81 – 545.81
Investments in subsidiaries, associates and joint venture D 39,639.02 (2,577.75) 37,061.27
Non Current Investment 4,022.35 4,022.35
Long - term loans and advances 17,404.05 – 17,404.05
Other financial assets E 7,813.68 (1,613.24) 6,200.44
Deferred Tax Assets (Net) N 3,071.77 (266.91) 2,804.86
Current Tax Assets (Net) 7,047.93 – 7,047.93
Other non-current assets E 2,549.47 1,091.19 3,640.66
Current assets
Inventories 65,689.05 – 65,689.05
Financial Assets
Investments D 33,660.61 795.76 34,456.37
Trade receivables F 72,677.52 (56.95) 72,620.57
Cash and cash equivalents 1,023.46 – 1,023.46
Bank Balance other than above 5,516.34 – 5,516.34
Short - term loans and advances 1,595.72 – 1,595.72
Other financial assets 1,192.35 – 1,192.35
Other current assets E 7,953.22 409.07 8,362.29
–
TOTAL 348,760.33 149.39 348,909.72

Equity
Equity Share capital 6,138.08 – 6,138.08
Other Equity L 117,705.88 (1,886.38) 115,819.50
LIABILITIES
Financial liabilities
Long - term borrowings A 79,575.97 (402.26) 79,173.71
Deferred tax liabilities (Net) – – –
Other non-current liabilities K 40.40 1,899.13 1,939.53
Current liabilities
Short Term Borrowings 53,855.19 – 53,855.19
Trade payables F 32,228.18 (21.00) 32,207.18
Other financial liabilities A,F 46,775.05 (90.71) 46,684.36
Other current liabilities B,K 9,196.69 650.61 9,847.30
Short term provisions 3,040.06 – 3,040.06
Current Tax Liabilities (Net) 204.81 – 204.81
TOTAL 348,760.33 149.39 348,909.72


II. B. Reconciliation of Statement of Profit and Loss for the year ended March 31, 2016 (` in lakhs)
Regrouped Ind AS
Note Ind AS
Previous GAAP adjustments
Revenue from Operations 279,191.49 – 279,191.49
Other Income D,E 11,953.47 1,146.35 13,099.82
Total 291,144.96 1,146.35 292,291.31
Expenses
Cost of materials consumed 58,634.82 – 58,634.82
Purchases of Stock-in-Trade 66,527.03 – 66,527.03
Changes in inventories of finished goods, Stock-in-Trade and (7,116.34) – (7,116.34)
work-in progress
Manufacturing and Operating Costs 43,327.98 – 43,327.98
Employee benefits expense I 33,779.59 327.69 34,107.28
Finance costs A 13,623.16 1,859.51 15,482.67
Depreciation and amortization expense O 8,746.51 430.71 9,177.22
Other expenses E,F 60,801.39 109.43 60,910.81
Total 278,324.14 2,727.34 281,051.47
Profit before exceptional items and tax 12,820.81 (1,580.99) 11,239.84

Exceptional Items – –
Profit before tax 12,820.81 (1,580.99) 11,239.84
Tax expense
Current tax O 3,421.94 (717.35) 2,704.59
Deferred tax (net) N 1,190.05 (30.07) 1,159.98
Profit for the year (A) 8,208.82 (833.57) 7,375.27
Other Comprehensive Income
Items that will not be reclassified to profit or loss

Remeasurements of net defined benefit plans I – 327.69 327.69
Income Tax relating to Remeasurements of net defined O (113.41) (113.41)
benefit plans
Other Comprehensive Income for the year (B) M – 214.28 214.28
Total Comprehensive Income for the year (A+B) 8,208.82 (1,047.84) 7,589.55
Equity holder of parent 8,208.82 (1,047.84) 7,589.55


III A Reconciliation of Equity (` in lakhs)
As at As at
Notes
31st March, 2016 1st April, 2015
Total equity under Previous GAAP 123,843.93 116,776.29
Adjustments impact: Gain/ (Loss)
Reversal of proposed ordinary dividends payable C – 1,841.43
Effective Interest rate computation of Loans outstanding A 258.26 374.75
Fair valuation of Investment- Short term D 697.94 710.14
Fair valuation of Instrument in Subsidiary and JV D (2,577.76) (3,135.86)
Deferred tax assets created for DDT credit available on DDT payable by – 335.17
Subsidiary
Others B,E,F (294.90) (60.30)
Deferred Tax on Ind as adjustment 30.08 (296.99)
Total IND AS adjustment (1,886.38) (231.67)
Total equity under Ind AS 121,957.58 116,544.63
III B Reconciliation of Income Statement

Notes As at
31st March, 2016
Profit after tax under Previous GAAP 8,208.82
Adjustments Gain/ (Loss)
Amortisation of Premium on redemption of debentures and transaction costs on borrowings A,H (1,859.51)
Others (net) D,E,F 391.93
Deferred tax assets on IND AS adjustment N 634.01
Total adjustment (833.57)
Profit after tax as per Ind AS 7,375.25

Other comprehensive income (Net of Tax) I,O 214.30
Total comprehensive income as per Ind AS 7,589.55


The following explains the material adjustments made while transition from previous accounting standards to IND AS
A Borrowings
As required under the IND AS 109 transactions costs incurred towards origination of borrowings have been deducted from the carrying
amount of borrowings on initial recognition. These costs are recognised in the profit and loss over the tenure of the borrowing as interest
expense, computed using the effective interest rate method corresponding effect being in Long term borrowings and to the extent attributable
to Current maturity of long term debts.
Under the previous GAAP, these transaction costs were charged to the profit and loss as and when incurred. Consequently, borrowings as at
31st March, 2016 have been reduced by `458,69 Lakhs (April 1, 2015- `573.08 Lakhs) with a corresponding adjustment to retained earnings
resulting in increase in total equity. The profit under the previous GAAP for the year ended 31st March, 2016 has been reduced by `1859.51
Lakhs (`1681.37 lakhs premium on zero copoun debentures and ` 178.14 lakhs) additional interest expense.
B Other Liabilities
As required under Paragraph 17 of IND AS 18 - Revenue recognition, provision has been made for the estimated sales returns of `252 lakhs
as at 31st March, 2016 (As at April 1, 2015 - ` 251 Lakhs) and consequently reserves and surplus as at transition date and profit and loss for
the year ended 31st March, 2016 have been adjusted accordingly.
C Proposed dividend
Under the previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial
statements were considered as adjusting events and accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS,
such dividends are recognised when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed
dividend of `1841.43 Lakhs as at 1st April, 2015 included under provisions has been reversed with corresponding adjustment to retained
earnings. Consequently, the total equity has been increased by an equivalent amount.
D Fair Valuation of Investments

Under the previous GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments
based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary
decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under IND AS, these investments
are required to be measured at fair value. The resulting fair value changes of these investments have been recognised in retained earnings `
795.76 Lakhs as at 31st March, 2016 (`791.59 Lakhs As at 1 April, 2015).
Fair value changes with respect to investments in equity instruments designated as FVTPL have been recognised in FVTPL - Equity investments
reserve as at the date of transition and subsequently in the Profit and Loss for the year ended 31st March 2016. This increased other reserves
by ` 2577.76 Lakhs as at 31st March, 2016 (1st April 2015 - ` 3135.86 Lakhs).
E Security deposits
Under the previous GAAP, interest free security deposits are recorded at their transaction value. Under IND AS, all financial assets are required
to be recognised at fair value. Accordingly, the Company has fair valued the security deposits under IND AS. Difference between fair value of
security deposits and the carrying value (transaction value) as per Previous GAAP has been recognised as prepaid rent. Consequently, the
amount of security deposits has been decreased by ` 1577.14 lakhs as at 31st March, 2016 (` 1651.95 lakhs as at 1st April, 2015). The
prepaid rent increased by ` 1445.37 lakhs as at 31st March,2016 (` 1530.38 lakhs as at 1st April, 2015).Total equity decreased by ` 120.67
lakhs as at 1st April, 2015. The profit for the year and total equity as at 31st March, 2016 decreased by ` 11.10 (net) lakhs due to amortisation
of the prepaid rent of ` 193.80 lakhs is partially off-set by the notional interest income of ` 182.70 lakhs recognised on these security deposits.
F Fair Valuation of Forward Contracts

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


G Fair Valuation of debt Instruments
As per IND AS 32 and IND AS 109, a debt instruments are required to fair valued. Accordingly, debt instruments were fair valued and resulted
to increase in Interest Income of ` 607.64 lakhs and resulted to increase in profit before tax and equity as at 31st March,2016.
H Premium on redemption of debentures

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

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest
expense on the net defined benefit liability are recognised in other comprehensive income instead of profit and loss. Under the previous GAAP,
these remeasurements were forming part of the profit and loss for the year. As a result of this change, the profit for the year ended March 31,
2016 increase by by ` 327.69 lakhs There is no impact on the total equity as at 31st March, 2016.
J Bank Overdrafts
Under Ind AS, bank overdrafts repayable on demand and which form an integral part of the cash management process are included in cash
and cash equivalents for the purpose of presentation of statement of cash flows. Under previous GAAP, bank overdrafts were considered as
part of borrowings and movements in bank overdrafts were shown as part of financing activities. Consequently, cash and cash equivalents
have reduced by ` 174.07 lakhs as at 31st March, 2016 (1st April 2015 – ` 103.65 lakhs) and cash flows from financing activities for the year
ended 31st March, 2016 have also reduced by ` 131.49 lakhs to the effect of the movements in bank overdrafts.
K Government Grant
Apportionment of Government Grant recognised under Export Promotion Capital Goods (EPCG) scheme and corresponding charge of
depreciation on account of grossing-up of Property, Plant & Equipment (Refer Note 48).
L Retained earnings
Retained earnings as at April 1, 2015 has been adjusted consequent to the above Ind AS transition adjustments.
M Other comprehensive income

Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard
requires or permits otherwise. Items of income and expense that are not recognised in profit or loss but are shown in the statement of profit
and loss as ‘other comprehensive income’ includes remeasurements of defined benefit plans. The concept of other comprehensive income
did not exist under previous GAAP.
N Deferred Tax
Deferred Tax on aforesaid IND AS adjustments
O Current Tax
Tax component on Actuarial Gains and losses which is transferred to Other Comprehensive Income under IND AS and Tax Component on
premium payable on redemption of debentures which was debited to security premium account under previous GAAP.As required under the
Ind AS, the same has been debited to Profit and Loss.
P The Ind AS adjustments are either non cash adjustments or are regrouping among the cash flows from operating, investing and financing
activities. Consequently, Ind AS adoption has no impact on the net cash flow for the year ended 31st March, 2016 as compared with the
previous GAAP.

INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF RAYMOND LIMITED
Report on the Consolidated Financial Statements Auditors’ Responsibility

1. 1. We have audited the accompanying consolidated financial 3. Our responsibility is to express an opinion on these consolidated
statements of Raymond Limited (“hereinafter referred to as the financial statements based on our audit. While conducting the
Holding Company”) and its subsidiaries (the Holding Company audit, we have taken into account the provisions of the Act and
and its subsidiaries together referred to as “the Group”), its joint the Rules made thereunder including the accounting standards
venture and associate companies; (refer Note 38 to the attached and matters which are required to be included in the audit report.
consolidated financial statements), comprising of the consolidated 4. We conducted our audit of the consolidated financial statements
Balance Sheet as at March 31, 2017, the consolidated Statement in accordance with the Standards on Auditing specified under
of Profit and Loss (including Other Comprehensive Income), the Section 143(10) of the Act and other applicable authoritative
consolidated Cash Flow Statement for the year then ended and pronouncements issued by the Institute of Chartered Accountants
the Statement of Changes in Equity for the year then ended, and a of India. Those Standards and pronouncements require that we
summary of significant accounting policies and other explanatory comply with ethical requirements and plan and perform the audit
information prepared based on the relevant records (hereinafter to obtain reasonable assurance about whether the consolidated
referred to as “the Consolidated Financial Statements”). financial statements are free from material misstatement.
Management’s Responsibility for the Consolidated Financial 5. An audit involves performing procedures to obtain audit evidence
Statements about the amounts and disclosures in the consolidated financial
2. The Holding Company’s Board of Directors is responsible for statements. The procedures selected depend on the auditors’
the preparation of these consolidated financial statements judgement, including the assessment of the risks of material
in terms of the requirements of the Companies Act, 2013 misstatement of the consolidated financial statements, whether
(hereinafter referred to as “the Act”) that give a true and fair view due to fraud or error. In making those risk assessments, the
auditor considers internal financial control relevant to the Holding
of the consolidated financial position, consolidated financial
Company’s preparation of the consolidated financial statements
performance, consolidated cash flows and changes in equity of
that give a true and fair view, in order to design audit procedures
the Group including its associates and joint venture in accordance
that are appropriate in the circumstances. An audit also includes
with accounting principles generally accepted in India including
evaluating the appropriateness of the accounting policies used
the Indian Accounting Standards specified in the Companies
and the reasonableness of the accounting estimates made by the
(Indian Accounting Standards) Rules, 2015 (as amended) under
Holding Company’s Board of Directors, as well as evaluating the
Section 133 of the Act. The Holding Company’s Board of
overall presentation of the consolidated financial statements.
Directors is also responsible for ensuring accuracy of records
including financial information considered necessary for the 6. We believe that the audit evidence obtained by us and the audit
preparation of consolidated financial statements. The respective evidence obtained by the other auditors in terms of their reports
Board of Directors of the companies included in the Group and of referred to in sub-paragraph 10 of the Other Matters paragraph
below, other than the unaudited financial statements as certified
its associates and joint venture are responsible for maintenance of
by the management and referred to in sub-paragraph 11 of the
adequate accounting records in accordance with the provisions of
Other Matters paragraph below, is sufficient and appropriate to
the Act for safeguarding the assets of the Group and its associates
provide a basis for our audit opinion on the consolidated financial
and joint venture respectively and for preventing and detecting
statements.
frauds and other irregularities; the selection and application
of appropriate accounting policies; making judgements and Opinion
estimates that are reasonable and prudent; and the design, 7. In our opinion and to the best of our information and according to
implementation and maintenance of adequate internal financial the explanations given to us, the aforesaid consolidated financial
controls, that were operating effectively for ensuring the accuracy statements give the information required by the Act in the manner so
and completeness of the accounting records, relevant to the required and give a true and fair view in conformity with the accounting
preparation and presentation of the financial statements that principles generally accepted in India of the consolidated state of
affairs of the Group, its associates and joint venture as at March 31,
give a true and fair view and are free from material misstatement,
2017, and their consolidated profit (including other comprehensive
whether due to fraud or error, which has been used for the
income), their consolidated cash flows and consolidated changes in
purpose of preparation of the consolidated financial statements
equity for the year ended on that date.
by the Directors of the Holding Company, as aforesaid.
196 | Annual Report 2016-17 | Consolidated Financial Statements

Emphasis of Matter not modified in respect of the above matters with respect to our
8. We draw attention to note 41 to the consolidated financial reliance on the work done and the reports of the other auditors
statements, relating to remuneration paid in respect of the and the financial statements certified by the Management.
Chairman and Managing Director of the Holding Company for the
12. The comparative financial information of the Company for the year
financial year 2016-17, in excess of the limits prescribed under
ended March 31, 2016 and the transition date opening balance
section 197 of the Act, which is subject to the approval of Central
sheet as at April 1, 2015 included in these consolidated financial
Government. Our opinion is not qualified in respect of this matter.
statements, are based on the previously issued statutory financial
Other Matter statements for the years ended March 31, 2016 and March 31,
10. We did not audit the financial statements of five subsidiaries 2015 prepared in accordance with the Companies (Accounting
whose financial statements reflect total assets of Rs. 37,147.58 Standards) Rules, 2006 (as amended) which were audited by us,
lacs and net assets of Rs. 15,831.77 lacs as at March 31, 2017, on which we expressed an unmodified opinion dated April 26,
total revenue of Rs. 51,545.83 lacs, net loss of Rs. 969.45 lacs 2016 and April 29, 2015 respectively. The adjustments to those
and net cash inflows amounting to Rs. 740.36 lacs for the year financial statements for the differences in accounting principles
ended on that date, as considered in the consolidated financial adopted by the Company on transition to the have been audited
statements. The consolidated financial statements also include by us.
the Group’s share of net profit of Rs. 127.33 lacs for the year
Our opinion is not qualified in respect of these matters.
ended March 31, 2017 as considered in the consolidated financial
statements, in respect of two associate companies whose Report on Other Legal and Regulatory Requirements
financial statements have not been audited by us. These financial 13. As required by Section 143(3) of the Act, we report, to the extent
statements have been audited by other auditors whose reports applicable, that:
have been furnished to us by the Management, and our opinion
(a) We have sought and obtained all the information and
on the consolidated financial statements insofar as it relates to the
explanations which to the best of our knowledge and belief
amounts and disclosures included in respect of these subsidiaries
were necessary for the purposes of our audit of the aforesaid
and associate companies and our report in terms of sub-section
consolidated financial statements.
(3) of Section 143 of the Act insofar as it relates to the aforesaid
subsidiaries and associate companies, is based solely on the (b) In our opinion, proper books of account as required by
reports of the other auditors. law maintained by the Holding Company, its subsidiaries
included in the Group, associate companies and joint
11. We did not audit the financial statements of four subsidiaries
venture incorporated in India including relevant records
whose financial statements reflect total assets of Rs. 7,515.43
relating to preparation of the aforesaid consolidated financial
lacs and net assets of Rs. 8,139.65 lacs as at March 31, 2017,
statements have been kept so far as it appears from our
total revenue of Rs. 7408.60 lacs, net profit of Rs. 70.41 lacs
examination of those books and records of the Holding
and net cash flows amounting to Rs. 213.58 lacs for the year
Company and the reports of the other auditors.
ended on that date, as considered in the consolidated financial
statements. The consolidated financial statements also include (c) The Consolidated Balance Sheet, the Consolidated
the Group’s share of net loss of Rs. 373.57 lacs for the year Statement of Profit and Loss (including other comprehensive
ended March 31, 2017 as considered in the consolidated financial income), Consolidated Cash Flow Statement and the
statements, in respect of one associate company. These financial Consolidated Statement of Changes in Equity dealt with
statements have not been audited and have been furnished to us by this Report are in agreement with the relevant books of
by the Management, and our opinion on the consolidated financial account maintained by the Holding Company, its subsidiaries
statements insofar as it relates to the amounts and disclosures included in the Group, associate companies and joint venture
included in respect of these subsidiaries and associate company incorporated in India including relevant records relating to the
and our report in terms of sub-section (3) of Section 143 of the preparation of the consolidated financial statements.
Act insofar as it relates to the aforesaid subsidiaries associate (d) In our opinion, the aforesaid consolidated financial
company, is based solely on such unaudited financial statements. statements comply with the Indian Accounting Standards
In our opinion and according to the information and explanations specified under Section 133 of the Act.
given to us by the Management, these financial statements are
not material to the Group. (e) On the basis of the written representations received from the
directors of the Holding Company as on March 31, 2017
Our opinion on the consolidated financial statements and our taken on record by the Board of Directors of the Holding
report on Other Legal and Regulatory Requirements below, is Company and the reports of the statutory auditors of its
Consolidated Financial Statements | Raymond Limited | 197

subsidiary companies, associate companies and joint and Protection Fund by the Holding Company and its
venture incorporated in India, none of the directors of the subsidiary companies, associate companies and joint
Group companies, its associate companies and joint venture venture incorporated in India during the year ended
incorporated in India is disqualified as on March 31, 2017 March 31, 2017.
from being appointed as a director in terms of Section 164
iv. In the consolidated financial statements, holdings as well
(2) of the Act.
as dealings in Specified Bank Notes during the period
(f) With respect to the adequacy of the internal financial from 8th November, 2016 to 30th December, 2016, by
controls over financial reporting of the Holding Company, the Holding Company and its subsidiary companies,
its subsidiary companies, associate companies and joint associate companies and joint venture incorporated
venture incorporated in India and the operating effectiveness in India has been requisitely disclosed, on the basis
of such controls, refer to our separate Report in Annexure A. of information available with the Company. Based
on audit procedures and relying on the management
(g) With respect to the other matters to be included in the
representation we report that the disclosures are in
Auditors’ Report in accordance with Rule 11 of the
accordance with books of account maintained by
Companies (Audit and Auditors) Rules, 2014, in our opinion
the Holding Company and its subsidiary companies,
and to the best of our information and according to the
associate companies and joint venture incorporated in
explanations given to us:
India and as produced to us by the Management and
i. The consolidated financial statements disclose the the reports of the other auditors – Refer Note 40.
impact, if any, of pending litigations as at March 31,
2017 on the consolidated financial position of the
Group, its associates and joint venture. For Dalal & Shah LLP
Chartered Accountants
ii. Provision has been made in the consolidated financial
Firm Registration Number: 102021W/W100110
statements, as required under the applicable law or
accounting standards, for material foreseeable losses,
if any, on long-term contracts including derivative
contracts as at March 31, 2017. Anish P. Amin
iii. There has been no delay in transferring amounts, Mumbai Partner
required to be transferred, to the Investor Education April 28, 2017 Membership Number: 040451
ANNEXURE A TO INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 13(f) of the Independent Auditors’ Report of even date to the members of Raymond Limited on the consolidated
financial statements for the year ended March 31, 2017
Report on the Internal Financial Controls under Clause (i) of Sub- which are companies incorporated in India, are responsible for
section 3 of Section 143 of the Act establishing and maintaining internal financial controls based on
1. In conjunction with our audit of the consolidated financial “internal control over financial reporting criteria established by the
statements of the Company as of and for the year ended March Company considering the essential components of internal control
31, 2017, we have audited the internal financial controls over stated in the Guidance Note on Audit of Internal Financial Controls
financial reporting of Raymond Limited (hereinafter referred to Over Financial Reporting issued by the Institute of Chartered
as “the Holding Company”) and its subsidiary companies, its Accountants of India (ICAI)”. These responsibilities include the
associate companies and jointly venture, which are companies design, implementation and maintenance of adequate internal
incorporated in India, as of that date. financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence
Management’s Responsibility for Internal Financial Controls
to the respective company’s policies, the safeguarding of its
2. The respective Board of Directors of the Holding company, its
assets, the prevention and detection of frauds and errors, the
subsidiary companies, its associate companies and jointly venture,
accuracy and completeness of the accounting records, and the

timely preparation of reliable financial information, as required and that receipts and expenditures of the company are being
under the Act. made only in accordance with authorisations of management
and directors of the company; and
Auditor’s Responsibility
3. Our responsibility is to express an opinion on the Company’s (3) provide reasonable assurance regarding prevention or timely
internal financial controls over financial reporting based on our detection of unauthorised acquisition, use, or disposition of
audit. We conducted our audit in accordance with the Guidance the company’s assets that could have a material effect on the
Note on Audit of Internal Financial Controls Over Financial financial statements.
Reporting (the “Guidance Note”) issued by the ICAI and the
Inherent Limitations of Internal Financial Controls Over Financial
Standards on Auditing deemed to be prescribed under section
Reporting
143(10) of the Companies Act, 2013, to the extent applicable to
7. Because of the inherent limitations of internal financial controls over
an audit of internal financial controls, both applicable to an audit
financial reporting, including the possibility of collusion or improper
of internal financial controls and both issued by the ICAI. Those
management override of controls, material misstatements due to
Standards and the Guidance Note require that we comply with
error or fraud may occur and not be detected. Also, projections
ethical requirements and plan and perform the audit to obtain
of any evaluation of the internal financial controls over financial
reasonable assurance about whether adequate internal financial
reporting to future periods are subject to the risk that the internal
controls over financial reporting was established and maintained
financial control over financial reporting may become inadequate
and if such controls operated effectively in all material respects.
because of changes in conditions, or that the degree of
4. Our audit involves performing procedures to obtain audit evidence compliance with the policies or procedures may deteriorate.
about the adequacy of the internal financial controls system over
Opinion
financial reporting and their operating effectiveness. Our audit
8. In our opinion, the Holding Company, its subsidiary companies,
of internal financial controls over financial reporting included
its associate companies and jointly venture, which are companies
obtaining an understanding of internal financial controls over
incorporated in India, have, in all material respects, an adequate
financial reporting, assessing the risk that a material weakness
internal financial controls system over financial reporting and such
exists, and testing and evaluating the design and operating
internal financial controls over financial reporting were operating
effectiveness of internal control based on the assessed risk.
effectively as at March 31, 2017, based on the internal control
The procedures selected depend on the auditor’s judgement,
over financial reporting criteria established by the Company
including the assessment of the risks of material misstatement of
considering the essential components of internal control stated
the financial statements, whether due to fraud or error.
in the Guidance Note on Audit of Internal Financial Controls
5. We believe that the audit evidence we have obtained and the Over Financial Reporting issued by the Institute of Chartered
audit evidence obtained by the other auditors in terms of their Accountants of India.
reports referred to in the Other Matters paragraph below, is
Other Matters
sufficient and appropriate to provide a basis for our audit opinion
9. Our aforesaid reports under Section 143(3)(i) of the Act on the
on the Company’s internal financial controls system over financial
adequacy and operating effectiveness of the internal financial
reporting.
controls over financial reporting insofar as it relates to four
Meaning of Internal Financial Controls Over Financial Reporting subsidiary companies and two associate companies, which are
6. A company’s internal financial control over financial reporting is companies incorporated in India, is based on the corresponding
a process designed to provide reasonable assurance regarding reports of the auditors of such companies incorporated in India.
the reliability of financial reporting and the preparation of financial Our opinion is not qualified in respect of this matter.
statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal financial
control over financial reporting includes those policies and For Dalal & Shah LLP
procedures that: Chartered Accountants
(1) pertain to the maintenance of records that, in reasonable Firm Registration Number: 102021W/W100110
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as Anish P. Amin
necessary to permit preparation of financial statements in Mumbai Partner
accordance with generally accepted accounting principles, April 28, 2017 Membership Number: 040451

CONSOLIDATED BALANCE SHEET as at 31st March, 2017
(` in lakhs)
Note As at As at As at
No. 31st March, 2017 31st March, 2016 1st April, 2015
I ASSETS
1. Non-current assets
(a) Property, Plant and Equipment 2 115530.55 116083.51 117806.19
(b) Capital work-in-progress 2 41214.83 24005.11 19472.11
(c) Goodwill 3 1150.18 1150.18 101.37
(d) Other Intangible assets 3 186.74 216.13 340.72
(e) Intangible assets under development – 27.81 –
(f) Investments accounted for using equity method 4 13230.91 16649.10 15880.43
(g) Financial Assets
(i) Investments 5(i) 12003.27 7925.75 4004.87
(ii) Loans 6(i) 6816.34 6136.59 5574.02
(iii) Other Financial Assets 7(i) 11182.47 10030.66 12979.28
(h) Deferred tax assets 29 8642.03 7701.25 7839.31
(i) Non current tax asset (net) 9202.79 8937.39 9437.11
(j) Other non-current assets 8(i) 9907.08 7330.88 7228.71
Total Non Current Assets 229067.19 206194.36 200664.12
2. Current assets
(a) Inventories 9 128866.78 117323.93 107619.46
(b) Financial Assets
(i) Investments 5(ii) 38815.97 36356.74 32587.68
(ii) Trade receivables 10 105066.14 104483.21 94284.63
(iii) Cash and cash equivalents 11 3764.99 3390.79 4476.79
(iv) Bank Balances other than (iii) above 12 3205.13 5642.42 8139.17
(v) Loans 6(ii) 516.42 406.54 314.37
(vi) Other financial assets 7(ii) 2604.05 2292.68 2054.99
(c) Other current assets 8(ii) 12472.92 14099.22 11655.37
295312.40 283995.53 261132.46
(d) Assets classified as held for sale 13 850.00 1982.63 216.18
Total Current Assets 296162.40 285978.16 261348.64
Total Assets 525229.59 492172.52 462012.76
II. EQUITY AND LIABILITIES
1. Equity
(a) Equity Share capital 14(i) 6138.08 6138.08 6138.08
(b) Other Equity 14(ii) 161173.80 161096.07 153282.25
Equity attributable to Owners 167311.88 167234.15 159420.33
Non Controlling Interest 6930.87 6480.88 7288.95
Total Equity 174242.75 173715.03 166709.28
2. Liabilities
(a) Financial Liabilities
(i) Borrowings 15(i) 63491.15 95523.66 91315.42
(ii) Other Financial Liabilities 16(i) 254.71 – –
(b) Deferred tax liabilities 29 1473.05 1694.75 2209.89
(c) Other Non Current Liabilities 17(i) 5199.25 5115.29 4993.83
Total Non Current Liabilities 70418.16 102333.70 98519.14
Current liabilities
(a) Financial Liabilities
(i) Borrowings 15(ii) 113245.63 78894.32 73122.21
(ii) Trade payables 18 77343.91 58883.55 50720.29
(iii) Other Financial Liabilities 16(ii) 70402.98 58824.52 53850.97
(b) Provisions 19 5898.64 4614.23 4850.78
(c) Liabilities for Current Tax (net) 324.95 514.56 294.98
(d) Other current liabilities 17(ii) 13352.57 14392.61 13945.11
Total Current Liabilities 280568.68 216123.79 196784.34
Total Liabilities 350986.84 318457.49 295303.48
Total Equity and Liabilities 525229.59 492172.52 462012.76
The accompanying notes are an integral part of these consolidated financial statements

CONSOLIDATED STATEMENT OF PROFIT AND LOSS for the year ended 31st March, 2017
(` in lakhs)
Particulars Note Year ended Year ended
No. 31st March, 2017 31st March, 2016
I. Revenue from operations 20 539132.30 517682.99
II. Other Income 21 11793.66 11902.03
III. Total Income (I + II) 550925.96 529585.02
IV. Expenses:
Cost of materials consumed 22 111228.33 109591.49
Purchases of Stock-in-Trade 134082.54 119011.41
Manufacturing and Operating Costs 23 74092.59 77214.49
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade 24 (9563.83) (9062.83)
Employee benefit expense 25 75354.45 69214.41
Finance costs 26 17803.16 18968.40
Depreciation and amortisation expense 27 15687.93 15892.78
Other expenses 28 123458.37 112990.42
Total expenses 542143.54 513820.57
V. Profit before exceptional items, share of net profits of investment accounted for using equity 8782.42 15764.45
method and and tax (III-IV)
VI. Share of net profit/(loss) of Associates and joint ventures accounted for using the equity method (2592.09) 961.33
VII. Profit before exceptional items and tax (V+VI) 6190.33 16725.78
VIII. Exceptional items (Net) 42 (1005.38) (3521.18)
IX. Profit before tax (VII + VIII) 5184.95 13204.60
X. Tax expense: 29
Current tax 3433.99 5361.51
Deferred tax (1250.36) (709.26)
Total Tax Expenses 2183.63 4652.25
XI. Profit for the year 3001.32 8552.35
Items that will not be reclassified to profit or loss
(i) Remeasurements of post employement benefit obligations 33 (1156.49) 485.76
(ii) Changes in Fair value of FVOCI equity instruments 871.43 408.03
(iii) Share of other comprehensive income of investments accounted for using the equity method (26.20) (8.92)
(iv) Income Tax relating to these items 302.73 (210.40)
(8.53) 674.47
Items that may be reclassified to profit or loss
(i) Gains and losses arising from translating the financial statements of foreign operation (379.59) 182.13
(ii) Share of other comprehensive income of investments accounted for using the equity method 130.86 (125.43)
(iii) Income Tax relating to these items – –
(248.73) 56.70
Other Comprehensive Income for the year (net of tax) (257.26) 731.17
Total Comprehenisve Income for the year 2744.06 9283.52
Profit attributable to:
Owners 2551.66 8480.22
Non Controlling Interest 449.66 72.13
3001.32 8552.35
Other Comprehensive Income attributable to:
Owners (257.59) 734.49
Non-controlling interests 0.33 (3.32)
(257.26) 731.17
Total Comprehensive Income attributable to:
Owners 2294.07 9214.71
Non-controlling interests 449.99 68.81
2744.06 9283.52
Earnings per equity share of ` 10 each: 32
(1) Basic (`) 4.16 13.82
(2) Diluted (`) 4.16 13.82
Weighted average number of shares outstanding 61380854 61380854

CONSOLIDATED STATEMENT OF CASH FLOW for the year ended 31st March, 2017
(` in lakhs)
Particulars
Profit before exceptional items and tax 6190.33 16725.78
Adjustments for:
Share of profit of Associates and joint ventures 2592.09 (961.33)
Provision made against joint venture – 58.40
Allowance for bad and doubtful advances 249.23 1406.46
Write back of Provision for doubtful debts (65.27) (1369.22)
Allowance for bad and doubtful debts 58.51 477.26
Depreciation and amortisation expenses 15687.93 15892.78
Government Grant Income (827.62) (779.59)
Net (Gain)/loss on sales or disposal of assets 69.47 (320.12)
Net (Gain)/loss on investments (1657.62) (664.89)
Finance cost 17803.16 18968.40
Interest income (6793.23) (6111.91)
Dividend income (337.76) (7.65)
Provision no longer required (419.58) (880.85)
Provision no longer required on long term Investment – (300.76)
Operating profit before working capital changes
Adjustments for:
(Increase)/decrease in trade and other receivables (2977.83) (9679.66)
(Increase)/decrease in inventories (11542.85) (10081.58)
Increase/(decrease) in trade and other payables 20903.56 14870.42
Cash generated from operations 38932.51 37241.94
Taxes paid (net of refunds) (3498.39) (4915.01)
Cash flow before exceptional items 35434.12 32326.93
Exceptional items (1005.38) (610.53)
Net cash generated from operating activities - [A] 34428.74 31716.40
CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of Property, Plant and Equipments/ intangible assets (29282.44) (27432.04)
Sale proceeds of Property, Plant and Equipments 1493.80 5212.29
Purchase of non-current investments (3207.34) (1200.87)
Sale proceeds of non-current investments (net) 930.28 595.33
Purchase of current investments 1750.80 (3313.72)
Share issue expenses – (101.17)
Interest received 6017.05 5156.38
Dividend received 337.76 7.65
Net cash (used in) / generated from investing activities - [B] (21960.09) (21076.15)

CONSOLIDATED STATEMENT OF CASH FLOW for the year ended 31st March, 2017
(` in lakhs)
Particulars
Dividends paid (1816.67) (1829.94)
Dividend distribution tax paid (374.91) (377.06)
Interest paid (19794.20) (18749.44)
Proceeds from borrowings 5935.12 39048.49
Repayment of borrowings (30463.71) (35658.31)
Proceeds /(repayment) of other borrowings (net) 34351.31 5772.11
Net cash (used in) / generated from financing activities - [C] (12163.06) (11794.15)
Net increase/(decrease) in cash and cash equivalents - [A+B+C] 305.59 (1153.90)
Add: Cash and cash equivalents at the beginning of the year 3215.12 4369.02
Cash and cash equivalents at the end of the year 3520.71 3215.12


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31st March, 2017
A. EQUITY SHARE CAPITAL (` in lakhs)

Amount
As at 1st April, 2015 6138.08
Changes in Equity –
As at 31st March, 2016 6138.08
Changes in Equity –
As at 31st March, 2017 6138.08
B. OTHER EQUITY (` in lakhs)

Reserves & Surplus Other Reserve
Retained Equity
Non
Securities Capital Debenture Retained earning Currency instruments
Capital General Legal Retained Total equity Controlling Total
Premium Redemption Redemption earning in in Jointly fluctuation through Other
Reserve Reserves reserve Earnings Interest
Reserve Reserve Reserve Associates controlled reserve Comprehensive
entities Income
Balance as at 1st April, 2015 2737.67 13286.42 1919.51 7000.00 86813.63 7.22 30904.56 9363.82 (1825.91) – 3075.33 153282.25 7,288.95 160571.20
Profit for the year – – – – – – 7518.89 (36.34) 997.67 – – 8480.22 72.13 8552.35
Other Comprehensive Income for the year – – – – – – 326.38 11.33 (145.68) 182.13 360.33 734.49 (3.32) 731.17
Total Comprehensive Income for the year – – – – – – 7845.27 (25.01) 851.99 182.13 360.33 9214.71 68.81 9283.52
Dividends (including tax thereon) – – – – – – (2176.60) – – – – (2176.60) – (2176.60)
Non Controlling interest on acquisation of 876.88 – – – – – – – – – – 876.88 (876.88) –
additional shares in Subsidary
Share Issue Expenses – – – – – – (101.17) – – – – (101.17) (101.17)

Transfer to debenture redemption reserve – – – 2100.00 – (2100.00) – – – – – – –
Transfer to general reserve – – – (3250.00) 3250.00 – – – – – – – – –
Balance as at 31st March, 2016 3614.55 13286.42 1919.51 5850.00 90063.63 7.22 34372.06 9338.81 (973.92) 182.13 3435.66 161096.07 6480.88 167576.95
Profit for the year – – – – – – 5143.75 (322.62) (2269.47) – – 2,51.66 449.66 3001.32
Other Comprehensive Income for the year – – – – – – (755.06) – 104.66 (379.59) 772.40 (257.59) 0.33 (257.26)
Total Comprehensive Income for the year – – – – – – 4388.69 (322.62) (2164.81) (379.59) 772.40 2294.07 449.99 2744.06
Transfer to debenture redemption reserve – – – 3725.00 – – (3725.00) – – – –
Transfer to general reserve – – – (3375.00) 3375.00 – (72.86) – 72.86 – – – – –
Balance as at 31st March, 2017 3614.55 13286.42 1919.51 6200.00 93438.63 7.22 32746.55 9016.19 (3065.87) (197.46) 4208.06 161173.80 6930.87 168104.67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31st March, 2017
Note :- 3 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES

1(i) Raymond Limited is a Company limited by shares, incorporated in India is a leading Indian Group which mainly deals in Textiles, lifestyle,
Branded apparel, Engineering, FMCG and Auto components etc. The Group has its wide network of operations in local as well as in foreign
market. The Group sell its products through multiple channels including wholesale, retail, B to B etc.
(a) Basis of preparation

(i) Compliance with Ind AS
These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as
the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to section 133 of the Companies Act, 2013 (‘Act’) read with the
Companies (Indian Accounting standards) Rules,2015 and other relevant provisions of the Act.
These financial statements for the year ended 31st March, 2017 are the first financials with comparatives prepared under Ind AS. For
all previous periods including the year ended 31st March, 2016, the Group had prepared its financial statements in accordance with
the accounting standards notified under companies (Accounting Standard) Rule, 2006 (as amended) and other relevant provisions
of the act (hereinafter referred to as ‘Previous GAAP’) used for its statutory reporting requirement in India.
The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of
the opening Ind AS Balance Sheet as at 1st April, 2015 being the date of transition to Ind AS. The financial statements of the Parent
Company, its subsidiaries, joint ventures and associates have been consolidated using uniform accounting policies
(ii) Historical cost convention

The financial statements have been prepared on a historical cost basis, except for the following:
1) certain financial assets and liabilities that are measured at fair value;
2) assets held for sale - measured at the lower of carrying amount and fair value less costs to sell;
3) defined benefit plans - plan assets measured at fair value;
(iii) Current non-current classification

All assets and liabilities have been classified as current or non-current as per the company’s normal operating cycle (twelve months)
and other criteria set out in the Schedule III to the Act.
(iv) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of
Schedule III, unless otherwise stated.
(b) Principles of consolidation and equity accounting

(i)
Subsidiaries
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct
the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They
are deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the group.
The group combines the financial statements of the parent and its subsidiaries line by line adding together like items of assets,
liabilities, equity, income and expenses. Intercompany transactions, balances and unrealised gains on transactions between group
companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the
transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit and
loss, consolidated statement of changes in equity and balance sheet respectively.
(ii) Associates
Associates are all entities over which the company has significant influence but not control or joint control. This is generally the case

where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity
method of accounting, after initially being recognised at cost.
(iii) Joint ventures

Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated
balance sheet.
(iv) Equity Method

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the
group’s share of the post-acquisition profits or losses of the investee in profit and loss, and the group’s share of other comprehensive
income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are
recognised as a reduction in the carrying amount of the investment.
When the group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other
unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments
on behalf of the other entity.
Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group’s
interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the
policies adopted by the group.
The carrying amount of equity accounted investments are tested for impairment in accordance with the policy described in note 1(k)
below.
(c) Use of estimates and judgments

The estimates and judgments used in the preparation of the financial statements are continuously evaluated by the Group and are based
on historical experience and various other assumptions and factors (including expectations of future events) that the Group believes to
be reasonable under the existing circumstances. Differences between actual results and estimates are recognised in the period in which
the results are known/materialised.
The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide
additional evidence about conditions existing as at the reporting date.
(d) Property, plant and equipment

Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at historical cost less depreciation
and impairment, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. The
carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance
are charged to the Statement of Profit and Loss during the reporting period in which they are incurred.
Depreciation methods, estimated useful lives and residual value

Depreciation on Factory Buildings, Plant and Equipment, Aircrafts, is provided on a Straight Line Method and in case of other assets
on Written Down Value Method, over the estimated useful life of assets. Leasehold land is amortised over period of lease. Leasehold
improvements are amortised over the period of lease or estimated useful life which ever is lower.
The Group depreciates its property, plant and equipment over the useful life in the manner prescribed in Schedule II of the Act, and
management believe that useful life of assets are same as those prescribed in schedule II of the Act, except for plant and machinery
which is based on an independent technical evaluation has been estimated as 24 years (on a single shift basis), which is different from
that prescribed in Schedule II of the Act.

Useful life estimated by the group for various assets class are as follows-
Asset Class Useful Life
Factory Building 30 years
Continuous process plant (Plant and Machinary) 20 years
Other Plant and Machinery 24 years
Furniture and Fixtures 10 years
Office Equipment 5 years
Vehicles 8 years
Boat and water equipments 13 years
Aircraft 20 years
The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and
adjusted if appropriate, at the end of each reporting period.
In case of pre-owned assets, the useful life is estimated on a case to case basis.
Profit and Loss.
(e) Investment properties

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the group, is classified
as investment property (Presently there are no investment property in the group). Investment property is measured at its cost, including
related transaction costs and where applicable borrowing costs less depreciation and impairment if any.
Depreciation on building is provided over it’s useful life using the written down value method.
(f) Intangible assets

Intangible assets are stated at acquisition cost, net of accumulated amortization and accumulated impairment losses, if any. Intangible
assets are amortised on a straight line basis over their estimated useful lives.
Gains or losses arising from the retirement or disposal proceeds and the carrying amount of the asset and recognised as income or
expense in the Statement of Profit & Loss.
Goodwill
Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually,
or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated
impairment losses.
Amortisation and Impairment method

The Group amortizes computer software using the straight-line method over the period of 3 years. Goodwill is assessed at each reporting
date for impairment.
Cost of Technical Know-how capitalised is amortised over a period of six years thereof.
Profit and Loss.
(g) Lease
Operating Lease
As a lessee
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the company as lessee are classified
as operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight-line basis
over the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for the

Company’s expected inflationary cost increases.
As a lessor
Lease income from operating leases where the company is a lessor is recognised in income on a straight-line basis over the lease term
unless the receipts are structured to increase in line with expected general inflation to compensate for the excepted inflationary cost
increases. The respective leased assets are included in the balance sheet based on their nature.
(h) Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, overdrawn bank
balances, bank overdraft, deposits held at call with financial institutions, other short-term highly liquid investments with original maturities
of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in
value.
(i) Inventories
Inventories of Raw Materials, Work-in-Progress, Stores and spares, Finished Goods and Stock-in-trade are stated ‘at cost or net
realisable value, whichever is lower’. Goods-in-Transit are stated ‘at cost’. Cost comprise all cost of purchase, cost of conversion and
other costs incurred in bringing the inventories to their present location and condition. The excise duty in respect of closing inventory of
finished goods is included as part of finished goods. Cost formulae used are ‘First-in-First-out’, ‘Weighted Average cost’ or ‘Specific
identification’, as applicable. Due allowance is estimated and made for defective and obsolete items, wherever necessary.
All the costs incurred on un-invoiced conversion contracts are carried forward as “Accumulated Costs on Conversion Contracts”, at
lower of cost and net realisable value.
The inventories resulting from intra-group transactions have been stated at cost after deducting unrealised profit on such transactions.
(j) Investments and other financial assets

(i) Classification
The Group classifies its financial assets in the following measurement categories:
(1) those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of
Profit and Loss), and
(2) those measured at amortised cost.
The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash
flows.
For assets measured at fair value, gains and losses will either be recorded in the Statement of Profit and Loss or other comprehensive
income. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments
in equity instruments, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to
account for the equity investment at fair value through other comprehensive income.
(ii)
Measurement
At initial recognition, the Group measures a financial asset at its fair value. Transaction costs of financial assets carried at fair value
through the Statement of Profit and Loss are expensed in the Statement of Profit and Loss.
Debt instruments:
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow
characteristics of the asset. The Group classifies its debt instruments into following categories:
Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of
principle and interest are measured at amortised cost. Interest income from these financial assets is included in other income using
the effective interest rate method.
Fair value through profit and loss: Assets that do not meet the criteria for amortised cost are measured at fair value through

Statement of Profit and Loss. Interest income from these financial assets is included in other income.
Equity instruments:
The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair
value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value
gains and losses to the Statement of Profit and Loss. Dividends from such investments are recognised in the Statement of Profit
and Loss as other income when the Group’s right to receive payments is established.
(iii) Impairment of financial assets

The Group assesses on a forward looking basis the expected credit losses associated with its assets. The impairment methodology
applied depends on whether there has been a significant increase in credit risk.
(iv) Income recognition

Interest income
Interest income from debt instruments is recognised using the effective interest rate method.
Dividends
Dividends are recognised in the Statement of Profit and Loss only when the right to receive payment is established.
(k) Impairment of non-financial assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment,
or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s
fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or group of assets
(cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the
impairment at the end of each reporting period.
(l) Non-current assets held for sale

Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather
than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and
fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and
contractual rights under insurance contracts, which are specifically exempt from this requirement.
Non-current assets are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to
the liabilities of a disposal company classified as held for sale continue to be recognised.
(m) Derivative financial instruments

Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to hedge its foreign currency risks
are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value
with changes in fair value recognised in the Statement of Profit and Loss in the period when they arise.
(n) Segment Reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the chief executive officer, the chief
financial officer and the chairman and managing director, all of them constitute as CODM.
(o) Borrowings
Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption amount is recognised in the Statement of Profit and Loss over the period of the
borrowings using the effective interest method.
Preference shares, which are mandatorily redeemable on a specific date are classified as liabilities. The dividends on these preference

shares are recognised in Statement of Profit and Loss as finance costs.
(p) Borrowing costs

Interest and other borrowing costs attributable to qualifying assets are capitalized. Other interest and borrowing costs are charged to
revenue.
(q) Provisions and contingent liabilities

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an
outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for
future operating losses.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation
at the end of the reporting period. The discount rate used to determine the present value is a pre tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is
recognised as interest expense.
Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by
the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Group or where any present
obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.
A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize a contingent asset unless
the recovery is virtually certain.
(r) Revenue recognition

Revenue is measured at the value of the consideration received or receivable. Amounts disclosed as revenue are inclusive of excise duty
and net of returns, trade allowances, rebates, discounts, loyalty discount, value added taxes and amounts collected on behalf of third
parties.
The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will
flow to the Group and specific criteria have been met for each of the Group’s activities as described below.
Sale of goods -
Sales are recognised when substantial risk and rewards of ownership are transferred to customer, in case of domestic customer, sales
take place when goods are dispatched or delivery in handed over to transporter, in case of export customers, sales takes place when
goods are shipped onboard based on bill of lading.
Sale of goods – customer loyalty programme (deferred revenue)

The Group operates a loyalty programme where customers accumulate points for purchases made which entitle them to discounts on
future purchases. Revenue related to the award points is deferred and recognised when the points are redeemed. The amount of revenue
is based on the number of points redeemed relative to the total number expected to be redeemed.
Sales Return-
The Group recognises provision for sales return, based on the historical results, measured on net basis of the margin of the sale.
Revenue from services

Revenue from services is recognised in the accounting period in which the services are rendered.
Other operating revenue - Export incentives

Export Incentives under various schemes are accounted in the year of export.
Loyalty Income
The Group operates a loyalty program for the customers and franchisees of the Company. The customer accumulates points for
purchases made which entitles them for discount on future purchases. The Company charges fixed percentage of sales to franchises
who participates, in this group scheme, which is recognised as revenue. The discount offered to customers on the basis of points

redeemed are recognised as cost. The Group recognises provision for the accumulated points as at the reporting date, estimated based
on the historical results.
(s) Employee benefits

(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end
of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
(ii) Other long-term employee benefit obligations

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months are measured as the
present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period using the projected unit credit method. The benefits are discounted using the Government Securities (G-Sec) at the end of
the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience
adjustments and changes in actuarial assumptions are recognised in the Statement of Profit and Loss.
(iii) Post-employment obligations

The Group operates the following post-employment schemes:
(a) defined benefit plans such as gratuity and
(b) defined contribution plans such as provident fund.
Pension and Gratuity obligations

The liability or asset recognised in the balance sheet in respect of defined gratuity plans is the present value of the defined benefit
obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by
actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to
market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related
obligation.
The net interest cost is calculated by actuary applying the discount rate to the net balance of the defined benefit obligation and the
fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in
the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of
changes in equity and in the balance sheet.
Defined Contribution Plans

Defined Contribution Plans such as Provident Fund etc., are charged to the Statement of Profit and Loss Account as incurred.
Further for certain employees, the monthly contribution for Provident Fund is made to a Trust administered by the Group. The
interest payable by the Trust is notified by the Government. The Group has an obligation to make good the shortfall, if any.
Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of
the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the Group recognises costs
for a restructuring that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an offer
made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to
accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

(t) Foreign currency transactions

(i) Functional and presentation currency
The financial statements are presented in Indian rupee (INR), which is Group’s functional and presentation currency.
(ii) Transactions and balances

Transactions in foreign currencies are recognised at the prevailing exchange rates on the transaction dates. Realised gains and
losses on settlement of foreign currency transactions are recognised in the Statement of Profit and Loss.
Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange rates and the resultant
exchange differences are recognised in the Statement of Profit and Loss.
(iii) Group Companies

The results and financial position of foreign operations that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
• assets and liabilities are translated at the closing rate at the date of that balance sheet
• income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative
effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the
transactions), On Consolidation, exchange differences arising from the translation of any net investment in foreign entities are
recognised in other comprehensive income and all resulting exchange differences are recognised in other comprehensive income.
(u) Income tax

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income
tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting
period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method on temporary differences arising between the tax bases of assets and
liabilities and their carrying amount in the financial statement. Deferred income tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the end of the reporting period and are excepted to apply when the related deferred income
tax assets is realized or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when
the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are off set where the company has a
legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity,
respectively
Minimum Alternate Tax credit is recognised as deferred tax asset only when and to the extent there is convincing evidence that each entity
in the group will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying
amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the company will
pay normal income tax during the specified period.
(v)
Earnings Per Share
Basic earnings per share

Basic earnings per share is calculated by dividing:
- the profit attributable to owners of the group,
- by the weighted average number of equity shares outstanding during the financial year.
(w) Government Grants

Government grants are recognised only when its reasonable certainty that economic benefit flow to the entities and attached conditions
will be complied with it.
Government grants are recognised and shown in the balance sheet as liability and Income is accrued based on the terms of schemes in
the statement of profit and loss over a phased manner in consideration with scheme terms and related use of assets.
Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income
and are credited to Profit and Loss on a straight - line basis over the expected lives of related assets and presented within other income.
(x) Manufaturing and Operating Expenses

The Group classifies separately manufacturing and operating expenses which are directly linked to manufacturing and service activities
of the group.
Amendments to Ind AS 7, ‘Statement of cash flows’ on disclosure initiative:

The amendment to Ind AS 7 introduce an additional disclosure that will enable users of financial statements to evaluate changes in
liabilities arising from financing activities. This includes changes arising from cash flows (e.g. drawdowns and repayments of borrowings)
and non-cash changes (i.e. changes in fair values), Changes resulting from acquisitions and disposals and effect of foreign exchange
differences. Changes in financial assets must be included in this disclosure if the cash flows were, or will be, included in cash flows from
financing activities. This could be the case, for example, for assets that hedge liabilities arising from financing liabilities. The Company is
currently assessing the potential impact of this amendment. These amendments are mandatory for the reporting period beginning on or
after April 1, 2017.
1(ii) : Critical estimates and judgements -

The preparation of financial statements requires the use of accounting estimates which by definition will seldom equal the actual results.
Management also need to exercise judgement in applying the Group’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and items which are more likely to be
materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about
each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected
line item in the financial statements.
The areas involving critical estimtes or judgement are:

Estimation of Defined benefit obligation - Note 33
Estimation of current tax expenses and Payable and Recognition of deferred tax assets for carried forward tax losses - Note 29
Estimated Fair value of unlisted securities - Note 37
Estimated goodwill impairment - Note 3
Impairment of Trade receivables - Note 10

Note :- 2(a)- PROPERTY, PLANT AND EQUIPMENT (` in lakhs)
Land
Boats
Leasehold Plant & Furniture & Office Unrealised
Buildings Computers Vehicles and water Aircraft Total
Freehold Leasehold Improvement Machinery fixtures equipment Profit
Equipments
Gross Carrying amount
Balance as at 1st April, 2015 6610.70 2793.74 26049.36 2030.90 71222.73 212.95 3792.32 888.35 367.25 1939.05 2731.50 (832.66) 117806.19
Additions 21.07 – 2362.84 1846.89 12443.86 250.93 953.47 353.63 223.96 105.73 2077.15 20639.53
Disposals 926.39 274.04 709.68 1.60 2698.45 8.76 135.37 35.03 19.35 – – 4808.67
Reclassification as held for sale 687.63 1153.58 213.49 – – – – – – – – 2054.70
Balance as at 31st March, 2016 5017.75 1366.12 27489.03 3876.19 80968.14 455.12 4610.42 1206.95 571.86 2044.78 4808.65 (832.66) 131582.35
Additions – – 2525.50 2875.13 7321.88 262.87 1581.84 199.33 688.47 – – 15455.02
Disposals – – 70.21 11.02 283.52 8.85 88.22 27.57 3.83 30.16 13.06 536.44
Balance as at 1st April, 2015 – – – – – – – – – – – –
Additions – 26.36 1396.33 1457.36 9799.41 214.10 1182.98 272.03 160.11 409.93 977.29 (192.30) 15703.60
Disposals – 10.05 – 0.98 181.43 3.43 5.15 1.33 2.38 – – 204.75
Balance as at 31st March, 2016 – 16.31 1396.33 1456.38 9617.98 210.67 1177.83 270.70 157.73 409.93 977.29 (192.30) 15498.85
Additions – 16.30 1429.21 1329.55 9773.27 214.90 1120.11 261.44 323.79 333.33 1019.37 (243.91) 15577.37
Disposals – – 3.67 8.54 59.79 6.69 0.65 25.81 0.65 – – 105.80
Balance as at 31st March, 2017 – 32.61 2821.87 2777.39 19331.46 418.88 2297.29 506.33 480.87 743.26 1996.66 (436.21) 30970.41
Net Carrying amount

Balance as at 1st April, 2015 6610.70 2793.74 26049.36 2030.90 71222.73 212.95 3792.32 888.35 367.25 1939.05 2731.50 (832.66) 117806.19

Note:
i) Property, plant and equipment pledged as security Refer to note 30.
ii)
For Contractual Obligations Refer to note 31(ii).
iii) Leasehold land and building acquired, persuant to scheme of demerger in an earlier year, are pending registration in the name of Company.
iv) In terms of the acquisition proceedings initiated by Thane Municipal Corporation, about 11780 sq. meters (As at 31st March, 16: 11482 sq. meters and As at 1st April, 2015 about 4222 sq. meters) of the
Company’s freehold 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.
Note :- 2(b)- CAPITAL WORK IN PROGRESS

1st April, 2015 19472.11
31st March,2016 24005.11
31st March,2017 41214.83
(i) Capital work in progress includes `27027.91 lakhs (` 18668.63 lakhs in 2015-16 & ` 16451.49 lakhs as at 1st April, 2015) towards cost incurred till date for redevelopment of Company’s property at Bhulabhai Desai Road, Mumbai in respect
of which the Municipal Commissioner has approved the revised plan, accordingly, Company had applied for occupancy certificate which has been received from Municipal Corporation during the year.
In terms of the tripartite agreements executed by the Company in the year 2007, an offer is required to be made for allotment of premises in the new building constructed on the property situated at Bhulabhai Desai Road (called by the name
of “JK House”).The Company has received letters/notices from some of the sub-lessees (being Mr. Vijaypath Singhania; Mr. Akshaypat Singhania; and Ms. Veenadevi Singhania alongwith Mr. Anant Singhania), who are considered to be related
parties, seeking to purchase premises located in JK House. In this regard, Mr. Akshaypat Singhania; and Ms. Veenadevi Singhania alongwith Mr. Anant Singhania have also initiated court proceedings with respect to proposed arbitration to
enforce their claim.
As the transaction is not in the ordinary course of business and on an arm’s length basis, considering the current market price, the audit committee has: (a) referred the matter to the shareholders; and (b) recommended that the board of
directors should refer the matter to the shareholders for their approval under Section188 of the Companies Act 2013, to the said transfer. The Board of Directors had unanimously agreed to the recommendation and referred the matter to the
shareholders for their approval.
Pending the said approval, the amount already spent in respect of the said tenements continues to be carried in the books of account under Capital Work in Progress.
(ii) Further, Capital work in progress of ` 13083.84 lakhs (As at 31st March,2016 ` 5.18 lakhs and ` Nil As at 1st April, 2015) related to capital expansion for manufacturing plant at Amaravati and Ethopia.
Note :- 3 INTANGIBLE ASSETS AND GOODWILL (` in lakhs)

Computer Software Goodwill
Gross Block
Additions 64.59 1048.81
Disposals – –
Additions 81.17 –
Disposals – –
Accumulated Amortisation
Balance as at 1st April, 2015 – –
Additions 189.18 –
Disposals –
Balance as at 31st March, 2016 189.18 –
Additions 110.56 –
Disposals – –
Balance as at 31st March, 2017 299.74 –
Closing net Carrying amount

The Company assesses at each balance sheet date whether there is any indication that goodwill may be impaired. If any such indication exists, the
Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating
unit to which the asset belongs to is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is
treated as an impairment loss and is recognised in the statement of profit and loss. There are no indication for impairment of the goodwill.
Note:-4- INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (` in lakhs)

As at As at As at 1st
Particulars
31st March, 2017 31st March, 2016 April, 2015
Investment in associates
Unquoted
P.T. Jaykay Files Indonesia 613.98 895.60 1324.79
Radha Krshna Films Limited 250.00 250.00 250.00

Less: Provision for diminution in value of Investments (250.00) (250.00) (250.00)
– – –
J.K. Investo Trade (India) Limited 8863.04 8904.04 8499.76
Investment in joint venture

Unquoted
Raymond UCO Denim Private Limited 3753.89 5919.18 5059.45
Rose Engineering Private Limited – 988.68 996.43
Less: Provision for diminution in value of Investments – (58.40) –
Total Investment accounted using equity method 13230.91 16649.10 15880.43
Refer to note 38 for details of interest in other entities

Note:-5 (i) INVESTMENT- (NON CURRENT) (` in lakhs)

Particulars
Quoted
Fair Value through profit and loss
Investment in Bonds – 3753.19 –
– 3753.69 –
Unquoted
Investment in Equity Shares 23.22 23.70 23.70
Investment in Debentures 6985.39 – –
Investment in Venture Capital Fund 243.18 268.31 500.95
Investment in Certificate of Deposits 0.26 0.26 0.26
7252.05 292.27 524.91
Quoted
Fair Value through other comprehensive Income
Unquoted
Fair Value through other comprehensive Income
4751.22 3879.79 3479.96
Total Non current Investment 12003.27 7925.75 4004.87
Aggregate amount of quoted Investment and Market value thereof 36.33 3777.23 37.22
Aggregate amount of unquoted Investment 11966.94 4148.52 3967.65
Aggregate amount of Impairment in the value of Investment – – –
Note:-5 (ii) INVESTMENT- (CURRENT) (` in lakhs)

Particulars
Quoted
Investment in Mutual Fund – – 1583.15
1306.69 876.75 2441.77
Unquoted
Investment in Equity Shares – – 8.23
Investment in Preference shares 66.26 – 19.16
Investment in debentures – – 268.83
Investment in Mutual Fund 33907.12 26508.46 24849.69
33973.38 26508.46 25145.91
Unquoted
Carrying at amortised cost
Investment in Certificate of deposits 3535.90 8971.53 5000.00
3535.90 8971.53 5000.00
Total Current Investment 38815.97 36356.74 32587.68
Aggregate amount of quoted Investment and Market value thereof 1,306.69 876.75 2441.77
Aggregate amount of unquoted Investment 37509.28 35479.99 30145.91
Aggregate amount of Impairment in the value of Investment – – –

Note 6 (i) - LOANS (` in lakhs)

Particulars
Non Current
Unsecured considered good
Loans to related parties (Refer to Note 34) 6798.73 6123.73 5516.05
Loans to Employees 17.61 12.86 57.97
Total 6816.34 6136.59 5574.02
Note 6 (ii) - LOANS (` in lakhs)

Particulars
Current
Unsecured considered good
Loans to related parties (Refer to Note 34) 375.49 266.14 221.92
Loans to Employees 74.41 83.75 92.07
Others 66.52 56.65 0.38
Total 516.42 406.54 314.37
Note 7 (i) - OTHER FINANCIAL ASSETS (` in lakhs)

Particulars
Non-current
Security Deposits 10454.16 8988.50 8234.96
Margin money deposits @ 634.42 695.54 1805.73
Long Term deposits with banks 4.66 3.41 2616.60
Advance recoverable in cash 89.23 343.21 321.99
Total 11182.47 10030.66 12979.28
@ Held as lien by bank against bank guarantees amounting to ` 634.42 lakhs (As at 31st March, 2016 ` 695.54 lakhs and as at 1st April, 2015 `
708.24 lakhs) and Term loan amounting to ` Nil (As at 31st March, 2016 ` Nil lakhs and as at 1st April, 2015 ` 1097.49 lakhs).
For Assets pledged as securities refer to note 30.
Note 7 (ii) - OTHER FINANCIAL ASSETS (` in lakhs)

Particulars
Security deposits 711.04 473.01 979.34
Interest receivable 715.73 614.55 266.82
Claim receivables 476.48 585.55 492.66
Advances recoverable in cash 356.65 325.15 –
Derivative financial instruments 195.81 238.64 229.15
Others 148.34 55.78 87.02
Total 2604.05 2292.68 2054.99

Note 8 (i) - OTHER NON CURRENT ASSETS (` in lakhs)

Particulars
Capital Advances 1823.52 537.85 1825.54
Deposits with government authorities 5876.28 4848.51 3454.42
Others 16.55 17.63 42.52
Total 9907.08 7330.88 7228.71
Note 8 (ii) - OTHER CURRENT ASSETS (` in lakhs)

Particulars
Export benefit receivables 3164.37 2639.56 3239.18
Interest Subsidy receivable 2067.47 3157.17 1512.47
Other Subsidy receivable – 119.28 –
VAT Credit/CENVAT Receivable 717.28 1001.23 1286.18
Claim receivable 247.13 1404.78 231.14
Advances to Suppliers 2485.68 1992.25 1707.83
Deposits with government authorities 1292.02 1192.18 941.07
Advances recoverable for value to be received 378.87 298.89 405.68
Others 895.11 811.95 1011.74
Total 12472.92 14099.22 11655.37
Note 9 - INVENTORIES (` in lakhs)

Particulars
a. Raw Materials 14231.46 12615.60 11734.93
In transit 3047.19 3249.94 3191.92
17278.65 15865.54 14926.85
b. Work-in-progress 18484.55 17116.52 18598.75
18484.55 17116.52 18598.75
c. Finished goods 31145.77 31661.69 32028.52
31145.77 31661.69 32028.52
d. Stock-in-trade 56330.92 47592.97 37498.04
In transit 288.26 33.97 5.99
56619.18 47626.94 37504.03
e. Stores and spares 4498.42 4234.00 4017.65
In transit 218.28 171.08 104.15
4716.70 4405.08 4121.80
f. Accumulated cost on conversion contracts 621.93 648.16 439.51
621.93 648.16 439.51
Total Inventory 128866.78 117323.93 107619.46
Inventory write downs are accounted, considering the nature of inventory, ageing,liquidation plan and net realisable value. Write-downs of inventories
to net realisable value amounted to ` 12058.1 lakhs (As at 31st March, 2016 : `7766.75 lakhs, as at 1st April, 2015 : ` 7671.27 lakhs). These write
down were recognised as an expense during the year and included in ‘changes in value of inventories of finished goods, work in progress and stock
in trade in Consolidated Statement of Profit and Loss.

Note 10 - TRADE RECEIVABLES (` in lakhs)

Particulars
Considered good
Secured
Related parties – – –
Other parties 7125.62 8572.82 8159.34
Unsecured
Related parties 7271.98 4848.95 4767.31
Other parties 90668.54 91061.44 81357.98
Considered doubtful
Related parties – – –
Other parties 2904.98 2846.47 2369.21
Less: Allowance for doubtful debts (2904.98) (2846.47) (2369.21)
Total Trade receivables 105066.14 104483.21 94284.63
“The provision for doubtful debt mainly relates to one off parties in respect of the holding Company and three of its subsidiaries amounting to `
2621.88 lakhs. The balance amount of provision for doubtful debts on group’s total receivables in current as well for earlier years is considered not
to be significant. For Expected credit loss and movement in provision for doubtful debts, Refer to Note 36.
For related party disclosure, refer to Note 34.
Note 11 - CASH AND CASH EQUIVALENTS (` in lakhs)

Particulars
Balances with banks 2699.04 2959.80 2042.82
Cheques, drafts on hand 341.24 296.38 777.65
Bank deposits with less than 3 months maturity 621.52 6.86 1511.88
Cash on hand 103.19 127.75 144.44
Total Cash and Cash equivalents 3764.99 3390.79 4476.79
Cash and Cash equivalent considered for Cash flow (` in lakhs)

Particulars
Total Cash and Cash equivalents 3764.99 3390.79 4476.79
Less:- Overdrawn bank balances (refer Note 16(ii)) (244.28) (175.67) (107.77)
Cash and Cash equivalents (for cash flow purpose) 3520.71 3215.12 4369.02
Note 12- OTHER BANK BALANCE (` in lakhs)

Particulars
Unclaimed Dividend 109.57 83.99 73.04
Term deposits # 1908.53 4460.94 7518.24
Margin money @ 1187.03 1097.49 547.89
Total other bank balance 3205.13 5642.42 8139.17
# Includes deposits aggregating of ` 1782 lakhs (As at 31st March, 2016 of ` 3337.09 lakhs and As at 1st April, 2015 of ` 3272.73 lakhs)
earmarked against debentures due for redemption in next twelve months.
@ Held as lien by bank against term loan amoutning to ` Nil (As at 31st March,2016 ` 1097.49 lakhs and As at 1st April, 2015 ` 547.89 lakhs) and
held as lien by bank against letter of credit amounting to ` 1187.03 lakhs (As at 31st March, 2016 : Nil and as at 1st April, 2015 : Nil).

Note 13- ASSET CLASSIFIED AS HELD FOR SALE (` in lakhs)

Particulars
Property, Plant and equipment 850.00 1982.63 216.18
Total Asset held for sales 850.00 1982.63 216.18
With effect from 1st December 2015, the management of one of the subsidiary Ring Plus Aqua Limited discontinued its forging business and
sold the same on Slump sale basis. Majority of assets were sold and the balance properties in the process of disposal were disclosed as ‘Assets
classified as held for sale’ at estimated realizable value as at 31st March,2016 part of which were sold during the year.
The sale of the balance assets is expected to be completed next year. The estimated realisable value of the asset as at 31st March, 2017 is
reassessed based on the market information.
Note 14 (i) - SHARE CAPITAL (` in lakhs)

Particulars
Authorised
10,00,00,000 (As at 31st March,2016: 10,00,00,000 and As at 1st April, 2015 : 10000.00 10000.00 10000.00
10,00,00,000) Equity Shares of ` 10 each
Issued, Subscribed & Paid up

6,13,80,854 (As at 31st March,2016 : 6,13,80,854 and As at 1st April, 2015 : 6138.08 6138.08 6138.08
6,13,80,854) Equity Shares of ` 10 each fully paid- up
Total 6138.08 6138.08 6138.08
Note 14 (a) RECONCILIATION OF NUMBER OF EQUITY SHARES (` in lakhs)

Particulars
No. of Shares held Amount No. of Shares held Amount
Shares at beginning of the year 61380854 6138.08 61380854 6138.08
Shares at the end of the year 61380854 6138.08 61380854 6138.08
Note 14 (b) Right, Preferences and restrictions attached to shares:

The Company has only one class of equity share having a par value of ` 10 per share. Each shareholder is eligible for one vote per share. The
dividend proposed by the Board of Directors is subject to the approval of shareholders except in case of interim dividend. In the event of liquidation,
the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to
their shareholding.
Note 14 (c) DETAILS OF SHARES HELD BY SHAREHOLDERS HOLDING MORE THAN 5% OF THE AGGREGATE SHARES IN THE COMPANY:
(` in lakhs)
Name of the shareholder No. of Shares % of Holding No. of Shares % of Holding No. of Shares % of Holding
held held held
J.K. Investors (Bombay) Limited 17861278 29.1 17332798 28.24 16826419 27.41
Life Insurance Corporation of India 3157089 5.14 4079297 6.65 4079297 6.65
J.K.Helene Curtis Limited 3592050 5.85 3592050 5.85 3399208 5.54

Note :- 14 (ii) - OTHER EQUITY (` in lakhs)

Reserves and Surplus Other Reserve
Retained Equity
Non
Securities Capital Debenture Retained earning Currency instruments
Capital General Legal Retained Total equity Controlling Total
Premium Redemption Redemption earning in in Jointly fluctuation through Other
Reserve Reserves reserve Earnings Interest
Reserve Reserve Reserve Associates controlled reserve Comprehensive
entities Income
Balance as at 1st April, 2015 2737.67 13286.42 1919.51 7000.00 86813.63 7.22 30904.56 9363.82 (1825.91) – 3075.33 153282.25 7,288.95 160571.20
Profit for the year – – – – – – 7518.89 (36.34) 997.67 – – 8480.22 72.13 8552.35
Other Comprehensive Income for the year – – – – – – 326.38 11.33 (145.68) 182.13 360.33 734.49 (3.32) 731.17
Total Comprehensive Income for the – – – – – – 7845.27 (25.01) 851.99 182.13 360.33 9214.71 68.81 9283.52
year
Non Controlling interest on acquisation of 876.88 – – – – – – – – – – 876.88 (876.88) –
additional shares in Subsidary
Share Issue Expenses – – – – – – (101.17) – – – – (101.17) (101.17)
Transfer to debenture redemption reserve – – – 2100.00 – (2100.00) – – – – – – –
Transfer to general resrve (3250.00) 3250.00 – – – – – – – –
Balance as at 31st March, 2016 3614.55 13286.42 1919.51 5850.00 90063.63 7.22 34372.06 9338.81 (973.92) 182.13 3,435.66 161,096.07 6,480.88 167,576.95
Profit for the year – – – – – – 5143.75 (322.62) (2269.47) – – 2,551.66 449.66 3,001.32
Other Comprehensive Income for the year – – – – – – (755.06) – 104.66 (379.59) 772.40 (257.59) 0.33 (257.26)
Total Comprehensive Income for the – – – – – – 4,388.69 (322.62) (2164.81) (379.59) 772.40 2294.07 449.99 2744.06
year
Transfer to debenture redemption reserve – – – 3725.00 – – (3725.00) – – – –
Transfer to general resrve – – – (3375.00) 3375.00 – (72.86) – 72.86 – – – – –
Balance as at 31st March, 2017 3614.55 13286.42 1919.51 6200.00 93438.63 7.22 32746.55 9016.19 (3065.87) (197.46) 4208.06 161173.80 6930.87 168104.67
Capital reserve
Capital reserve is utilised in accordance with provision of the Act.
Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. These reserve is utilised in accordance with the provisions of the Act.
Capital Redemption Reserve

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

The company is required to create a debenture redemption reserve out of the profits which is available for the purpose of redemption of debentures.
Legal Reserve
Legal Reserve is the reserve created in certain entities of the group operating in foreign countries as required by applicable local laws. The same will be utilised in accordance with the

provision of the local laws.
Note 15 (i) - NON CURRENT BORROWINGS (` in lakhs)

Particulars
Secured
(a) Term loans from banks 31296.25 43929.86 54513.77
Total (A) 31296.25 43929.86 54513.77
Unsecured
(a) Term loans from banks 4562.10 11598.05 3991.61
(b) Deferred Sales tax liabilities 187.08 265.07 345.28
(c) Debentures 27445.72 39730.68 32464.76
Total (B) 32194.90 51593.80 36801.65
Total Non Current Borrowings (A) +(B) 63491.15 95523.66 91315.42
Refer to Note 30 for assets pledged as security against borrowings.
Refer to Note 36 for Management of liquidity Risk.
Current maturities of non current borrowing classified under other financial liabilities (Current) (Refer note 16 (ii)).
i. Term loan from bank, balance outstanding amounting to ` 10350.00 Repayable in 32 quarterly installments starting from September
lakhs (March 31,2016 : ` 11550.00 lakhs and 1st April, 2015 2011. Last installment due in June 2019. Rate of interest 10.95%
: `12637.50 lakhs) is secured by pari passu charge on the entire .p.a. as at year end. (March 31, 2016 : 11.20% p.a. and April 1,
immovable assets at Vapi Plant acquired out of this loan and exclusive 2015 : 12.50% p.a.)*
first charge on the entire movable assets acquired out of the said loans
from the bank, located at Vapi Plant.
ii. Term loan from bank, balance outstanding amounting to ` 5552 lakhs Repayable in 32 quarterly installments starting from September
(March 31, 2016 : ` 6312.00 lakhs and 1st April, 2015: `7000.75 2011. Last installment due in June 2019. Rate of interest 11.05%
lakhs) is secured by pari passu charge on the entire immovable assets .p.a. as at year end. (March 31, 2016 : 12.00% p.a. and April 1,
at Vapi Plant acquired out of this loan and exclusive first charge on the 2015 : 12.50% p.a.)*
entire movable assets acquired out of the loans, located at the Vapi
Plant.
iii. Term loan from bank, balance outstanding amounting to `1920.21 Repayable in 32 quarterly installments starting from June 2011.
lakhs (March 31,2016 : ` 2200.21 lakhs and 1st April, 2015: ` Last installment due in March 2019. Rate of interest 10.95%.p.a.
2480.21 lakhs) is secured by way of first pari passu charge on fixed as at year end. (March 31, 2016 : 11.20% p.a. and april 1, 2015
assets of Chindwara and Jalgaon Plant. : 12.50% p.a.)*
iv. Term loan from bank, balance outstanding amounting to ` 2763.39 Repayable in 20 quarterly installments starting from November
lakhs (March 31, 2016 : ` 3498.39 lakhs and 1st April, 2015: 2013. Last installment due in September2018. Rate of interest
`4110.89 lakhs) is secured by way of first pari passu charge on fixed 10.60% p.a. as at year end. (March 31, 2016 : 10.70% p.a. and
assets of Vapi and Jalgaon factories and second pari passu charge on April 1, 2015 : 11.25% p.a.)*
immoveable assets at Vapi Plant acquired out of this loan.
v. Term loan from bank, balance outstanding amounting to ` 6050 lakhs Repayable in 10 equal quarterly installment starting from January
(March 31, 2016 : ` 12410 lakhs and 1st April, 2015: ` 14000 lakhs) 2016 and last installment due in July 2018. Rate of interest 9.85%
is secured by first pari passu charge on fixed assets of Chindwara and p.a. as at year end. (March 31, 2016 : 10.25% p.a. and April 1,
Jalgaon factories, moveable fixed assets of company owned retail 2015 : 10.90% p.a.)
stores and second pari passu charge on the land at Vapi Plant.
vi. Term loan from bank, balance outstanding amounting to ` Nil (March Repaid in February 2017. Rate of interest 10.75%.p.a. as at the
31, 2016 : ` 515.63 lakhs and 1st April, 2015: ` 1031.25 lakhs) is date of repayment. (March 31, 2016 : 10.80% p.a. and April 1,
secured by Lien on Fixed Deposits placed with State Bank of India 2015 : 11.50% p.a.)*
for ` Nil (March 31, 2016 of ` 1097.49 lakhs and 1st April, 2015 `
1560 lakhs)

Note 15 (i) - NON CURRENT BORROWINGS (contd...)

vii. Term loan from bank, balance outstanding amounting to ` Nil (March Repaid in December, 2016..Rate of interest 9.65% p.a. as at the
31, 2016 : ` 1072.52 lakhs and 1st April, 2015: `2972.53 lakhs) is date of repayment. (March 31, 2016 : 9.70% p.a. and April 1,
secured by pari passu charge on the immovable assets at Vapi Plant 2015 : 10.20% p.a.)*
and exclusive charge on movable assets acquired under the loan, at
Vapi Plant.
viii. Term loan from bank, balance outstanding amounting to ` Nil (March Repaid in April, 2016. Rate of interest 11.70% p.a. as at the date
31, 2016 : ` 1653.02 lakhs and 1st April, 2015: ` 1985.02 lakhs) of repayment. (March 31, 2016 : 11.70% p.a. and April 1, 2015 :
partial disbursement is secured by first charge on movable assets 12.20% p.a.)
including plant and machinery, furniture and fixture and other assets of
Captive Power Plant at Vapi and pari passu charge on the immovable
assets at Vapi Plant.
Subsidiaries
Loan Amounting to ` 21185.61 (March 31, 2016 : ` 22381.13 lakhs Repayable in specified dates / installment (Monthly, Quarterly, Half
and 1st April, 2015 : ` 21074.05 lakhs) in subsidiaries secured by yearly). Interest rate from 8% to 14.5% *
hypothecation charge over assets of the respective subsidiary
company."
Terms of repayment for Long Term unsecured borrowings:
Borrowings Terms of Repayment
Term loans from banks
`5000 (March 31, 2016: ` 5000 lakhs and 1st April, 2015 : ` Nil) Repayable in 12 equal quarterly installment starting from March
2018 and last installment due in December 2020. Rate of interest
9.55% p.a. as at year end. (March 31, 2016 : 9.75% p.a.)
` 6570 lakhs (March 31, 2016 : 6625 lakhs million and April 1, 2015 Repayable in October 2017. Rate of interest USD Overnight Libor
: Nil) +107.bps as at year end. (March 31, 2016 : USD Overnight Libor+
107 bps)
` Nil (March 31, 2016: ` Nil and 1st April, 2015 : ` 4500 lakhs) Repaid in March 2016. Rate of interest 10.85% p.a. as at the date
of repayment.
` Nil (March 31, 2016: ` Nil and 1st April, 2015 : ` 5000 lakhs) Repaid in August 2015. Rate of interest 11.20% p.a. as at the date
of repayment.
Privately Placed Non-Convertible Debentures (Face Value of ` 10 lakhs each)

` 10000 (March 31, 2016: ` 10000 lakhs and 1st April, 2015 : ` Nil) Repayable in April 2019. Rate of interest 9.52% p.a. (March
31,2016 : 9.52% p.a.)
` 10000 (March 31, 2016: ` 10000 lakhs and 1st April, 2015 : ` Nil) Repayable in June 2018. Rate of interest 9.75% p.a.(March 31,
2016 : 9.75% p.a.)
`7500 (March 31, 2016: ` 7500 lakhs and 1st April, 2015 : ` 7500 Repayable in April 2018. Rate of interest 10.20% p.a. (March 31,
lakhs) 2016 : 10.20% p.a. April 1, 2015 : 10.20% p.a.)
`13712.74 lakhs (March 31, 2016 : `12473.47 lakhs and April 1, 2015 Repayable in April 2017. Redemption premium at a Yield to
: `11253.95 lakhs) maturity of 10.71% p.a. (March 31, 2016 : 10.71% p.a. April 1,
2015 : 10.71% p.a.)
` Nil (March 31, 2016 : `4465.59 lakhs and April 1, 2015 : `4067.48 Repayable in November 2016. Redemption premium at a Yield to
lakhs) maturity of 11.30% p.a. (Previous year 11.30% p.a.)
` Nil (March 31, 2016: ` Nil and 1st April, 2015 : ` 3000 lakhs) Repaid in November 2015. Rate of interest 11.25% p.a.
` Nil (March 31, 2016: ` 10000 lakhs and 1st April, 2015 : ` 10000 Repaid in June 2016. Rate of interest 10.55% p.a. (March 31,2016
lakhs) :10.55% p.a. and April 1, 2015 : 10.55% p.a)
` Nil (March 31, 2016: ` Nil and 1st April, 2015 : ` 10000 lakhs) Repaid in October 2015. Rate of interest 11.10% p.a.
Subsidiaries
Interest free deferred Sales tax payment liabilities ` 187.08 lakhs Repayable in specified installments. Last installment due in May
(March 31, 2016: ` 265.07 lakhs and 1st April, 2015 : ` 345.28 lakhs) 2021.

Note 15 (i) - NON CURRENT BORROWINGS (contd...)

Term loan from bank repaid in an earlier year was secured by exclusive charge on the specific assets and pari passu charge over the immovable
assets at Vapi Plant, the satisfaction of charge with Registrar of Companies in respect of the said loan is under process.
Installments falling due within a year in respect of all the above Loans aggregating ` 37240.36 lakhs (March 31, 2016: ` 31852.07 lakhs and 1st
April, 2015: ` 30988.76 lakhs) have been grouped under “Current maturities of long-term debt” (Refer Note 16)
Amount of ` 127.57 lakhs (March 31, 2016: ` 546.3 lakhs and 1st April, 2015: ` 654.73 lakhs related to deferred expense towards processing
charges is netted of against loan.
* Rate of Interest is without considering interest subsidy under TUF scheme.
Note 15 (ii)- CURRENT BORROWINGS (` in lakhs)

Particulars
Secured
(a) Working Capital Loans repayable on demand 55757.52 39648.87 30836.94
(b) Acceptance 2442.67 742.28 1910.98
(c) Bill Discounting 3862.66 6964.19 7876.06
(d) Buyers credit arrangements 1750.00 3138.24 536.48
(Working capital loan from banks and buyers credit arrangements are secured by
hypothecation of inventories, books debts and other current assets, both present
and future)
Total (A) 63812.85 50493.58 41160.46
Unsecured
(a) Buyers credit arrangements 1395.19 1864.52 723.16
(b) Commercial Papers 42166.21 17792.67 20304.58
[Maximum balance outstanding during the year ` 55000 lakhs (As at 31st
March,2016 : ` 44500 lakhs and As at 1st April, 2015 : ` 33000 lakhs)]
(c) Acceptance 5871.38 8743.55 10934.01
Total (B) 49432.78 28400.74 31961.75
Total Current borrowings (A+B) 113245.63 78894.32 73122.21
Refer to Note 30 for assets pledged as security against borrowings
Note 16 (i) - OTHER FINANCIAL LIABILITIES (` in lakhs)

Particulars
Non-current
Sub lease premium payable 254.71 – –
Total 254.71 – –

Note 16 (ii) - OTHER FINANCIAL LIABILITIES (contd...) (` in lakhs)

Particulars
Current
Current maturities of long-term debt (Refer to note 15(i)) 37240.36 31852.07 30988.76
Interest accrued but not due on borrowings 1415.18 2331.28 2241.17
Interest accrued and due on borrowings 63.08 112.09 19.91
Deposits from Dealers and Agents 15089.13 14048.08 13459.54
Unclaimed dividends * 108.07 83.31 71.82
Unclaimed matured debentures and interest accrued thereon 0.69 0.69 0.69
Overdrawn Bank Balances 244.28 175.67 107.77
Salary and Wages payable 8886.65 7677.41 4587.31
Mark to Market loss on derivative financial instrument(net) 418.90 129.75 69.09
Liability towards capital goods 5673.04 759.71 590.07
Other payables 1263.60 1654.46 1714.84
Total 70402.98 58824.52 53850.97
*There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies Act, 2013
Note 17 (i) - OTHER NON CURRENT LIABILITIES (` in lakhs)

Particulars
Non Current
Government grants* 5199.25 5074.89 4860.98
Others – 40.40 132.85
Total 5199.25 5115.29 4993.83
Note 17 (ii) - OTHER CURRENT LIABILITIES (` in lakhs)

Particulars
Advance from Customer 4244.18 5396.94 4146.27
Statutory dues 3573.57 2763.82 2598.47
Government grants * 885.69 820.49 767.07
Others 4649.13 5411.36 6433.30
Total 13352.57 14392.61 13945.11
* Refer Note 42
Note:- 18 - TRADE PAYABLES (` in lakhs)

Particulars
Amounts due to related parties (Refer to note 34) 7424.66 5577.19 4972.12
Others trade payable 69919.25 53306.36 45748.17
Total Trade Payables 77343.91 58883.55 50720.29

Note 19 - PROVISIONS (` in lakhs)

Particulars
Current
Provision for employee benefits (Refer Note 33) 5313.64 4029.23 4265.78
Provisions for litigation/ disputes * 585.00 585.00 585.00
Total Provisions 5898.64 4614.23 4850.78
Movement in provisions for litigation / disputes (` in lakhs)

Provision for tax
Particulars
disputes
Balance as at 1st April'2015 585.00
Additional provision made during the year –
Utilisation of the provision –
Unused amount reversed –
Balance as at 31st March,'2016 585.00
Additional provision made during the year –
Utilisation of the provision –
Unused amount reversed –
Balance as at 31st March,'2017 585.00
* Provision for litigation / dispute, represents claims against the Company that are expected to materialise in respect of matters in litigation/ disputes.
Note 20 - REVENUE FROM OPERATIONS (` in lakhs)

Particulars
Sale of products (including excise duty)
(i) Manufactured goods 299282.74 303015.07
(ii) Stock-in-Trade 219752.69 197706.40
Sale of services
(i) Job Work 10286.31 9295.48
(ii) Income from Loyalty Participation Program 1601.35 –
(iii) Others 859.49 401.35
Other operating revenues

(i) Export Incentives 4642.23 3852.47
(ii) Process waste sale 2677.41 3249.33
(iii) Others 30.08 162.89
Total Revenue from operations 539132.30 517682.99

Note 21 - OTHER INCOME (` in lakhs)

Particulars
Interest Income 6793.23 6111.91
Dividends Income from
(i) Non Current Investment 335.68 3.65
(ii) Current Investment 2.08 4.00
Net Gain On
(i) Investment * 1657.62 664.89
(ii) Foreign currency exchange fluctuation 115.04 241.57
(iii) Disposal of property, plant and equipment – 320.12
Apportioned Government Grants Income (Refer note 42) 827.62 1877.74
Rental Income 99.71 109.93
Provision no longer required 419.58 880.85
Other non-operating income 1543.10 1687.37
Total other Income 11793.66 11902.03
* Includes fair value gain as at 31st March, 2017 amounting to `1109.71 lakhs (31st March, 2016: ` 185.13 lakhs).
Note 22 - COST OF MATERIALS CONSUMED (` in lakhs)

Particulars
Opening Stock 12615.60 11734.93
Add: Purchase 112978.65 110646.49
Less : Sales (134.46) (174.33)
Less : Closing Stock (14231.46) (12615.60)
Total Cost of Material Consumed 111228.33 109591.49
Note 23 - MANUFACTURING AND OPERATING COSTS (` in lakhs)

Particulars
Consumption of stores and spare parts 25382.02 24753.36
Power and fuel 18370.13 19360.67
Job work charges 15246.94 17373.26
Repairs to Building 2083.60 2706.59
Repairs to machinery 3079.61 3053.11
Excise duty 3803.47 3623.57
Other Manufacturing and Operating expenses 6126.82 6343.93
Total Manufacturing and operating Costs 74092.59 77214.49

Note 24 -CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE (` in lakhs)

Particulars
Opening Stock:
Finished Goods 31661.69 32028.52
Work in Progress 17116.52 18598.75
Stock in Trade 47592.97 37498.04
Accumulated cost on conversion contracts 648.16 439.51
Total opening Stock 97019.34 88564.82
Less:- Sold on slump sales (Refer to note 48)
Finished goods – 439.90
Work in progress – 168.41
– 608.31
Closing Stock:
Finished Goods 31145.77 31661.69
Work in Progress 18484.55 17116.52
Stock in Trade 56330.92 47592.97
Accumulated cost on conversion contracts 621.93 648.16
Total Closing Stock 106583.17 97019.34
Total Changes in inventories of finished goods, work-in-progress and stock-in-trade (9563.83) (9062.83)
Note 25 - EMPLOYEE BENEFITS EXPENSE (` in lakhs)

Particulars
Salaries, Wages, incentives etc 66356.42 60827.67
Contributions to provident and other funds 3674.85 3398.46
Gratuity (Refer to note 33) 1004.90 1043.33
Staff welfare expenses 4318.28 3944.95
Total Employee benefits expense 75354.45 69214.41
Note 26 - FINANCE COSTS (` in lakhs)

Particulars
Interest expense on long term borrowings* 8188.43 9651.18
Other Interest 8644.88 8294.88
Applicable net loss on foreign currency transactions and translation 103.22 153.32
Other borrowing costs 866.63 869.02
Total Finance Costs 17803.16 18968.40
* [Net of interest subsidy under TUF Scheme ` 1495.92 Lakhs and previous year ending 31st March,2016 : 1885.21 lakhs)
Note 27 - DEPRECIATION AND AMORTISATION EXPENSE (` in lakhs)

Particulars
Depreciation on Property, Plant and Equipment 15577.37 15703.60
Amortisation on Intangible assets 110.56 189.18
Total Depreciation and Amortisation expense 15687.93 15892.78

Note 28 - OTHER EXPENSES (` in lakhs)

Particulars
Rent 17264.52 15614.64
Lease Rentals 34.76 34.38
Insurance 935.09 760.17
Repairs & Maintenance Others 4681.20 4976.46
Rates and taxes 424.18 377.73
Advertisement 23426.67 21843.58
Commission to selling agents 18714.76 15832.39
Legal and Professional charges 7190.37 7576.87
Travelling Expenses 5261.87 6662.28
Information technology support services 1677.23 1575.28
Electricity expenses 2231.85 2167.40
Security charges 2200.51 2019.54
Loyalty Programme expenses 2269.36 –
Freight, Octroi, etc 7102.21 7855.31
Bad Debts, Advances, Claims and deposits written off 249.23 1406.46
Less : Provision written back (65.27) (1369.22)
Provision for doubtful debts 58.51 477.26
Sales Promotion Expenses 5058.61 3290.56
Director's Sitting Fees 149.11 141.85
Commision to Non Executive directors 45.49 37.50
Net Loss on Disposal of property, plant and equipment 69.47 –
Outsourced Support Services 8993.79 7385.16
Corporate Social Responsibility (CSR) expenses 119.77 172.57
Miscellaneous expenses 15365.08 14152.25
Total Other expenses 123458.37 112990.42
Note 29: INCOME TAXES

A) Tax expense recognised in the Statement of Profit and Loss (` in lakhs)
Particulars
Current tax
Expense for the year 3433.99 5361.51
Total current tax 3433.99 5361.51
Deferred tax
Origination and reversal of temporary difference (1190.53) (709.26)
Change in tax rates (59.83) –
Total deferred income tax expense/(credit) (1250.36) (709.26)
Total income tax expense/(credit) 2183.63 4652.25


B) A reconciliation between the statutory income tax rate applicable to the Group and the effective income tax rate is as follows :
Reconciliation of effective tax rate (` in lakhs)
Particulars
Profit before tax 5184.95 13204.40
Enacted income tax rate in India 34.608% 34.608%
Tax amount at the enacted income tax rate 1794.41 4569.78
Add / (deduct) impact of -
Profit of share in associate and JV not taxable 897.12 (332.70)
Foreign Entities with no tax 30.69 (68.98)
Difference in tax rates for certain entities of the group (112.60) 195.90
Expenses not allowable for tax purposes 229.38 1137.69
Income exempted from Income taxes (315.24) (314.76)
Investment allowance u/s 32 AC of Income Tax Act, 1961 (202.22) (321.10)
Change in tax rates (59.83) –
Others (78.08) (213.58)
Total Tax Expenses 2183.63 4652.25
The effective tax rate is 42.13% (2015-16: 35.20%).
C) The movement in deferred tax assets and liabilities during the year ended March 31, 2016 and March 31, 2017:
Movement during the year ended March 31, 2016 and March 31,2017 (` in lakhs)
As at Credit/ Credit/(charge) Credit/ As at Credit/ Credit/(charge) As at
1st April, (charge) in in Other (charge) in 31st March, (charge) in in Other 31st March,
2015 Statement Comprehensive Other Equity 2016 Statement Comprehensive 2017
of Profit and Income of Profit and Income
Loss Loss
Deferred tax assets/(liabilities)
Provision for post retirement benefits 1447.91 340.00 (33.04) – 1754.87 177.03 9.52 1941.42
Provision for doubtful debts and 563.49 38.55 – – 602.04 141.62 – 743.66
advances
Depreciation (7210.18) 875.41 – – (6334.77) 280.49 – (6054.28)
VRS paid 983.07 (443.62) – – 539.45 (141.05) – 398.40
Business Loss 31.21 144.41 – – 175.62 338.33 – 513.95
Unabsorbed Depreciation 4382.70 (2840.82) – – 1541.88 253.64 – 1795.52
Provisions 285.23 34.68 – – 319.91 – – 319.91
DTA on Unrealised profits on inter 674.56 158.79 – – 833.35 423.97 – 1257.32
Companies stock
Others (65.99) 234.24 (49.34) (335.17)# (216.27) 98.17 (97.40) (215.50)
Total (A) 1092.00 (1458.37) (82.38) (335.17) (783.92) 1572.20 (87.88) 700.40
MAT Credit entitlement 4537.42 2253.00 – – 6790.42 (321.84) – 6468.58

Total (B) 4537.42 2253.00 – – 6790.42 (321.84) – 6468.58
Total (A+ B) 5629.42 794.64* (82.38) (335.17) 6006.50 1250.36 (87.88) 7168.98
* ` 85.38 lakhs considered in exceptional items

#Dividend distribution tax in respect of dividend received from subsidiary company, recognised as deferred tax asset and reversed during the year
2016-2017 against utilisation of dividend distribution tax payable by parent Company.


Details of Deferred Tax Assets (` in lakhs)
(a) Deferred Tax Liability on account of:
Depreciation 2334.24 3170.56 3187.07
2334.24 3170.56 3187.07
(b) Deferred Tax Asset on account of :
Provision for post retirement benefits 1485.52 1,338.97 714.02
Provision for doubtful debts and advances 351.27 200.29 144.69
VRS paid 398.4 539.45 842.87
Business Loss 513.95 175.62 –
Mat Credit Entitlements 5713.97 6430.63 4412.08
Unabsorbed Losses & Depreciation 1713.28 1431.41 4013.27
DTA on Unrealised profits 1257.32 833.35 674.56
Others (457.44) (77.91) 224.89
10976.27 10871.81 11026.38
8642.03 7701.25 7839.31
* Represent agrregate for entities having net deferred tax assets
Details of Deferred Tax Liability (` in lakhs)

(a) Deferred Tax Liability on account of:
Depreciation 3720.04 3164.21 4023.11
3720.04 3164.21 4023.11
(b) Deferred Tax Asset on account of :
Provision for post retirement benefits 455.9 415.90 733.89
Provision for doubtful debts and advances’ 392.39 401.75 418.80
VRS paid – – 140.20
Business Loss – – 31.21
Mat Credit 754.61 359.79 125.34
Unabsorbed Depreciation 82.24 110.47 369.43
Others 561.85 181.55 (5.63)
2246.99 1469.46 1813.24
1473.05 1694.75 2209.87
Net Deferred Tax Asset 7168.98 6006.50 5629.42
* Represent aggregate for entities having net deffered tax liability
Significant Estimates
The group has recognised deffered tax assets on carried forward tax losses incurred by subsidiaries in previous years. Based on future projections,
group has been able to recover the unabsorbed losses against taxable future income. Further, in calculating the tax expense for the current period
and earlier years, the group has disallowed certain expenditure pertaining to exempt income based on tax assessements. The matters are pending
with tax authorities.

Note 30 : ASSETS PLEDGED AS SECURITIES

The carrying amounts of assets pledged as security for current and non-current borrowings are: (` in lakhs)
Current Assets
Financial Assets
Fixed Charge
Fixed Deposit under lien # – 1,097.49 547.89
Floating Charge
Receivables * 99534.32 97312.43 84395.30
99534.32 98409.92 84943.19
Non Financial Assets
Floating Charge
Inventories 128310.20 114912.20 105824.04
128310.20 114912.20 105824.04
Total Current assets 227844.52 213322.12 190767.23
Non Current Assets
Fixed Charge
Land (Freehold and Leasehold) 3512.38 3520.43 3528.48
Building 22168.35 21366.40 21216.84
Furniture and Fixtures 1875.66 2557.21 3125.02
Plant and Equipments 63220.96 65122.09 66054.12
Fixed Deposit under lien – – 1097.49
Other assets 10128.80 4744.53 2541.46
Total non-current assets 100906.15 97310.66 97563.41
Total assets 328750.67 310632.78 288330.64
* Receivables represent receivables excluding inter company receivables.
# This excludes deposits aggregating `1782 lakhs (` 3337.09 lakhs as at 31st March, 2016, `3272.73 lakhs as at 1st April, 2015) earmarked
against unsecured debentures due for redemption in next twelve months.
Note 31: CONTINGENT LIABILITIES, CONTINGENT ASSETS AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)
i) Contingent Liabilities (` in lakhs)
a) Claims against the Group not acknowledged as debts in respect of past 2511.96 2547.56 2547.56
disputed liabilities of the Cement and Steel Divisions divested during the year
2000-2001 and Denim Division divested during the year 2006-07 (interest
thereon not ascertainable at present).
b) Claims against the Group not acknowledged as debts (interest thereon not 6544.22 6138.82 5648.34
ascertainable at present).
c) Disputed demand in respect of Income-tax etc (interest thereon not 4395.77 4345.25 4307.03
ascertainable at present.)
d) Disputed Excise/Customs Duties. 2857.40 2318.42 2442.02
f) Liability on account of jute packaging obligation upto 30th June, 1997, in
respect of the Group's erstwhile Cement Division, under the Jute Packaging Amount not determinable
Materials (Compulsory use in packing Commodities) Act, 1987.
g) Group's liabilities/obligations pertaining to the period upto the date of transfer
of the Group's erstwhile Steel, Cement, Carded Woollen and Denim Divisions Amount not determinable
in respect of which the Group has given undertaking to the acquirers.
h) Share in the Contingent Liabilities of Associate Companies and Joint Ventures 1441.09 1129.22 1040.32
It is not practicable for the Group to estimate the timing of cash outflows, if
any, in respect of the above pending resolution of respective proceedings.The
Group does not expect any reimbursement in respect of the above contingent
liabilities.
(ii) Contingent Assets
Freehold land at Thane, acquired by Thane Municipal Corporation for
the purpose widening of Municipal Road, included in Property, Plant and
Equipment (Refer Note 2)

Note 31: CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR) (contd...)
ii) Commitments (` in lakhs)
As at As at As at
a) Commitments
Capital expenditure contracted for at the end of the reporting period but
not recognised as liabilities is as follows:
Property, plant and equipment * 1974.91 3613.68 10810.97
* Net of capital advances
b) Other Commitments
Future Export Obligation/Commitment under import of Capital Goods at 6084.94 5895.38 5628.05
Concessional rate of Customs duty
c) Capital Commitments related to Joint ventures and Associates
Property, plant and equipment 134.40 1518.63 532.08
Less: Capital advances 48.02 322.08 34.82
Net Capital commitments 86.38 1196.55 497.26
d) Other Commitments related to Joint ventures and Associates
Future Export Obligation/Commitment under import of Capital Goods at 4948.14 3564.93 1748.62
Concessional rate of Customs duty
e) Lease disclosure (` in lakhs)

As at As at As at
i) Premises taken on operating lease:
The Group has significant operating leases for premises. These lease
arrangements range for a period between 11 months and 9 years, which
include both cancellable and non-cancellable leases. Most of the leases are
renewable for further period on mutually agreeable terms and also include
escalation clauses.
With respect to non-cancellable operating lease, the future minimum lease
payment as at Balance Sheet date is as under:
For a period later than five years 682.83 979.56 150.28
ii) Vehicles taken on operating lease:
The Group has operating leases for vehicles. These lease arrangements
range for a period between 1 and 4 years, which include both cancellable and
non-cancellable leases. Most of the leases are renewable for further period on
mutually agreeable terms.
With respect to non-cancellable operating lease, the future minimum lease
payment as at Balance Sheet date is as under:
For a period later than five years – – –
Note No. 32 EARNINGS PER SHARE (` in lakhs)

Earnings Per Share has been computed as under:
Profit for the year attributable to equity shareholders of the company 2551.66 8480.22
Weighted average number of equity shares outstanding 61380854.00 61380854.00
Basic and Diluted Earnings Per Share (`) (Face value of Re. 10 per share) 4.16 13.82

Note 33 (a) : DETAILS OF EMPLOYEE BENEFITS OBLIGATIONS

I. Details of Defined Contribution Plan
The Group also has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of 12% of
basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the
Group is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during
the year towards defined contribution plan is ` 3135.3 lakhs (Previous year ` 2917.86 lakhs) in the Consolidated Statement of Profit and Loss
for the year ended 31st March,2017 under defined contribution plan.
II. Details of Defined Benefit Plan

i. Gratuity :- The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees
last drawn basic salary per month computed proportionately for 15 days salary multiplied by the number of years of service. The gratuity plan
is a funded plan and the Company makes contributions to recognised funds in India.
ii. Pension benefits:- The Company operates defined benefit pension plans which provide benefits to some of its employees in the form of
a guaranteed level of pension payable for certain year after retirement. The level of benefits provided depends on members’ length of service
and their salary in the final years leading up to retirement.
The amounts recognised in the balance sheet and the movements in the defined obligation and plan assets for the years are as follows:

Gratuity Provident Fund
As at 31st As at 31st As at As at 31st As at 31st As at
March, 2017 March, 2016 1 April, 2015 March, 2017 March, 2016 1 April, 2015
Present value of defined benefit obligations 13691.94 11737.24 11302.80 17050.89 15716.89 14276.25
Fair value of plan assets* 12284.35 11371.33 10648.98 17050.89 15716.89 14276.25
Defined benefit obligation net of plan 1407.59 365.91 653.82 – – –
assets
* Defined benefit plan are funded.
B.I Movement in plan assets and obligations- Gratuity (` in lakhs)

2017 2016
1st April
Plan Assets Obligations Net Plan Assets Obligations Net
Balance As at 1st April 11371.33 11737.24 365.91 10648.98 11302.80 653.82
Current service cost – 990.81 990.81 – 1021.25 1,021.25
Interest cost on obligation – 925.05 925.05 – 843.89 843.89
Interest income on plan assets 910.96 – (910.96) 821.81 – (821.81)
demographic assumptions
financial assumptions
Actuarial (gain)/loss arising from experience – 376.68 376.68 – (147.00) (147.00)
adjustments
Return on plan assets excluding interest (54.73) – 54.73 50.68 – (50.68)
income
Employer contributions 1062.81 – (1,062.81) 584.28 – (584.28)
Benefit payments (1006.02) (1062.93) (56.91) (734.42) (995.64) (261.22)
Balance As at 31st March, 12284.35 13691.94 1407.59 11371.33 11737.24 365.91

Note 33 (a) : DETAILS OF EMPLOYEE BENEFITS OBLIGATIONS (contd...)

B.II Movement in plan assets and obligations- Provident Fund (` in lakhs)
2017 2016
Balance As at 1st April 15716.89 15716.89 – 14,276.25 14,276.25 –
Employee contributions 997.21 997.21 – 916.92 916.92 –
Interest cost – 1,249.84 1249.84 – 1090.02 1090.02
Interest income 1249.84 – (1249.84) 1090.02 – (1090.02)
demographic assumption
financial assumption
Actuarial (gain)/loss arising from experience – 37.38 37.38 – 107.79 107.79
adjustments
Return on plan assets excluding interest 37.38 – (37.38) 107.79 (107.79)
income
Liabilities assumed/ Asset acquired on (28.90) (28.90) – 409.91 409.91 –
divestiture
Employer contributions 539.55 – (539.55) 480.60 – (480.60)
Benefit payments (1461.08) (1461.08) – (1564.60) (1564.60) –
Balance As at 31st March, 17050.89 17050.89 – 15716.89 15716.89 –
C. Defined Benefit obligations and employer contributions (` in lakhs)

2017 2016 2017 2016
Active members 19837 19532 2679 2668
The weighted average duration of the defined benefit obligations 9-12 years 9-12 years 13.95 10.82
Expected Employer's Contribution for next financial year 1155.93 928.98 580 300
D. Amount recognised in Statement of Profit and Loss and Other Comprehensive income (` in lakhs)
Year ended 31st Year ended 31st Year ended 31st Year ended 31st
March, 2017 March, 2016 March, 2017 March, 2016
Employee Benefits Expense:
Current service cost 990.81 1021.25 539.55 480.60
Finance cost/(income) net 14.09 22.08 – –
Expense/(Gain) recognised in the Statement of Profit and 1004.90 1043.33 539.55 480.60
loss
Remeasurements of the net defined benefits :

Actuarial (gains)/losses arising from changes in demographic – – – –
assumptions
Actuarial (gains)/losses arising from changes in financial 725.08 (288.08) – –
assumptions
Experience (gains)/losses 376.68 (147.00) 37.38 107.79
Return on plan assets excluding amounts included in net interest 54.73 (50.68) (37.38) (107.79)
(income)/cost
Expense/(Gain) recognised in Other Comprehensive income 1156.49 (485.76) – –


E. The Major categories of Plan assets are as follows: (` in lakhs)
As at As at As at As at As at As at
31st March, 2017 31st March, 2016 1st April, 2015 31st March, 2017 31st March, 2016 1st April, 2015
Unquoted
Government Bonds – – – 7956.21 6494.36 6889.32
Insurer managed Fund 11,641.79 10732.14 9624.90 – – –
Other Debt Instruments 630.80 620.10 682.72 8074.12 8569.05 6804.60
Others 11.76 19.09 341.36 1,020.56 653.48 582.33
Total (B) 12284.35 11371.33 10648.98 17050.89 15716.89 14276.25
F. Assumptions
With the objective of presenting the plan assets and plan liabilities of the defined benefits plans at their fair value on the balance sheet, assumptions
under Ind AS 19 are set by reference to market conditions at the valuation date
The significant actuarial assumptions were as follows: (` in lakhs)

As at As at As at As at As at As at
31st March, 2017 31st March, 2016 1st April, 2015 31st March, 2017 31st March, 2016 1st April, 2015
Discount rate 7% to 8% 8.05% 7.80% 7.45% 8.05% 7.80%
Salary Escalation Rate # 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
Mortality in Service : Indian Assured Lives Mortality (2006-08) Ultimate table Mortality in Retirement : LIC Buy-out Annuity
G. Sensitivity
The sensitivity of the overall plan liabilities to changes in the weighted key assumptions are:
Gratuity (` in lakhs)
2017 2016
Change in Increase / Increase / Increase / Increase /
assumption (decrease) in (decrease) in (decrease) in (decrease) in
liability liability
liability liability
Discount rate +1%/-1% (969.41) 1463.78 (754.10) 891.94
Salary Escalation Rate # +1%/-1% 868.08 (505.86) 745.42 (683.33)
The sensitivity analysis above have been determined based on reasonable possible changes of the respective assumptions occurring at the
end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all
other assumptions constant. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the
balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with
the previous period.
# takes into account the inflation, seniority, promotions and other relevant factors.
H. The defined benefit obligations shall mature after the end of reporting period is as follows: (` in lakhs)
Defined benefit obligation
Year ending 31st March, 2017 2016
2017 875.62
2018 799.71 525.17
2019 587.39 643.27
2020 767.84 777.37
2021 873.44 856.22
2022 911.78
Thereafter 24059.39 21561.68


I. Risk Exposure - Asset Volatility
The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create
a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to
interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of the funds are invested
in equity securities and in alternative investments % which have low correlation with equity securities. The equity securities are expected to
earn a return in excess of the discount rate and contribute to the plan deficit.
Note 33(b): DETAILS OF DEFINED PLAN - PENSION

The amounts recognised in the balance sheet and the movements in the defined obligation for the years are as follows:

As at As at As at
Present value of defined benefit obligations 39.38 31.07 30.07
B. Movement in Defined Benefit Obligation - Plan Liabilities Pension (` in lakhs)

2017 2016
As at 1st April 31.07 30.06
Interest cost 2.25 2.24
Actuarial (gain)/loss arising from changes in financial assumption 4.57 (2.61)
As at 31st March, 39.38 31.07
C. Amount recognised in Statement of Profit and Loss and Other Comprehensive Income (` in lakhs)
Employee Benefit Expenses:
Total 1.49 1.38
Finance cost/(income) 6.82 (0.37)
Expense/(Gain) recognized in Statement of Profit and Loss 8.31 1.01
Return on plan assets excluding amounts included in net finance income/(cost) – –
Actuarial gains/(losses) arising from changes in financial assumptions – –
Experience gains/(losses) arising on pension plan and other benefit plan liabilities – –
Expense/(Gain) recognized in Other Comprehensive Income – –
D. Assumptions
With the objective of presenting the plan assets and plan liabilities of the defined benefits plans at their fair value on the balance sheet, assumptions
under Ind AS 19 are set by reference to market conditions at the valuation date
The significant actuarial assumptions were as follows: (` in lakhs)

As at As at As at
Discount rate 7.45% 8.05% 7.80%
Salary Escalation Rate 7.50% 7.50% 7.50%

Note 33(b): DETAILS OF DEFINED PLAN - PENSION FUND (contd...)

Mortality in Service : Indian Assured Lives Mortality (2006-08) Ultimate table Mortality in Retirement : LIC Buy-out Annuity
Note 34: RELATED PARTY DISCLOSURES UNDER Ind AS 24

1. Relationships:
(a) Joint Ventures:
Raymond Uco Denim Private Limited (and its Subsidiaries and Joint Venture), India
Rose Engineered Products India Private Limited (upto 20th September,2016), India
(b) Associates
J.K. Investo Trade (India) Limited, India
P. T. Jaykay Files, Indonesia
J.K. Helene Curtis Limited, India
J.K. Ansell Limited, India
Radha Krshna Films Limited, India
(c) Other Related Party

J.K. Investors (Bombay) Limited, India
(d) Executive directors, their relatives and their enterprises over which they are able to exercise significant influence (with whom
transactions have taken place) :
Dr. Vijaypat Singhania
Shri. Gautam Hari Singhania
Smt. Nawaz Singhania
Shri. H. Sunder
Silver Soaps Private Limited
Avani Agricultural Farms Private Limited
Smt. Meenakshi Sunder (Wife of Shri.H. Sunder)
(e) Non executive directors and enterprises over which they are able to exercise significant influence (with whom transactions have
taken place) :
Shri I D Agarwal
Shri Nabankur Gupta
Shri Pradeep Guha
Shri Akshaykumar Chudasama
M/s Shardul Amarchand Mangaldas and Co.
(f) Trust
Raymond Limited Employees Provident Fund
Raymond Limited Employees Gratuity Fund - Raymond Limited and its subsidiaries.

Note 34: RELATED PARTY DISCLOSURES UNDER Ind AS 24 (contd...)
Related Parties
Referred in 1(a) above Referred in 1(b) above Referred in 1(c) above Referred in 1(d) above Referred in 1(e) above Referred in 1(f) above
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Nature of transactions
31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
Purchases:
Goods and Materials 1800.78 1613.84 485.42 295.38 40868.75 38065.51 – – – – – –
Sales:
Goods and Materials 1279.04 1700.61 151.73 82.28 24708.73 24400.96 – – – – – –
Job Work Charges 6732.77 5550.38 – – – – – – – – – –
Expenses:
Rent and other service charges – – 264.12 260.93 707.79 701.62 – 48.84 – – – –
Job Work Charges – – – – 927.06 529.18 – – – – – –
Commission to selling agents – – – – 635.61 575.59 – – – – – –
Employees benefit expenses * – – – – – – 888.46 1376.23 – – – –
Interest paid – – – – 31.85 29.29 – – – – – –
Directors Sitting Fees (Excluding Service tax) – – – – – – 28.00 30.50 85.00 67.00 – –
Other reimbursement – 3.53 – 0.23 69.15 198.29 – – – – – –
Deputation of staff 3.90 – – – – – – – – – – –
Legal and Professional Charges – – – – – – – – 145.15 – – –
Contribution to provident fund trust- – – – – – – – – – – 1199.36 841.95
Employer’s Contribution
Others:
Contribution to provident fund trust- – – – – – – – – – – 997.21 916.92
Employees Contribution
Income:
Rent and other service charges 20.64 20.64 80.42 85.60 52.68 – – – – – – –
Interest Income 675.00 607.68 – – – – – – – – – –
Other Receipts:
Deputation of staff 82.24 121.98 41.88 44.22 134.62 36.93 – – – – – –
Other reimbursement 111.08 140.71 66.42 58.58 67.15 103.33 – – – – – –
*Compensation to key managerial personnel of the Company (` in lakhs)

Nature of benefits # Year ended Year ended
Short-term employee benefits 839.91 1291.19
Post-employment benefits 48.55 85.04
Total compensation paid to key managerial personnel 888.46 1376.23
# This aforesaid amount does not includes amount in respect of gratuity and leave as the same is not determinable.

3 Balances with related parties referred in 1 above, in ordinary course of business: (` in lakhs)
Related Parties
Referred in 1(a) above Referred in 1(b) above Referred in 1(c) above Referred in 1(d) above
Nature of transactions As at As at As at As at As at As at As at As at
As at As at As at As at
31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
1 April, 2015 1 April, 2015 1 April, 2015 1 April, 2015
2017 2016 2017 2016 2017 2016 2017 2016
Outstandings:
Payable 453.95 206.36 – 44.00 26.85 10.07 7181.42 5343.98 4962.05 13.00 532.39 322.03
Receivable and Loans 8082.89 7155.44 6503.58 250.83 13.84 18.34 6111.47 4069.54 3983.36 – – –
Agency Deposits Payable – – – – – – 318.48 292.12 268.02 – – –
Property Deposits Receivable 1.00 1.00 1.00 57.46 57.46 57.46 2935.85 2935.85 2935.85 – 50.00 50.00
Property Deposits Payable 1.00 1.00 1.00 – – – – – – – – –
(` in lakhs)
Nature of transactions As at As at As at
Outstanding Payable
Non Executive directors 32.50 22.50 15.00

Note:-
The above excludes waiver of interest during the year with respect to Raymond UCO Denim Private Limited.

Disclosure in respect of material transactions with related parties during the year (` in lakhs)
Purchases:
Goods and Materials
J K Investors (Bombay) Ltd 40868.75 38065.51
J K Helene Curtis Ltd 485.42 295.38
Sales:
Goods, Materials etc.
Rose Enginneered Products India Pvt. Ltd. 19.79 99.28
PT Jaykay 118.09 –
Job work charges
Expenses:
J K Investo Trade India Ltd 264.12 260.93
Avani Agricultural Farms Private Limited – 37.80
Silver Soaps Private Limited – 3.00
Others – 8.04
Job work charges
Agency commissions
Interest Paid
Employee benefit expenses
Mr. Gautam Singhania * 615.65 1,139.87
Mr. H. Sunder ** 272.81 236.36
Directors Fees and commission to non Executive Director (Excluding Service Tax)
Dr. V.P. Singhania 10.00 14.50
Mr. Gautam Singhania 6.00 5.50
Mrs Nawaz Singhania 12.00 10.50
Shri I D Agarwal 24.50 18.50
Shri Nabankur Gupta 25.00 24.50
Shri Pradeep Guha 25.50 24.00
Shri Akshaykumar Chudasama 10.00 –
Legal and Professional Charges

Shardul Amarchand Mangaldas & Company 145.95 –
Contribution to provident fund trust and Gratuity

Raymond Limited Employees Provident Fund and Gratuity Trust 1199.36 841.95


Disclosure in respect of material transactions with related parties during the year (` in lakhs)
Others
Contribution to provident fund trust- Employees Contribution 997.21 916.92
Other reimbursements
Raymond UCO Denim Private Limited – 3.53
J K Investo Trade India Ltd – 0.23
Deputation of Staff
Raymond UCO Denim Private Limited 3.90 –
Income :
Rent & other service charges
J K Ansell Ltd 19.20 19.20
JK Investors (Bombay) Ltd 52.68 –
Interest Income
Other Receipts
Deputation of staff
Rose Engineered Products India Pvt. Ltd. – 55.94
PT Jaykay Files 25.20 –
Other reimbursements
Rose Engineered Products India Pvt. Ltd. 76.29 120.00
(` in lakhs)
As at As at As at
Outstandings:
Payable
Raymond UCO Denim Private Limited 453.95 206.36 –
J K Investo Trade India Ltd – – –
J K Helene Curtis Ltd 44.00 26.85 10.07
J K Investors (Bombay) Ltd 7181.42 5343.98 4962.05
Shri Gautam Singhania - Chairman & Managing Director – 517.39 312.03
Other Key Managerial Persons 13.00 15.00 10.00
Other Independent Directors 32.50 22.50 15.00

Note 34: RELATED PARTY DISCLOSURES UNDER Ind AS 24 (contd...) (` in lakhs)

As at As at As at
Receivable
Raymond UCO Denim Private Limited 8,082.89 7,020.26 6,484.32
Rose Enginneered Products India Pvt. Ltd. – 135.18 19.26
J K Helene Curtis Ltd 77.88 13.25 14.65
J K Ansell Ltd 0.03 0.59 3.69
PT Jaykay 172.92
Others – – –
Other receivable
Raymond UCO Denim Private Limited –
Agency Deposits payable –
Debt portion of Preference instrument –
Raymond UCO Denim Private Limited – – –
Property Deposit payable –
J K Investors (Bombay) Ltd –
Raymond UCO Denedim Private Limited 1.00 1.00 1.00
Property Deposit receivable –
Raymond UCO Denim Private Limited 1.00 1.00 1.00
Avani Agricultural Farms Private Limited – 50.00 50.00
J K Investo Trade India Ltd 57.46 57.46 57.46
* Refer note 41
** Reappointment w.e.f. 29th July 2016, is subject to approval in forthcoming Annual General Meeting.
Note :- 35 SEGMENT INFORMATION

Operating Segments:
a) Textile : Branded Fabric
b) Shirting : Shirting fabric (B to B)
c) Apparel: Branded Readymade Garments
d) Garmenting : Garment manufacturing
e) Tools & Hardware : Power & Hand Tools
f) Auto Components : Components & Forging
g) Others : Non Scheduled Airline operations and Real Estate development
Identification of Segments:
The chief operational decision maker monitors the operating results of its Business segment separately for the purpose of making decision about
resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with
profit or loss in the financial statements, Operating segment have been identified on the basis of nature of products and other quantitative criteria
specified in the Ind AS 108.
Segment revenue and results:

The expenses and income which are not directly attributable to any business segment are shown as unallocable expenditure (net of allocable
income).
Segment assets and Liabilities:

Segment assets include all operating assets used by the operating segment and mainly consist of property, plant and equipments, trade receivables,
Inventory and other operating assets. Segment liabilities primarily includes trade payable and other liabilities. Common assets and liabilities which
can not be allocated to any of the business segment are shown as unallocable assets / liabilities.
Inter Segement transfer:

Inter Segment revenues are recognised at sales price. The same is based on market price and business risks. Profit or loss on inter segment
transfer are eliminated at the group level.

Note :- 35 SEGMENT INFORMATION (contd...)
(a) Summary of segment Information as at and for the year ended 31st March,2017 and 31st March,2016 is as follows: (` in lakhs)
Textile Shirting Apparel Garmenting Tools & Hardware Auto Components Others Elimination Total
Current Previous 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 year year
Segment Revenue
External Revenue 257761.80 254885.92 47197.92 43163.78 127009.22 111829.86 54931.44 50380.18 35006.94 39424.62 16431.46 17596.96 793.52 401.67 – – 539132.30 517682.99
Inter-Segment Revenue 13674.53 15317.99 2809.16 3549.75 15.91 22.63 8953.43 8948.07 1.86 6.99 – – – – (25454.89) (27845.43) – –
Total Revenue 271436.33 270203.91 50007.08 46713.53 127025.13 111852.49 63884.87 59328.25 35008.80 39431.61 16431.46 17596.96 793.52 401.67 (25454.89) (27845.43) 539132.30 517682.99
Segment Result 31293.70 39514.88 2579.88 2388.72 -2896.92 314.73 4030.13 3606.43 19.28 1100.39 1690.43 (310.27) (3598.38) (2876.37) (165.88) 120.48 32952.24 43858.99
Add / (Less):
Unallocated income/(expenses) (Net) – – – – – – – – – – – – – – – – (6366.66) (9126.14)
Finance costs – – – – – – – – – – – – – – – – (17803.16) (18968.40)
Exceptional Items (Net) – – – – – – – – – – – – – – – – (1005.38) (3521.18)
Provision for Taxes – – – – – – – – – – – – – – – – (2183.63) (4652.25)
Share of Profit in Associate Companies – – – – – – – – – – – – – – – – (2592.09) 961.33
and Joint Ventures
Net Profit 3001.32 8552.35
Other Information:
Segment Assets 198149.40 197271.49 53998.43 38964.05 67946.50 54795.67 42041.74 39332.92 17482.91 23246.26 12551.88 14694.75 4633.70 5709.23 (9809.98) (8446.74) 386994.58 365567.63
Investment in Associate and Joint Venture 13230.91 16649.10
Unallocated assets – – – – – – – – – – – – – 125004.10 109955.79
Total Assets 198149.40 197271.49 53998.43 38964.05 67946.50 54795.67 42041.74 39332.92 17482.91 23246.26 12551.88 14694.75 4633.70 5709.23 (9809.98) (8446.74) 525229.59 492172.52
Segment Liabilities 72281.05 61378.86 14423.20 5788.98 26232.82 18072.75 14159.54 13073.42 7236.00 7304.97 3963.16 4676.75 409.62 389.01 (8068.92) (6857.04) 130637.47 103827.70
Unallocated Liabilities – – – – – – – – – – – – – – – – 220349.37 214629.79
Total Liabilities 72281.05 61378.86 14423.20 5788.98 26232.82 18072.75 14159.54 13073.42 7236.00 7304.97 3963.16 4676.75 409.62 389.01 (8068.92) (6857.04) 350986.84 318457.49
Capital Expenditure
Segment capital expenditure 4596.53 3396.49 11232.42 9623.54 3063.57 2921.74 3541.98 4284.20 240.06 693.64 369.98 255.97 4.23 2116.73 – – 23048.77 23292.31

Unallocated capital expenditure – – – – – – – – – – – – – – – – 9749.22 2993.66
Total capital expenditure 4596.53 3396.49 11232.42 9623.54 3063.57 2921.74 3541.98 4284.20 240.06 693.64 369.98 255.97 4.23 2116.73 – – 32,797.99 26285.97
Depreciation and Amortisation:
Segment depreciation and amortisation 6762.98 7057.74 2323.72 1964.71 1978.51 2077.83 1342.06 1306.57 685.36 740.12 694.58 783.44 1053.65 999.15 – – 14840.86 14929.56
Unallocated depreciation and amortisation – – – – – – – – – – – – – – – – 847.07 963.22
Total depreciation and amortisation 6762.98 7057.74 2323.72 1964.71 1978.51 2077.83 1342.06 1306.57 685.36 740.12 694.58 783.44 1053.65 999.15 – – 15687.93 15892.78
Significant Non Cash Expenditure:
Segment Significant Non Cash Expenditure – 11.49 – – 18.00 103.66 11.48 – 172.56 – 7.99 358.80 – – – – 210.03 473.95
Unallocated non cash expenditure – – – – – – – – – – – – – – – – – –
Total Significant Non Cash Expenditure – 11.49 – – 18.00 103.66 11.48 – 172.56 – 7.99 358.80 – – – – 210.03 473.95
(b) Summary of Segment Assets and Liabilities as at 1st April, 2015 (` in lakhs)
Assets Liabilities
Branded Textiles 234092.97 51679.95
Shirting 30547.00 5206.00
Branded apearal 54814.89 17894.31
Garment 32359.26 10269.18
T&H 23869.65 7773.55
Auto component 23318.22 6802.00
Others 7580.60 155.14
Inter segment (7152.84) (8012.00)
Unallocable 62583.01 203535.35
Total 462012.76 295303.48
Note :- 35 SEGMENT INFORMATION (contd...)

(c) Summary of Segment Revenue and Segment assets (` in lakhs)
India Rest of the world Total
Current Previous Current Previous Current Previous
year year year year year year
Segment Revenue * 431602.93 412711.32 107529.37 104971.67 539132.30 517682.99
Carrying cost of segment assets** 366912.54 344298.13 20082.04 21269.50 386994.58 365567.63
Carrying cost of segment Non Current 176,369.13 156819.20 823.04 931.81 177192.17 157751.01
assets**@
Additions to Property, plant and equipments 32797.84 26273.77 0.15 12.20 32797.99 26285.97
including Intangible Assets**
* Based on location of Customers

** Based on location of Assets
@ Excluding Financial Assets, Investments accounted for using equity method and deferred tax asset.
Note:-
Considering the nature of business of group in which it operates, the group deals with various customers including multiple geographics.
Consequently, none of the customer contribute materially to the revenue of the Company.
Note :- 36 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Groups financial risk management is an integral part of how to plan and execute its business strategies. The groups financial risk management
policy is set by the Managing Board. The details of different types of risk and management policy to address these risks are listed below:
(a) Market Risk:-

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument.
The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other
market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including
investments and deposits, foreign currency receivables, payables and loans and borrowings.
The group manages market risk through treasury department, which evaluates and exercises independent control over the entire process of market
risk management. The treasury department recommend risk management objectives and policies, which are approved by Senior Management
and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign
currency exposures, borrowing strategies and ensuring compliance with market risk limits and policies.
(a)(i) Market Risk- Interest rate risk.

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest
rates. In order to optimize the Group’s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury
performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments
in its total portfolio.
Exposure to interest rate risk related to borrowings with floating rate of interest. (` in lakhs)
As at As at As at
Borrowings bearing floating rate of interest 96683.22 102117.53 107326.27
Interest rate sensitivity

A change of 50 bps in interest rates would have following Impact on profit before tax (` in lakhs)
2016-17 2015-16
50 bp increase- decrease in profits * 483.42 510.59
50 bp decrease- Increase in profits * 483.42 510.59
* Sensitivity is calculated based on the assumption that amount outstanding as at reporting dates were utilised for the whole financial year.

Note :- 36 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (contd...)

(a)(ii) Market Risk- Foreign currency risk.
The Group operates internationally and portion of the business is transacted in several currencies and consequently the group is exposed to foreign
exchange risk through its sales and services in overseas and purchases from overseas suppliers in various foreign currencies. Foreign currency
exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.
The Group evaluates exchange rate exposure arising from foreign currency transactions and the group follows established risk management
policies, including the use of derivatives like foreign exchange forward contracts to hedge exposure to foreign currency risk.
Details of Hedged and Unhedged Foreign Currency Receivable and Payable Foreign currency In lakhs
USD EURO GBP AUD Others USD EURO GBP AUD Others
Trade Receivables 188.16 32.9 18.5 – 136.41 232.74 35.7 9.38 – 589.53
Less: Foreign currency forward 82.76 14.28 13.22 – – 182.92 23.72 7.75 – 588.77
contracts (Sell)
Unhedged Receivable 105.4 18.62 5.28 – 136.41 49.82 11.98 1.63 – 0.76
Trade Payable and borrowings 258.64 72.13 0.05 164.51 37.66 213.24 15.70 – 33.58 0.95
Less: Foreign currency forward 212.49 50.41 – 160.36 – 180.24 14.49 – 33.58 –
contracts (Buy)
Unhedged Payable 46.15 21.72 0.05 4.15 37.66 33.00 1.21 – – 0.95
As at 1st April, 2015

USD EURO GBP AUD Others
Trade Receivables 305.47 32.69 26.81 – 1923.47
Less: Foreign currency forward contracts (Sell) 258.58 20.19 25.77 – 1904.71
Unhedged Receivable 46.89 12.50 1.04 – 18.76
Trade Payable Including Loan Taken 160.42 23.45 0.25 49.42 0.46
Less: Foreign currency forward contracts (Buy) 144.70 18.71 – 28.50 0.00
Unhedged Payable 15.72 4.74 0.25 20.92 0.46
A details of foreign exchange outstanding as at reporting date Foreign currency In lakhs

Foreign currency Sell Contract Buy Contract Sell Contract Buy Contract Sell Contract Buy Contract
USD 82.76 212.49 182.92 180.24 258.58 144.70
EURO 14.28 50.41 23.72 14.49 20.19 18.71
GBP 13.22 – 7.75 – 25.77 –
AUD 160.36 33.58 28.50
Others – – 588.77 – 1,904.71 –
A details of other derivatives contracts outstanding as at reporting date

Foreign currency Option Swap Option Swap Option Swap
USD – 100.00 – 100.00 36.60 –


Foreign Currency Risk Sensitivity
A change of 5% in Foreign currency would have following Impact on profit before tax (` in lakhs)
5% Increase 5% decrease 5% Increase 5% decrease 5% Increase 5% decrease
USD 192.09 (192.09) 55.79 (55.79) 97.55 (97.55)
EURO (10.73) 10.73 40.44 (40.44) 26.19 (26.19)
GBP 21.15 (21.15) 7.75 (7.75) 3.65 (3.65)
AUD (10.27) 10.27 – – (49.73) 49.73
Others 3.15 (3.15) (1.67) 1.67 (0.13) 0.13
Increase / (decrease) in profit or loss 195.39 (195.39) 102.30 (102.30) 77.54 (77.54)
(a) (iii) Market Risk- Price Risk

(a) Exposure
The group’s exposure to equity securities price risk arises from investments held by the group and classified in the balance sheet either at fair value
through OCI or at fair value through profit or loss. To manage its price risk arising from investments in equity securities, the group diversifies its
portfolio. Diversification of the portfolio is done in accordance with the limits set by the group.
The majority of the group’s equity investments are publicly traded and are listed in the Bombay Stock Exchange-BSE.
(b) Sensitivity
The table below summarises the impact of increases/decreases of the index on the group’s equity and profit for the year. The analysis is based
on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the group’s equity
instruments moved in line with the index.
(` in lakhs)
Impact on Profit before tax
BSE Sensex 30- Increase 5% 205.27 (67.12) 337.68
BSE Sensex 30- Decrease 5% (205.27) 67.12 (337.68)
Above referred sensitivity pertains to quoted equity investment (Refer note 5(ii)). Profit for the year would increase/ (decrease) as a result of gains/
losses on equity securities as at fair value through profit or loss.
(b) Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Group
periodically assess financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical
bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The group considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on
an ongoing basis through out each reporting period. To assess whether there is a significant increase in credit risk the group compares the risk of
default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive
forwarding-looking information such as:
i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counterparty,
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its obligations,
iv) Significant increase in credit risk on other financial instruments of the same counterparty,
v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.
Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with
the group. The group categorises a loan or receivable for write off when a debtor fails to make contractual payments greater than 2 years past due.


Where loans or receivables have been written off, the group continues engage in enforcement activity to attempt to recover the receivable due.
Where recoveries are made, these are recognized in profit or loss.
Assets in the nature of Investment, security deposits, loans and advances are measured using 12 months expected credit losses(ECL). Balances
with Banks is subject to low credit risk due to good credit rating assigned to these banks. Trade receivables are measured using life time expected
credit losses.
Financial Assets for which loss allowances is measured using the Expected credit Losses (ECL)
The Ageing analysis of Account receivables has been considered from the date the invoice falls due (` in lakhs)
As at As at As at
Not due 62421.97 66010.01 57285.36
0-3 months 23093.27 27933.22 25555.81
3-6 months 14025.81 6307.43 8846.94
6 months to 12 months 4102.87 1661.85 1382.34
beyond 12 months and upto 2 years 1422.22 2570.71 1214.19
Total 105066.14 104483.21 94284.63
The following table summarizes the changes in loss allowances measured using life time expected credit loss model (` in lakhs)
As at As at
Opening provision 2846.47 2369.21
Add:- Additional provision made 123.78 1846.48
Less:- Provision utilised against bad debts (65.27) (1369.22)
Closing provisions 2904.98 2846.47
No Significant changes in estimation techniques or assumptions were made during the year.
(c)Liquidity Risk
Liquidity risk is defined as the risk that the group will not be able to settle or meet its obligations on time, or at a reasonable price. The group’s
treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related such risk
are overseen by senior management. Management monitors the group’s net liquidity position through rolling forecasts on the basis of expected
cash flows.
Maturity patterns of other Financial Liabilities- other than borrowings (` in lakhs)

As at 31st March, 2017 0-3 months 3-6 months 6 months to 12 beyond 12 Total
months months
Trade Payable 77343.91 – – – 77343.91
Payable related to Capital goods 5418.33 – – 254.71 5673.04
Other Financial liability (Current and Non 13333.36 – – 14410.93 27744.29
Current)
Total 96095.60 – – 14665.64 110761.24
(` in lakhs)
As at 31st March, 2016 0-3 months 3-6 months 6 months to 12 beyond 12 Total
months months
Trade Payable 58883.55 – – – 58883.55
Other Financial liability 12867.22 – – 13345.52 26212.74
Total 72510.48 – – 13345.52 85856.00


(` in lakhs)
As at 1 April, 2015 0-3 months 3-6 months 6 months to 12 beyond 12 Total
months months
Trade Payable 50720.29 – – – 50720.29
Other Financial liability 9583.60 – – 12688.55 22272.15
Total 60893.96 – – 12688.55 73582.51
Maturity patterns of borrowings (` in lakhs)

0-1 years 1-5 years beyond 5 Total 0-1 years 1-5 years beyond 5 Total
years years
Long term borrowings (Including 37240.36 59330.96 4,160.18 100731.50 31852.07 88113.85 7409.81 127375.73
current maturity of long tern debt)
Short term borrowings 113245.63 – – 113245.63 78894.32 – – 78894.32
Total 150485.99 59330.96 4160.18 213977.13 110746.38 88113.85 7409.81 206270.05
Maturity patterns of borrowings (` in lakhs)

As at 1 April, 2015
0-1 years 1-5 years beyond 5 Total
years
Long term borrowings (Including current maturity of long tern debt) 30988.76 87276.92 4038.50 122304.18
Short term borrowings 73122.21 – – 73122.21
Total 104110.97 87276.92 4038.50 199426.39
Note: 37 FAIR VALUE MEASUREMENT

Financial Instrument by catogory and hierarchy
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
1. Fair value of current assets which incudes loans given, cash and cash equivalents, other bank balances and other financial assets approximate
their carrying amounts largely due to short term maturities of these instruments.
2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and
individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these
receivables.Accordingly, fair value of such instruments is not materially different from their carrying amounts.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which major inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly.
Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data
(Unobservable input data).

Note: 37 FAIR VALUE MEASUREMENT (contd...)

Financial Assets and Liabilities as at 31st March, 2017 based on Fair value Hierarchy
(` in lakhs)
Total
March, 2017 Current
Financial Assets
Investment
- Equity instruments 4774.44 1306.69 6081.13 1306.69 – 23.22 1329.91 – 4751.22 – 4751.22 – – – – 6081.13
- Preference shares – 66.26 66.26 – 66.26 66.26 – – – – – – – – 66.26
- Bonds and debentures 6985.39 – 6,985.39 – – – – – – – 6,985.39 – – 6,985.39 6985.39
- Mutual funds – 33907.12 33907.12 33907.12 – 33907.12 – – – – – – – – 33907.12
- Venture capital fund 243.18 – 243.18 – 243.18 243.18 – – – – – – – – 243.18
- Government Securities 0.26 – 0.26 – – – – – – – – 0.26 – 0.26 0.26
- Certificate of deposits – 3535.90 3535.90 – – – – – – – – 3,535.90 – 3,535.90 3535.90
12003.27 38815.97 50819.24 35213.81 – 332.66 35546.47 – 4751.22 – 4751.22 6985.39 3536.16 – 10521.55 50819.24
Other Assets
-Loans given 6,816.34 516.42 7,332.76 – – – – – – – – – – 7,332.76 7,332.76 7332.76
-Other Financial Assets 11182.47 2604.05 13786.52 – – – – – – – – – 13,786.52 13,786.52 13786.52
-Trade receivable – 105066.14 105066.14 – – – – – – – – – – 105,066.14 105,066.14 105066.14

-Cash and Cash – 3764.99 3764.99 – – – – – – – – – – 3,764.99 3,764.99 3764.99
equivalent
-Other Bank Balance – 3205.13 3205.13 – – – – – – – – – – 3,205.13 3,205.13 3205.13
30002.08 153972.70 183974.78 35213.81 – 332.66 35546.47 – 4751.22 – 4751.22 6985.39 3536.16 133155.54 143677.09 183974.78
-Borrowings 63491.15 150485.99 213977.14 – – – – – – – – – – 213,977.14 213,977.14 213977.14
-Other Financial Liabilities 254.71 33162.62 33417.33 – – – – – – – – – – 33,417.33 33,417.33 33417.33
-Trade Payables – 77343.91 77343.91 – – – – – – – – – – 77,343.91 77,343.91 77343.91
63745.86 260992.52 324738.37 – – – – – – – – – – 324738.37 324738.37 324738.37


Financial Assets and Liabilities as at 31st March, 2016 based on Fair value Hierarchy
(` in lakhs)
Total
March, 2016 Current
Financial Assets
Investment
- Equity instruments 3903.49 876.75 4780.24 900.29 – 23.69 923.98 – 3855.76 – 3855.76 – – – – 4779.74
- Bonds and debentures 3,753.19 – 3,753.19 – – – – – – – – 3,753.19 – – 3753.19 3753.19
- Mutual funds – 26508.46 26508.46 26508.46 – – 26508.46 – – – – – – – – 26508.46
- Venture capital fund 268.31 – 268.31 – – 268.31 268.31 – – – – – – – – 268.31
- Government 0.26 – 0.26 – – – – – – – – – 0.26 – 0.26 0.26
Securities
- Certificate of deposits – 8971.53 8971.53 – – – – – – – – – 8,971.53 – 8971.53 8971.53
7925.25 36356.74 44281.99 27408.75 – 292.00 27700.75 – 3855.76 – 3855.76 3753.19 8971.79 0.00 12724.98 44281.49
Other Assets
-Loans given 6,136.59 406.54 6543.13 – – – – – – – – – – 6543.13 6543.13 6543.13
-Other Financial Assets 10030.66 2292.68 12323.34 – – – – – – – – – – 12323.34 12323.34 12323.34
-Trade receivable – 104483.21 104483.21 – – – – – – – – – – 104483.21 104483.21 104483.21
-Cash and Cash – 3390.79 3390.79 – – – – – – – – – – 3390.79 3390.79 3390.79
equivalent
-Other Bank Balance – 5642.42 5642.42 – – – – – – – – – – 5642.42 5642.42 5642.42
24093.00 152572.38 176665.38 27408.75 – 292.00 27700.75 – 3855.76 – 3855.76 3753.69 8971.79 132382.89 145108.37 176664.88
-Borrowings 95523.66 110746.39 206270.05 – – – – – – – – – – 206,270.05 206,270.05 206270.05
-Other Financial – 26972.45 26972.45 – – – – – – – – – – 26,972.45 26,972.45 26972.45
Liabilities
-Trade Payables – 58883.55 58883.55 – – – – – – – – – – 58883.55 58,883.55 58883.55
95523.66 196602.39 292126.05 – – – – – – – – – – 292126.05 292126.05 292126.05


Financial Assets and Liabilities as at 1st April, 2015 based on Fair value Hierarchy
(` in lakhs)
Total
Liabilities as at 1st April, Non
2015 Current
Financial Assets
Investment
- Equity instruments 3503.66 866.85 4370.51 858.62 31.92 890.54 – 3442.74 – 3442.74 37.23 – – 37.23 4370.51
- Preference shares – 19.16 19.16 – – 19.16 19.16 – – – – – – – – 19.16
- Bonds and debentures – 268.83 268.83 – – 268.83 268.83 – – – – – – – – 268.83
- Mutual funds – 26,432.84 26432.84 26,432.84 – 26432.84 – – – – – – – – 26432.84
- Venture capital fund 500.95 – 500.95 – – 500.95 500.95 – – – – – – – – 500.95
- Government Securities 0.26 – 0.26 – – – – – – – – – 0.26 – 0.26 0.26
- Certificate of deposits – 5000.00 5000.00 – – – – – – – – – 5,000.00 – 5,000.00 5000.00
4004.87 32587.68 36592.55 27291.46 – 820.86 28112.32 – 3442.74 – 3442.74 37.23 5000.26 – 5037.49 36592.55
Other Assets
-Loans given 5574.02 314.37 5888.39 – – – – – – – – – – 5888.39 5888.39 5888.39
-Other Financial Assets 12979.28 2054.99 15034.27 – – – – – – – – – 15034.27 15034.27 15034.27
-Trade receivable – 94284.63 94284.63 – – – – – – – – – – 94284.63 94284.63 94284.63
-Cash and Cash – 4476.79 4476.79 – – – – – – – – – – 4476.79 4476.79 4476.79
equivalent

-Other Bank Balance – 8139.17 8139.17 – – – – – – – – – – 8139.17 8139.17 8139.17
22558.17 141857.63 164415.80 27291.46 – 820.86 28112.32 – 3442.74 – 3442.74 37.23 5000.26 127823.25 132860.74 164415.80
-Borrowings 91315.42 104110.97 195426.39 – – – – – – – – – – 195426.39 195426.39 195426.39
-Other Financial Liabilities – 22862.21 22862.21 – – – – – – – – – – 22862.21 22862.21 22862.21
-Trade Payables – 50720.29 50720.29 – – – – – – – – – – 50720.29 50720.29 50720.29
91315.42 177693.47 269008.89 – – – – – – – – – – 269008.89 269008.89 269008.89
Movement of Financial assets fair valued and classified in Level -3 (` in lakhs)

Venture capital Others Total
fund
Opening Balance as at 1st April'2015 500.95 319.91 820.86
Add/ less:-
Addition/disposal (533.41) (295.45) (828.86)
Provision made/(write back) 300.77 (0.77) 300.00
Closing balance as at 31st March,'2016 268.31 23.69 292.00
Less:-
Addition/disposal (26.50) 65.80 39.30
Gain recognised 1.36 – 1.36
Closing balance as at 31st March,'2017 243.17 89.49 332.66

Fair Value of Non current Financial Assets and Liabilities carrying at amortised Cost (` in lakhs)
Carrying Fair Value Carrying Fair Value Carrying Fair Value
amount amount amount
Financial Assets
- Security deposits 11165.20 10224.60 9461.51 8971.17 9214.30 8716.92
- Certificate deposits 3535.90 3535.90 8971.53 8971.53 5000.00 5000.00
- Investment 6985.65 7430.78 3753.19 3854.24 37.49 37.49
21686.75 21191.28 22186.23 21796.94 14251.79 13754.41
Borrowings 150485.99 150987.99 206270.05 206824.15 195426.39 196,144.73
150485.99 150987.99 206270.05 206824.15 195426.39 196144.73
Significant Estimates
The fair value of financial instruments that are not traded in active market is determined by using valuation techniques.The company uses judgement
to select from variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period.
Valuation techniques used for Fair valuations of Financial assets which are fair valued
Level 1:- Financial assets catagorised in level 1, are fair valued based on market data as at reporting date.
Level 2:- The fair valuation of investment in JKI Bombay has been done by an independent valuation firm using Market Approach method (EV/
EBITDA multiple) for this purpose and based on the information as on reporting dates.
Note: 38 INTEREST IN OTHER ENTITIES

1. The Consolidated Financial Statements present the Consolidated Accounts of Raymond Limited with its following Subsidiaries, Joint Ventures
(and its subsidiaries and Joint Ventures), Associates (and it’s Subsidiaries and Joint Ventures) :
(` in lakhs)
Proportion of Ownership of Interest
Name Country of Activities As at 31st As at 31st As at
Incorporation March, 2017 March, 2016 1st April, 2015
A. Subsidiaries 35365.32 40853.02 35731.18
Indian Subsidiaries:
(a) Raymond Apparel Limited India Apparel 100% 100% 100%
(b) Pashmina Holdings Limited India Other 100% 100% 100%
(c) Everblue Apparel Limited India Garmenting 100% 100% 100%
(d) J K Files (India) Limited India Tools and 100% 100% 100%
Hardware
(e) Colorplus Fashions Limited India * Apparel 100% 100% 100%
(f) Silver Spark Apparel Limited India Garmenting 100% 100% 100%
(g) Celebrations Apparel Limited India Garmenting 100% 100% 100%
(h) Scissors Engineering Products Limited India Auto Component 100% 100% 100%
(i) Ring Plus Aqua Limited India $ Auto Component 89.07% 89.07% 89.07%
(j) JK Talabot Limited India # Tools and 90% 90% 90%
Hardware
(k) Raymond Woollen Outerwear Limited India Textiles 99.54% 99.54% 99.54%
(l) Raymond Luxury Cottons Limited India Shirting 75.69% 75.69% 61.68%
(m) Dress Master Apparel Private Limited India @ Garmenting 100% 100% NA
(Previously Known as Robert Systems
Private Limited)
* Held by Raymond Apparel Limited
$ Held by Scissors Engineering Products Limited
# Held by J K Files (India) Ltd.
@ Held by Silver Spark Apparel Limited

Note: 38 INTEREST IN OTHER ENTITIES (contd...)

1. The Consolidated Financial Statements present the Consolidated Accounts of Raymond Limited with its following Subsidiaries, Joint Ventures
(and its subsidiaries and Joint Ventures), Associates (and it’s Subsidiaries and Joint Ventures) :
(` in lakhs)
Proportion of Ownership of Interest
Country of As at As at As at
Name Activities
Incorporation 31st March, 2017 31st March, 2016 1st April, 2015
A. Subsidiaries
Foreign Subsidiaries :
(a) Jaykayorg AG Switzerland * Textiles 100% 100% 100%
(b) Raymond (Europe) Limited United * 100% 100% 100%
Garmenting
Kingdom
(c) R&A Logistics Inc. United States + Auto 100% 100% 100%
of America Components
(d) Raymond Lifestyle International DMCC United Arab 100% 100% –
Garmenting
Emirates
(e) Silver Spark Middle East FZE United Arab * 100% – –
Garmenting
Emirates
(f) Silver Spark Apparel Ethopia Plc Ethopia ^* Garmenting 100% – –
+ Held by Ring Plus Aqua Limited
* Financial year ends on 31st December.
^ Held by Silver Spark Apparel Limited
B. Joint Ventures and Jointly controlled

entities
(a) Raymond UCO Denim Private Limited
India Denim 50% 50% 50%
(and its subsidiaries and Joint Ventures)
[RUDPL]
UCO Fabrics Inc.and its Subsidiaries USA
UCO Testatura S.r.l. Romania
UCO Raymond Denim Holding NV Belgium
(b) Rose Engineered Products India Private Auto
India & NA 50% 50%
Limited (till 20th September,2016) Components
& Held by Ring Plus Aqua Limited subsidiary of scissors
C. Associates and their Subsidiary and

Joint Venture : (Effective Holdings)
(a) Tools and 39.20% 39.20% 39.20%
P.T. Jaykay Files Indonesia * Indonesia $
Hardware
(b) J.K Investo Trade (India) Limited (and its 47.66% 47.66% 47.66%
FMCG
subsidiaries and Joint Ventures)
J.K. Helene Curtis Limited India + 47.66% 47.66% 47.66%
United Arab 47.66% 47.66% 47.66%
J.K. Helene Curtis International FZE "
Emirates
J.K. Ansell Limited India ^ 23.83% 23.83% 23.83%
(c) Radha Krishna Films Limited India Entertainment 25.38% 25.38% 25.38%
$ Includes 15.20% equity shares held by Jaykayorg AG.
+ 100% Subsidiary of J K Investo Trade (India) Limited
^ 50% Joint Venture of J K Investo Trade (India) Limited
* Financial year ends on 31st December.
“ 100% Subsidiary of J K Helene curties Limited


Note:- Below mentioned information relates to the Propotionate of Group’s Share.
i) Jointly controlled entities. (` in lakhs)
Percentage of Ownership interest
1) Raymond UCO Denim Pvt. Ltd. India 50% 50% 50%
2) Rose Engineered Product India Pvt. Ltd.* India ** 50% 50%
* Held through subsidiaries and disposed off on 20th September,2016.
ii) Investment in Associates (` in lakhs)

Percentage of Ownership interest
1) J.K. Investo Trade (India) Limited India 47.66% 47.66% 47.66%
2) P. T. Jaykay Files Indonesia Indonesia 39.20% 39.20% 39.20%
3) Radha Krshna Films Limited India 25.38% 25.38% 25.38%

Summarised Financial Information (` in lakhs)
Joint Venture Associates
Rose Engineered Products India
Raymond Uco Denim Private Limited J K Investo Trade (India) Limited Other associates
Private Limited
31st March, 31st March, 1st April, 31st March, 31st March, 1st April, 31st March,’ 31st March, 1st April, 31st March, 31st March, 1st April,
2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015
(A) Non Current Assets 25464.98 24372.12 17470.57 – 666.28 697.06 20860.47 14030.00 14205.35 677.60 351.53 401.83
(B) Current Assets
i) Cash and cash equivalent 22.39 109.22 200.09 – 92.48 105.21 414.58 185.80 363.16 375.86 199.57 354.56
ii) Others 22606.72 20475.99 19187.16 – 712.73 483.27 2758.34 2421.72 3095.98 1091.01 968.37 1092.16
Total Current Asset 22629.10 20585.21 19387.25 – 805.21 588.48 3172.93 2607.53 3459.14 1466.86 1167.94 1446.72
Total Asset (A+B) 48094.08 44957.32 36857.82 – 1471.49 1285.53 24033.40 16637.53 17664.49 2144.47 1519.47 1848.55
(A) Non Current Liabilities

i) Financial Liabilities 14322.98 13126.18 9608.08 – 5.05 – – – – 278.34 – –
ii) Non Financial Liabilities 2519.56 3368.64 1884.54 – – 19.73 1293.11 643.73 761.60 395.91 321.59 262.80
Total Non Current Liabilities 16842.54 16494.82 11492.62 – 5.05 19.73 1293.11 643.73 761.60 674.24 321.59 262.80
(B) Current Liabilities

i) Financial Liabilities 26629.00 21853.72 19891.47 – 413.35 236.22 1792.16 2067.22 2385.50 796.58 298.42 258.10
ii) Non Financial Liabilities 866.46 810.34 745.30 – 64.41 33.13 839.12 73.60 62.68 60.02 3.86 2.86

Total Current Liabilities 27495.46 22664.06 20636.77 – 477.76 269.35 2631.27 2140.82 2448.18 856.60 302.28 260.96
Total Liabilities (A+B) 44337.99 39158.88 32129.39 – 482.81 289.08 3924.38 2784.55 3209.78 1530.85 623.87 523.76
Net Assets 3756.08 5798.45 4728.44 – 988.68 996.45 20109.02 13852.98 14454.71 613.62 895.60 1324.79

Summarised Performance Joint Venture Associates
Rose Engineered
Raymond Uco Denim J K Investo Trade (India)
Products India Private Other associates
Private Limited Limited
Limited*
2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16
Revenue 47456.75 45621.95 – 1388.86 13052.53 13886.00 1208.30 1810.73
Profit and Loss before Tax (3104.39) 1832.35 – (7.74) (41.14) 655.93 (373.45) (161.38)
Tax Expense (1083.07) 378.00 – – 0.80 176.91 – (0.82)
Profit and Loss after Tax (2137.79) 1215.69 – (7.74) (41.93) 479.02 (282.22) (432.45)
Other comprehensive Income 104.62 (145.68) – – 6303.58 (1080.75) – –
Total comprehensive Income (2033.17) 1070.01 – – 6338.97 (601.73) (373.45) –
Depreciation and Amortisation 2042.31 1548.05 – 75.18 40.93 48.75 – –
Interest Income 37.60 44.58 – 8.30 6.43 6.28 – 2.58
Interest Expense 2174.42 1791.04 – 3.21 – – – –
* Disposed off on 20th September,2016.

For contingency and Commitment of Joint Venture and Associates refer Note No.31
(A) Reconcilation of Net Assets considered for consolidated financial to net asset as per joint venture and assosiate financial (` in lakhs)
31st March, 31st 1st 31st 31st 1st
2017 March, 2016 April, 2015 March, 2017 March, 2016 April, 2015
Net Asset as per Entity's Financial 3756.08 6787.13 5724.89 20722.64 14748.58 15779.50
Add/ (less) :- Consolidation adjustment
(i) Fair value of Investment* – – – (11171.84) (4864.62) (5956.70)
(ii) Dividend distributed – – – (82.58) (82.58) –
(iii) Others (2.19) 62.33 330.99 8.80 (1.74) 1.75
Net Assets as per Consolidated Financial 3753.89 6849.46 6055.88 9477.02 9799.64 9824.55
(B) Reconcilation of Profit and Loss/ OCI considered for consolidated financial to net asset as per joint venture and assosiate financial (` in lakhs)
Year ended Year ended Year ended Year ended
31st March, 31st March, 31st March, 31st March,
2017 2016 2017 2016
Profit/ (loss) as per Entity's Financial (2137.79) 1207.95 (324.15) 46.58
Add/ (less) : Consolidation adjustment
(i) Dividend distributed – – – (82.58)
(ii) others (130.16) (210.28) – (0.34)
Profit/ (loss) as per Consolidated Financial (2267.95) 997.67 (324.15) (36.34)
OCI as per Entity's Financial 104.66 (145.69) 6303.58 (1080.75)

Add/ (less) : Consolidation adjustment
(i) Fair valuation* – – 6307.22 (1092.08)
(ii) others – – (3.64) –
OCI as per Consolidated Financial 104.66 (145.69) – 11.33
* Elimination of fair value gain on parents equity shares held by one of entity in the group.

Note:- 38 MOVEMENT OF INVESTMENT USING EQUITY METHOD

(I) Interest in Associates (` in lakhs)
As at As at
(a) P T Jaykay Files Indonesia
Interest as at 1st April 895.60 1324.79
Add:- Share of profit for the period (281.62) (429.19)
Balance as at 31st March, 613.98 895.6
(b) J K Investo Trade (India) Limited
Add:- Share of profit for the period (41.00) 392.85
Add:- Share of OCI for the period 0.04 11.33
Total Interest in Associates 9477.02 9799.64
(II) Interest in Joint Ventures (` in lakhs)

As at As at
(a) Raymond Uco Denim private Limited
Add:- Share of profit for the period (2269.95) 1005.43
Add:- Share of OCI for the period 104.66 (145.70)
(b) Rose Engineerings
Add:- Share of profit for the period – (7.76)
Add:- Share of OCI for the period 0.03
Less:- provision of diminishing in value of Investment – (58.42)
Less:- Disposed off Investment (930.28) –
Balance as at 31st March, – 930.28
Total Interest in Joint Ventures 3753.89 6849.46
Note: -39 CAPITAL MANAGEMENT

(a) Risk Management
The Group aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our
shareholders.
The capital structure of the group is based on management’s judgement of the appropriate balance of key elements in order to meet its
strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in
economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the group may adjust
the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.
The Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and
market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain,
or if necessary adjust, its capital structure.
(b) Dividend (` in lakhs)

Equity shares
Final dividend for the year ended 31st March, 2016 of ` 3 (31st March, 2015 – ` 3) per fully paid 1841.43 1841.43
share
Dividends not recognised at the end of the reporting period
In addition to the above dividends, since year end the directors have recommended the payment of a 767.26 1841.43
final dividend of INR 1.25 per fully paid equity share (31st March, 2016 – INR 3).
This proposed dividend is subject to the approval of shareholders in the ensuing annual general
meeting.

Note: -40 SPECIFIED BANK NOTES

Disclosure in respect of Specified Bank Note held and transacted (` in lakhs)
Other
Particulars SBNs denomination Total
notes
Closing cash in hand as on 08.11.2016 12465500 5654387 18119887
(+) Permitted receipts – – –
(-) Permitted payments – – –
(-) Amount deposited in Banks 12465500 – –
Closing cash in hand as on 30.12.2016 – – –
Note: - 41 MANAGERIAL REMUNERATION

In view of inadequacy of profit for the year 2016-17 remuneration paid by the Company to Chairman and Managing Director (CMD) is in excess of
the limit prescribed under 197 read with Schedule V of the Companies Act, 2013. Pending approval of Central Government an amount of ` 345.29
lakhs is being held in trust by the CMD.
Note: - 42 GOVERNMENT GRANTS

Capital Subsidy: The Company is entitled to subsidy, on its investment in the property plant and equipment, on fulfilment of the conditions stated
in those Scheme. The subsidy being Government Grant is accounted as stated in the Accounting policy on Government Grant (Refer note 1).
Export Promotion Capital Goods (EPCG): scheme allows import of certain capital goods including spares at zero duty subject to an export
obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme
being Government Grant, is accounted as stated in the Accounting policy on Government Grant (Refer note 1).
The Government Grant shown above represents unamortised amount of the subsidy referred to above, with the corresponding adjustment to the
carrying amount of property, plant and equipment (Refer note 17 (i) and 17 (ii)).
Note: - 43
In the year 2012-13, Cottonificio Honegger S.p.A (‘CH’), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture
Company in India, Raymond Luxury Cotton Limited (RLCL) (formerly known as Raymond Zambaiti Limited), had submitted request for voluntary
winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31st March, 2013, had provided
for its entire accounts receivable from CH of USD 1,255,058 and Euro 612,831, equivalent Indian Rupee aggregating ` 1,122.24 Lakhs. In the
year 2013 - 14, RLCL had put up its claim of receivable from CH of ` 1,122. 24 Lakhs before the Judicial Commissioner of the Composition
(the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with Cottonificio Honegger S.p.A (‘CH’), Italy, the Judicial
Commissioner of the Composition (“the Commissioner”) appointed by the Court of Bergamo, Italy, has declared RLCL as unsecured creditor for
the amount outstanding from ‘CH’. Further ‘CH’ had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against
RLCL in India.
RLCL had received a notice dated 23rd November 2015 notifying that CH has filed a Petition against them before the Hon’ble Company Law
Board (“CLB”), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The CLB in its
order dated 26th November, 2015 has recorded the statement made by the counsel for RLCL that CH’s shareholding in RLCL shall not be reduced
further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to the National
Company Law Tribunal (“NCLT”), Mumbai bench and currently, the matter is pending before the said forum.
Note: 44 DISCONTINUED OPERATION

Subsidiaries of RUDPL, UCO Sportswear International NV (USI) and UCO Fabrics Inc (UFI), had discontinued their operations in 2008. The
disclosures with respect to these discontinuing operations are as under:
(` in lakhs)
Subsidaries of Raymond Uco Denim
Private Limited
2016-17 2015-16
Total Assets at the close of the year 2.00 2.37

Note: 45 EVENT OCCURING AFTER BALANCE SHEET DATE

The Board of Directors has recommended Equity dividend of ` 1.25 per share (Previous year ` 3) for the financial year 2016-17. (Refer Note 39).
Note:- 46(a)
(a) For Disclosures mandated by Schedule III of Companies Act 2013, by way of additional information, refer below: (` in lakhs)
As at 1st April, 2015
Net Assets i.e. total assets minus
total liabilities
Name of the Entities As a % of
Amount
consolidated net
(` in Lakhs)
assets
Parent:
Raymond Limited 81.16% 116496.19
Subsidiary:
- Indian
Celebrations Apparel Limited 0.24% 347.60
Colorplus Fashions Limited 5.34% 7660.34
Everblue Apparel Limited 0.59% 852.72
J.K. Files (India) Limited 5.03% 7222.75
J.K. Talabot Limited 1.20% 1723.16
Pashmina Holdings Limited 0.85% 1220.64
Raymond Apparel Limited 13.17% 18902.35
Raymond Woollen Outerwear Limited 0.10% 150.00
* Scissors Engineering Products Limited 5.82% 8357.99
Silver Spark Apparel Limited 5.68% 8151.99
Raymond Luxury Cotton Limited 11.28% 16190.71
- Foreign
Raymond (Europe) Limited 0.38% 549.05
Jaykay Org AG 1.88% 2698.28
Intercompany Elimination & Consolidation Adjustments (46983.86)
Total 143539.91
Non Controlling Interest in subsidiaries 7288.95
Associates (Investment as per Equity method):
Indian
J K Investo Trade 8499.76
Radha Krshna
- Foreign
PTJK 1324.79
Joint Ventures (Investment as per Equity method):
Raymond UCO Denim Private Limited 5059.45
Rose Engineering Private Limited 996.43
Grand Total 166709.28

* Figures for Scissors Engineering product limited are consolidated with its subsidiaries Ring Plus Aqua Limited and R & A logistics Limited.

Note :- 46 (b)
For Disclosures mandated by Schedule III of Companies Act 2013, by way of additional information, refer below:
(` in lakhs)
2015-16
Net Assets i.e. total assets Share in other Comprehensive Share in total Comprehensive
Share in profit /(loss)
minus total liabilities Income Income
Name of the Entities As a % of As a % of As a % of As a % of
consolidated Amount consolidated Amount consolidated Amount consolidated Amount
net assets Profit Profit Profit
Parent:
Raymond Limited 80.99% 121960.17 97.83% 7426.28 24.76% 214.28 90.35% 7640.56
Subsidiary:
- Indian
Celebrations Apparel Limited 0.18% 274.60 (1.10%) (83.23) 1.18% 10.23 (0.86%) (73.00)
Colorplus Fashions Limited 4.80% 7234.11 (5.63%) (427.09) 0.10% 0.86 (5.04%) (426.23)
Everblue Apparel Limited 0.60% 897.17 0.19% 14.12 3.50% 30.33 0.53% 44.45
J.K. Files (India) Limited 4.58% 6900.89 (5.01%) (380.52) 6.78% 58.67 (3.81%) (321.85)
J.K. Talabot Limited 1.24% 1861.29 1.81% 137.76 0.04% 0.37 1.63% 138.13
Pashmina Holdings Limited 0.80% 1211.79 (0.05%) (3.86) (0.58%) (4.99) (0.10%) (8.85)
Raymond Apparel Limited 14.18% 21345.54 27.46% 2084.36 41.46% 358.83 28.89% 2443.19
Raymond Woollen Outerwear Limited 0.08% 126.77 (0.31%) (23.23) 0.00% – (0.27%) (23.23)
* Scissors Engineering Products Limited 2.88% 4333.78 (52.62%) (3994.05) (3.51%) (30.40) (47.59%) (4024.45)
** Silver Spark Apparel Limited 6.31% 9509.19 17.52% 1329.98 3.14% 27.22 16.05% 1357.20
Raymond Luxury Cotton Limited 15.68% 23607.79 17.75% 1347.31 0.34% 2.94 15.97% 1350.25
- Foreign
Raymond (Europe) Limited 0.47% 707.01 1.96% 149.16 1.02% 8.80 1.87% 157.96
Jaykay Org AG 1.97% 2960.05 0.97% 73.39 21.76% 188.38 3.10% 261.77
Subtotal 202930.17 7650.38 865.52 8515.90
Intercompany Elimination and Consolidation Adjustments (34.76%) (52344.82) (0.78%) (59.36) – (0.70%) (59.36)
Total 150585.06 7591.02 865.52 8456.54
Non Controlling Interest in subsidiaries 6480.88 (72.13) 3.32 (68.81)
Assosiates (Investment as per Equity method):
Indian
J K Investo Trade# 8904.04 392.85 11.33 404.18
Radha Krshna – – – –
- Foreign
PTJK 895.60 (429.19) – (429.19)
Joint Ventures (Investment as per Equity method):
Raymond UCO Denim Private Limited# 5919.18 1005.41 (145.68) 859.73
Rose Engineering Private Limited 930.28 (7.74) – (7.74)
Grand Total 173715.03 8480.22 734.49 9214.71

“* Figures for Scissors Engineering product limited are figures after consolidation with its subsidiaries Ring Plus Aqua Limited and R & A logistics Limited
** Figures for Silver Spark Apparel Limited are figures after consolidation with its subsidiaries Dress Master Apparel Private Limited, Silver Spark Middle East FZE and Silver Spark Ethopia Plc.

# Numbers are based on group which includes subsidires, Joint ventures and assosiates.
Note :- 46 (c)
For Disclosures mandated by Schedule III of Companies Act 2013, by way of additional information, refer below:
(` in lakhs)
206-17
Net Assets i.e. total assets Share in other Comprehensive Share in total Comprehensive
Share in profit /(loss)
minus total liabilities Income Income
Name of the Entities As a % of As a % of As a % of As a % of
consolidated Amount consolidated Amount consolidated Amount consolidated Amount
net assets Profit Profit Profit
Parent:
Raymond Limited 79.44% 122404.29 60.48% 3382.85 198.94% (720.00) 50.90% 2662.85
Subsidiary:
- Indian
Celebrations Apparel Limited 0.21% 320.68 0.78% 43.37 (0.75%) 2.72 0.88% 46.09
Colorplus Fashions Limited 3.90% 6016.01 (21.75%) (1216.81) 0.36% (1.29) (23.28%) (1218.10)
Everblue Apparel Limited 0.61% 933.39 0.58% 32.47 (1.02%) 3.69 0.69% 36.16
J.K. Files (India) Limited 3.65% 5628.26 (22.55%) (1261.42) 3.10% (11.22) (24.33%) (1272.64)
J.K. Talabot Limited 1.31% 2010.82 2.66% 148.70 (0.23%) 0.84 2.86% 149.54
Pashmina Holdings Limited 0.79% 1219.16 (0.10%) (5.72) (3.62%) 13.09 0.14% 7.37
Raymond Apparel Limited 16.70% 25735.76 14.37% 803.51 (203.42%) 736.23 29.43% 1539.74
Raymond Woollen Outerwear Limited 0.08% 118.91 (0.14%) (7.86) 0.00% 0.00 (0.15%) (7.86)
* Scissors Engineering Products Limited 3.36% 5173.63 14.97% 837.32 (0.77%) 2.79 16.06% 840.11
** Silver Spark Apparel Limited 8.90% 13717.51 32.08% 1794.46 23.80% (86.13) 32.65% 1708.33
^ Raymond Lifestyle International DMCC (0.04%) (58.05) (3.65%) (204.33) 0.19% (0.67) (3.92%) (205.00)

Raymond Luxury Cotton Limited 16.24% 25026.58 25.70% 1437.57 5.19% (18.78) 27.12% 1418.79
- Foreign
Raymond (Europe) Limited 0.42% 645.25 0.79% 44.12 29.26% (105.88) (1.18%) (61.76)
Jaykay Org AG 1.85% 2854.53 1.28% 71.79 48.99% (177.31) (2.02%) (105.52)
Subtotal 211746.75 5900.02 (361.92) 5538.10
Intercompany Elimination and Consolidation Adjustments (37.43%) (57665.78) (5.48%) (306.61) (5.86%) (306.61)
Total 154080.97 5593.41 (361.92) 5231.49
Non Controlling Interest in subsidiaries 6930.87 (449.66) (0.33) (449.99)
"Assosiates (Investment as per Equity
method):"
Indian 8863.04 (41.00) – (41.00)
J K Investo Trade # – – – –
Radha Krshna
- Foreign 613.98 (281.62) – (281.62)
PTJK
Joint Ventures (Investment as per Equity method): 3753.89 (2269.47) 104.67 (2164.80)
Raymond UCO Denim Private Limited #
Rose Engineering Private Limited $
Grand Total 174242.75 2551.66 (257.59) 2294.07

* Figures for Scissors Engineering product limited are figures after consolidation with its subsidiaries Ring Plus Aqua Limited and R & A logistics Limited
** Figures for Silver Spark Apparel Limited are figures after consolidation with its subsidiaries Dress Master Apparel Private Limited, Silver Spark Middle East FZE and Silver Spark Ethopia Plc.
# Numbers are based on group which includes subsidires, Joint ventures and assosiates.
$ Upto September, 2016.
^ Incorporated on April, 2016
Note:- 47 FIRST-TIME ADOPTION OF Ind AS

These are the Company’s first financial statements prepared in accordance with Ind AS.
The Group has adopted Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs with effect from 1st April, 2016,
with a transition date of 1st April, 2015. Ind AS 101-First-time Adoption of Indian Accounting Standards requires that all Ind AS standards and
interpretations that are issued and effective for the first Ind AS financial statements which is for the year ended 31st March, 2017 for the company,
be applied retrospectively and consistently for all financial years presented. Consequently, in preparing these Ind AS financial statements, the Group
has availed certain exemptions and complied with the mandatory exceptions provided in Ind AS 101, as explained below. The resulting difference
in the carrying values of the assets and liabilities as at the transition date between the Ind AS and Previous GAAP have been recognised directly in
equity (retained earnings or another appropriate category of equity).”
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
A. Optional Exemptions
(a) Business Combination
All transactions qualifying as business combinations under Ind AS103, occurring before the transition date, the Group has opted not to
restate any business combinations before the date of transition.
(b) Deemed Cost

The Group has opted para D7 AA and accordingly considered the carrying value of property, plant and eqquipments and Intangible
assets as deemed cost as at transition date.
(c) Designation of previously recognised financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstancess at the
date of transition to Ind AS.
The group has elected to apply this exemption for its certains equity Investments.
(d) Cumulative translation differences

IND AS 101 permit cumultaive translation gains and losses to be reset to zero at the transition date. This provides relief from determining
cumulative currency translation differences in accordance with IND AS 21 from the date a subsidiary was formed or acquired.
The group elected to reset all cumulative translation gains and losses to zero by transferring it to opening retained earnings at its transition
date.
B. Mandatory Exceptions
(a) Estimates
An entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same
date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies).
Ind AS estimates as at 1 April 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP. The
Group made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous
GAAP:
- Investment in equity instruments carried at FVPL or FVOCI;
- Investment in debt instruments carried at FVPL.”
(b) Non-controlling interests

Ind AS 110 requires entities to attribute the profit or loss and each component of other comprehensive income to the owners of the parent
and to the non-controlling interests. This requirement needs to be followed even if this results in the non-controlling interests having a
deficit balance. Ind AS 101 requires the above requirement to be followed prospectively from the date of transition. Consequently, the
group has applied the above requirement prospectively.
(c) Classification and measurement of financial assets

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

Note:- 47 FIRST-TIME ADOPTION OF Ind AS (contd...)

C. Transition to Ind AS - Reconciliations
The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to
Ind AS in accordance with Ind AS 101:
I. Reconciliation of Consolidated Balance sheet as at April 1, 2015 (Transition Date)
II. A. Reconciliation of Consolidated Balance sheet as at March 31, 2016
B. Reconciliation of Consolidated Statement of profit and loss for the year ended March 31, 2016
III. A. Reconcilition of Consolidated Equity as at April 1, 2015 and March 31, 2016
B. Reconciliation of Consolidated profit and loss for the year ended March 31,2016.
The presentation requirements under Previous GAAP differs from Ind AS and hence Previous GAAP information has been regrouped for ease of
reconciliation with Ind AS. The Regrouped Previous GAAP information is derived from the Consoldiated Financial Statements of the Group prepared
in accordance with Previous GAAP.
Previous
Regrouped
Previous Share of GAAP Regrouping Ind AS
Note Previous Ind AS
GAAP JV * (Excluding ** adjustments
GAAP
Share of JV)
ASSETS
Non-current assets
Property, Plant and Equipment A 126,995.84 (14,821.87) 112,173.97 – 112,173.97 5,632.22 117,806.19
Capital work-in-progress 19,581.50 (109.39) 19,472.11 – 19,472.11 – 19,472.11
Intangible assets 442.41 (0.31) 442.10 (101.37) 340.72 – 340.72
Goodwill – – – 101.37 101.37 – 101.37
Investment B 10,901.50 – 10,901.50 (10,328.91) 572.59 3,432.28 4,004.87
Investment using Equity method C – – – 17,144.26 17,144.26 (1,263.83) 15,880.43
Financial Assets – – – – – – –
Long - term loans and advances 26,781.70 (1,371.61) 25,410.09 (19,836.07) 5,574.02 – 5,574.02
Other financial assets D – – – 11,408.84 11,408.84 1,570.44 12,979.28
Deferred tax assets (Net) E 1,816.15 – 1,816.15 4,261.84 6,077.99 1,761.32 7,839.31
Current Tax Assets (Net) – – – 9,437.11 9,437.11 – 9,437.11
Other non-current assets D 9,553.23 (305.50) 9,247.73 (281.14) 8,966.59 (1,737.88) 7,228.71
Current assets
Inventories 115,776.27 (8,156.80) 107,619.47 (0.01) 107,619.46 – 107,619.46
Investments B 31,795.00 – 31,795.00 – 31,795.00 792.68 32,587.68
Trade receivables F 92,388.71 (5,634.96) 86,753.76 (345.14) 86,408.62 7,876.01 94,284.63
Cash and cash equivalents 12,925.34 (306.65) 12,618.69 (8,141.90) 4,476.79 – 4,476.79
Other Bank Balance – – – 8,139.17 8,139.17 – 8,139.17
Short - term loans and advances 9,649.14 (1,891.48) 7,757.66 (7,443.29) 314.37 – 314.37
Other financial assets G – – – 1,924.67 1,924.67 130.32 2,054.99
Other current assets 8,198.01 (1,417.89) 6,780.12 4,905.70 11,685.82 (30.45) 11,655.37
Non-current assets classified as held for – – – 216.18 216.18 – 216.18

sale
Total 466804.80 (34016.46) 432788.35 11061.31 443849.66 18163.11 462012.76


Previous
Regrouped
GAAP
Share of JV)
Equity
Equity Share capital 6,138.08 – 6,138.08 – 6,138.08 – 6,138.08
Other Equity III 147,998.11 – 147,998.11 – 147,998.11 5,284.14 153,282.25
Non Controlling Interest III 7,252.56 – 7,252.56 – 7,252.56 36.39 7,288.95
LIABILITIES
Financial liablities
Long - term borrowings H 95,030.35 (4,914.76) 90,115.59 1,821.44 91,937.03 (621.61) 91,315.42
Other financial liabilities –
Deferred tax liabilities (Net) E 2,404.18 (498.74) 1,905.45 (275.61) 1,629.84 580.05 2,209.89
Other non-current liabilities A 14,894.87 (0.50) 14,894.37 (14,761.52) 132.85 4,860.98 4,993.83
Current liabilities
Short Term Borrowings F 62,050.26 (9,453.68) 52,596.58 (195.38) 52,401.20 20,721.01 73,122.21
Trade payables F, I 70,224.17 (5,566.06) 64,658.11 (1,086.40) 63,561.78 (12,841.46) 50,720.29
Other financial liabilities H – – – 53,914.83 53,914.83 (63.86) 53,850.97
Other current liabilities A 53,275.05 (1,258.42) 52,016.63 (40,120.43) 11,896.21 2,048.90 13,945.11
Provisions J 7,537.17 (492.30) 7,044.87 (336.87) 6,692.21 (1,841.43) 4,850.78
Current Tax Liabilities (Net) – – – 294.98 294.98 – 294.18
Total 466804.80 (22184.46) 444620.34 (744.96) 443849.66 18163.11 462012.76

Previous
Regrouped
GAAP
Share of JV)
ASSETS
Non-current assets
Property, Plant and Equipment A, K 129487.59 (18943.31) 110544.28 – 110544.28 5539.23 116083.51
Capital work-in-progress 24998.35 (965.39) 24032.96 (27.85) 24005.11 – 24005.11
Intangible assets L 1160.43 (0.36) 1160.07 (1148.55) 11.52 204.61 216.13
Intangible assets under development – – – 27.81 27.81 – 27.81
Goodwill – – – 1,150.18 1,150.18 – 1,150.18
Investments B 14,567.85 – 14,567.85 (10,474.31) 4,093.54 3,832.21 7,925.75
Investment using equity method C – – – 18,106.00 18,106.00 (1,456.91) 16,649.10
Long - term loans and advances 28,936.63 (2,567.88) 26,368.75 (20,232.16) 6,136.59 – 6,136.59
Other financial assets D – – – 8,287.03 8,287.03 1,743.63 10,030.66
Deferred tax assets (Net) E 1,992.31 – 1,992.31 3,071.98 5,064.29 2,636.96 7,701.25
Current Tax Assets (Net) – – – 8,937.39 8,937.39 – 8,937.39
Other non-current assets D 6,052.79 (67.25) 5,985.54 3,273.10 9,258.64 (1,927.76) 7,330.88
Current assets – –
Inventories 126603.22 (9279.29) 117323.93 – 117323.93 – 117323.93
Financial Assets – – –
Investments B 35,669.49 (115.91) 35,553.58 0.01 35,553.59 803.15 36,356.74
Trade receivables F 104,748.39 (6,067.51) 98,680.88 (1,161.69) 97,519.19 6,964.02 104,483.21
Cash and cash equivalents 9,244.84 (208.64) 9,036.21 (5,645.41) 3,390.79 – 3,390.79
Bank Balance other than above – – – 5,642.42 5,642.42 – 5,642.42
Short - term loans and advances 9,537.81 (1,885.78) 7,652.03 (7,255.03) 397.00 9.54 406.54
Other financial assets G – – – 2,155.07 2,155.07 137.61 2,292.68
Other current assets 13,876.19 (1,313.95) 12,562.24 1,438.74 14,000.98 98.24 14,099.22
Non-current assets classified as held for sale – – – 1,982.63 1,982.63 – 1,982.63
Total 506875.89 (41415.26) 465460.63 8127.36 473587.99 18584.54 492172.52


Previous
Regrouped
GAAP
Share of JV)
Equity
Equity Share capital 6138.08 – 6138.08 – 6138.08 – 6138.08
Other Equity III 156997.94 – 156997.94 – 156997.94 4098.14 161096.07
Non Controlling Interest III 6294.67 – 6294.67 – 6294.67 186.21 6480.88
LIABILITIES – –
Non-current liabilities – –
Financial liablities – –
Long - term borrowings H 101611.35 (8092.18) 93519.18 2494.35 96013.53 (489.87) 95523.66
Other financial liabilities – – – – – – –
Deferred tax liabilities (Net) E 5742.23 (938.43) 4803.80 (3718.23) 1085.57 609.18 1694.75
Other non-current liabilities A 16046.94 (0.50) 16046.44 (16006.04) 40.40 5074.89 5115.29
Current liabilities
Short Term Borrowings F 72,659.39 (10,007.74) 62,651.65 (207.53) 62,444.12 16,450.20 78,894.32
Trade payables F, I 75,731.61 (6,221.70) 69,509.91 (1,175.60) 68,336.75 (9,453.21) 58,883.55
Other financial liabilities H – – – 58,910.69 58,910.69 (86.17) 58,824.52
Other current liabilities A 60,016.48 (2,383.78) 57,632.70 (45,440.29) 12,192.41 2,200.20 14,392.61
Provisions 5,637.20 (485.86) 5,151.34 (537.11) 4,614.23 – 4,614.23
Current Tax Liabilities (Net) – – – 514.56 514.56 – 514.56
Total 506,875.89 (28,130.19) 478,745.71 (5165.20) 473582.95 18589.58 492172.52
Previous
Regrouped
GAAP
Share of JV)
Revenue from Operations 559469.13 (46215.34) 513253.79 4477.56 517731.35 (48.36) 517682.99
Other Income A, D, M 10690.56 (707.91) 9982.66 176.69 10159.35 1742.68 11902.03
Total 570159.69 (46923.25) 523236.45 4654.25 527890.70 1694.32 529585.02
Expenses
Cost of materials consumed 128463.06 (20208.12) 108254.95 1336.54 109591.49 – 109591.49
Purchases of Stock-in-Trade 120652.34 (1573.54) 119078.80 (67.39) 119011.41 – 119011.41
Changes in inventories of finished goods, (10230.06) 1129.72 (9100.34) 37.51 (9062.83) – (9062.83)
Stock-in-Trade and work-in progress
Manufacturing and Operating Costs 84437.53 (12526.43) 71911.11 5303.39 77214.49 – 77214.49
Employee benefits expense O 72507.73 (3767.14) 68740.60 (11.95) 68728.65 485.76 69214.41
Finance costs H, N 18344.76 (1255.26) 17089.50 0.37 17089.87 1878.53 18968.40
Depreciation and amortization expense A, K, L 16425.46 (1133.16) 15292.30 0.09 15292.39 600.39 15892.78
Other expenses D, K 119874.07 (2982.99) 116891.09 (3965.23) 112925.86 64.56 112990.42
Total 550474.89 (42316.90) 508157.99 2633.33 510791.32 3029.24 513820.57
Profit before exceptional items and tax 19,684.80 (4,606.34) 15,078.46 2,020.91 17,099.39 (1,334.92) 15,764.47
Share of Joint venture and Associates 146.39 – 146.39 2,008.20 2,154.59 (1,193.27) 961.33
Exceptional Items (3,494.00) – (3,494.00) (3,494.00) (27.18) (3,521.18)
Profit before tax 16,337.19 (4,606.34) 11,730.85 4,029.11 15,759.98 (2,555.37) 13,204.62
Tax expense
Current tax N 6,263.59 (173.71) 6,089.89 – 6,089.89 (728.38) 5,361.52
MAT (credit) / utilised (net) (2,301.95) 48.95 (2,253.00) 2,253.00 – – –
Deferred tax (net) E 3,246.98 (439.69) 2,807.29 (2,253.00) 554.29 (1,263.55) (709.26)
Tax in respect of earlier years 4.21 (4.21) 0.00 – 0.00 – –
Profit for the year (A) 9,124.36 (4,037.69) 5,086.67 4,029.11 9,115.80 (563.44) 8,552.36


Note Previous Share of Previous Regrouping Regrouped Ind AS Ind AS
GAAP JV * GAAP ** Previous adjustments
(Excluding GAAP
Share of JV)
Items that will not be reclassified to profit
or loss
Remeasurements of net defined benefit plans O – – – – – 485.76 485.76
Equity instruments through Other B – – – – – 408.03 408.03
Comprehensive Income
Share of other comprehensive income of – – – – – (8.92) (8.92)
investments accounted for using the equity
method
Income tax relating to items that will not be –
reclassified to profit or loss
Income Tax on OCI Items – – – – – (210.40) (210.40)
Items that will be reclassified to profit or –
loss
Gains and losses arising from translating the P – – – – – 182.13 182.13
financial statements of a foreign operation
Share of other comprehensive income of – – – – – (125.43) (125.43)
investments accounted for using the equity
method
Other Comprehensive Income for the year – – – – – 731.17 731.17
(B)
Total Comprehensive Income for the year 9,124.36 (4,037.69) 5,086.67 4,029.11 9,115.80 167.74 9,283.54
(A+B)
Less:-
Non Controlling Interest (81.01) – (81.01) – (81.01) 149.82 68.81
Equity holder of parent 9,205.37 (4,037.69) 5,167.68 4,029.11 9,196.81 17.92 9,214.72
* As per para (10) of IND AS 28 Investment in Investments in Associates and Joint Ventures, Group has accounted equity method for Interest in
Joint venture as at transition date. Accordingly all assets and liabilities pertaining to Joint ventures which were consolidated line by line in previous
accounting standards were excluded and balance difference between assets and liabilities pertains to Investment in Joint ventures accounted
under previous GAAP.
** As per Para (10) of Ind AS 101 requires an entity reclassify items that it recognised in accordance with previous GAAP as one type of asset,
liability or component of equity, but are a different type of asset, liability or component of equity in accordance with Ind ASs. Accordingly, assets
and liabilities which are different types of assets and liabilities in Ind AS were reclassified as at transition date.


III A Reconcilation of Equity (` in lakhs)
As at As at
Particulars Note
31st March, 2016 1st April, 2015
Total equity under local GAAP 169,430.69 161,388.75
Adjustments impact: Gain/ (Loss)
Reversal of proposed dividends J – 1841.43
Effective Interest rate and transaction cost adjustment on borrowings H 544.27 654.73
Fair valuation of Investment B 4635.90 4224.98
Fair valuation of Security deposits D (177.59) (162.31)
Fair valuation of derivatives G 128.89 132.81
IND AS adjustment of Associates (672.00) (504.00)
IND AS adjustment of Joint Venture C (1141.04) (759.32)
Provision of sales return (1380.42) (1281.83)
Reversal of goodwill amortisation L 204.61 –
Others 124.70 (5.74)
Deferred tax assets/(liability) on above items E 2017.01 1179.78
Total IND AS adjustment 4,284.34 5,320.53
Total equity under Ind AS 173,715.03 166,709.28
III B Reconcilition of Income Statement (` in lakhs)

For the period
Particulars Note ended 31st
March, 2016
Profit after tax under local GAAP 9115.80
Adjustments Gain/ (Loss)
Interest Income on Liability portion of compound financial instruments M 607.64
Amortisation of premium payable on debentures and transaction cost on borrowings N (1878.54)
Reversal of amortisation of goodwill L 204.61
IND AS adjustment of Associates (168.00)
IND AS adjustment of Joint Venture C (1025.27)
Deffered Tax on above IND as adjustments E 1866.14
Income Tax on OCI 124.39
Remeasurement of employee benefits obligation classified to OCI O (485.56)
others 191.42
Total Ind AS Impact 563.44
Total profit under Ind AS 8552.37


Notes to first time adaoption
The following explains the material adjustments made while transition from previous accounting standards to IND AS,
A Government Grants
As stated above, on transition to Ind AS, the Group has elected to continue with the carrying value of all of its property, plant and equipment
recognised as at 1 April, 2015, measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant
and equipment. However, in view of the Ind AS Transition Facilitation Company (ITFG) clarification bulletin dated April 17, 2017, the deemed
cost of property, plant and equipment as at the transition date has been increased being the unamortised Capital Subsidy and EPCG with
corresponding increase in other non-current liabilities/other current liabilities. Government Grant recognised under Export Promotion Capital
Goods (EPCG) scheme and capital subsidy has been apportioned equivalent to the depreciation on EPCG and capital subsidy grossed-up
of Property, Plant & Equipment (Refer Note 42).
B Fair Valuation of Investments

Under the previous GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments
based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary
decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under IND AS, these investments
are required to be measured at fair value. The resulting fair value changes of these investments have been recognised in the statement of
profit and loss/ retained earnings by ` 763.08 Lakhs as at 31st March, 2016 (`752.62 Lakhs As at 1 April, 2015).
Fair value changes with respect to investments in equity investments in equity instruments designated as at FVOCI have been recognised in
FVOCI - Equity investments reserve as at the date of transition and subsequently in the other comprehensive income for the year ended 31st
March 2016. This increased other reserves by `3872.82 Lakhs as at 31st March, 2016 (1st April, 2015 - `3472.36 Lakhs).
Consequent to the above, the total equity as at 31st March, 2016 increased by `4625.44 lakhs (1st April 2015 - ` 4224.98 lakhs) and profit
and other comprehensive income for the year ended 31st March, 2016 increased by ` (7.57) lakhs and ` 408.03 lakhs Respectively.
C Investment accounted in Equity method

As required under IND AS 28 Investments in Associates and Joint Ventures, the group has accounted for Interest in Joint venture as at
transition date by equity method. Accordingly all assets and liabilities pertaining to Joint ventures which were consolidated line by line in
previous accounting standards were excluded and balance difference between assets and liabilities pertains to Investment in Joint ventures
accounted under previous GAAP. Further, adjustment to the effect of IND AS in Joint ventures accounts have been given in Consolidated
accounts as at transition date.
D Security deposits
Under the previous GAAP, interest free security deposits were recorded at their transaction value. Under IND AS, all financial assets are
required to be recognised at fair value. Accordingly, the group has fair valued these security deposits under IND AS. Difference between fair
value of security deposits and carrying cost has been recognised as prepaid rent. Consequent to this change, the amount of security deposits
decreased by ` 2699.70 lakhs as at 31st March, 2016 (` 2669.20 lakhs as at 1st April, 2015). The prepaid rent increased by ` 2515.50 lakhs
as at 31st March,2016 (` 2501.70 lakhs as at 1st April, 2015).Total equity decreased by ` 168.31 lakhs as at 1st April, 2015. The profit for the
year and total equity as at 31st March, 2016 decreased by ` 16.46 lakhss due to amortisation of the prepaid rent of ` 289.48 lakhs which is
partially off-set by the notional interest income of ` 273.02 lakhs recognised on security deposits.
E Deferred tax
Deferred tax asset on business loss and carried forward depreciation under the Income Tax Act (collectively referred to as carried forward tax
loss) was not created as it did not meet the recognition criteria under the previous GAAP. However, under Ind AS deferred tax asset on such
carried forward tax loss is recognised to the extent it meets the recognition criteria under Ind AS 12. Further, under Ind AS deferred tax is also
created on the unrealised margin on the balance in inventory purchased from the entities within the group. Further, deferred tax is also created
on the various Ind AS adjustments as applicable. Deferred tax under Ind AS also includes Minimum alternate tax which was shown under
current tax in the previous GAAP.


F Bill Discounting
Under previous IGAAP, bill discounting is netted against debtors. However, as per IND AS based on criteria of derecognition of assets, the
bill discounting is to be shown as separate liability under borrowings without netting of debtors. Further, acceptance and supplier’s credit is
shown in the borrowings instead of trade payable.
G Fair Valuation of Foreign exchange forward contracts

As required under IND AS 109, foreign exchange forward contracts are carried at fair value. Consequently, the same has been fair valued and
resulted to increase of equity ` 128.89 lakhs as at 31st March, 2016 (` 132.81 lakhs as at 1st April, 2015).
H Borrowings
As required under IND AS 109, transactions costs incurred towards origination of borrowings to be deducted from the carrying amount of
borrowings on inital recognition. These costs are recognised in the profit or loss over the tenure of the borrowing as part of the interest expense
by applying the effective interest rate method. Accordingly the same were adjusted in Long term borrowings and to the extent attributable to
Current maturity of long term debts.
Under previous GAAP, these transaction costs were charged to statement of profit and loss as and when incurred. Accordingly, Long term
borrowings including current maturity of long term debts as at 31st March, 2016 have been reduced by ` 544.27 Lakhs (1st April, 2015 of
`654.73 Lakhs) with a corresponding adjustment to statement of profit and loss /retained earnings. The total equity increased by an equivalent
amount. The profit for the year ended 31st March, 2016 reduced by `197.19 Lakhs as a result of the additional interest expense.
I Acceptance and Supplier Credit

Under previous IGAAP, acceptance and suppliers credit is shown under trade payables. However, as per IND AS based on criteria liabilities,
the same is to be shown as separate liability under borrowings. Consequently, acceptance and supplier’s credit is shown in the borrowings
instead of trade payable.
J Provisions- Proposed dividend

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

Adjustment of unrealised profits on assets sold to joint ventures has been reversed due to change in accounting from line by line to equity
method.
L Goodwill
As required under IND AS 38, goodwill is not amortised and assessed for Impairment. Consequent to this change, there is reversal of
amortisation of goodwill of ` 204.61 lakhs in IGAAP and resulted to increase in goodwill value and equity as at 31st March,2016.
M Fair Valuation of debt Instruments
As required under IND AS 32 and IND AS 109, a debt instruments are required to fair valued, based on the same, debt instruments were fair
valued and resulted to increase in Interest Income of ` 607.64 lakhs and consequently to increase in profit before tax and equity as at 31st
March,2016.
N Premium on redemption of debentures

As per IND AS, premium payable on redemption on debentures were accounted to profit and loss, the same was debited to security premium
account under previous IGAAP. Consequent to this change, profit for the year has reduced by ` 1681.37 lakhs for the period 2015-2016.
Further, tax on such premium of ` 603.54 lakhs is shown to statment of profit and loss.


O Remeasurenet of post employment benefit obligation
Under Ind AS,remeasurements i.e. acturial gains and losses and the return on plan assets, excluding amounts included in the net interest
expense on the net defined benefit liability are recognised in other comprehensive income instead of profit and loss under the previous GAAP.
Conseqquently, the profit for the year ended March 31, 2016 increased by ` 485.75 lakhs. There is no impact on the total equity as at 31st
March, 2016.
P Foreign currency translation reserve

As required under IND AS, foreign currency translation on conversion of overseas subsidaries are accounted through other Comprehensive
Income.
Q. The Ind AS adjustments are either non cash adjustments or are regrouping among the cash flows from operating, investing and financing
activities. Consequently, Ind AS adoption has no impact on the net cash flow for the year ended 31st March 2016 as compared with the
previous GAAP.
Note: -48 EXCEPTIONAL ITEMS (` in lakhs)

Particulars
(a) VRS/ Termination payments 1005.38 –
(b) Loss arising from the sale of forging business – 3521.18
Total 1005.38 3521.18
Note:-49
The Financial Statements were authorised for issue by the directors on 28th April, 2017.

FORM AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
Part “A”: Subsidiaries (` in lakhs)
Reporting
Reporting
currency and
period for the
Exchange
subsidiary
rate as on the
concerned, if Profit Provision
SI last date of Share Reserves Total Provision % of

Name of the Subsidiary different from Total assets Investments Turnover before for
No. the relevant capital & surplus Liabilities for taxation shareholding
the holding taxation taxation
Financial year
company’s
in the case
reporting
of foreign
period
subsidiaries.
1 Celebration Apparel Limited 271.00 49.68 4147.39 3826.71 – 8741.32 59.86 16.49 43.37 100%
2 Colorplus Fashions Limited 100.00 5916.01 16691.44 10675.43 – 26932.19 (1760.92) (544.11) (1216.81) 100%
3 Everblue Apparel Limited 1500.00 (566.61) 4401.11 3467.72 – 6725.25 75.48 43.01 32.47 100%
4 J.K.Files (India) Limited 3074.07 2554.19 20370.55 14742.29 724.89 35410.71 (1680.68) (419.26) (1261.42) 100%
5 J.K. Talabot Limited 805.44 1205.38 2220.27 209.46 203.00 2111.54 220.85 72.15 148.70 90.00%
6 Pashmina Holdings Limited 74.00 1145.16 1219.39 0.23 60.80 – (5.00) 0.72 (5.72) 100%
7 Raymond Apparel Limited 3651.92 22083.84 65894.35 40158.59 11054.24 98177.54 1283.55 480.04 803.51 100%
8 Raymond Woollen Outerwear Limited 194.00 (75.09) 144.54 25.63 0.20 27.14 (7.86) – (7.86) 99.54%
9 Scissors Engineering Products Limited* 2826.17 2347.46 13250.28 8076.65 22.42 16,431.46 1111.22 273.90 837.32 100%
10 Silver Spark Apparel Limited^ 1348.81 12368.70 34548.18 20830.67 45675.70 2741.85 947.39 1794.46 100%
11 Raymond (Europe) Limited # 31.12.2016 GBP 1 = INR 0.03 645.22 3073.29 2428.04 – 9306.39 44.12 – 44.12 100%
81.39
12 Jaykay Org AG # 31.12.2016 CHF 1 = INR 0.98 2853.55 2854.53 – 937.50 305.50 71.79 – 71.79 100%
64.68
13 Raymond Lifestyle International DMCC # 31.03.2017 DHS 1 = INR 146.95 (205.00) 27.51 85.56 3.81 (204.33) – (204.33)
17.66
14 Raymond Luxury Cottons Limited 16868.00 8158.58 56933.13 31906.55 951.27 50007.08 1848.20 410.63 1437.57 75.69%
Notes:-
* Figures for Scissors Engineering Products Limited are figures after consolidation with its subsidiaries Ring Plus Aqua Limited and R&A Logistics Limited
^ Figures for Silver Spark Apparel Limited are figures after consolidation with its subsidiaries Dress Master Apparel Private Limited, Silver Spark Middle East FZE and Silver Spark East Plc.
# Share capital, Reserves & Surplus, Total Assets, Total Liabilities and Investments are translated at year end exchange rate : Pound Sterling= `81.39, Swiss Francs = ` 64.68, DHS = 17.66 and Turnover, Profit
before taxation, Provision for taxation and Profit after taxation are translated at annual average exchange rate of Pound Sterling = ` 87.31, Swiss Francs = ` 67.83, DHS= 18.25.
FORM AOC-1
Part “B”: Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures (` in lakhs)
5. Networth
3. 4. Reason
1. Latest attributable to
Description why the
audited 2. Shares of Associate/Joint Ventures Shareholding
of how there associate/joint 6. Profit / Loss for the year
Balance held by the company on the year end as per latest
is significant venture is not
SI Name of Associates/Joint Sheet Date audited
influence consolidated
No. Ventures Balance Sheet
Amount of
i. Not
Investment in Extend of i. Considered in
No. Considered in
Associates/ Holding % Consolidation
Consolidation
Joint Venture
1 Raymond UCO Denim Private Limited 31.03.2017 12167179 6820.79 50% N.A. N.A. 3756.09 (2137.78) (2137.78)
2 J.K.Investo Trade (India) Limited 31.03.2017 3489878 326.12 47.66% N.A. N.A. 8863.4 (41.93) (41.93)
3 PT Jaykay Files Indonesia 31.12.2016 39200 134.71 39.20% N.A. N.A. 613.62 (373.45) (373.45)
SANJAY BAHL GAUTAM HARI SINGHANIA

Chief Financial Officer Chairman and Managing Director
DIN: 00020088
THOMAS FERNANDES H. SUNDER

Company Secretary Whole-time Director
Mumbai, 28th April, 2017 DIN: 00020583

TEN YEAR HIGHLIGHTS
(` in lakhs)
*2016-17 2015-16 2014-15 2013-14 2012-13 2011-12 2010-11 2009-10 2008-09 2007-08
INCOME
Sales and Other Income 295095 291056 277160 227654 212559 195903 157270 142706 147780 146015
% Increase / (Decrease) 1.39 5.01 21.75 7.10 8.50 24.57 10.21 (3.43) 1.20 6.20
Gross Profit before interest and 28776 35190 35334 33253 26531 32840 30545 22938 (12373) 22287
depreciation
As % of Sales and Other Income 9.8 12.1 12.7 14.6 12.5 16.8 19.4 16.1 (8.4) 15.3
Net Profit/(Loss) after Tax 3383 8209 10000 8812 (4784) 5635 (10487) 2637 (27040) 6612
ASSETS EMPLOYED
Net Fixed Assets 85948 77904 77882 83150 97916 98377 95972 98206 106115 73311
Investments 83638 83445 70868 77018 74485 77730 74013 89179 88859 104730
Net Current Assets 45389 65490 57044 56299 42047 43870 59516 57282 57155 58543
Total 214975 226839 205793 216467 214448 219976 229500 244667 252129 236584
% Increase/(Decrease) (5) 10 (5) 1 (3) (4) (6) (3) 7 8
EQUITY FUNDS AND EARNINGS

Shareholders' Funds:
Shareholders' Investments 1885 1885 1885 1885 1885 1885 1885 1885 1885 1885
Bonus Shares 4253 4253 4253 4253 4253 4253 4253 4253 4253 4253
Reserves 116266 117706 110638 103940 96958 104292 100420 111153 106560 133690
Total 122404 123844 116776 110078 103096 110430 106558 117291 112698 139828
Contribution to Country's Exchequer 7545 6814 5958 5808 4856 5753 3528 5034 7144 7998
Per Equity Share of `10:

Book Value 199.4 201.8 190.2 179.3 168.0 179.9 173.6 191.1 187.0 231.2
Earnings 5.51 13.4 16.3 14.4 (7.8) 9.2 (16.3) 4.1 (44.2) 11.8
Dividend 1.25 3.0 3.0 2.0 1.0 2.5 1.0 Nil Nil 2.5
* Figures are stated as per the Annual Report of 2016-17

NOTES

NOTES

CORPORATE INFORMATION
BOARD OF DIRECTORS Mr. Sudhanshu Pokhriyal, STATUTORY AUDITORS
President – Suiting
Gautam Hari Singhania, Chairman Dalal & Shah LLP
and Managing Director Chartered Accountants
Mr. Gaurav Mahajan,
President – Group Apparel
Dr. Vijaypat Singhania, INTERNAL & OPERATIONAL
Chairman Emeritus
Mr. Ashish Grover, AUDITORS
VP International Business and Mahajan & Aibara LLP
Nawaz Gautam Singhania,
Garmenting Chartered Accountants
Non-Executive Director
I.D.Agarwal,
Mr. S K Gupta, COST AUDITORS
President – Corporate and Shirting
Independent Director Nanabhoy & Co.
business
Nabankur Gupta, SECRETARIAL AUDITOR
Mr. Ganesh Kumar,
Independent Director
Chief Executive Officer – Tools & Ashish Bhatt & Associates
Pradeep Guha, Hardware
REGISTERED OFFICE
Independent Director
Mr. Arvind Mathur, Plot No. 156/,H. No.2, Village
Boman Irani, Chief Executive Officer – Denim Zadgaon, Ratnagiri – 415 612,
Independent Director Maharashtra
Mr. Giriraj Bagri,
Akshaykumar Chudasama, Chief Executive Officer – FMCG REGISTRAR & SHARE
Independent Director TRANSFER AGENT
Mr. Abhishek Kapoor,
Link Intime India Private Limited
H. Sunder, Chief Executive Officer – Realty
C-101, 247 Park, LBS Marg, Vikhroli
Non-Executive Director
CHIEF FINANCIAL OFFICER (West), Mumbai - 400083
MANAGEMENT Sanjay Bahl
EXECUTIVES WEBSITE
Mr. Gautam Hari Singhania, DIRECTOR – SECRETARIAL www.raymond.in
Chairman and Managing Director & COMPANY SECRETARY
CORPORATE
Thomas Fernandes
Mr. Sanjay Bahl, IDENTIFICATION NUMBER
Group CFO BANKERS (CIN)
Bank of India L17117MH1925PLC001208
Mr. Sanjay Behl,
Bank of Maharashtra
Chief Executive Officer, Lifestyle
Central Bank of India
business
HDFC Bank Limited
Mr. Pankaj Madan, IDBI Bank Limited
President – Corporate Services State Bank of India
Standard Chartered Bank
Mr. S L Pokharna, Syndicate Bank
President – Commercial
Axis Bank Limited
Mr. K A Narayan,
President – Human Resources

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Annual Report 2016-17

2 | Annual Report 2016-17

4 | Annual Report 2016-17

6 | Annual Report 2016-17

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Leadership Operation & Safety Human Resources

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Products Services Product extension

INVEST AND GROW THE APPAREL BUSINESS

Asset-light Full wardrobe

Professionally managed organisation focused on

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The Parx team embraced this Success has been as speedy

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RAYMOND’S SENIOR M ANAGEMENT TEAM

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Joint Venture and Associates

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H5,509 crore H423 crore

7.7% H5,252 crore

India 80% Rest of the World 20%

“WE PERFORMED WELL GIVEN THE

48 | Annual Report 2016-17

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innovate, enhance productivity and moderate costs,

• The sales of 4 Power Brands:

52 | Annual Report 2016-17

THE PERSONALITIES BEHIND OUR BRANDS

• The Raymond Store of Future was

• Pop-up Exclusive Branded stores is

54 | Annual Report 2016-17

Overview • Only Indian manufacturer with Strategic outlook

finishes around the latest fashion. This helps B2B

Overview • Strong product development team Challenges

56 | Annual Report 2016-17

design and technology capabilities, high quality

• Spread across USA, Canada,

Financial Highlights, 2016-17

• Total volume sold during the year:

The results shown above are for 100% operations

The business will continue to strengthen initiatives that

58 | Annual Report 2016-17

Overview • The business is adequately Strategic outlook

60 | Annual Report 2016-17

• Technosmart and Jacketing: