Strengthening

the core
ANNUAL REPORT 2020-21
 Index
Strengthening About Raymond & Year in Review

the core
Raymond at a glance 2
Our Businesses 4
Chairman and Managing Director’s message 8
Our Strengths 10
Our Brands 12
Our Reach 14
The year gone by has shackled the notions of
Group CFO’s overview 18
normalcy and has presented the world with
Lifestyle COO’s overview 20
a new paradigm ruled by uncertainty. The
Key Performance Indicators 22
pandemic has been individually experienced,
Risk Management Framework 26
but globally shared. The impact of the Directors’ Report and others
Board of Directors 28
pandemic might take some while to wane; Directors’ Report 65
Senior Management Team 30
however, it has been a tough period that Management Discussion and Analysis 77
has tested the resilience of humans and Corporate Governance Report 103
Business Review
organisations alike. At Raymond, this would
Branded Textile 34
be amongst the most defining years that Standalone financial statements
Branded Apparel 36
urged us to reshape our business strategy Auditor’s Report 124
Brand Personalities 38
factoring in the challenges that consumer Balance Sheet 132
Retail 40
facing organisation are grappling with. Statement of Profit and Loss 133
Digitalisation 42
Strengthening our core business purpose Standalone Statement of Cash Flow 134
Garmenting 44
that is guided by our values of Trust, Quality Standalone Statement of Changes in Equity 136
High Value Cotton Shirting 46
and Excellence, today assume a greater Tools & Hardware 48 Notes 137
significance to gain a winning edge in the Auto Components 50
new normal. Real Estate 52 Consolidated financial statements
Auditor’s Report 196
Business through JV & Associates Balance Sheet 204
Denim 54 Statement of Profit and Loss 205
FMCG 56 Consolidated Cash Flow Statement 206
Consolidated Statement of Changes in Equity 208
Our People 58 Notes 209
Our response to COVID-19 60
Beyond Business 62 Ten Year Highlights 272

Read the Report Online

raymond.in/investors

Forward-looking statement
This Annual Report contains statements about expected future events and financial and operating results of Raymond Group, which may
be classified as forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject
to inherent risks and uncertainties. There is significant risk that the assumptions, predictions and other forward-looking statements will
not prove to be accurate. Further, certain key performance indicators mentioned in the Annual Report are based on classifications made
by the Company. Do not place undue reliance on forward-looking statements as a number of factors could cause assumptions and actual
future results or events to differ materially from those expressed in these forward-looking statements.
‘The Raymond Group’ or (‘The Company’) includes reference to Raymond Limited (standalone as well as consolidated), its Subsidiaries,
Joint Venture and Associates.
 About Raymond & Year in Review

Our Values
Trust
Having stayed relevant for over nine decades, the trust bestowed on Raymond by
its stakeholders has enabled us to be a market leader. Being one of India’s most
trusted textiles and apparel brands, we believe that conducting business in a fair,
transparent and ethical manner is pivotal to building strong relationships.

Quality
An iconic brand that has been at the helm of innovation, Raymond has always been
recognised for its high-quality product offerings across price points. The testimony
to Raymond’s success is its loyal consumer base spanning domestic and
international markets.

Excellence
At Raymond, we believe in achieving excellence in all we do. Be it crafting
world‑class offerings, implementing industry best-practices or delivering a
delightful service experience, the quest for excellence is integral to Raymond.

FY 2020-21 at a Glance

` 3,648 Crores
Consolidated revenue

` 135 Crores
Raymond at a
EBITDA

Glance
3.7%
EBITDA Margin

1,486
Exclusive retail stores
Raymond Limited (Raymond) is a diversified group that is a leading name
in Textile & Apparel sectors, along with a rapidly growing presence in Real
Estate, FMCG and Engineering. With roots dating back to 1925, as a small 20,000+
woollen mill at Thane (Maharashtra), we deliver world-class products and Touchpoints in Branded Textile
offerings globally. We are amongst India’s most trusted brands.

600+
Cities and towns

2 Strengthening the core Raymond Limited | Annual Report 2020-21

 About Raymond & Year in Review

Our Businesses

Consumer Business Business to Business (B2B)

Branded Textile Branded Apparel Retail Garmenting High Value Cotton Shirting

Suiting
Shirting
Raymond Ready to Wear (RRTW)
Park Avenue
2.4 mn sq. ft. High-end suits
Jackets
Cotton
Linen
Retail space
Made to Measure (MTM) ColorPlus Trousers
Parx Shirts
Ethnix by Raymond 9.3 mn+
Raymond Rewards ` 549 Crores ` 258 Crores
members Sales Sales

` 1,572 Crores ` 457 Crores 1,486 Caters to mainly USA, Caters to major domestic
Europe and Japan brands
Sales Sales Exclusive Stores

20,000+ 8,100+ 1,436 Exports to

Touchpoints across 600+ Touchpoints across 500+ Stores in 500+ cities and 20+
cities and towns in India cities and towns in India towns in India Countries

Exports to
50
35+ Global stores in 9 countries
Countries

4 Strengthening the core Raymond Limited | Annual Report 2020-21 5

 About Raymond & Year in Review

Our Businesses

Engineering Business Real Estate Joint Venture Associate

Tools & Hardware Auto Components Real Estate Denim FMCG

Steel Files
Cutting Tools
Ring Gears
Flexplates
~120 acres Fabric
Garments
Park Avenue
KamaSutra
Land parcel at a prime
Hand Tools Water Pump Bearings Premium
location in Thane,
Power Tools Accessories Maharashtra

` 344 Crores ` 197 Crores ~20 acres ` 600 Crores ` 411 Crores
Sales Sales Land approved for Sales Sales
residential development
Leader in domestic files Caters to major domestic Strong presence across
market players and exports mainly
~14 acres Exports to domestic markets
to USA, Canada, Europe
and Asia
Currently being developed 30+
Exports to Countries
~6,50,000
55+ Exports to
~2.8 mn sq.ft.
Points-of-Sale in India
Countries
15+ of saleable area
Strong market presence
across Americas, Asia,
Countries Exports to
Europe and domestic

` 141 Crores
markets 20+
Countries
Sales

1,387
Units sold till Mar-21

6 Strengthening the core Raymond Limited | Annual Report 2020-21 7

 About Raymond & Year in Review

Chairman and Managing Director’s message “We as an organisation were able to leverage Towering the new core
our core strengths in terms of a strong brand, Having distinct advantages of being the ‘right product’,

Navigating the crisis with

great product quality and expansive channel pegged at ‘right price’ and at the ‘right location’;
network across the country.” Raymond Realty grossed the eminence of being
one of the best seller real estate project in Thane,
Maharashtra and that too in a swift timeline battling the

ingenuity
Sustaining the purpose pandemic at large. Our Real Estate business delivered
COVID-19 disrupted all purposes and derailed
around 400 units bookings in last two quarters of
everything that was marked to matter bringing in a
FY 2020-21 and the sector also got a booster dose in
global shutdown. As the lives were being saved, physical
the back drop of reduction in stamp duty and reduced
gear was mandatory for health workers to endure a
Dear Shareholders, interest rates on home loans. We maintained the speed
highly contagious virus and PPE (Personal Protective
of our construction activities in compliance with all the
Financial year 2020-21 will be written in Equipment) Kit became a critical tool for the medical
relevant guidelines throughout the fiscal as we stay
the world history in many ways but the fraternity. Here, we believed that our Garmenting
committed to deliver the project on time. Having sold
predicament to human lives due to COVID-19 facilities can be ‘repurposed for the cause’. A quick
over sixty percent of the total inventory launched till
coupled with economic tribulations would be decision to manufacture PPE Kits was implemented
March 2021, Raymond Realty is our new core and is on
the worst chapters to reckon with. For all of this across our Garmenting factories in India and Ethiopia.
track to deliver shareholder value.
year’s upheaval, we committed ourselves by Our existing capacities were utilised wisely as we
staying the course, we refocused the sight of supplied the product to Government and medical
“We took some tough decisions during the
our purpose and we demonstrated that the core establishments.
year that reaped results for us as we pared
will guide us through these turbulent times.
debt in FY 2020-21 demonstrating our
The pandemic emphasised the greater need for hygiene
The first quarter was the darkest hour of the resilience especially during the pandemic.
at all levels across personal, household, commercial and
fiscal when neither businesses had an idea Having witnessed the second wave of
industrial establishments. Riding on our FMCG sway,
how to deal with the pandemic nor they were COVID-19 causing more devastation and its
we leveraged our competencies and launched a range
aware of the severity of the impact. Given the reluctance to go away soon, the key for the
of sanitising products including hand cleansers, hand
lack of short term visibility, it was the time to economy to come back on track is through
wash, high alcohol content cologne, floor cleaners etc.
introspect and undertake immediate measures accelerated pace of vaccination.”
meeting the highest safety standards and affordability.
to stay on course. The global pandemic has
presented such a crisis and that too on a
Both of these initiatives were launched under Embracing the uncertainty
scale many of us have never experienced or
‘Raymond Care’ and received a positive response. As I write this message, we aren’t past the pandemic
could have predicted. The toll of COVID-19 on
still; as the second wave shook us up it has laid open the
human life is heart breaking and has had an
Green shoots amidst retail reboot bare inadequacies we deal with that have persisted for
adverse impact on households, businesses, and
We as an organisation were able to leverage our core too long. Raymond for generations has been operating
economies globally.
strengths in terms of a strong brand, great product in and living through what we believed were uncertain
quality and expansive channel network across the times from license raj to economic liberalisation, from
Recalibrating fundamentals country. As the retail network opened during the period demonetisation to GST, disruptions and global shifts like
There is no blueprint or a toolkit to deal with a crisis of of last two quarters of FY 2020-21, we witnessed the digitisation, technology transformation et al.
this magnitude. The time demanded true reflection of pent up demand coupled with festivities and higher
We took some tough decisions during the year that
the inherent organisational strengths and values that number of wedding dates. Progressively, the consumer
reaped results for us as we pared debt in FY 2020-21
have brought us this far. When the entire nation came sentiments improved during the year with fourth
demonstrating our resilience especially during the
to a relentless halt during Lockdown 1.0 and 2.0 and all quarter witnessing top-line growth that was driven
pandemic. Having witnessed the second wave of
business activities were brought to cessation, we went by Branded Textiles and we closed the fiscal with a
COVID-19 causing more devastation and its reluctance
back to the drawing board and re-looked at the entire profitable fourth quarter.
to go away soon, the key for the economy to come back
business with a rationale of subsistence first.
on track is through accelerated pace of vaccination.
The situation necessitated to look at the dual
Aces of the pack
Our Engineering businesses that have Tools & Hardware
fundamental metrics of any business that are Liquidity “For all of this year’s upheaval, we committed
and Auto Components segments were the dark horses
and Costs. The first two quarters of the fiscal were ourselves by staying to the course, we
and defied all odds posed by the pandemic. It gives a
committed to ensure that these metrics are prioritised refocused the sight of our purpose and we
great sense of achievement that both the businesses
and at Raymond we committed ourselves to achieve demonstrated that the core will guide us
ended the financial year with very high growth rates
the same. We looked at all the costs that could through these turbulent times.”
both in terms of revenue and EBITDA margins in the
be curtailed through cost rationalisation thereby
second half of the year. Both businesses exemplified
conserving the cash. We reworked on all operational Gautam Hari Singhania
a stupendous performance through operational
efficiencies resulting in reduced working capital that Chairman and Managing Director
efficiencies and right product mix traversing through
helped in paring the debt during the financial year.
tough times with a profitable growth.

8 Strengthening the core Raymond Limited | Annual Report 2020-21 9

 About Raymond & Year in Review

Our Strengths Deeper engagement with

channel partners
• We have strong relationship with channel
partners and we engage and collaborate with
them closely to deliver the brand promise
• With the ‘Midas’ mobile app, we are
connecting our channel partners to drive
Winning Edge operational efficiencies
• Our platforms also help them to integrate
Trust, Quality and Excellence are our core values, and they lend us the inherent strength and
customer experience and receive insights
resilience to consistently bring the finest quality offerings and delight customers through
based on data analytics
evolving phases of fashion and lifestyle. These values are represented by our iconic homegrown
brands and a growing portfolio that are being continuously enhanced with customer centricity
at the core

Manufacturing excellence
Our state-of-the-art manufacturing facilities are strategically located across India and carry out
seamless integration with the supply chain network to create world-class products.
Expansive network and
Manufacturing Manufacturing capacity
strong relationships
world’s finest fabrics Our pan-India network of over 20,000 Points of

112 mn+ ~11 mn

Sales (PoS) across Tier I to VI towns has enabled us
250s - worsted suiting
to become a household name
340s - cotton fabric
150 lea pure linen fabric metres p.a. pieces p.a. • Amongst the largest retail networks in India
• 1,486 Retail stores (1,436 in India)
fabric capacity in of jackets, trousers, • 600+ cities & towns
suiting, shirting vests, shirts and denim
Market Leadership ~6,50,000 touch points in FMCG
& denim*
Leader in worsted One of the leading
suiting fabrics in India players in Branded
and amongst the
largest in the world
Apparel menswear 104 mn+ 13 mn+
segment
pieces p.a. pieces p.a.
Largest exporter of No. 1 Brand in Steel
men’s suits from India Files in India
of files and drills ring gears, flexplates and Calibrating for the future
water pump bearings
• Raymond is rapidly integrating new-age
*Denim manufacturing is in a JV company technologies to stay ahead of the curve.
Figures represent capacity per annum While our manufacturing facilities are
equipped with state-of-the-art infrastructure,
we are continuously enhancing our digital
capabilities to support our core strengths
• Having rapidly scaled up our digital capabilities
to reach out to channel partners, customers
and employees, Raymond was able to compete
in the e-commerce space with increased agility
• Our Digital transformation initiatives have
enabled us to leverage synergies between
e-commerce and physical retail network
and strengthen our omni-channel presence
across India

10 Strengthening the core Raymond Limited | Annual Report 2020-21 11

 About Raymond & Year in Review

Our Brands Branded Textile

Homegrown portfolio of renowned brands No.1 in worsted suiting fabrics in India

Largest branded shirting fabric player in India
Raymond is amongst India’s most trusted brands. It is our relentless pursuit for quality,
customer-centricity, agility and innovative spirit that makes us the market leader. Our
brand portfolio comprises a wide range of marquee homegrown brands, which enjoy
high repute and strong recall. Branded Apparel
Portfolio of market leading brands in menswear segment
4 POWER BRANDS

FMCG
MALE GROOMING AND SEXUAL WELLNESS

PA & KS - Maintained Dominant Market Position in Men’s Deodorants^

KS Spark Deo Fragrance is the #1 variant across India (Urban)^
KamaSutra - 2nd largest player in branded condoms in India*

Real Estate Engineering

JK Super Drive -
No. 1 Brand in
Steel Files in India

Sources: ^Market data, *AC Nielsen reports - Moving Average Trend, #12 months

12 Strengthening the core Raymond Limited | Annual Report 2020-21 13

 About Raymond & Year in Review

Our Reach

National Presence Global Presence

1,436 377 76 18 50 1 4 90+

Retail stores New retail stores Tailoring hubs Plants Stores Plant Global Offices Countries to which
(Mini TRS) Raymond exports its
products

14 Strengthening the core Raymond Limited | Annual Report 2020-21 15

 Year in Review

16 Strengthening the core Raymond Limited | Annual Report 2020-21 17

 About Raymond & Year in Review

Group CFO’s overview Additionally, an emphasis on collections and reducing

inventory helped reduce net working capital (Pre-Ind
Augmenting Capabilities
Meanwhile as export markets remained shut and travel

A Year of Financial Prudence

AS 116) by ` 738 crores from ` 1,855 crores in Mar-20 to
was affected, the export orders to key markets such as US
` 1,117 crores in Mar-21. The number of Net Working Capital
and Europe were impacted. To leverage our capabilities
(NWC) days improved to 73 days (on 4QFY21 annualised
in garmenting business during lockdown period, we
sales basis) from 103 days in FY 2019-20.
repurposed our Garmenting factories in FY 2020-21 to
Overall, sequential improvement in sales recovery manufacture PPE products for government, hospitals and
Dear Shareholders, along with sustained efforts on controlling operational corporate sectors. Our garmenting plants in Bengaluru
expenditures and working capital management resulted and Ethiopia were quickly repurposed to manufacture
The extent of financial turmoil caused by the pandemic
in generating operating cash flow of ` 702 crores and free high grade PPE kits and contribute to the fight against
was unsettling as we beheld the exacting situations
cash flows of ` 417 crores during the year. COVID-19. Our Garmenting segment sales stood at ` 549
with economies coming to a standstill. With rampant
crores.
supply chain disruptions, COVID 19 affected big and The cashflows generated were utilised for reducing
small businesses alike instigating damages to the tune of consolidated net debt level by ` 443 crores from ` 1,859 Power of Cogs
trillions of dollars to the global economy. As I reflect on an crores in Mar-20 to ` 1,416 crores in Mar-21. We were able to Both our Engineering businesses reported a strong sales
exceptionally perplexing year, we critically watched events maintain the liquidity in the range of ` 550 crores to ` 650 growth in H2 of the year. Auto Components Segment sales
that unfolded and we profoundly focussed on our core to crores of cash and cash equivalents throughout the year. stood at ` 197 crores supported by demand from leading
combat the crisis. auto companies. In fourth quarter, the segment reported
Over the recent times, the Company has embarked on a
a 46% growth over previous year driven by strong growth
In our glorious journey of 96 years, Raymond has weathered deleveraging plan and has undertaken multiple steps in
in both domestic and exports markets Tools and Hardware
through multiple economic cycles and ever evolving that direction with a purpose of enhancing shareholder
Segment sales stood at ` 344 crores for the year. In the
business dynamics. However, given this was one of the most value. In December 2019, we infused ` 350 crores as a
fourth quarter, the segment reported a 53% growth over
unprecedented ones, we were determined to find a way to preferential issue from net proceeds from sale of land by
previous year led by growth across product categories
persevere through by continually challenging the status quo an associate company and utilised the entire amount for
in domestic markets as well as in global export markets
and strived for answers to ever evolving tough situations. It reducing debt. Additionally cashflows generated throughout
such as LATAM, Europe & Africa where we have a buoyant
has been a rough year for us, to make some critical decisions the pandemic year was utilised to further reduce the debt.
customer base with significant contract manufacturing.
in an endeavour to stay on course. These decisions helped us The deleveraging strategy played out in last 6 quarters
EBITDA margins were improved with higher utilisation
to sustain the performance of the Company. which reduced almost ` 1,000 crores of debt and our net
levels and increased operational efficiencies.
debt equity ratio has improved steadily and stands at 0.65x
as of March 31, 2021 compared to 0.75x as of March 31, 2020. Building Blocks of Growth
Building financial resilience In line with our ambitions to enhance value creation for
FY 2020-21 was a year of focussed initiatives to implement net debt improved from 79:21 as on March Salvaging the tapestry and attire all stakeholders, Raymond forayed into the Realty space.
measures to bring in financial judiciousness amidst the 31, 2020 to 17:83 as on March 31, 2021 with Branded Textile segment exhibited a good recovery both
Standing tall, this maiden project is a spectacular addition
pandemic that took a toll on all economic activities. We long term debt having 3-10 year maturities in primary sales driven by pickup in wholesale channel and
to the city’s skyline and has successfully sold over 60%
were quick to execute group wide actions aligned to three • Non critical capital expenditure deferred to secondary sales led by opening up of TRS network during
of total launched inventory. The project is progressing
key pivots of – cost rationalisation, effective working capital maintain liquidity the second half of the year. Early revival was witnessed in
in full swing and we sold around 400 units in H2 and
management to maintain liquidity and reduce debt. smaller towns as compared to Metros & Tier I towns. Our
Ensemble for New Normal segment sales stood at ` 1,572 crores. However, the fourth
construction of 33rd floor slab has been completed for the
Cost Rationalisation initiatives: Our consolidated revenue for the year was first 3 towers out of total 10 towers. The appeal of these
quarter reported a 24% growth over the previous year
• R estructuring the organisation to ensure efficiencies ` 3,648 crores. While the pandemic significantly smart sized homes coupled with incentives of lower stamp
proved to be an indicator of a resilient regain.
on an on-going basis with zero based budgeting affected revenues during the first half, however, duty reduction and lower home loan interest rates helped
• Cost optimisation measures related to sales & the gradual unlocking in the second half of the Branded Apparel Segment that has a portfolio of sustaining a strong momentum. Our Real estate segment
marketing, manpower, rentals and others fiscal, witnessed an encouraging rebound in homegrown brands such as Park Avenue, ColorPlus, Parx, sales stood at ` 141 crores.
• Store rationalisation to reinvigorate retail portfolio market with progressive recovery of consumer Raymond Ready to Wear and Ethnix by Raymond clocked
Enduring Processes
• Spearheading new digital initiatives such as digital sentiments. A strong demand driven by festivals sales at ` 457 crores. The segment has been impacted due
The last fiscal has been unpredictable given the
tradeshows and Digital Swatch books, Look books that and marriage demand across Raymond’s retail to controlled primary sales to channel partners in MBO and
circumstances that were beyond control. The frequent
brought in cost synergies network provided the required impetus for faster TRS networks, to re-align inventory in the supply chain. With
disruptions outlined the need of doing business with a
recovery leading to bounce back in sales to almost lockdown, the demand for apparel category was weak and
Effective Working Capital Management and dichotomy; i.e. having greater financial far-sightedness in
3 times in H2 as compared to H1. In fourth quarter, the thrust was on liquidating the inventory and speeding
reduced debt the short-term business visibility. We concluded the fiscal
our consolidated revenues grew by 9% over the up collections. In the retail sales channels of EBO and LFS,
• T he year witnessed strengthened focus on efficient with a profitable fourth quarter and intend to continue our
previous year at the backdrop of strong recovery gradual pickup was witnessed in the second half of the year
inventory management & related production cycles journey with cost-effective value based processes. As we put
in demand.
and speeding up collections. This resulted in improved In High Value Cotton Shirting segment, the domestic together this Annual Report, the uncertainty continues to
cashflows which enabled the Company to reduce the A diligent focus on cost rationalisation measures demand for fabric and yarn sales was also impacted due meander with the second wave hitting us hard but hope is
net debt brought in efficiencies which led to our operating to lockdown. However, with demand recovery in second cautiously making its presence felt as vaccination gains pace
• FY 2020-21 witnessed a major change in the costs being considerably reduced by 40% as half of the year, the segment reported a 12% growth over and economies are opening up albeit gradually.
consolidated debt structure of the Company. The compared to previous year from ` 2,207 crores in previous year in the fourth quarter. Overall for the year,
short term debt to long term debt as a percentage of FY 2019-20 to ` 1,320 crores in FY 2020-21. the segment sales stood at ` 258 crores.
Amit Agarwal
Group Chief Financial Officer
18 Strengthening the core Raymond Limited | Annual Report 2020-21 19
 About Raymond & Year in Review

Lifestyle COO’s overview The Digital Edge

“While consumers adapted to online
Prolonged and frequent lockdowns due to pandemic
channels during the peak of the pandemic,

Retail’s New Realism

urged a thoughtful digital conversion at Raymond that
the future belongs to creating a Phygital
would enable in integrating our wide range of offerings
experience that intersperses imagination,
available on-line and revamping our ecommerce
convenience and customisation and being
platform ‘myraymond.com’ to strengthen our online
a leading Brick & Mortar player with an
presence. There was a quick transition from physical
expansive reach, we constantly strive
tradeshows to virtual ones and introduction of digital
Dear Shareholders, to create an organisation that delights
swatch books, catalogues, flipbooks for our dealers.
our consumers”
Since the onset of COVID-19 the much hyped new normal has challenged conventional wisdom While consumers chose to shop from the confines of
and rediscovered the way we work, live, and celebrate. While numerous fashion retailers their homes, our teams recreated the store experience
across the world faced challenges threatening their existence, we at Raymond were quick for customers through ‘Raymond Home Assist’, Tailoring Bricks and Clicks: Future of Retail
to make right adjustments during the crisis and we worked through the lockdown phases Subscription program, Concierge Services, proactive While consumers adapted online channels during the
to significantly leverage our core capabilities while acquiring new ones to create compelling communication on store timings and virtual tours. peak of the pandemic, the future belongs to creating
customer propositions in retail’s new practicality. Surviving a pandemic can be overwhelming a Phygital experience that intersperses imagination,
and providing support to our employees, retail staff and associates across locations at this Today, the role of technology is increasingly playing a convenience and customisation. In our endeavour
critical time was imperative. Safeguarding the health and safety of individuals necessitated the larger role in retail. On the customer front, we unified to create a future ready, agile business model, we
need for lockdowns which in turn led to the acceleration of ecommerce adoption in India. the entire CRM data on cloud-based system and used the opportune moment to re-evaluate all costs
introduced personalised offers that are relevant and and adopted a zero base approach with a stronger
drive sales conversions. Additionally, we introduced focus on collections. Being a leading Brick & Mortar
Readiness amidst Volatility amongst the world’s first NPS through WhatsApp player with an expansive reach, we constantly strive to
Fashion retail in FY 2020-21 was perplexed with multiple
with direct button response and Machine Learning create an organisation that delights our consumers.
glitches especially given the size and the diversity of
based algorithm to predict recommendations based Customisation is the next level of consumer
our country. The anomalies at large were many such
on purchase history and preferences. A B2B sales app gratification and recently we launched a new initiative
as intermittent full lockdowns, partial unlocking of the
to enable digital bookings was rolled out for dealers. ̶ Made to Order that focuses on personalisation
economy, unforeseen scenarios of weekend lockdowns,
Ramping up our Omni channel capability, we now through our digital channel, ‘myraymond.com’. With
markets opening on odd even dates, new set of
have centralised inventory management system to Raymond Made-To-Order platform consumers can
guidelines for essential and non-essential categories,
enable Omni channel in majority of EBO network and browse through variety of customisable Ready-To-
the country divided into colour zones basis the number
are in the process of transforming our supply chain Wear garments and modify their style online to receive
of positive COVID-19 etc. These uncertainties never
with interventions across the lifecycle. a Custom Fit Garment Delivered at Home.
allowed fashion retail companies to work out even on
the short‑term go-to-market approaches. However, our
sheer physical presence through our expansive network
Trends beyond Seasons Sustainability
At the onset of the pandemic in India, Raymond At Raymond, it is our endeavour to manufacture
and the core strength of the brand ‘Raymond’ proved to
repurposed its garmenting facilities in Bengaluru fabrics responsibly. In an endeavor to reduce the
be a silver lining for us. As the COVID impact was lesser
and Ethiopia to manufacture PPE kits and masks ecological impact we have outlined framework and
in Tier‑III towns and downwards, markets opened much
for our institutional business known as Raymond also constituted a task force of 50+ volunteers to
earlier than metro cities and bigger towns. Being ready
Care that received a positive response. Adding a new drive sustainability efforts across the organisation.
with all COVID protocols, the recovery process started
functional product to our range of fine fabrics was The team is focussed on six themes of sustainable
sooner to our respite in smaller geographies leading to
Virasafe - an effective antiviral fabric that offers all-day consumer packaging, energy from renewable sources,
incremental footfalls on a week on week basis.
protection from viruses and germs due to the built in sustainable raw materials, water conservation, tailoring
We recalibrated our synergies and started servicing Silver Technology. training to socio- economically backward youth and
each market that was opening up with objectivity and garment donation.
prepared ourselves methodically to service the entire For our range of Suiting fabrics, Raymond witnessed a
nation that opened up in the third quarter of the fiscal. strong bounce back with customers returning back to Watchful buoyancy
Our persistent preparedness reaped the benefits in the our Raymond Shops (TRS) making spends for weddings The year 2020-21 presented an unexpected prelude
fourth quarter when we saw a formidable topline growth. and special occasions. Product innovations in the into the future of retail. The pandemic has elevated our
Branded Apparel offerings during the course of the year strength of sorts and we demonstrated our resilience
were driven by evolving needs of consumers seeking and adaptability. As retail buoyancy heralds the Indian
comfort and casualisation. It’s time to make a radical shift consumption story that extends beyond the metros
“We at Raymond were quick to make right from the seasonal mentality that demands planning way and trickles down to the hinterlands, at Raymond we
adjustments during the crisis and we worked ahead in advance for and move to producing closer to are now more watchful and agile in the fast changing
through the lockdown phases to significantly the season. As Work-From-Home prevailed throughout consumer landscape as we look forward to a stronger
leverage our core capabilities while acquiring the year, Raymond introduced a specific line to service rebound this year.
new ones to create compelling customer this new opportunity through our apparel offerings. Our
propositions in retail’s new practicality” S. Ganeshkumar
TRS network in Tier IV-VI markets was a harbinger of
Chief Operating Officer (COO), Raymond Lifestyle
growth when metros were in lockdown.
20 Strengthening the core Raymond Limited | Annual Report 2020-21 21
 About Raymond & Year in Review

Key Performance Indicators

Profit and loss account summary

Financial Highlights of the year (Pre IND AS 116) (Post IND AS 116)

Particulars (` Crores) FY17 FY18 FY19 FY20 FY20 FY21$

• Strong demand driven by festivals and marriage season provided the required impetus for faster Revenue 5,509 6,025 6,708 6,571 6,578 3,648
recovery leading to bounce back in sales to almost 3 times in H2 as compared to H1. In fourth quarter, EBITDA 423 546 702 440 612 135
our consolidated revenues grew by 9% over the previous year at the backdrop of strong recovery
EBITDA % 7.7% 9.1% 10.5% 6.7% 9.3% 3.7%
in demand
EBIT 266 376 506 231 272 (179)
• A diligent focus on cost rationalisation measures brought in efficiencies which led to operating costs
being considerably reduced by 40% as compared to previous year EBIT % 4.8% 6.2% 7.5% 3.5% 4.1% (4.9%)
PBT before exc. 88 192 273 (21) (31) (455)
• Strengthened focus on efficient working capital management leading to reduction by ` 738 crores
(Pre-Ind AS 116) PBT % 1.6% 3.2% 4.1% (0.3%) (0.5%) (12.5%)

• Above initiatives resulted in improved cash flows which enabled net debt reduction by ` 443 crores and Net Profit 26 135 168 202 196 (297)
improving net debt to equity ratio to 0.65 x in FY 2020-21 as compared to 0.75 x in FY 2019-20
Particulars (` Crores) FY17 FY18 FY19 FY20 FY20 FY21$
• Improved consolidated debt structure of the company: ST debt: LT debt as % of net debt improved from
79:21 in FY 2019-20 to 17:83 in FY 2020-21 with long term debt having 3-10 year maturities ROCE* 6.8% 8.9% 11.2% 4.7% 5.0% NA
Total Assets 5,252 6,109 6,664 7,254 7,747 6,740
Net Debt to Equity ^
1.0 1.0 1.0 0.7 0.8 0.6

5-year performance trend

Financial results of FY20 and FY21 are post IndAS 116 and accordingly not comparable with prior periods

EBITDA (` Crores)
Revenue (` Crores) EBITDA Margin (%) Total Assets (` Crores) Net Worth (` Crores) Net Debt^ Net Debt to Equity^

5,509 6,025 6,708 6,578 3,648 423 546 702 612 135 5,252 6,109 6,664 7,747 6,740 1,742 1,891 2,037 2,464 2,179 1,682 1,894 2,066 1,859 1,416 1.0 1.0 1.0 0.8 0.6
7.7 9.1 10.5 9.3 3.7

FY17 FY18 FY19 FY20 FY21$ FY17 FY18 FY19 FY20 FY21$ FY17 FY18 FY19 FY20 FY21$ FY17 FY18 FY19 FY20 FY21$ FY17 FY18 FY19 FY20 FY21$ FY17 FY18 FY19 FY20 FY21$

^ Net Debt is calculated as Gross Debt less current investments and cash & bank balance
* ROCE is calculated as EBIT / Closing Capital Employed
$
FY21 performance impacted due to COVID-19

22 Strengthening the core Raymond Limited | Annual Report 2020-21 23

 About Raymond & Year in Review

Key Performance Indicators

Segmental Sales (` Crores) & EBITDA Margin (%)

Branded Textile Branded Apparel Garmenting Real Estate# Segment-wise sales Geographical distribution
contribution+ of revenues
2,714 2,915 3,153 2,917 1,572 1,270 1,424 1,647 1,619 457 639 691 779 843 549 20 176 141 4%
6% 45%
14.1 15.7 13.8 14.9 10.4 -1.0 1.6 3.7 1.8 -27.4 8.4 5.2 5.1 3.9 3.5 -18.7 7.3 15.6

10%
78%
India

7%

22%
Rest of World

16%

FY17 FY18 FY19 FY20 FY21$ FY17 FY18 FY19 FY20 FY21$ FY17 FY18 FY19 FY20 FY21$ FY19 FY20 FY21$
13%

#
Revenue recognition based Branded Textile Tools & Hardware
on percentage completion Branded Apparel Auto Components
method as per IND AS 115 Garmenting Real Estate
High Value Cotton Shirting

+ Gross of elimination

High Value Cotton Shirting* Tools & Hardware* Auto Components* Retail stores

2.56 2.39
500 575 648 622 258 350 365 401 376 344 164 218 259 208 197
mn sq ft mn sq ft
9.8 10.2 13.7 13.7 1.6 2.0 9.0 10.7 10.3 13.0 14.5 20.8 22.6 16.9 19.3
1,638 198 Closures
1,486

436 349
67 2 17 47
27 104

22
1,135 46 Additions 1,090
72

FY17 FY18 FY19 FY20 FY21$ FY17 FY18 FY19 FY20 FY21$ FY17 FY18 FY19 FY20 FY21$ March March
TRS MTM* EBO
2020 2021

*The results shown are for 100% operations and include minority interest *Includes 32 converge stores (RRTW+MTM) as on Mar’21 and 46 as on Mar’20
$
FY21 performance impacted due to COVID-19 TRS-The Raymond Shop EBO-Exclusive Brand Outlets MTM-Made To Measure

24 Strengthening the core Raymond Limited | Annual Report 2020-21 25

 About Raymond & Year in Review

Risk Management Framework

Key Risk Details Mitigation
Risk Management Infrastructure
Financial risks • Fluctuations in currency may • Managing our foreign exchange risk actively within the
Risk is an integral and unavoidable component of all businesses. Raymond is committed to impact the cost of production framework laid down by the Company’s forex policy
and sales realisation, owing to approved by the Board
manage its risk in a proactive manner. Though risks cannot be completely eliminated, an
our import and export presence • Managing interest rate risk through strategies including
effective risk management plan ensures that risks are reduced, avoided, retained or shared. • Higher interest cost putting maintaining an optimal balance of different loan types
The Risk Management Committee maintains an oversight on our risks and is responsible for pressure on margins and maturities
reviewing the effectiveness of the risk management plan or process. Risk management is
Commodity price risk Increase/frequent changes • Sources wool from Australia, South Africa, USA and
embedded within our operating framework and we have a well-defined, internal financial
in raw material prices may Uruguay and cotton yarns domestically
control structure. During the year under review, these controls were evaluated and no material impact profitability resulting in • The linen flex is imported from Belgium and France.
weaknesses were observed in their design or operations. lower margins • We manage price fluctuation risks through combination
of forward and spot bookings, inventory management
and pre-emptive vendor development practices
Risk Governance Architecture Regulatory risks Changes in international and • Mitigating risks through regular review of legal
domestic laws, rules, policies, tax compliances as well as external compliance audits
regulations, technical standards • Implemented an enterprise-wide compliance
Board of and trade policies management system, capable of effectively
Directors tracking and managing regulatory and internal
compliance requirements

Human resource risk Non-availability of competent • Initiated measures including rolling out strategic talent
Audit Committee
workforce, high attrition coupled management system, training and integration of learning
with retention challenges and development activities
• Established a Raymond Leadership Academy to identify,
nurture and groom managerial talent and prepare them
Risk Management Committee/CRO for future leadership roles
• Instituted ‘Raymond Awards for Excellence’ to recognise
exemplary performance and promote desired behaviour
in the organisation
Senior Management
Strategic risk Emerging businesses, Have well-defined processes and procedures in place for
capital expenditure for obtaining approvals for investments in new businesses
capacity expansion, among and capacity expansions
other purposes
Business Unit Management Internal Audit
Information Insufficient cyber-security • Uses standardised back-up tools, services and procedures
technology risk measures leading to data to ensure that information and data are stored at two or
privacy breach, loss of records, more diverse locations
Raymond’s principal risks and their mitigation: or other event due to a hack/ • The Company has data centers at Vashi and Thane
virus, stolen/lost device, phishing • For critical applications, security policies and procedures
attacks, among others are updated periodically, which is communicated to
Key Risk Details Mitigation the users, who are then educated on adherence to
these policies
Liquidity Risk Reduction in revenues due to the • Initiated cost reduction measures like expense
unforeseen COVID-19 outbreak, rationalisation in sales and marketing, workforce Industrial safety, Diversified manufacturing • Accorded utmost priority to safe and clean operations at
leading to pressure on liquidity and rentals employee health and facilities at various locations and manufacturing facilities by regularly conducting safety
• Focussed on collections and reduction of safety risk labour-intensive nature of work trainings and programmes
inventory, resulting in debt reduction and comprises health risks for the • COVID-19 specific arrangements such as undertaking
liquidity maintenance workforce due to reasons sanitisation, thermal screening and social distancing
• Explored new business opportunities under the like machinery breakdown, across plants to keep employees safe
Raymond Care initiative by manufacturing PPE human negligence, • All our plants are OHSMS ISO 45001: 2018 certified
and introducing sanitisation products like hand among others • Conducted regular risk assessments through HIRA
sanitisers, hand wash and others, which added (Hazard Identification and Risk Assessment) technique
to the topline and implementation of mitigation strategies
• Adequate health insurance coverage for employees

26 Strengthening the core Raymond Limited | Annual Report 2020-21 27

 About Raymond & Year in Review

Board of Directors
Mukeeta Jhaveri
Independent Director

• Financial Services professional and held leadership roles in DSP Merrill Lynch and
DSP Blackrock Mutual Fund
Gautam Hari Singhania
• Alumni of NYU Stern School of Business, USA
Chairman and Managing Director
• Appointed as the Whole-time Director on the Board of Raymond Limited
in 1990
• Elevated to the position of Chairman & Managing Director in 2000
• Steered Raymond Group to emerge as an internationally reputed fabrics-to-
fashion player
Shiv Surinder Kumar
Independent Director

• Amassed over 30 years of experience in asset management, merchant banking,

capital markets and wealth management
• Founded Bridge Capital
Nawaz Gautam Singhania
Non-Executive Director

• Established a reputation for being an astute and creative entrepreneur

• Carved a niche for herself on the back of her aggressive zeal in the realm of
creative design

Dinesh Lal
Independent Director

• 40+ years of experience in the shipping and logistics industry

• Instrumental in setting up new business ventures and has played a pivotal
role in creating a mutually beneficial ground between companies and
government bodies
I D Agarwal
Independent Director

• Amassed 40+ years of experience in banking, finance and foreign currency

markets
• Served as Executive Director, Reserve Bank of India (RBI) and Advisor,
Ashish Kapadia
United Nations
Independent Director
• Occupied directorships at Small Industries Development Bank of India (SIDBI),
United Bank of India (UBI) and Unit Trust of India (UTI) • Established and managed several businesses across sectors such as textiles,
financial services and aviation
• Managing Director of Delta Corp Limited, engaged in the business of hospitality
and gaming since April 2009

Pradeep Guha
Independent Director

• Associated with the print media for over three decades

• Served as President, as well as a Board member at The Times of India Group
S K Gupta
• Formerly, CEO at India’s largest satellite broadcasting network, Zee
Non-Executive Director
Entertainment Limited, for over three years
• Currently Managing Director, 9X Media Private Limited • A textile industry veteran with four decades of experience, having headed Raymond textile, retail and
denim divisions earlier

28 Strengthening the core Raymond Limited | Annual Report 2020-21 29

 About Raymond & Year in Review

Senior Management Team

Gautam Hari Singhania Amit Agarwal S L Pokharna Hemant Lakhotiya Balasubramanian V Harmohan H Sahni
Chairman and Managing Group CFO President – Corporate Chief Executive Officer – Chief Executive Officer – Chief Executive Officer –
Director Commercial Tools & Hardware Auto Components Realty
30+ years of extensive
Appointed as the Whole- experience in Steel, Aviation 40+ years of experience in 26+ years of experience in 38+ years of diverse experience 29+ years of experience in Real
time Director on the Board of and Energy Sectors finance, sales, marketing and diverse roles in multiple in the Automotive Industry Estate and core sectors
Raymond Limited in 1990 commercial functions geographies and executing in domestic, German and
Date of Joining: from 1st June,
business transformation American MNCs
Elevated to the position 2021
of Chairman & Managing
Director in 2000

K A Narayan S. Ganeshkumar Arvind Mathur Sudhir Langer

President – Human Chief Operating Officer – Chief Executive Officer – Chief Executive Officer –
Resources Lifestyle Business Denim FMCG

39+ years of experience 27+ years of experience in 32+ years of experience in 21+ years of experience in
in large Indian global business transformation, marketing, strategy, M&A and Sales & Marketing managing
corporates, heading HR strategic planning, business leadership in Asian different categories and
functions operations and customer and global markets brands within the consumer
management goods industry

30 Strengthening the core Raymond Limited | Annual Report 2020-21 31

 Business Review

32 Strengthening the core Raymond Limited | Annual Report 2020-21 33

 Business Review

Business Review • State-of the-art facilities across

‐ Vapi (Gujarat)
‐ Chhindwara (Madhya Pradesh)
‐ Jalgaon (Maharashtra)
•
for clothing, which is a non-essential item, with
discretionary spend thus being impacted
Recovery to take midterm time frame when life is back
to normalcy primarily driven by occasion and celebration
• Aggregate capacity of 38 million metres of led dressing
suiting fabric across wool, polywool, silk and • Modest growth in fabric business with increasing
other premium blends competition from ready-made garments
• Low traction for the near term in exports market due
Branded Textiles • Wide array of Innovative Products and Services
to pandemic
• 20,000+ SKUs
• Dwindling inclination to pursue the profession among
• Extensive choices across price ranges to suit
Raymond is India’s leading branded player in suiting and shirting. Branded Textiles is its tailors for lack of formal training and low social dignity
diverse customer groups, ranging between
flagship business and over the years, the Company commands the largest market share in the associated with the profession
` 300 to ` 3 Lakhs per metre
domestic worsted suiting fabric industry. It has also emerged as the largest over-the-counter Strategic outlook
• Home Assist app and made-to-order platform
(OTC) branded shirting player in the domestic organised market since it’s launch in 2015.
are some of the unique services that have been • With vaccination gaining momentum, there is
bringing new-age customers to Raymond an uptick in consumer sentiments leading to
Key highlights of the year customers were offered free tailoring services on pent-up demand, increased footfalls and higher
• Extensive Reach
• The suiting business topline witnessed progressive Raymond’s fabric purchase. conversion rate.
• 20,000+ touchpoints
improvement on a quarter-on-quarter basis • Continued strategy of asset light network • Key sales drivers like impending wedding season,
• Across 600+ cities and towns
in primary sales, driven by pickup in wholesale expansion through franchisee network across Tier festivities and markets reopening fully are expected
• Through 180+ wholesalers and 1,360+ MBOs
channel, and in secondary sales led by recovery in I-VI towns, by opening 19 franchisee-based stores to amplify demand
(Multi-Brand Outlets) and TRS (The Raymond
TRS network due to festivities and wedding season • There are 377 mini TRS stores across 190+ • Enriching shopping experience by introducing digital
Shop) network across Tier I to VI towns
in second half of the fiscal semi‑urban and rural towns enablers for the brick and click model
• Recovery in B2C shirting was slightly lower • The franchise tailoring hub network stands strong • Enduring trade relationships • Focusing on sustainability in areas of energy
while the MTM business was impacted due to at 76 operational hubs, across 54 cities with a • Having built strong channel relationships that (power and water), chemicals (dyes and processing
lower consumer discretionary spends and store capacity to convert 2.4 million metres annually have thrived for multiple generations with some chemicals) and packaging
rationalisation to make retail portfolio healthy dating back to 50+ years • Driving sustainable cost savings initiatives by
Core strengths
• EBITDA margin improved sequentially throughout adapting improved process efficiencies
• Near 100% consumer awareness in India Challenges
the fiscal, supported by sales recovery, operational • Continued focus on improving working capital and
With a legacy of over nine decades, the • COVID-19 demarcated consumer products into
efficiencies and cost rationalisation Company is amongst the most preferred textile cash flows while maintaining tighter controls on
essential and non-essential categories, which took
and apparel brands and enjoys a near 100% inventory levels
over spending trends in the near term. Demand
• Innovative product and service offerings consumer awareness.
• Launched a first-of-its-kind, anti-viral
• Manufacturing excellence
technology-based fabric– VIRASAFE, which
• One of the world’s largest horizontally and Segment Summary
protects against bacteria and virus and is also
vertically integrated worsted suiting manufacturer
anti-odour and sustainable. It received good
• Globally renowned for manufacturing Super Sales (` Crores) EBITDA (` Crores)
Product Mix (%)
traction within our dealer network and at
1,572
1
250s, world’s finest fabric EBITDA Margin (%)
retail outlets
164
18
• Introduced enhanced omni-channel capabilities
through concierge service and Raymond ‘Home 2,917 1,572 435 164 81
Assist’ app to help customers in shopping 14.9 10.4

online for tailored garments. Additionally, the

Company revamped ‘myraymond.com’, its own
brand portal that offers fabrics and made-to- Suiting
order, custom fit garments FY20 FY21 FY20 FY21 Shirting MTM
• The Raymond Made-To-Order platform, an
extension of 3D Style Advisory app, enables Sales Volume Channel Mix (%)
customers to mix and match and choose from
multiple looks. The feature is currently being Suiting (mn metres) B2C Shirting (mn metres) 26
offered in 45+ stores
• Our annual social initiative Garment Exchange
33 11.2 37

59 33 21 11.2
Program in association with Goonj (an NGO),
received an overwhelming response. The 16

country wide drive encouraged customers to 22

donate their old shirts, trousers and suits to the Wholesale MBO
lesser privileged sections of the society and TRS Others
FY20 FY21 FY20 FY21

34 Strengthening the core Raymond Limited | Annual Report 2020-21 35

 Business Review

Core strengths Strategic outlook

• S trong brand equity, with all four power brands The second wave of the pandemic further dampened
enjoying high brand recall. Uniquely positioned consumer sentiments and discretionary spends that
Business Review brand ‘Ethnix by Raymond’ offers distinctive ethnic
and Indo-Western collection
are likely to dominate the consumption landscape.

However, we have been focusing to strengthen our

• Wide portfolio offerings with sharpened product
core capabilities:
portfolio with focus on providing complete
Branded Apparel wardrobe solutions to consumers from a selection • Focus on lowering the product life cycle through
of exquisite styles and customisation capabilities product innovation and development closer to
across an extensive price range the seasons. This will result in better inventory
Raymond has been one of the leading players in the Indian menswear segment, offering
• Strong network presence in over 500 cities and management and reduced working capital
diversified silhouette and creative line of high fashion apparel through four differentiated
towns by leveraging an expansive distribution • Optimising channel mix and alleviate business
power brands — Raymond Ready to Wear (RRTW), Park Avenue (PA), ColorPlus (CP) and Parx.
reach including 349 EBOs, 5,425+ MBO counters partnerships through meaningful engagement
Additionally, our uniquely positioned brand - Ethnix by Raymond, offers ethnic wear apparel
(through distributor networks), 1,250+ LFS doors • Continuous efforts on bringing in efficiencies for
suited for special occasions and celebrations designed to appeal to the discerning Indian men.
and the TRS network improved margins
• Impetus on sharpening omni-channel capabilities
Challenges
• Agile model for quick turnaround of merchandise
• Low consumer sentiments and ‘Work-from-home’
Key highlights of the year and improvisation in supply chain
scenario looming large amidst pandemic
• The apparel sector witnessed lower
• Heavy discounting by players to clear old inventory
demand and weakened customer
including on e-commerce market places
sentiments during the first half of
• Extended End of Season Sale (EOSS) and alluring
the fiscal due to lockdowns and
price cuts mounting pressure on margins
related restrictions resulting in
• The MBO channel continues to be a challenge
slower recovery of the business
eroding margins
• However, with more relaxed
COVID-19 restrictions, during
the second half of the year, there
was a sequential improvement Segment Summary
in consumer demand (secondary
Sales (` Crores) EBITDA (` Crores)
sales) and footfalls in retail
457 EBITDA Margin (%)

(125)
channels of LFS and EBO
• Segment sales were also impacted
due to controlled primary sales to 1,619 457 29 (125)
1.8 (27.4)
channel partners in MBO and TRS
networks, to realign inventory in
the supply chain
• Online channel witnessed strong
traction, during the pandemic FY20 FY21 FY20 FY21
as physical retail stores stayed
shut and consumers shifted to
ecommerce market places. Brand’s Sales Channel Mix (%) Brand Sales Mix (%)
commitment to serve customers
better was enabled through 7
15
omni-channel rollout in the
EBO network. 29 21 35

32

20 19
18
3

TRS MBO PA CP
EBO LFS RRTW PARX
Others New Offering

36 Strengthening the core Raymond Limited | Annual Report 2020-21 37

 Business Review

Business Review
ColorPlus Parx
Mature yet The
vibrant with a tech-savvy
Brand Personalities penchant for and globally
comfort and connected
craftsmanship young
millennial
with an
Offerings across unorthodox
sense of
spectrum style
LUXURY of consumer
preferences
PREMIUM

ACCESSORIES
MASS GROOMING
SPORT
OCCASION

VALUE LEISURE
WORK
CLASSIC CONTEMPORARY EDGY

Raymond Park Ethnix by

The Avenue Raymond
sophisticated, The sharp, The
discerning energetic, indulgent
connoisseur go-getter but elegant
who is with a head-turner
effortlessly natural flair at every
stylish and and panache occasion
immaculate

38 Strengthening the core Raymond Limited | Annual Report 2020-21 39

 Business Review

• Loyalty Rewards
Challenges
• 15% growth in loyalty members, over 1.2 million
• The pandemic altered the trend of witnessing the
members added to the loyalty network,
substantial footfalls in malls mainly impacting EBOs
9.3 million members
Business Review • The loyalty programme was expanded to
for short to mid-term
• Round-the-year sales promotions and deep
Bangladesh across 20 stores
discounting by e-commerce market places
Core strengths
Strategic outlook
Retail • Scale
The unprecedented market disruptions and
• One of the largest exclusive men’s lifestyle retail continuously prevailing uncertainties have
networks in India impacted the consumer sentiments leading to
Having being reckoned as the pioneer in organised textile retail, Raymond presented the first
‘The Raymond Shop’ (TRS) in 1958 to the Indian discerning consumers and offered them the • Unique Model limited visibility for short to mid-term
unique fabric to garment service through in-house tailoring value proposition. Raymond continued • Asset light model with around ~80% of stores on • Technology adoption during this unpredictable
its retail journey by establishing significant network through TRS, MTM and EBOs for its in-house franchise model environment has grown substantially and and is an
brands namely RRTW, Park Avenue, ColorPlus and Parx across length and breadth of the country. intrinsic part of customer serviceability
• Design
The Company also introduced a new label called ‘Ethnix by Raymond’ to offer distinctive ethnic • Raymond is progressing with augmenting its
• Strong capability to create world-class, designed
and Indo-Western collection. Targeting the millennials and hyper-mode consumers, Raymond omni‑channel offerings on a full scale to create
stores for evolving consumer preferences
introduced a new retail format called Style Play, which sells only apparels of all Raymond brands unique experiences like facilitating the customer to
with a slick urban appeal to consumers especially in smaller towns and cities. • Bouquet of products and services order online and pick up from the store
• The Raymond Stores (TRS) offering • Raymond continues to evolve hyper-personalised
fabrics, apparel, accessories, and custom offers and DIY ensembles, for a virtually
Key highlights of the year
tailoring services exciting experience
Retail in Numbers • Majorly impacted retail store operations due
• Fabric is a stronghold, since Raymond is the only • The retail network is continuously getting
to the lockdowns and related restrictions in
organised player with pan-India retail presence repurposed with digital enablers to provide
2.4 mn sq.ft.
H1 FY2020-21. Consumer demand picked up in
• One stop fashion destination for all men’s wholesome shopping experience
the H2 FY2020-21 with Unlock -1 commencing,
lifestyle requirements
Overall retail space festivities, EOSS and wedding season
• Took all safety measures as per the protocol • Trust of Generations
1,486 to provide secure shopping experience to • Enduring and trusted channel relationships
Stores customers amid the pandemic. All operational across generations, with some even spanning
stores equipped to follow stringent guidelines over 50 years

1,090 TRS
and contactless payments. All trial rooms are
being sanitised on a regular basis and every tried
garment is sanitised before it comes back on
the shelf
349 EBO’s • Launched engagement initiatives for customers
Comprising 34 RRTW, 83 PA, 113 CP, 36 Parx and alternate channels like video shopping, Home
New format stores – 32 Ethnix, 50 Style Play, Assist app, NPS through Whatsapp, e-commerce,
1 Khadi hyper-localisation amongst others for an enhanced
shopping experience

47 MTM • As part of cost optimisation initiative, the Company

collaborated with landlords to reach a slew of
outlets, including 32 converge stores amicable working solutions such as rent waivers
during lockdown and reworked rentals for short to
mid-term period
TRS - The Raymond Shop
• Reinvigorating the retail strategy, Raymond shut
EBO - Exclusive Brand Outlets non profitable 198 stores boosting the health of
company’s retail portfolio
MTM - Made-To-Measure
• Continuing with the core strength of expansive
RRTW - Raymond Ready To Wear retail network, the company added 46 new stores
across metros and lower tier towns with over 90%
PA - Park Avenue
being on franchise model
CP - ColorPlus

40 Strengthening the core Raymond Limited | Annual Report 2020-21 41

 Business Review

• Digital touchpoints • A large part of the EBO network is enabled

• ‘myraymond.com’ is our one-point with unified inventory catalogue. A customer’s
customer‑facing digital asset that addresses need can be fulfilled incase of a particular size
customer needs for services and product or a color option is not physically available
Business Review offerings. This is supported by unified real-time in a specific store by making the same
loyalty platforms taking data-driven decisions product available through cross selling across
befitting the entire value chain. EBO network.
• Unified CRM 2.0. - The internationally accredited • We have also made a network of our stores
Digitalisation loyalty system with numerous customer benefits live across third party ecommerce platforms
and features enables our customers to manage to help online customers to shop the latest
The pandemic witnessed an increased digital adoption due to lockdown of physical touchpoints of their transactions and personal records, with collection at a click. Efforts are underway to wire
and at Raymond, we were sensitive to understand the temporary shift in consumer behaviour. stringent security measures and OTP validation. all the leading ecommerce platforms across
As we enhanced and strengthened our digital capabilities to enable seamless customer journeys EBO network.
• Leveraging loyalty
across platforms, the challenging year triggered us to present increased number of technology
• ‘Raymond Reward Points’ is instrumental in • Made-To-Order (MTO)
interfaces for consumer convenience and safety for shopping both virtually and physically.
making our omni-channel loyalty programme • A lighter version and an extension of 3D style
Leveraging data-driven customer insights and encouraging a digitally driven collaborative culture has even more attractive with a unified engine. advisory application. The customers get a 3D
been ensuring better resource management and customer experience. Additionally, driving the trade It is a flexible, versatile and real-time solution look bundled with the feature of ‘The Complete
channel engagement on digital platforms was the need of the hour both in terms of serviceability and cost for repeat customers to choose how they use look’ which was earlier available only for suits.
rationalisation efforts. their reward points and earn more from our It is now available for DIY, PADIY, MTM and
diverse touchpoints, leading to improved ability Denim. This app enables the feature of mix and
providing relevant offers and increased offtake. match that offers to choose from multiple looks.
Key highlights of the year
The Company has expanded this offering to
• Home Assist • Expanding omni-channel engagement
45+ stores.
To build trust and ease the consumer journey even • The Company is calibrating its capabilities
further, we launched the Home Assist Service, through omni-channel commerce as a solution
which offers four choices to the customer, namely: for evolving consumers. The customisation by
adapting technology is enabling us to track
• Call-back
sales on a real time basis across the retail
• Virtual meeting
store network.
• Video calls and commerce
• Store appointments

Double-digit
Growth in repeat purchases from loyalty
members

9.3 mn+
Member base of ‘Raymond Rewards’ -
loyalty program

1.2 mn
New members joined in FY 2020-21

42 Strengthening the core Raymond Limited | Annual Report 2020-21 43

 Business Review

Core strengths Strategic outlook

• Preferred garment supplier to top international • With US, Europe and Japan markets recovery in the
brands and retailers across high-value markets of backdrop of vaccination drive, it would give impetus
Business Review the US, Europe and Japan
• Capability to offer a selection of latest designs,
to our garment exports
• We continue to focus on optimisation of Ethiopian
distinguished craftsmanship and global capacity with gradual opening of export markets.
quality standards • Focus on adding more customers by expanding
Garmenting • Comprehensive, end-to-end integrated garment footprint into newer geographies and launching
manufacturer with capability to provide fabric to new product categories
garment solutions
Raymond’s garmenting unit is a white-labelled business that is an integrated supplier to
international brands. The business vertical has been consistently blending global trends Challenges
and quality standards with production excellence to offer contemporary products to global • I ncreasing demand for low-margin polyester-
labels. It houses a selection of high-value clothing products in Menswear, such as suits, formal blended garments compared to high-end
blazers, jackets, formal trousers and shirts. polywool garments
• Intensifying competition from neighbouring Asian
countries offering low-cost garmenting solutions
with their Government support
Key highlights of the year • High input cost in terms of labour and power
• Export demand remained subdued • Consistent foreign currency fluctuations
due to pandemic impacting margins
• The Company repurposed its
garmenting manufacturing
facility at Bengaluru in India
to manufacture PPE kits
catering to institutional and
government orders Segment Summary
• The Ethiopian facility was also used
to produce PPE kits for exports Sales (` Crores) EBITDA (` Crores) Exports Contribution
EBITDA Margin (%)
and for Ethiopian Government and 549 19
local hospitals 80%+
843 549 33 19
3.9 3.5

Exports Presence
FY20 FY21 FY20 FY21
Mainly USA, Europe and Japan
Exports to 20+ countries

Volume sold - Jackets, Capacity - Jackets,

Trousers & Shirts Trousers & Shirts
(mn pieces) (mn pieces)

2.6 Leadership
5.2 2.6
5.8 2.2 Largest exporter of men’s
suits from India to the
India Ethiopia
world

FY20 FY21

44 Strengthening the core Raymond Limited | Annual Report 2020-21 45

 Business Review

Business Review

High Value Cotton Shirting

Segment Summary
Raymond manufactures a diversified selection of the finest shirting fabrics in India, which Sales (` Crores) EBITDA (` Crores)
incorporates latest contemporary design trends. The wide product portfolio includes EBITDA Margin (%)
258
high-value cotton and linen shirting and bottom weight fabrics for leading domestic and
international brands. 4
622 258 85 4
13.7 1.6
Key highlights of the year Strategic outlook
• Topline was impacted as domestic demand • Expected revival of the domestic market, fuelled by
was slower due to lockdown an upswing in consumer sentiments
• Demand picked up progressively during the • Active vaccination drives across the country to
FY20 FY21 FY20 FY21
year, led by improvement in domestic fabric bolster overall demand
category and well supported by yarn sales • Offering innovative and differentiated products
• EBITDA margin improved over the quarters due and services with value based propositions to
to recovery in sales and cost efficiencies improve realisation

Core strengths
• Manufacturing capabilities
• Flexible and versatile facilities Capacity
manufacturing the world’s finest 340s
cotton and 150 lea pure linen fabrics
Kolhapur Plant
• Proximity to the weaving clusters enables
better efficiencies and cost advantages 27 (mn metres)
• Product development and technology
• Led by a strong product development team
• Collaborations with renowned
Italian designers
Amravati Plant (Linen)
• Highly skilled workforce adept at leveraging
digital technology
4.8 (mn metres)
• Quality, trust and reliability Linen and Blended Fabric
• Continue strong customer relationships
and retention 1,400 (Tonnes of linen yarns)
• Offering best quality products ensures
high customer satisfaction and thereby
commanding a price premium

• Challenges Volume Sold (mn metres)

• Subdued consumer demand among
domestic and international markets
• Widening supply-demand gap, leading to
pressure on price realisations FY20 FY21
26 10.4
• Increasing yarn prices impacting profit
margins and customers moving towards low
value products

46 Strengthening the core Raymond Limited | Annual Report 2020-21 47

 Business Review

Core strengths Strategic outlook

• International standard product portfolio, backed by • Second wave of pandemic may have a short to
superior service mid-term blip in demand; however, opening
Business Review • Leading manufacturer of steel files with
corresponding advantages of scale economies
of international geographies and kick-start in
industrial activities with heavy government
• Dominant supplier in India with high brand recall investments are expected to bring normalcy
among technical professionals in demand
Tools & Hardware • Wide pan-India dealer and agent network, with • Focus to expand product portfolio and provide
significant cross-sale synergies across a distribution complete tooling solutions
channel spanning Africa, Asia, and Americas • Deep rooted and long business partnerships
Tools & Hardware business is among the leading manufacturers of steel files globally. The
with dominant players in international markets
business is a clear leader in the industry with ~65% market share in India. The prowess of the Challenges
give impetus to exports. Strong brand and
business is in its capabilities of manufacturing high quality steel files, cutting tools along with • Growing competition from local manufacturers
superior quality products to drive growth in
selling hand and power tool accessories. The business has successfully demonstrated the in South America, China and India’s unorganised
domestic markets
continued long term relationships with its domestic and international customer base over market, giving way for low-cost suppliers to gain
decades garnering their testimony for high-quality standards as a reliable business partner. market share
• Currency fluctuations across markets amid a
volatile global economy
Key highlights of the year • EBITDA margin improvement led by cost
• Industry-specific challenges, including rising
• The business was impacted during the initial optimisation measures and operational efficiencies
commodity prices and freight cost in exports
lockdown at the beginning of the financial year • Operational efficiencies were driven by having
• Robust performance with strong sales and better control on process compliance, flexibility in
product category growth in second half of manufacturing capacities and strengthened Total
the year were led by stronger presence in the Productive Maintenance (TPM ) process. These Segment Summary
domestic markets and significant contract measures ensured improved control over rejections
manufacturing for customer base in the across product lines and plants Sales (` Crores) EBITDA (` Crores)

344
EBITDA Margin (%)
international markets of LATAM, Europe • The business continued to digitise drawings
and Africa of its unique products on cloud, capturing 45
• The business reaped the benefits of strategic the performance of machines in real time 376 344 39 45
alliance with global players to widen the reach and strengthening planning and inventory 10.3 13
for key markets in the Americas. ‘China+1’ management
strategy adopted by global players led to
incremental orders
FY20 FY21 FY20 FY21

Capacity (mn pieces)

Files Drills
83 21

Exports Contribution
~44%
Leadership
Leader in domestic files market and
exports to over 55 countries

48 Strengthening the core Raymond Limited | Annual Report 2020-21 49

 Business Review

Challenges
• Macro-economic factors emanating from
pandemic impacting auto sector globally leading to
Business Review uncertain demand
• The global pandemic posed bigger challenges in
terms of higher commodity prices, higher logistic
costs along with the supply-chain woes
Auto Components Strategic outlook
• Adaptation of latest technologies and digitisation to
Ring Plus Aqua Limited, a subsidiary of Raymond Ltd, is a prominent manufacturer of ring improve process efficiencies
gears, flexplates and water pump bearings. It caters to domestic and international OEMs and • Long term initiatives to grow domestic and global
after-market customers in automotive, non-automotive, industrial and power generators, market share with increased business from existing
agricultural, off-highway vehicles, earth-moving equipment, marine applications, among customers, new product introductions and new
other industries. customer acquisitions

Key highlights of the year

• The domestic and global industry was
affected by the pandemic, leading
to general slowdowns in the global
economy. Increase in input costs
such as steel prices further led to
dampening buying sentiments
• Orders were impacted due to sectoral Segment Summary
slowdown from key clients across
both domestic and exports market,
Sales (` Crores) EBITDA (` Crores)

197
EBITDA Margin (%)
affecting revenues
• However, the segment witnessed 38
recovery in demand since the 208 197 35 38
second quarter due to unlocking of 16.9 19.3

global economy
• The EBITDA margin driven by
improved product mix and optimised
plant utilisation FY20 FY21 FY20 FY21

Core strengths
• Multi-industry presence with focus
on strengthening in passenger
and commercial vehicle segments,
industrial and power generators and
earth-moving equipment Capacity (mn pieces) Volume sold (mn pieces)
• Strong relationships with global OEMs
and suppliers
• Lean manufacturing and indigenous
8.5 4.1 2.5
Ring gears Ring gears Water pump bearing
development of zero-defect products
• Exports spread across USA, Canada,
Europe and Asia
0.6 0.2 ~65%
Flex plates Flex plates Export contribution

4
Water pump bearing

50 Strengthening the core Raymond Limited | Annual Report 2020-21 51

 Business Review

• Enhanced Product Portfolio

Core strengths
• The Company has been able to quickly respond
• Location
to the market feedback and create differentiated
• Prime location in Thane with developed &
products with distinguished features
Business Review further planned civic & social infrastructure
such as schools, hospitals, office spaces and
• Company launched UNO homes, Raymond’s
1BHK offering in FY 2019-20 and 2BHK homes
upscale malls
with balcony in FY 2020-21 based on the
• The project has a distinct advantage of having
feedback and received good demand for its
Real Estate two prestigious Singhania schools within
products in its uniquely positioned township
the periphery
• A proposed community centre with a retail mall • Experienced leadership team
With distinct advantages of offering the right product, at right price and at an apt location;
as an anchor to be developed • Strong management team in place with relevant
Raymond Realty earned the distinction of being one of the best seller real estate project in
• Unparalleled connectivity, proximity to Eastern industry experience
Thane, Maharashtra within a short span of its time from the launch. The success of this business
Express Highway and upcoming metro services • Partnering with industry reputed architects,
was recorded in numbers by selling 455 units during the pandemic time in FY 2020-21.
with proposed station at walking distance consultants and contractors

• Master Plan, Product Design and Quality Challenges

• Inspired by the principle of ‘Go Beyond’, the • With the impact of pandemic on the entire
Key highlights of the year
Company has undertaken the project to build economy, the real estate sector to have a bearing in
• The first half of the year was
quality housing. The endeavour is to re-imagine short to mid term period
impacted due to lockdown as there
living spaces with contemporary design and set
were restrictions on commercial and Strategic outlook
new benchmarks for quality associated with the
construction activities • Targeting the first time home owners with gated
Raymond brand.
• With lockdown in effect, the residential facilities calibrated for adapting needs,
• Five acres of central landscaped greens and
Company engaged with potential the project is in-line for timely deliveries and
future-ready apartments integrated with the
buyers through digital and virtual occupation. Having an end to end infrastructure is
‘state-of-the-art’ amenities to enhance quality
interactive touch-points leading an added advantage for the new home buyers
of living
to sales of 455 units, taking the • Land monetisation is a critical aspect in unlocking
• All apartments with high design efficiencies and
total inventory sold to 1,387 units value at Raymond and the primary objective of real
cross ventilation
till Mar-21 with a saleable area of estate business
• The project is bundled with eco-friendly
1.18 million sq. ft. having a booking • Various options are being evaluated for unlocking
& sustainability features such as rainwater
value of ` 1,324 crores in the value from the remaining land parcel
harvesting, waste recycling plant, solar & other
10 towers
energy conservation measures
• During the course of time, with
phased relaxation, the Company
initiated sales and construction Segment Summary
activities while maintaining all
Sales* (` Crores) EBITDA (` Crores) Booking (Units)
government norms
• The project gained strong 141 EBITDA Margin (%)
455
momentum with around 400 units 22
sold in H2, driven by incentives of 176 141 337 13 22 455 1,387
stamp duty reduction and lower 7.3 15.6

home loan interest rates

• The Company ensured the
construction speed and momentum
and completed 33rd floor slab for the FY20 FY21 Till FY20 FY21 FY21 Till
first three towers. The construction Mar-21 Mar-21

site is fully engaged and poised to

deliver on time TenX Habitat in brief
Project Details

14 acres of Aspirational
District Homes Total units available
for sale: 2 BHK 1 BHK
Total 10 towers with
~2.8 mn sq. ft. of saleable area 3,120 2,466 654
*Revenue recognition based on percentage completion method as IND AS 115

52 Strengthening the core Raymond Limited | Annual Report 2020-21 53

 Business through JV & Associates

Core strengths
• Strong in-house research capabilities,
state-of-the-art innovation and experienced Sales
Business Review marketing and operation teams
• Design excellence and environmental `600 crores
consciousness generating more appeal
from international brands and sustainability
Denim* JV focussed customers
• Strong footprint and network across the Americas, Capacity (mn metres)
Europe, Asia and India
Raymond UCO Denim Private Limited manufactures and markets wide range of high quality
India
denim fabrics and garments. The fabric offerings include premium cotton, stretch, exotic Challenges
blends, special finishes and performance denims. The denim fabric manufacturing facility is
located in Yavatmal, Maharashtra that supplies to varied denim brands. The denim garmenting
• Multiple lockdowns affecting demand in domestic
and global markets
43
business offerings include products like super premium jeans and other apparels which are • Increase in cotton prices and other materials
supplied to top global and Indian fashion brands. impacting profitability across the industry Presence
• Delays in policy decisions related to export benefits Strong market presence across
• Surplus capacity in both global and domestic Americas, Asia, Europe and
markets continues to be a challenge for domestic markets
Key highlights of the year profitable growth
• Progressive business recovery after
Strategic outlook
initial lockdown phase through
• Sustained focus on exports, in-line with positive
cost optimisation, sustaining
recovery from the pandemic in the US and
liquidity, impetus on exports, price
EU markets
management, process & product
• Continue to strengthen competitive advantage
re-engineering and digitilisation
through innovation, differentiated product offerings
• Undertook cost optimisation
and enhanced operational efficiencies
measures related to sales &
• Enhance share of ‘full package’ solutions backed
marketing, manpower and
by committed investments in product design
administrative expenses
& development and digitalisation of processes
amongst others
& operations
• Improved efficiencies and speed
to market with digitalisation
initiatives including customised
digital catalogues, seasonal online
e-collections and upgraded
process tools
• Expanded range in comfort wear,
sustainable, ‘work-from-home’ and
high stretched offerings
• Leveraged our capabilities
in garmenting business, and
repurposed our facilities to
manufacture PPE products

* The JV results are accounted

for in the consolidated accounts
under equity method

54 Strengthening the core Raymond Limited | Annual Report 2020-21 55

 Business through JV & Associates

Business Review

FMCG
Raymond Group has a presence in the FMCG industry through its associate company
Raymond Consumer Care Limited (RCCL). The FMCG businesses of personal care, sexual
wellness and home care have been integrated in RCCL in FY 2019-20. This integration has
brought about business synergies, operational efficiencies and channel distribution strengths.

RCCL is amongst the top player in India’s Fragrance and Sexual Wellness categories, with aspirational brands
like Park Avenue, KamaSutra, KS and Premium encompassing its Personal Care, Sexual Wellness and Home
Care Segments. Raymond Consumer Care also has a world‑class condoms manufacturing facility with 400
million per annum capacity in Aurangabad, Maharashtra.

Key highlights of the year Digital Initiatives Core strengths

• Topline growth was impacted with prolonged • COVID-19 resented lot of physical challenges and • Significant presence of Park Avenue, KS and
lockdowns depressing core categories of apt technology enabler professed to be the right KamaSutra across Fragrances and Sexual
Fragrances and Sexual Wellness. New growth catalysts for servicing and addressing the needs of Wellness categories
Sales
opportunities were actively explored in Personal
and Commercial Hygiene portfolios
our consumers and stakeholders
• The SAP S4 HANA implementation is enabling
• KamaSutra is a strong international sexual wellness
brand in 20+ countries through exports
`411 crores
• We enhanced our digital capabilities to capture better controls across the organisation. The year • Presence in ~6,50,000 retail outlets with
online traction by introducing new digital native saw us operationalise Salesforce Automation and strong reach in chemist channel, modern trade
products capitalising the consumer propensity to distribution management system and e-commerce Point of sales
buy on e-commerce platform • Strong in-house R&D capabilities within Fragrances
• Maintained dominant market position in and Sexual Wellness categories ~6,50,000
men’s deodorants by reinvigorating the core
Challenges
aerosol segment. KS Spark, the flagship variant,
• P
roliferation of local and international brands in
continues to lead in aerosols. New introductions
like Park Avenue Sportz and more KS variants
modern trade and e-commerce channels Presence
• Abridged physical meetings and limited social Strong retail presence in
were added to the portfolio
engagements due to pandemic impact categories India and exports to over
• In the Sexual Wellness segment, we consolidated
such as Fragrances and Condoms 20 countries
our presence into the premium segment with
• Consumer spends more focussed on essential
the launch of UltraTHIN condoms along with a
categories and truncated approach towards
new exotica range of flavoured condoms offering
personal grooming products
enhanced consumer experience
• We are progressing in shampoo and soap Strategic outlook Leadership
categories with more innovative ingredient-led • Maintaining leadership across core segments of Maintained Dominant Market Position
relevant offerings for consumers personal care and sexual wellness categories in Men’s Deodorants^
• We extended our sexual wellness category and • Focus on growing category of male grooming with
introduced women-centric products like Act increased product portfolio KS Spark Deo Fragrance is the #1
72 pill (emergency contraception) and VHealth • Entry into women fragrance segment through variant across India (Urban)^
(intimate wash). Both are OTC products and meaningful market disruptions
widely available through our strong chemist • Building growth categories as future pillars in
KamaSutra is the 2nd largest player in
distribution network Personal care & hygiene segment through soap
branded condoms in India*
category. Foray into unisex proposition with natural
extension of shampoo category
• Upscaling of digital platforms, increased visibility on
e-commerce market places and an increased focus
Sources: ^Market data, *AC Nielsen reports -
on supply chain capabilities Moving Average Trend, 12 months

56 Strengthening the core Raymond Limited | Annual Report 2020-21 57

 Our People

People
People practices that make us future-ready
We strive to create an open and inclusive work culture, which fosters our core values of Trust,
Quality and Excellence. At Raymond, we seek talent that is driven by a strong sense of purpose
and in our endeavour to empower our people, we spearheaded diverse people initiatives that
unleash potential to deliver excellence consistently.

This is a pre-COVID picture and masks were not mandated

• Retail Employees’ Day (RED) 2020

Talent connect and Engagement
• We organised a virtual event RED 2020 as
At Raymond, multiple businesses conducted various
a celebration of our front-line heroes. With
initiatives to motivate employees to achieving their
video bytes from the management across
fullest potential.
the Apparel, MTM and TRS businesses. The
The Lifestyle businesses introduced ‘Energize’ – a celebration included awards like Smile Weavers
platform to engage, celebrate and create memories Award (recognition at TRRAIN Awards), Tales of
virtually. During FY 2020-21, we organised 15 virtual Retail – an interview series of Retail leaders and
events, including singing and poetry face-offs on Virtual Ply – where the backend team members
Independence Day. connected with frontend teams to appreciate
their efforts.
At Raymond Realty, ‘Xpression’ - an employee
Talent management and leadership • Talent Connect and Engage engagement platform was introduced, involving Industry recognition
development • Members of the talent team were engaged in fun activities. • TRRAIN Retail Awards
We are working closely with business leaders an interactive session with business leaders • Raymond won the Customer Service Excellence
Rewards and Recognition
to rapidly transition to talent management of different verticals, providing them an Award for second consecutive year in the
We believe that recognition initiatives are vital in
programmes online. This meets an immediate opportunity to connect, clarify and share views, Apparel Category at the annual TRRAIN awards
keeping the motivational levels high, especially during
need, where in-person connect is not possible, while collaborating and making employees feel
these tough times.
besides opening doors to new possibilities of meaningfully engaged.
flexible learning.
Learning and Development
• Project Catalysts We are continuously acquiring new skills and making
• Business leaders are seeking new ways in strides to raise a future-oriented workforce and
developing curated real business problem following are some of the highlights:
statements for Emerging Leaders where they
Raymond Realty introduced Klick2Learn – a pathway
work together in a cross-functional team that
to learning and development
nurtures them to grow into well-rounded
• Includes video-based training module
leaders taking on higher responsibilities in
• Monthly learning calendars comprising
the organisation.
8 to 10 courses
• Raymond Leadership Competencies Series • Employee nominations for courses
• The Raymond Leadership Competency
Our Engineering business conducted sessions, such as:
series comprising members from flagship
• Friday hack focusing on functional and personal
programmes – ‘Raymond Leadership
development related training course
Academy’ and ‘Emerging Leadership
• Competency based online trainings identified and
Program’ is a 250-member talent pool,
assigned to employees, basis talents identified by
aims to focus on members competencies
their managers
of Breakthrough mind-set and
• HR4HR are a series of HR-related trainings and
Customer Empathy.
given to employees in the function

58 Strengthening the core Raymond Limited | Annual Report 2020-21 59

 Our response to COVID-19

Our response to COVID-19

Ensuring health and well-being of all our stakeholders was the top priority at Raymond during SOPs defined Wellbeing of employees at
the pandemic. A well-planned COVID response strategy was set out in motion and course A clear articulation of protocols was defined and manufacturing facilities
correction was done, as required based on the circumstances. circulated during the lockdown for all the staff, to be
Some of the initiatives undertaken:
followed at home, workplace, facilities and stores to
• Initiatives at Denim & EBAL plant
deal with the crisis
Safety protocol at stores • Special task force for preventive measures like
All our stores follow strict government and our internal safety guidelines to ensure a safe and secured Empathising with afflicted employees sanitisation, temperature checks and awareness
shopping experience for our customers. This includes sanitisation of trial rooms on a regular basis, post trial Our HRs connected with employees afflicted with programs for shop floor employees
sanitisation of all garments and contactless payments. Apart from these, other safety measures such as COVID-19 to check on their well-being and extend • Conducting rapid antigen test and organising
temperature checks of all employees and customers and social distancing measures were followed at all assistance as needed vaccination program for employees and staff
retail touchpoints. at both the manufacturing facilities within the
24*7 in-house Doctor on call
factory premises.
Expert medical professionals helped our employees
resolve their health concerns during the pandemic Wellbeing of front line workers
• Initiatives at FMCG business
Monitoring and vaccination drives
• Testing services provided at home on need basis
Daily tracking of COVID-19 cases, and vaccination
• PPE Kits for all field colleagues
drives were organised for our employees, starting
• Company sponsored vaccination drive for all
with front-end employees and factory workers. We
field staff (including third-party employees)
continue to closely monitor the situation and take
appropriate actions

60 Strengthening the core Raymond Limited | Annual Report 2020-21 61

 Beyond Business

Beyond Business

Environmental Going Beyond

Sustainability Initiatives
Raymond Tailoring Initiatives
Raymond has a couple of state-of-the-art Tailoring
Raymond Group is committed to implementing and continually improving its environmental
Training Centres located at Lucknow and Kolkata,
management system through effective management of products, activities and services
respectively. These centres impart industry-oriented
associated with its manufacturing operations and supply chain. The Group possesses a culture
tailoring skills to socio-economically backward youth.
in which values of environmental conservation are deeply ingrained. It is continuously engaged
During the year FY 2020-21, despite of COVID
in technology upgradation for creating an environmentally compliant enterprise.
scenario, multiple students enrolled into various
tailoring courses. Appropriate social distancing and
protocol was complied with during training sessions.
Online monitoring and automation Conserving energy
These training workshops also provide computer
• The installation of new machine such as auto • Reduced power consumption by optimally
enabled learning and soft skill development. Pre COVID-19 image of continuing initiative
dye and chemical dispensing system at dyeing operating the boilers at Kolhapur plant through
Raymond also assisted in adequate placements to
department is more energy efficient and planning and staggering of required load;
ensure the employability through these courses.
consumes less power, steam and water optimising pressure of compressed air and Other Initiatives
During the year, the initiative expanded its presence
• Also, upgraded the technology that will reduce increasing boiler efficiency by flash steam 1. JITO Medical and Research Centre: Partnered in
in other countries by adapting distant learning digital
the frequency of breakdowns in the machine and recovery method building a facility for treating patients affected by
tools and over 1,200 tailors from different parts of
increase its lifespan • Power conservation and increased operating COVID-19
India and countries like Saudi Arabia, Bangladesh,
efficiency at RLCL Amravati by installing 2. Indian Cancer Society: Support the cancer
Water conservation Oman, UAE (Dubai) were trained and upskilled.
fogging system and use of timer circuit in Luwa survivors through institute’s ‘Cancer
• Initiated water recycling through effluent
humidification plant and staggered operation of Singhania Schools Awareness Program’
treatment and sewage treatment plants to
preparatory and weaving humidification plant The Raymond Group is committed towards 3. JK Trust, Bombay: Supported ‘cattle breed
treat wastewater
excellence in education. Through our four schools improvement programme’ through the
• Effective use of rainwater through our rainwater
in Maharashtra, Madhya Pradesh and Gujarat, the establishment of integrated livestock
harvesting architecture
Recognitions and certifications group makes quality education accessible to over development centres
• Reduction in usage of reactive AVITERA dyes for
10,000 children. In an endeavour to provide equal 4. Apne Aap Women’s Collective: Continued to
cotton dyeing to reduce energy as well as water • Vapi plant: Green Business Award from
learning opportunities for all, Singhania schools support the programs run by the foundation for
consumption in plant Federation of Gujarat Industries and Apex
has embarked on learning initiatives, wherein helping victims of human trafficking
• Installation of digital flow Metres at Denim India Green Leaf Award for Energy Efficiency
progressive methodologies and technology are 5. St. Jude India Childcare Centres: Providing aid,
plant along with automatic power-regulating
• Jalgaon plant: Energy Management Insight deployed to make the process of learning fun, recreational facilities and counselling to the
valves on production machines to enable strict
Award -2020, organised by CEM Energy meaningful and relevant. children suffering from cancer
monitoring of process consumption and effective
Management Working Group, California (USA) 6. Apex Kidney Foundation: Sponsored the capital
water management The Company supported in providing hygiene
cost for purchasing haemodialysis machines to
• RLCL Kolhapur: 1st in Excellence in Energy protection kits, in house computer centre and
Optimised to conserve offer dialysis treatment at subsidised cost
Conservation and Management from MEDA academic support for school education.
• Significant power conservation at textile plant 7. Rotary Club of Thane Lake City Trust: Supporting
by installing a low-pressure air compressor and • RLCL Amravati: Global Organic Textile Reckoned as a top ranking school, Smt. in the project of ‘E-learning’ facility for students
segregating high-pressure compressed and standard certification, Organic Content Sulochanadevi Singhania School offers the from under privileged sections of the society
low‑pressure compressed air lines Standard certification, OEKO-TEX certification Indian Certificate of Secondary Education (ICSE) 8. Children’s Movement for Civic Awareness (CMCA):
• Installed sludge drier at Kolhapur plant to reduce for STANDARD 100 & Certificate of Conformity Programme to the students in classes IX and X; Partnered with CMCA to empower India’s youth
sludge generation significantly and bring down of European Flax by Bureau of Veritas Indian School Certificate (ISC) programme to towards being civic-minded, socially conscious
soil pollution and landfill students of classes XI & XII and a 2-year International citizens who participate in solving problems and
• Denim plant: 1st prize in Energy Efficiency &
• Reduced weaving waste by process Baccalaureate (IB) Diploma Programme. uphold democratic values in all spheres of life
Management Award from MEDA (Maharashtra
optimisation, enhanced planning and improving 9. ADAPT (Formerly The Spastics Society of India):
Energy Development Authority)
work practices The Company supported an inclusive education
• Energy saving in HVAC units at Denim plant initiative in which child / youth with disability
through installation of patented software and enrolled, shall be provided education through
PLC based control system online/ classroom method

62 Strengthening the core Raymond Limited | Annual Report 2020-21 63

 Statutory Reports

Directors' Report Directors’ Report

Management Discussion Dear Members,

Your Directors are pleased to present the Ninety Sixth Annual

from the customers even in a challenging year impacted by
COVID-19 pandemic.

& Analysis
Report on the business and operations of the Company together During FY 2021, our Raymond Next platform proved to be
with the Audited Financial Statements for the financial year the perfect medium to serve our customers in the digital
ended March 31, 2021 (“year under review”). space in which the boundaries of physical presence were
pushed to phygital presence. The current pandemic has
1. CORPORATE OVERVIEW AND GENERAL rewritten the rules for business with consumer buying
INFORMATION behaviour changing by the day led by the growing thrust
Raymond Limited is India’s premium clothing company on digital. The challenging year meant that all costs had to
at the forefront in the textiles and apparels space with be challenged and no capital expenditure programmes be
resilient brands and a rich pedigree. Incorporated in the undertaken. We made a strong commitment to supporting
year 1925, your Company’s deep-rooted values of Quality, our Dealer network and as and when the COVID-19
Trust and Excellence enable it to retain a leading market pandemic eased up, the pent-up demand was met with a
share in woollen fabrics in India. Raymond is known zealous marketing strategy. The Company is working on a
and trusted for its innovative and premium products strategy to contemporize its retail identity to ensure visual
that cater to all the sections of the demography. With a clarity among multiple channels.
legacy of almost a hundred years, Raymond Limited has
a rich heritage and enjoys strong brand recall reaching As we continue to build capacities for enhanced
customers from all walks of life and deliver products that performance and delivery across verticals, demerging the
they have trusted for generations. The Raymond Group has core Lifestyle Business is an affirmative step that will also
diverse interests ranging from Realty, Tools & Hardware, simplify the Group structure. This will enable us to unlock
Auto Components, Denim, FMCG and Civil Aviation. the potential of the Lifestyle Business through a new listed
Headquartered in Mumbai, the Company caters to its entity with existing business of Branded Textile, Branded
customers through a value chain reaching Tier-I to Tier- VI Apparel & Garmenting.
towns through The Raymond Shop, Made to Measure,
Multi-brand outlets and Franchisee stores with textile Your Company continues to modernize its manufacturing
manufacturing undertaken at its facilities located at Vapi, and supply-chain operations and with the advent of foreign
Chhindwara and Jalgaon. players in the online shopping medium, has invested in the
e-commerce portal which continues to gain traction with
Also, the Company’s foray into real estate business has the post-millennials.
received positive response from the customers. The
Company’s real estate aspirational project of smart housing Your Company continues to maintain and safeguard its
in Thane, Maharashtra offers world-class amenities, sturdy intellectual property and there has been no assignment of
construction with an eye for detail. Our premium product Intellectual Property Rights during the year under review.
is being appreciated which is evident from the response

2. FINANCIAL SUMMARY AND HIGHLIGHTS

A summary of your Company’s financial results is as under:

Standalone Consolidated
` in Crore ` in Crore

March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Revenue from operations 1752.41 3186.39 3446.47 6482.37
Operating Profit / (Loss) (176.49) 33.26 (455.08) (30.79)
Tax Expenses / Credit (Incl. Deferred Tax) (58.00) (24.42) (160.90) (42.84)
Minority Interest & Share in Profit of Associates & Joint Ventures - - (2.87) 145.99
Profit / (Loss) after Tax (118.49) 94.32 (303.65) 201.76

Raymond Limited | Annual Report 2020-21 65

 Statutory Reports

Directors’ Report

The Standalone Gross Revenue from operations for FY 2021 4. OVERVIEW OF THE ECONOMY AND IMPACT OF Building was extensive. The probable cause of fire was Company and also a part of the Promoter Group, on
was ` 1752.41 Crore (Previous Year: ` 3186.39 Crore). The THE COVID-19 PANDEMIC electrical short-circuit. The Assets at the building were account of conversion of 18,54,599 0.01% Compulsorily
Operating Loss stood at ` 176.49 Crore as against a Profit In March 2020, the World Health Organisation declared insured and the claim process is expected to be completed Convertible Preference Shares, each carrying a right
of ` 33.26 Crore in the Previous Year. The Net Loss for the COVID-19 a global pandemic. Consequent to this, in FY 2021-22. to convert one Preference Share to one Equity Share.
year stood at ` 118.49 Crore against a Profit of ` 94.32 Crore Government of India declared a nation-wide lockdown Since the allotment was on account of conversion, no
reported in the Previous Year. from March 24, 2020. Subsequently, the nation-wide 6. UPDATE ON COMPOSITE SCHEME OF fresh consideration was received by the Company and
lockdown was lifted by the Government of India, but ARRANGEMENT consequently the need to disclose material deviation
The Consolidated Gross Revenue from operations for regional lockdowns continue to be implemented in areas Your Company had filed an application on March 12, 2020 or variation in the application of funds raised through
FY 2021 was ` 3446.47 Crore (Previous Year: ` 6482.37 with significant number of COVID-19 cases. The ‘second involving Composite Scheme of Arrangement between preferential allotment does not arise. The Company does
Crore), registering a negative growth. The Consolidated wave’ in March and April, 2021 further exacerbated the Raymond Limited, Raymond Lifestyle Limited (RLL), not have any outstanding paid-up preference share capital
Operating Loss stood at ` 455.08 Crore (Previous Year: situation with Maharashtra suffering a high number of Raymond Apparel Limited (RAL) and Scissors Engineering as on the date of this Report.
` 30.79 Crore). The Consolidated Loss after tax stood at infections. Accordingly, the Company has assessed the Products Limited (SEPL) (‘the Scheme’) with Hon’ble
` 303.65 Crore (Previous Year: Profit after tax: ` 201.76 impact of this pandemic on its business operations and has National Company Law Tribunal, Mumbai Bench (‘NCLT’). The change in paid-up equity share capital during the year
Crore) registering a negative growth. considered all relevant internal and external information Due to the COVID-19 and the accompanying restrictions was as under:
available up to the date of approval of financial results, on the movement/assembly of persons, the Company was
The Standalone Segment Revenue from operations for to determine the impact on the Company’s revenue from not in a position to hold the shareholders’ and creditors’
No. of Cumulative
FY 2021 (a) Textile: Branded Fabric was ` 1571.48 Crore operations and estimation of sales related expenses meetings at the Corporate and Registered Office of the Securities Paid-up Share
(Previous Year: ` 2912.76 Crore), (b) Real Estate and over the foreseeable future and the recoverability and Company. Allotted Capital
Development of property ` 141.06 Crore (Previous Year: carrying value of certain assets such as property, plant and Capital at the beginning of the - 6,47,19,132
` 176.16 Crore) (c) Others: Apparels, Non-scheduled Airline equipment, investments, inventories, trade receivables, 7. SHARE CAPITAL year, i.e., as on April 01, 2020
operations was ` 39.87 Crore (Previous Year: ` 97.47 Crore). deferred tax assets and input tax credit receivables. The paid up Equity Share Capital as at March 31, 2021 Conversion of 18,54,599 18,54,599 6,65,73,731
stood at ` 66.57 Crore. During the year under review, the 0.01% Compulsorily Convertible
There are no material changes or commitments affecting The impact of COVID-19 pandemic on the overall economic Company has not issued any shares with differential voting Preference Shares of ` 10 each
the financial position of the Company which have occurred environment being uncertain may affect the underlying rights nor granted any stock options or sweat equity or fully paid-up to
between the end of the financial year and the date of this assumptions and estimates used to prepare Company’s warrants. As on March 31, 2021, none of the Directors of the J. K. Investo Trade (India) Limited
on April 03, 2020
Report other than the impact of COVID-19 on the domestic financial results, which may differ from impact considered Company held instruments convertible into Equity Shares
Capital at the end of the year, - 6,65,73,731
and international business operations of the Company as at the date of approval of these financial results. The of the Company.
i.e., as on March 31, 2021
detailed in this Report as well as in Notes to the Financial Company continues its business activities, in line with the
Statements of the Company. Other than the COVID-19 guidelines issued by the Government authorities, takes During the year under review, your Company has made
There was no instance during the year under review where
pandemic, there were no material events that had an steps to strengthen its liquidity position and further explore allotment of 18,54,599 Equity Shares of ` 10 each fully
the Company failed to implement any corporate action
impact on the affairs of your Company. There is no change cost restructuring exercise. paid-up to J. K. Investo Trade (India) Limited, an Associate
within the specified time limit.
in the nature of your Company’s business during the year
under review. Your Company is conscious of the significant disruption
8. FINANCE AND ACCOUNTS
and impact COVID-19 can have on its employees, clients,
During the year under review, your Company issued 4,850 Privately Placed Secured Redeemable Listed Non-Convertible
3. DIVIDEND AND RESERVES partners, investors and the communities in which it
Debentures of ` 10,00,000/- each listed on the Negotiated Trade Reporting segment of National Stock Exchange of India
In order to conserve the resources by taking into account operates. We are working hard to contain and mitigate its
Limited for cash at par aggregating to ` 485 Crore, the details of which are as under:
the prevailing economic situation and the need of impact. The Company does not anticipate any challenges
resources for growth, the Board of Directors have decided in its ability to continue as going concern or meeting its
not to recommend any dividend on the Equity Shares of the financial obligations. As the situation is unprecedented, the Series Date of allotment Amount Coupon Redemption date/ Schedule Credit Rating
Company for the Financial Year ended March 31, 2021. Your Company is closely monitoring the situation as it evolves in (` Crore)
Company does not propose to transfer any amount to the the future. Series L May 22, 2020 65 9.50% p.a. May 22, 2023 CRISIL AA-/CARE AA
Reserves.
Series M June 02, 2020 80 8.80% p.a. June 01, 2023 CARE AA
The primary objectives of your Company’s response to
Rationalisation and streamlining of operations to bring the pandemic are to ensure the safety and wellbeing of its Series N October 27, 2020 100 8.85% p.a. October 26, 2023 CARE AA-
about efficiencies and reducing costs remains a top priority employees and partners, to deliver on its commitments to Series O November 26, 2020 40 8.85% p.a. November 25, 2023 CARE AA-
for the Company. Your Company builds businesses with clients in the true spirit of partnership and to secure the Series P February 10, 2021 200 9.00% p.a. Equal Instalments on CARE AA-
long-term goals based on its intrinsic strengths in terms of financial and operational resilience of the Company. February 09, 2028;
its brands, manufacturing prowess, distribution strengths February 09, 2029;
and customer relationships. 5. FIRE AT COMPANY’S PREMISES IN THANE February 09, 2030;
The Company’s premises at Thane were affected by a Fire February 09, 2031
The Dividend Distribution Policy of the Company is available that broke out in the early hours of September 30, 2020.
on the Company’s website viz., www.raymond.in. There were no casualties and the fire was contained by The Company made the NCD placements under Series N to Series P, through EBP Portal of the National Stock Exchange of India
the Officers from the Municipal Corporation of Thane and Limited, in terms of the requirements of Circular No. SEBI/HO/DDHS/CIR/P/2018/05 dated January 05, 2018 issued by SEBI and
Thane Fire Brigade. The damage to the ‘Solitaire’ Office all other applicable rules and regulations.

66 Strengthening the core Raymond Limited | Annual Report 2020-21 67

 Statutory Reports

Directors’ Report

During the year under review, CRISIL has assigned the Managerial Personnel. All related party transactions are 13. PERFORMANCE OF SUBSIDIARY COMPANIES Dress Master Apparel Private Limited
credit rating of AA- for Long Term Borrowing/ Non- mentioned in the notes to financial statements forming Domestic subsidiaries This company ceased to be a step-down subsidiary of the
Convertible Debentures and A1+ for Short Term Borrowing part of the Annual Report. The Company has developed a Raymond Apparel Limited Company w.e.f. December 02, 2020 following 100% stake
/ Commercial Paper. CARE has revised the credit rating to framework through Standard Operating Procedures for the The Gross Revenue of the company for FY 2021 stood sale for cash consideration. The proceeds from this sale
CARE AA- from CARE AA for Non-Convertible Debentures purpose of identification and monitoring of such related at ` 437.64 Crore (Previous Year: ` 1604.79 Crore). The were fully received by the holding company – Silver Spark
and CARE A1+ for Short Term Borrowing / Commercial party transactions. Company incurred a Loss of ` 180.31 Crore (Previous Year: Apparel Limited. The results of this subsidiary have been
Paper. The credit rating is displayed on the Company’s ` 84.02 Crore). consolidated only till December 02, 2020.
website viz., www.raymond.in. All related party transactions are placed before the Audit
Committee for approval. Omnibus approval was obtained This company has been severely impacted due to the Colorplus Realty Limited (formerly known as
As mandated by the Ministry of Corporate Affairs, the financial on a yearly basis for transactions which were repetitive in COVID-19 pandemic. The lower revenue as well as the Color Plus Fashions Limited)
statements for the year ended on March 31, 2021 have been nature. Transactions entered into pursuant to omnibus losses are on account of subdued consumer sentiments, This company registered a Loss of ` 0.15 Crore during the
prepared in accordance with the Indian Accounting Standards approval are verified by the Corporate Risk Assurance pandemic-induced nationwide lockdowns and a marked year under review (Previous Year Loss: ` 0.14 Crore).
(Ind AS) notified under Section 133 of the Companies Department and details of all related party transactions decrease in the discretionary spending by the customers.
Act, 2013 (hereinafter referred to as “the Act”) read with the are placed before the Audit Committee and the Board for The problem was exacerbated due to work-from-home Raymond Woollen Outerwear Limited
Companies (Accounts) Rules, 2014 as amended from time to review and approval on a quarterly basis. conditions prevailing in the Nation which has reduced the During the year under review, the company incurred Loss
time. There are no material departures from the prescribed number of customers seeking comprehensive wardrobe after tax of ` 0.12 Crore (Previous Year Profit: ` 0.13 Crore).
norms stipulated by the Accounting Standards in preparation The Company has put in place a mechanism for certifying solutions. The Company is expected to rebound from this
of the Annual Accounts. the related party transactions statements placed before weak year through its cache of resilient brands. JK Files (India) Limited
the Audit Committee and the Board of Directors from an This company manufactures steel files & cutting tools
Accounting policies have been consistently applied during independent Chartered Accountant firm. Silver Spark Apparel Limited and markets hand tools & power tools. It is the leading
the year under review. Management evaluates all recently This company has a reputed overseas clientele for formal manufacturer of steel files in the world with a sizeable
issued or revised accounting standards on an ongoing As part of periodic review of the Company’s policies, suits, jackets and trousers and the export order book led to domestic market share.
basis. The Company discloses consolidated and standalone the Company had amended the Policy on Related Party a strong sales growth performance. The Standalone Gross
financial results on a quarterly basis which are subjected to Transactions during the year under review. Revenue of the company for FY 2021 stood at ` 367.37 Crore The company continues to do well in spite of the difficult
limited review and publishes consolidated and standalone (Previous Year: ` 569.54 Crore). The company has incurred business environment. The company reported a Gross
audited financial results on an annual basis. There were no The policy on related party transactions as approved by the Loss after tax of ` 5.91 Crore (Previous Year: Profit of ` 16.02 Revenue of ` 348.07 Crore for the FY 2021 (Previous Year:
revisions made to the financial statements during the year Board of Directors has been uploaded on the website of the Crore). The Consolidated Gross Revenue of the company for ` 379.07 Crore). The company registered a profit before
under review. Company and can be accessed at the link FY 2021 stood at ` 466.66 Crore (Previous Year: ` 660.28 Crore). exceptional item of ` 32.90 Crore (Previous year: ` 18.56
www.raymond.in/cr/policies/rptp/rptpolicy.html. Except The company has incurred a Loss after tax of ` 12.20 Crore Crore). The company registered a Profit after Tax of ` 24.48
9. CONSOLIDATED FINANCIAL STATEMENTS Mr. S. K. Gupta, who is paid an advisory fee, none of the (Previous Year: Loss of ` 13.38 Crore) on consolidated basis. Crore (Previous Year: ` 12.32 Crore).
The Consolidated Financial Statements of the Company are Directors have any pecuniary relationship or transactions
prepared in accordance with relevant Indian Accounting vis-à-vis the Company except remuneration and sitting fee. Consequent to the receipt of certified true copy of the JK Talabot Limited
Standards issued by the Institute of Chartered Accountants Order from Hon’ble NCLT, Mumbai Bench during the year This company manufactures files and rasps. During FY 2021,
of India and forms an integral part of this Report. 11. PARTICULARS OF LOANS, GUARANTEES OR under review, this Company had given effect to the Scheme the Gross Sales Revenue of this company stood at ` 20.19
INVESTMENTS BY THE COMPANY of Arrangement between Silver Spark Apparel Limited and Crore (Previous Year: ` 23.26 Crore). The company reported
Pursuant to Section 129(3) of the Act read with Rule 5 of the Dress Master Apparel Private Limited (“DMAPL”) from July a Profit after tax of ` 1.09 Crore during FY 2020 (Previous
Companies (Accounts) Rules, 2014, a statement containing Details of Loans, Guarantees and Investments covered 13, 2020 thereby recording the demerger of the garmenting Year: Profit ` 2.30 Crore).
salient features of the financial statements of Subsidiaries/ under the provisions of Section 186 of the Act are given business of DMAPL into this Company. Therefore, the
Associate Companies/Joint Ventures is given in Form AOC-1 in the notes to financial statements forming part of the results of this company are not comparable with previous Scissors Engineering Products Limited
and forms an integral part of this Report. Annual Report. year. This company registered a Loss of ` 0.02 Crore during the
year under review (Previous Year: Loss of ` 0.02 Crore). This
10. RELATED PARTY TRANSACTIONS 12. MATERIAL SUBSIDIARY Everblue Apparel Limited company completed a rights issue of 3,000 equity shares of
A significant quantum of related party transactions Raymond Apparel Limited and Raymond Luxury Cottons This company has a world-class denim-wear facility offering ` 10/- each fully paid up during the year under review to its
undertaken by the Company are with its subsidiaries and Limited are material subsidiaries of the Company as seamless denim garmenting solutions. The Gross Revenue holding company viz., Raymond Limited.
group companies engaged in manufacturing and trading of per the thresholds laid down under the SEBI (Listing of the company for FY 2021 stood at ` 66.07 Crore (Previous
textiles, branded apparel and garmenting business. Obligations and Disclosure Requirements) Regulations, Year: ` 98.46 Crore). The company recorded Profit after tax Ring Plus Aqua Limited
2015 (hereinafter referred to as “Listing Regulations”). The of ` 0.53 Crore (Previous Year: ` 0.10 Crore). This company manufactures high quality Ring Gears, Flex-
All transactions entered with related parties for the year Board of Directors of the Company has approved a Policy plates and Water-pump bearings. The Gross Revenue of the
under review were on arm’s length basis and not material for determining material subsidiaries which is in line with Celebrations Apparel Limited company for the FY 2021 stood at ` 197.31 Crore (Previous
in nature and thus a disclosure in Form AOC-2 in terms the Listing Regulations as amended from time to time. The Gross Revenue of the company for FY 2021 stood at Year: ` 208.23 Crore). During the year under review, this
of Section 134 of the Act is not required. Further, there The Policy has been uploaded on the Company’s website ` 0.40 Crore (Previous Year: ` 72.37 Crore). The company company made Profit before tax of ` 28.58 Crore (Previous
were no material related party transactions during the and can be accessed at www.raymond.in/cr/policies/msp/ earned a Profit after tax of ` 0.37 Crore (Previous Year: Loss Year: Profit ` 25.37 Crore).
year under review with the Promoters, Directors or Key mspolicy.html. of ` 2.35 Crore).

68 Strengthening the core Raymond Limited | Annual Report 2020-21 69

 Statutory Reports

Directors’ Report

Raymond Luxury Cottons Limited Raymond (Europe) Limited Further, in terms of Section 150 of the Companies Act, d) the annual accounts have been prepared on a going
This company manufactures high value fine cotton The company recorded a Loss of GBP 65622 (equivalent to 2013 read with Rule 6 of the Companies (Appointment concern basis;
and linen shirting for both domestic and international ` 0.65 Crore) for the year ended December 31, 2020 [Previous and Qualification of Directors) Rules, 2014, Independent
customers. The net turnover of the company was at ` 257.82 Year: Profit of GBP 25,851 (equivalent to ` 0.24 Crore)]. Directors of the Company have confirmed that they have e) that the Directors had laid down internal financial
Crore (Previous Year: ` 621.82 Crore). Loss after tax was registered themselves with the databank maintained by the controls to be followed by the Company and that such
` 38.19 Crore (Previous Year Profit: ` 14.12 Crore). 14. PERFORMANCE OF JOINT VENTURE AND OTHER Indian Institute of Corporate Affairs. internal financial controls are adequate and were
ASSOCIATES operating effectively; and
Raymond Lifestyle Limited Raymond UCO Denim Private Limited In the opinion of the Board, the Independent Directors
This subsidiary has been incorporated to house the This company is engaged in the business of manufacturing are independent of the management, possess the f) that the Directors had devised proper systems
demerged Lifestyle business undertaking and has not yet and marketing of denim fabrics and garments for both the requisite integrity, experience, expertise, proficiency and to ensure compliance with the provisions of all
commenced any operations. domestic and international markets. In FY 2021, revenue qualifications. The details of remuneration paid to the applicable laws and that such systems were adequate
from Indian operations was ` 599.91 Crore (Previous Year: members of the Board of Directors and its Committees are and operating effectively.
Pashmina Holdings Limited ` 917.30 Crore). provided in the Report on Corporate Governance.
This company made a Profit of ` 0.15 Crore in FY 2021 18. BOARD EVALUATION
(Previous Year: Profit ` 0.46 Crore). On a Standalone basis, the company registered a Loss after 16. KEY MANAGERIAL PERSONNEL Pursuant to the provisions of the Companies Act, 2013
tax of ` 52.97 Crore (Previous Year Loss: ` 33.80 Crore). On The following are the Key Managerial Personnel of the and Regulation 17 and Part D of Schedule II to the
Overseas subsidiaries Consolidated basis, the company registered a Loss after tax Company: Listing Regulations, the Board has carried out the annual
Jaykayorg AG of ` 52.00 Crore (Previous Year Loss: ` 34.73 Crore). performance evaluation of its own performance, the
This company recorded a Loss of CHF 95,589 (equivalent to a) Mr. Gautam Hari Singhania: Chairman and Managing Directors individually as well as working of its Audit,
` 0.79 Crore) for the year ended December 31, 2020 A separate statement containing the salient features of Director Nomination and Remuneration, Stakeholders’ Relationship,
[Prev. Year: Profit CHF 25,644 (equivalent to ` 0.20 Crore)]. financial statements of subsidiaries, joint venture and Risk Management and Corporate Social Responsibility
other associates of the Company in the prescribed Form b) Mr. Amit Agarwal: Chief Financial Officer Committees. A structured questionnaire was prepared
Raymond Lifestyle (Bangladesh) Private Limited AOC-1 forms part of consolidated financial statements (w.e.f. September 14, 2020) after taking into consideration inputs received from
This company has been incorporated to tap the potential in compliance with Section 129(3) and other applicable the Directors, covering various aspects of the Board’s
business opportunities available in Bangladesh. The provisions, if any, of the Act read with relevant Rules made c) Mr. Sanjay Bahl: Chief Financial Officer functioning such as adequacy of the composition of
company is yet to commence operations. thereunder. (up to July 2, 2020) the Board and its Committees, Board culture, execution
and performance of specified duties, obligations and
R & A Logistics INC, USA 15. DIRECTORS d) Mr. Thomas Fernandes: Company Secretary governance.
This company is the wholly-owned subsidiary of Silver There have been no changes in the composition of the
Spark Apparel Limited. The company recorded a Loss of Board during the year under review. In accordance with the 17. DIRECTORS’ RESPONSIBILITY STATEMENT A separate exercise was carried out to evaluate the
USD 1,016,786 (equivalent to ` 7.64 Crore) [Previous Year: provisions of Section 152 of the Act and the Company’s To the best of knowledge and belief and according to performance of individual Directors, who were evaluated on
Loss of USD 560,900 (equivalent to ` 3.96 Crore)] for the Articles of Association, Mrs. Nawaz Gautam Singhania, the information and explanations obtained by them, parameters such as level of engagement and contribution,
year ended March 31, 2021. Director retires by rotation at the forthcoming Annual your Directors make the following statement in terms of independence of judgement, safeguarding the interest of
General Meeting (“AGM”) and being eligible, offers Section 134(3)(c) of the Act: the Company and its minority shareholders etc.
Silver Spark Middle East FZE herself for re-appointment. The Board recommends the
This company is the wholly-owned subsidiary of Silver proposal of her re-appointment for the consideration of a) that in the preparation of the Annual Accounts for the The Independent Directors of the Company met on
Spark Apparel Limited incorporated in Sharjah Airport Free the Members of the Company at the forthcoming AGM year ended March 31, 2021, the applicable accounting March 03, 2021, without the presence of Non-Independent
Zone (SAIFZONE), Sharjah, UAE. This company is engaged and same has been mentioned in the Notice convening the standards have been followed along with proper Directors and members of the management to review the
in Investment, trading of Apparel and related products for AGM. A brief profile of Mrs. Nawaz Gautam Singhania has explanation relating to material departures, if any; performance of Non-Independent Directors and the Board
Asia and US customers. The Gross Revenue of the company also been provided therein. of Directors as a whole; to review the performance of the
for FY 2021 stood at ` 56.45 Crore (Previous Year: ` 104.18 b) the Directors had selected such accounting policies Chairman and Managing Director of the Company and
Crore). The company registered a Loss of ` 2.68 Crore All Independent Directors of the Company have and applied them consistently and made judgements to assess the quality, quantity and timeliness of flow of
(Previous Year: ` 1.29 Crore). During the year under review, given declarations that they meet the conditions of and estimates that are reasonable and prudent so as information between the management and the Board of
the financial year of this subsidiary has been changed from independence as laid down under Section 149(6) of the to give a true and fair view of the state of affairs of the Directors. The performance evaluation of the Independent
January-December to April-March. Act and Regulation 16(1)(b) of the Listing Regulations. In Company as at March 31, 2021 and of the loss of the Directors was carried out by the entire Board.
the opinion of the Board, the Independent Directors fulfill Company for the year ended on that date;
Silver Spark Apparel Ethiopia PLC the said conditions of independence. The Independent The Directors expressed their satisfaction with the
This company is step-down subsidiary of Silver Spark Directors have also confirmed that they have complied with c) that the Directors have taken proper and sufficient evaluation process.
Apparel Limited in Ethiopia. This company is a wholly the Company’s Code of Business Conduct & Ethics. In terms care for the maintenance of adequate accounting
owned subsidiary of Silver Spark Middle East (FZE). The of requirements of the Listing Regulations, the Board has records in accordance with the provisions of the During the year under review, the Company actioned the
company is engaged in the manufacturing of formal suits, identified core skills, expertise and competencies of the Companies Act, 2013 for safeguarding the assets of feedback from the Board evaluation process conducted
jackets, trousers and vest coats. The Gross Revenue of the Directors in the context of the Company’s businesses for the Company and for preventing and detecting fraud in FY 2019-20. Dedicated time was reserved for Board
company for FY 2021 stood at ` 67.74 Crore (Previous Year: effective functioning, which are detailed in the Report on and other irregularities; feedback on the agenda. Board interaction between
` 35.79 Crore). The company registered a Profit of ` 3.51 Corporate Governance.
Crore (Previous Year: Loss of ` 20.01 Crore).

70 Strengthening the core Raymond Limited | Annual Report 2020-21 71

 Statutory Reports

Directors’ Report

meetings was stepped up through Board calls on various The details of the Committees of the Board along c) Secretarial Auditor Audit Committee suggests improvements and utilizes the
topics. Specific items were added in the Board agenda with their composition, number of meetings and Pursuant to the provisions of Section 204 of the reports generated from a Management Information System
for review, such as related party transactions, long term attendance at the meetings are provided in the Report Act and rules made thereunder, the Company integral to the control mechanism.
investment and initiatives which were covered during the on Corporate Governance. has appointed Messrs Robert Pavrey & Associates
year. Company Secretaries (C. P. No. 1848) to undertake 23. VIGIL MECHANISM / WHISTLE BLOWER POLICY
21. AUDITORS the Secretarial Audit of the Company and its material The Company has a Whistle Blower Policy to report genuine
19. MEETINGS OF THE BOARD/COMMITTEES a) Statutory Auditor subsidiaries. The Secretarial Audit Reports are concerns or grievances and to provide adequate safeguards
The Board/Committee meetings are pre-scheduled and Messrs Walker Chandiok & Co. LLP, Chartered annexed as Annexure ‘A’, ’B1‘ & ’B2‘ and form an against victimization of persons who may use such
a tentative annual calendar of the meetings is circulated Accountants (ICAI FRN 001076N/N500013) were integral part of this Report. The secretarial auditor has mechanism. The Whistle Blower Policy provides details for
to the Directors well in advance to help them plan their appointed as Statutory Auditors of the Company not expressed any qualification in their Secretarial direct access to the Chairman of the Audit Committee has
schedules and ensure meaningful participation. Should the for a period of five consecutive years at the Annual Audit report for the year under review for the been posted on the website of the Company at
need arise in the case of special and urgent business, the General Meeting (AGM) of the Members held on Company as well as its material subsidiaries. www.raymond.in/cr/policies/wbp/wbpolicy.html.
Board’s approval is obtained by passing resolutions through June 05, 2017 on a remuneration mutually agreed
circulation, as permitted by law, which are confirmed in the upon by the Board of Directors and the Statutory The Annual Secretarial Compliance Report of the 24. NOMINATION, REMUNERATION AND BOARD
subsequent Board meeting. The Company has complied with Auditors. Their appointment was subject to ratification Company pursuant to Regulation 24A of Listing DIVERSITY POLICY
Secretarial Standards issued by the Institute of Company by the Members at every subsequent AGM held Regulations read with SEBI Circular No. CIR/CFD/ The Board of Directors has framed a policy which lays down
Secretaries of India on Board meetings. after the AGM held on June 05, 2017. Pursuant to the CMD1/27/2019 dated February 08, 2019, is uploaded a framework in relation to remuneration of Directors, Key
amendments made to Section 139 of the Act by the on the website of the Company i.e. www.raymond.in. Managerial Personnel and Senior Management of the
The Board met five times during the year under review. Companies (Amendment) Act, 2017 effective from Company.
Additionally, five Board Briefings were made between April May 07, 2018, the requirement of seeking ratification 22. INTERNAL FINANCIAL CONTROL SYSTEMS,
to August, 2020 to apprise the Board on the business of the of the Members for the appointment of the Statutory THEIR ADEQUACY AND RISK MANAGEMENT The Policy broadly lays down the guiding principles,
Company and provide updates on the evolving business Auditors has been withdrawn. Hence the ratification of Your Company has an effective internal control and philosophy and the basis for payment of remuneration to
environment during the pandemic. the Members for continuance of their appointment at risk-mitigation system, which is constantly assessed Executive and Non-executive Directors (by way of sitting
this AGM is not being sought. and strengthened with new/revised standard operating fees and commission), Key Managerial Personnel, Senior
The details of the number of meetings of the Board held procedures. The Company’s internal control system is Management and payment of remuneration to other
during the Financial Year 2020-21 and the attendance The Statutory Auditors’ Report forms part of the commensurate with its size, scale and complexities of employees.
therein forms part of the Report on Corporate Governance. Annual Report. There is no audit qualification, operations. The internal and operational audit for the year
reservation or adverse remark for the year under under review was entrusted to Messrs Mahajan & Aibara The policy also provides the criteria for determining
In view of the pandemic-related travel restrictions, all review. There was no instance of fraud during the year Chartered Accountants LLP. qualifications, positive attributes and Independence of
Board meetings took place virtually. Measures were taken under review, which required the Statutory Auditors to Director and criteria for appointment and removal of
to ensure security of information and confidentiality of report to the Audit Committee and / or Board under Business risks and mitigation plans are reviewed and the Directors Key Managerial Personnel / Senior Management
process, and at the same time, ensuring convenience Section 143(12) of Act and Rules framed thereunder. internal audit processes include evaluation of all critical and and performance evaluation which are considered by the
of the Board members. The Company Secretary and the high risk areas. Critical functions are rigorously reviewed Nomination and Remuneration Committee and the Board
Chairman of the meeting(s) ensured that all the applicable b) Cost Auditor and the reports are shared with the Management for timely of Directors.
provisions related to the holding of meetings through video As per the requirements of Section 148 of the Act read corrective actions, if any. The main focus of internal audit
conferencing were complied with for such virtual meetings. with the Companies (Cost Records and Audit) Rules, is to review business risks, test and review controls, assess The Policy sets out a framework that assures fair and
2014 as amended from time to time, your Company business processes besides benchmarking controls with optimum remuneration to the Directors, Key Managerial
During the year under review, the Board accepted all is required to maintain cost records and accordingly, best practices in the industry. During the year under review, Personnel, Senior Management Personnel and other
recommendations made to it by its various Committees. such accounts are prepared and records have been there were no elements of risk which in the opinion of the employees such that the Company’s business strategies,
maintained relating to Textile units and Real Estate Board of Directors threaten the existence of the Company. values, key priorities and goals are in harmony with their
20. COMMITTEES OF THE BOARD Division. The Cost Audit Report for the year ended Risks do arise in the businesses of the Company which aspirations. The policy lays emphasis on the importance of
March 31, 2020 for the Textile units was filed with the are mitigated in accordance with the Risk Management diversity within the Board, encourages diversity of thought,
The Board of Directors has the following Committees: Central Government within the prescribed time limit. Framework and Policy. Some of these risks are also covered experience, background, knowledge, ethnicity, perspective,
in the Management Discussion & Analysis which forms part age and gender are considered at the time of appointment.
a) Audit Committee The Board of Directors, on the recommendation of of this Report.
Audit Committee, has re-appointed Messrs The Nomination, Remuneration and Board Diversity policy is
b) Nomination and Remuneration Committee
R. Nanabhoy & Co., Cost Accountants, (Firm The Audit Committee and Risk Management Committee directed towards rewarding performance, based on review
c) Committee of Directors (Stakeholders’ Relationship Registration Number 000010) as Cost Auditor to audit of the Board of Directors, Statutory Auditors and Business of achievements. It is aimed at attracting and retaining high
Committee) the cost accounts of the Company’s Textile and Real Heads are periodically apprised of the internal audit calibre talent.
Estate Divisions for the Financial Year 2021-22. As findings and corrective actions.
d) Corporate Social Responsibility Committee
required under the Act, a resolution seeking members’ The Nomination, Remuneration and Board Diversity
e) Risk Management Committee approval for the remuneration payable to the Cost The Audit Committee of the Board of Directors actively Policy has been revised by the Board of Directors on the
Auditor forms part of the Notice convening the Annual reviews the adequacy and effectiveness of the internal recommendation of the Nomination and Remuneration
General Meeting for their ratification. control systems and evaluates the recommendations Committee at its meeting held on May 6, 2021.
of the Risk Management Committee of the Board. The

72 Strengthening the core Raymond Limited | Annual Report 2020-21 73

 Statutory Reports

Directors’ Report

A gist of key amendments is as under: The Report on CSR activities as required under the Various employee-centric interventions like employee- 31. CORPORATE GOVERNANCE
Companies (CSR Policy) Rules, 2014 along with the brief friendly policies, work from home initiatives, mental As per Regulation 34(3) read with Schedule V of the
• The Policy has been revised to include provisions outline and contents of the CSR policy are annexed as health initiatives and organisational development Listing Regulations, a separate section on corporate
relating to payment of remuneration to Non-Executive Annexure ‘C’ and forms an integral part of this Report. The through leadership coaching helps the employees create governance practices followed by the Company, together
Directors in case of loss/inadequate profits in any Policy has been uploaded on Company’s website at value and achieve a sense of satisfaction in what they with a certificate from the Company’s Auditors confirming
financial year; www.raymond.in/sites/default/files/CSR%20Policy.pdf. do. The employees are motivated through various skill- compliance forms an integral part of this Report.
development, engagement and voluntary programs. Your
• Provision relating to extension of service of Key
26. ENVIRONMENT, HEALTH AND SAFETY Company ensures that employees are aligned with the 32. ANNUAL RETURN
Managerial Personnel or Senior Management
The Company is conscious of the importance of organizational culture and values whilst never losing sight Pursuant to Section 134(3)(a) and Section 92(3) of the Act
Personnel after attaining the age of superannuation
environmentally clean and safe operations. The Company’s of our business objectives. Technical and safety training read with Companies (Management and Administration)
have been included; and
policy requires conduct of operations in such a manner programmes are given periodically to workers. During Rules, 2014, the Annual Return of the Company in
• Definitions etc. were amended to reflect the changes so as to ensure safety of all concerned, compliances of the year under review, the Industrial relations remained Form MGT-7 has been placed on the Company’s website
introduced by the amendments made to the environmental regulations and preservation of natural generally cordial. www.raymond.in.
provisions of the Act and Listing Regulations. resources.
29. QUALITY AND ACCOLADES 33. BUSINESS RESPONSIBILITY REPORT
The Nomination, Remuneration and Board Diversity Policy is 27. DISCLOSURES UNDER SEXUAL HARASSMENT Your Company continues to win awards year-after-year, The Business Responsibility Report as required by
displayed on the Company’s website viz., OF WOMEN AT WORKPLACE (PREVENTION, reiterating its credible market position. Some awards Regulation 34(2) of the Listing Regulations is annexed as
www.raymond.in/cr/policies/rnp/index.html. PROHIBITION & REDRESSAL) ACT 2013 during the Financial Year 2020-21 are as given below: Annexure ‘D’ and forms an integral part of this Report.
In order to comply with provisions of the Sexual
25. CORPORATE SOCIAL RESPONSIBILITY (CSR) Harassment of Women at Workplace (Prevention, • Raymond Realty: Emerging Developer of the year 34. INVESTOR EDUCATION AND PROTECTION FUND
As a part of its initiative under the “Corporate Social Prohibition and Redressal) Act, 2013 and Rules in Residential segment award, Global Real Estate (IEPF)
Responsibility” (CSR) drive, the Company has undertaken framed thereunder, the Company has formulated and Congress supported by ET Now A detailed disclosure with regard to the IEPF-related
projects in the areas of environment sustainability, implemented a policy on prevention, prohibition and activities undertaken by your Company during the year
• TEN X Project by Raymond Realty: Iconic Residential
preventive health care and women empowerment. These redressal of complaints related to sexual harassment of under review forms part of the Report on Corporate
Project 2020 from Hindustan Times
projects are in accordance with Schedule VII of the Act and women at the workplace. All women employees whether Governance.
the Company’s CSR policy. permanent, temporary or contractual are covered under • Vapi plant: Green Business Award, 16th FGI Awards
the above policy. The said policy has been uploaded on for Excellence, Federation of Gujarat Industries. Apex Your Company did not donate to the IEPF during the year
Your Company also performed its social duties by the internal portal of the Company for information of all India Green Leaf Award for Energy Efficiency under review.
contributing towards the COVID-19 prevention initiatives. employees. An Internal Complaints Committee (ICC) has
• Jalgaon Plant: Energy Management Insight Award
Your Company and its subsidiary, Silver Spark Apparel been set up in compliance with the said Act. During the 35. SIGNIFICANT AND MATERIAL ORDERS PASSED
-2020 organized by CEM Energy Management
Limited contributed towards setting up of a COVID-19 year under review, no complaints were reported to the BY THE REGULATORS OR COURTS
Working Group, California (USA)
treatment facility in Thane, Maharashtra. Board. No significant and material order has been passed by the
• Raymond Luxury Cottons Limited – Amravati Plant: regulators, courts, tribunals impacting the going concern
In order to incorporate the latest amendments made to the 28. HUMAN RESOURCES AND INDUSTRIAL Global Organic Textile standard certification, Organic status and Company’s operations in future.
provisions of the Act and based on the recommendations RELATIONS Content Standard certification, OEKO-TEX certification
of the CSR Committee, the Board of Directors at its meeting The Human Resources function contributes to Raymond’s for STANDARD 100 & Certificate of Conformity of Securities and Exchange Board of India had passed an
held on May 6, 2021 had revised the CSR Policy of the growth story by working as a strategic partner to the European Flax by Bureau of Veritas adjudication order dated November 19, 2020, on a show-
Company. A gist of key amendments is as under: business. The technical and quality demands of textile cause notice issued to the Company. As per the said
• Raymond Luxury Cottons Limited – Amravati Plant:
industry combined with our own vision to grow significantly Adjudication Order, a monetary penalty of ` 7 Lakh was
Certificate of IMS issued by M/S DnV GL – Certificate
• Definitions of various terminologies used in the policy over a next few years are driving the need for us to build imposed which has been paid by the Company.
of continuation with Rating 4 (out of 5)
have been amended to reflect the latest amendments an agile, engaged, and energized work force. While doing
made to provisions of the Act; this, your Company continues to retain focus on Raymond’s • Raymond Luxury Cottons Limited – Kolhapur Plant: 36. STATUTORY INFORMATION AND OTHER
core values of Trust and Customer Satisfaction. Raymond Won the 15th State Level Awards for Excellence in DISCLOSURES
• Provisions relating to implementation of CSR
Leadership Competencies of ‘Passion for Results’, ‘Deliver Energy Conservation and Management from MEDA The information on conservation of energy, technology
programmes through registered CSR entities have
Superior Results Consistently’, ‘Demonstrate a Sense of absorption and foreign exchange earnings and outgo
been included consequent to modifications in the • Ring Plus Aqua Limited: STAR PERFORMER in Auto
Urgency’ and ‘Demand Accountability and Task Ownership’ pursuant to Section 134(3)(m) of the Act, read with the
provisions of the Act; Components segment in Large Enterprise Category
help your Company to achieve its core objectives of Rule 8(3) of the Companies (Accounts) Rules, 2014 is
from the Western Region of EEPC
• Concept of Annual Action Plan has been introduced in building organizational capability, skill enhancement and annexed as Annexure ‘E’ and forms an integral part of this
line with the provisions of the Act; enhancing competencies. Report.
30. MANAGEMENT DISCUSSION AND ANALYSIS
• Provisions relating to dealing with unspent/ excess REPORT
There has also been a focus on strengthening existing The Disclosure required under Section 197(12) of the Act
CSR expenditure have been included; and The Management Discussion and Analysis Report on the
middle and senior leadership. The Company has a robust read with the Rule 5(1) of the Companies (Appointment
operations of the Company, as required under the Listing
• Annexure on reporting of CSR expenditure has been performance management process; individual goals and Remuneration of Managerial Personnel) Rules, 2014, is
Regulations is provided in a separate section and forms an
revised consequent to changes in the Act. and key performance indicators have been aligned to annexed as Annexure ‘F’ and forms an integral part of this
integral part of this Report.
organizational goals and imperatives. Report.

74 Strengthening the core Raymond Limited | Annual Report 2020-21 75

 Statutory Reports

Directors’ Report Management Discussion & Analysis

A statement comprising the names of top 10 employees in 37. COMPLIANCE WITH SECRETARIAL STANDARDS INDIAN ECONOMIC OVERVIEW India’s textile market size (US$ Billion)
terms of remuneration drawn and every person employed During the year under review, your Company has complied With an overall slowdown in the global economy which is CAGR 10.23%
throughout the year, who was in receipt of remuneration with the applicable Secretarial Standards issued by the estimated to have contracted by around 3.3% in 2020 on 223.0
in terms of Rule 5(2) and Rule 5(3) of the Companies Institute of Company Secretaries of India. account of COVID-19 pandemic, the prospects in 2021 have
(Appointment and Remuneration of Managerial Personnel) shown sizeable improvement and the negative growth is
Rules, 2014 is annexed as Annexure ‘G’ and forms an 38. CAUTIONARY STATEMENT expected to be reversed with positive growth of 6% expected
150.0
integral part of this annual report. The said Annexure is not Statements in this Directors’ Report describing the to moderate to 4.4% in 2022. These are unprecedented and 140.4
137.0
being sent along with this annual report to the members Company’s objectives, projections, estimates, expectations uncertain times. Globally, the COVID-19 pandemic has caused
of the Company in line with the provisions of Section or predictions may be “forward-looking statements” within massive disruptions across every sphere of human and business
136 of the Act. Members who are interested in obtaining the meaning of applicable securities laws and regulations. activity. There has been an adverse economic impact on people,
these particulars may write to the Company Secretary Actual results could differ materially from those expressed communities and countries.
at the Registered Office of the Company. The aforesaid or implied. Important factors that could make difference
Annexure is also available for inspection by Members at the to the Company’s operations include raw material The vaccination drive has picked up momentum pan-India
Registered Office of the Company, 21 days before and up availability and its prices, cyclical demand and pricing in and the outlook remains positive with the advent of new
to the date of the ensuing Annual General Meeting during the Company’s principal markets, changes in Government vaccines reaching the market. Emerging Markets like India
business hours on working days. regulations, Tax regimes, economic developments within have witnessed a slowdown and there is economic fallout 2016 2017 2018 2021
India and the countries in which the Company conducts registered on account of sustained lockdowns in various Indian Textile Industry
None of the employees listed in the said Annexure is business and other ancillary factors. parts of the Country. Growth in India is estimated to have The textiles and apparels sector is a major contributor to the
a relative of any Director of the Company. None of the contracted to -7.3% in FY 2021 with the country witnessing Indian economy in terms of foreign exchange earnings and
employees hold (by himself/herself or along with his/her 39. ACKNOWLEDGEMENT a second wave of the pandemic in March, 2021. The employment. Textile & garments industry in India is expected to
spouse and dependent children) more than two percent of Your Directors wish to place on record sincere gratitude and localised lockdowns have resumed which are likely to impair reach US$223 Billion by 2021 from US$140.4 Billion in 2018. India
the Equity Shares of the Company. appreciation, for the contribution made by the employees economic activity. However, the COVID-19 pandemic has is the third-largest textile manufacturing industry and contributes
at all levels for their hard work, support, dedication towards severely impacted economies worldwide. Basis the fallout, approximately 6% to the total textile production, globally.
The Company has not accepted any deposits, within the the Company. the International Monetary Fund has projected a sharp
meaning of Section 73 of the Act, read with the Companies contraction of the global economy to a status much worse India ranks 2nd as the largest producer of textiles and garments
(Acceptance of Deposits) Rules, 2014 as amended. Your Directors thank the Government of India and the than what resulted from the 2008-09 financial crisis. and is the 5th largest exporter of textiles spanning apparel,
State Governments for their co-operation and appreciate home and technical products.
No application has been made under the Insolvency and the relaxations provided by various Regulatory bodies to The measures taken by the government to contain spread of
Bankruptcy Code. The requirement to disclose the details facilitate ease in compliance with provisions of law. the COVID-19 pandemic have had an impact on the economic The Indian textile industry is set for growth, buoyed by both
of application made or any proceeding pending under the activities as well as on the data collection mechanisms. strong domestic consumption as well as export demand.
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during Your Directors also wish to thank its customers, business Estimates are, therefore, likely to undergo sharp revisions Favourable demographic, rising per capital income and a shift in
the year along with their status as at the end of the financial associates, suppliers, investors and bankers for their for the aforesaid causes in due course. V-shaped economic customer preference to branded products is expected to revive
year is not applicable. continued support and faith reposed in the Company. recovery is expected due to mega vaccination drive, recovery the textile industry which has been severely impacted by the
in the services sector and strong growth in consumption COVID-19 pandemic.
The requirement to disclose the details of difference For and on behalf of the Board of Directors of and investment coupled with resurgence in high frequency
between amount of the valuation done at the time of Raymond Limited indicators such as power demand, rail freight, e-way bills, GST The Government of India is working on major initiatives and
onetime settlement and the valuation done while taking collection, steel consumption, etc. reforms in the Textile sector, including launch of a ‘Mega
loan from the Banks or Financial Institutions along with the Gautam Hari Singhania Integrated Textile Region and Apparel (MITRA) Park’ scheme to
reasons thereof is not applicable. Chairman and Managing Director establish seven textile parks with state-of-the-art infrastructure,
TEXTILES
Mumbai, May 06, 2021 DIN: 00020088 common utilities and R&D lab over a three-year period; starting
Global Textile Industry
a focused product scheme; positioning the country as a global
The COVID-19 pandemic has impacted each and every business
hub in the man-made fibre (MMF) and technical textiles
in some way or the other, the global textile industry has been
segments. Competitive advantage, robust demand, favourable
drastically impacted. Asia, being one of the largest markets for
government policies, increasing investments and urbanisation
textile industry in the world has suffered due to sudden drop in
are expected to be the key drivers for revival of the industry.
international demand for their products coupled with prolonged
lockdowns and restrictions in majority of Asian countries.
Performance
Shortage of cotton and other raw materials and several supply
At ` 1,572 Crore, the Branded Textile revenue was substantially
chain disruptions have worsened the situation globally. It is
down over previous year. The suiting business topline witnessed
estimated that exports to major buying regions in the European
progressive improvement on a quarter-on-quarter basis in
Union, United States, and Japan might decline by approx. 70%.
primary sales, boosted by pickup in wholesale channel and in
The key markets in the textile industry are China, European
secondary sales led by recovery in TRS network due to festivities
Union, the United States and India, all of which were affected
and wedding season in the second half of the fiscal. Recovery
due to the COVID-19 pandemic.
in B2C shirting was slightly lower while the MTM business was
impacted due to lower consumer discretionary spends and store

76 Strengthening the core Raymond Limited | Annual Report 2020-21 77

 Statutory Reports

Management Discussion & Analysis

rationalisation to make retail portfolio healthy. EBITDA margin the companies developed engaging and social experiences to India has occupied a remarkable position in global retail expected to reach 525 million by 2025 which would necessitate
was at 10.4%. EBITDA margin improved sequentially throughout encourage consumers to connect. rankings. The country has high market potential, low economic the launch and development of new projects in the urban areas.
the fiscal, supported by sales recovery, operational efficiencies risk and moderate political risk. India’s high growth potential Expected growth in the number of housing units in urban areas
and cost rationalisation. The year 2020-21 has massively impacted the Indian Apparel compared to global peers has made it a highly favorable will increase the demand for commercial and retail office space.
industry. Consumer purchase of apparel was badly hit due destination. According to a study by Boston Consulting Group,
APPAREL to lockdowns, loss of job and economic recession. Lockdown India is expected to become the world’s third largest consumer Regulatory reforms, better market data and green initiatives
Global Apparel Industry restrictions across the country resulted in a slump in the retail economy by reaching US $400 billion in consumption by 2025. have helped increase the transparency in the sector coupled with
FY 2020-21 brought in a lot of changes for the apparel industry. sales. a two-fold jump in the home sales volume across eight major
As the COVID-19 pandemic impacted economies around the Performance cities in India from October 2020 to December 2020 compared
world, the apparel industry was significantly affected. Consumer Performance With a portfolio of more than 1400 stores, the Company has a with the previous quarter, signifying healthy recovery post the
behavior shifted, discretionary spends were curtailed, supply The apparel sector witnessed lower demand and weakened formidable pan-India presence. Retail store operations were strict lockdown imposed in the second quarter due to the spread
chains were disrupted and towards the end of the financial year customer sentiments during the first half of the fiscal due to majorly impacted due to the lockdowns and related restrictions of COVID-19 in the country.
many regions were in the grip of a second wave of infections lockdowns and related restrictions resulting in slower recovery in first half. Consumer demand picked up in the second half with
which dampened hopes of a spontaneous revival. of the business. However, with more relaxed COVID-19 Unlock -1 commencing, festivities, EOSS and wedding season. Performance
restrictions, during the second half of the year, there was a All safety measures were taken as per the protocol to provide Raymond Limited is developing a township spanning approx.
The apparel business is considered to be one of the most sequential improvement in consumer demand (secondary sales) secure shopping experience to customers amid the pandemic. 20 acres with state-of-the-art amenities at Thane, Maharashtra.
challenging businesses as factors such as short product life and footfalls in retail channels of LFS and EBO. Segment sales All operational stores were equipped to follow stringent Although the Company is a relatively new entrant in the market
cycle, volatile fashions, unpredictable market trends and were also impacted due to controlled primary sales to channel guidelines and contactless payments. Trial rooms continue but on the back of the resilient brand which exudes exclusivity
impulse purchase nature of the customer are to be given utmost partners in MBO and TRS networks, to realign inventory in the to be sanitized on a regular basis and every tried garment and finesse, it has generated tremendous interest. The premium
importance by the manufacturers so as to sustain themselves in supply chain. is sanitized before it comes back on the shelf. Engagement product, on schedule performance and the strategic location has
the apparel segment. The second wave of the pandemic muted initiatives were launched for customers and alternate channels been appreciated by the customers and industry-watchers alike.
the consumer sentiments and discretionary spends that are likely Online channel witnessed strong traction, during the pandemic like video shopping, NPS through Whatsapp, e-commerce, Construction activity is in full swing in compliance with all the
to dominate the consumption landscape. as physical retail stores stayed shut and consumers shifted hyper-localisation amongst others for an enhanced shopping relevant guidelines.
to ecommerce market places. Brand’s commitment to serve experience. As part of cost-optimisation initiative, the Company
Indian Apparel Market customers better were enabled through omni-channel rollout in collaborated with landlords to reach a slew of amicable working The first half of the year was impacted due to lockdown as there
The apparels market in India is undergoing a metamorphosis the EBO network. solutions such as rent waivers during lockdown and reworked were restrictions on commercial and construction activities.
as never seen before. The change being witnessed can be rentals for short to mid-term period. Reinvigorating the retail With lockdown in effect, the company engaged with potential
attributed to several factors including the work from home Our focus is on lowering the product life cycle through product strategy, the Company shut its non-profitable stores boosting buyers through digital and virtual interactive touch-points
culture, subdued purchasing power of the masses, shifts in the innovation and development closer to the seasons for better the health of company’s retail portfolio. Continuing with the core leading to sales of 455 units, taking the total inventory sold
buying behaviour, demography dynamics, growing urbanisation, inventory management and reduced working capital; on channel strength of expansive retail network, the Company added 46 to 1,387 units till Mar-21 with a saleable area of 1.18 million
opening up of the retail segment to private and foreign players mix to alleviate business partnerships through meaningful new stores across metros and lower-tier towns with 98% being sq. ft. having a booking value of ` 1,324 crores in the 10 towers.
and changing trends/lifestyle. The Indian apparel industry engagement; on bringing in efficiencies for improved margins on franchise model. One of the major challenges the domestic During the course of time, with phased relaxation, the Company
employs approx. 1.3 Crore people as a part of its workforce, even and on sharpening omni-channel capabilities. players would face is the proposed hike in FDI limit in multi- initiated sales and construction activities while maintaining all
today it is one of the largest providers of employment in the brand retail which will bring in more players thereby providing government norms. The project gained strong momentum with
country. The industry contributes to 4.9% of India’s total export RETAIL more options to consumers and increased competition. around 400 units sold in the second half of FY 2020-21, driven
and India is the 6th largest exporter of Apparel in the world. In FY19, traditional retail, organised retail and E-commerce by incentives of stamp duty reduction and lower home loan
segments accounted for 88%, 9% and 3% of the market, REAL ESTATE interest rates. The company ensured the construction speed and
As travel was restricted, people sheltered from the virus in their respectively. The organised retail market in India is growing at a Indian Real Estate Market momentum and completed 33rd floor slab for the first three
homes and as India Inc. followed work from home policy for its CAGR of 20-25% per year. The unorganised retail sector in India In India, the real estate sector is the second-highest employment towers. The construction site is fully engaged and poised to
employees, the consumer buying behaviour has undoubtedly has a huge untapped potential for adopting digital mode of generator, after the agriculture sector. India has witnessed deliver on time.
shifted over the past year. Digital consumption has taken lead payments as 63% of the retailers are interested in using digital increasing investments complimented by robust demand in
and to ensure sustainability and growth in the coming years, payments like mobile and card payments. attractive opportunities. Buoyed by policy support like, Foreign CONSOLIDATED FINANCIAL PERFORMANCE
Direct Investments up to 100% for certain projects, Pradhan The company recorded a consolidated revenue of ` 3,648 Crore
Significant Scope for Expansion
9%
Mantri Awas Yojana – Housing for all, reduced GST rates and tax with Operating cost at ` 1,320 Crore, lower by 40% on a year-
3% 18% holiday for affordable housing projects are expected to further on-year basis. EBITDA stood at ` 135 Crore and the Net Debt
give credence to the growth prospects in the sector. reduced by ` 443 Crore from ` 1,859 Crore in March, 2020 to
` 1,416 Crore in March, 2021 driven by focused working capital
7%
Real estate sector in India is expected to reach US $1 Trillion by management and cost rationalization. The Operating Cash flow
2030. By 2025, it is expected to contribute around 13% to the generation was at ` 702 Crore whereas the Free Cash flow was of
FY19 FY21F country’s GDP. The number of Indians living in urban areas is ` 417 Crore for the year under review.

88% Traditional Retail Organised Retail E-commerce* 75%

78 Strengthening the core Raymond Limited | Annual Report 2020-21 79

 Statutory Reports

Management Discussion & Analysis

KEY RATIOS Information Security Risk: As work from home measures are Shubhaarambh – The Company has launched a Wedding FORWARD LOOKING STATEMENTS
being deployed, business plans and forecasts are being done Wardrobe advisory solution that enables the customers to co- This Management Discussiont & Analysis Report contains
Particulars FY 20-21 FY 19-20
online and Board meetings are held virtually, the systems are create with designers for the perfect fit. statements about expected future events and financial and
Debtors Turnover Ratio 3.00 5.93 now more susceptible to the risk of data breach or cyber-attack. operating results of Raymond Group, which may be classified
Interest Turnover Ratio 10.91 17.48 Considering the fact that the business is slowly moving into Raymond Rewards – The Company has a loyalty program as forward-looking. By their nature, forward-looking statements
Current Ratio 1.68 1.08 digital space and work from home being a norm, the Company which offers redeemable reward points as per member tier on require the Company to make assumptions and are subject to
Operating Profit Margin (%) -0.31 6.88 is monitoring these information security related risks on an purchases made by members of the program. inherent risks and uncertainties. There is significant risk that the
Net profit Margin (%) -6.25 2.85 ongoing basis and taking measures to mitigate them. assumptions, predictions and other forward-looking statements
Return on Networth (%) -7.09 5.29 WATCHFUL BUOYANCY will not prove to be accurate. Further, certain key performance
Interest Coverage Ratio 0.82 -* Human Resource Risk: At Raymond we believe that our The year 2020-21 presented an unexpected prelude into the indicators mentioned in the Annual Report are based on
Debt Equity Ratio 0.79 -* employees are the cornerstone of our growth and progress and future. The pandemic has elevated our strength of sorts and classifications made by the Company. Do not place undue
* Interest along with principal component of non-convertible debentures has they are the Company’s most valuable asset. The Company has we demonstrated our resilience and adaptability. As buoyancy reliance on forward-looking statements as a number of factors
been repaid in full before the due date prior to year ended March 31, 2020. employee-friendly policies and promotes a healthy work culture heralds the Indian consumption story that extends beyond the could cause assumptions and actual future results or events to
The changes in the ratios are due to negative financial performance of the which is essential for overall development of the employees. metros and trickles down to the hinterlands, at Raymond we differ materially from those expressed in these forward-looking
Company during the Financial Year 2021 on account of adverse impact of the We understand the importance of work life balance and we are now more watchful and agile in the fast changing consumer statements.
COVID-19 pandemic on the performance of businesses of the Company.
make constant efforts to encourage a culture with emphasis on landscape looking forward to a stronger rebound in FY 2021-22.
the same. The industrial relations remained generally cordial
RISKS AND CONCERNS
throughout the year under review. The Company continues to
Risks are an integral part of any business and it is essential
focus on overall individual development and the aspirational
that adequate structures and processes are created to identify
needs of employees are kept in mind while formulating various
and effectively mitigate the same. While delivering on our
policies.
commitments, the safety of all the stakeholders which are
involved is of paramount importance to the Company. The
Compliance Risk: The regulatory landscape is evolving at a
Company continuously monitors the environment in which it
never seen before pace with increase in regulatory scrutiny.
operates to assess any new uncertainties and risks that may
The expectations of various stakeholders vis-à-vis compliance
emerge and take active steps to mitigate them. There are no
is also on the rise. We understand that non-compliance with
risks that threaten the going concern of the Company.
applicable laws could result in financial as well as reputational
risk for the Company. The Company has zero tolerance towards
Customer Risk: Considering the multiple segments in which
non-compliance. Changes in the regulatory environment are
the Company operates and the challenges of understanding
identified at the onset and their likely impact on the Company is
these markets, the responsibility to understand and cater to the
evaluated well in advance to avoid any non-compliances.
needs of the customer is a substantial risk. With the increasing
competition, current state of the textile and apparel industry,
Fraud and Unethical Behaviour Risk: In any organisation, the
and the frequent change in customer expectations as a result
menace of fraud is imminent and it is the value system of the
of the pandemic, the risk of company losing its market share is
organisation that helps prevent any fraudulent or unethical
also something the company evaluates on an ongoing basis.
behaviour. The Company has devised various policies viz., the
The Company has a strong digital presence and is leveraging
Code of Conduct, Whistle-blower policy and policy on leak
the same to thrive during these times which has witnessed an
of Unpublished Price Sensitive Information to mitigate the
increase in customer base shifting to online buying. Frequent
risk of fraud and unethical behaviour. Moreover, sessions are
interactions with the customers and various other initiatives
being held periodically wherein awareness is created to deter
are undertaken by the Company to sustain during such
fraudulent and unethical behaviour. Employees are encouraged
unprecedented times.
to report any suspected fraud or unethical behaviour through
the whistle-blower mechanism.
Environment, Health and Safety (EHS) Risk: The Company
understands that EHS related incidents could pose severe
DIGITAL INITIATIVES
regulatory and reputational risks. The remedial costs for
MyRaymond.com – An end-to-end e-commerce solution for
these risks are huge and have a long bearing impact on
all things Raymond with focus on interactivity and ingenuity in
the Company. Awareness sessions are conducted on an
product array and display.
ongoing basis to ensure the safety of employees involved in
manufacturing processes of the Company. Measures are taken
Home Assist – An initiative initially implemented in Maharashtra
to avoid any untoward incident which could result in EHS risk
and Gujarat which enables the customers to utilize offerings like
for the company. The Company believes that protecting the
Concierge, Video Call assistance & Special Store Appointments.
environment is one of its responsibility as a good corporate
citizen and is devotedly committed to this cause.

80 Strengthening the core Raymond Limited | Annual Report 2020-21 81

 Statutory Reports

Annexure A

FORM NO. MR-3 (vii) The Hazardous Waste (Management & Handling and Annexure A
SECRETARIAL AUDIT REPORT Transboundary Movement) Rules, 2008.
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2020 To,
(viii) Boilers Act, 1923
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies The Members
(Appointment and Remuneration Personnel) Rules, 2014] (ix) Gas Cylinders Rules, 2004 Raymond Limited

(x) Standards of Weights & Measures (Enforcement) Act, 1985

To, (c) The Securities and Exchange Board of India (Issue of Our report of even date is to be read along with this letter.
The Members, Capital and Disclosure Requirements) Regulations, 2018; (xi) The Static & Mobile Pressure Vessels (Unfired) Rules, 2018
Raymond Limited 1. Maintenance of secretarial records is the responsibility of
(d) The Securities and Exchange Board of India (Registrars to (xii) Foreign Trade (Development & Regulation) Act, 1992
the management of the Company. Our responsibility is to
an Issue and Share Transfer Agents) Regulations, 1993
We have conducted the secretarial audit of the compliance of (xiii) The Legal Metrology Act, 2009 express an opinion on these secretarial records based on
regarding the Companies Act and dealing with client;
applicable statutory provisions and the adherence to good corporate our audit.
practices by Raymond Limited (hereinafter called “the Company”). (e) The Securities and Exchange Board of India We further report that the Board of Directors of the Company is
Secretarial Audit was conducted in a manner that provided us a (Listing Obligations and Disclosure Requirements) duly constituted with proper balance of executive directors, non- 2. We have followed the audit practices and process as were
reasonable basis for evaluating the corporate conducts/statutory Regulations, 2015; and executive directors and independent directors. The changes in appropriate to obtain reasonable assurance about the
compliances and expressing our opinion thereon. the composition of the Board of Directors that took place during correctness of the contents of the secretarial records. The
(f) The Securities and Exchange Board of India (Issue and
the period under review were carried out in compliance with the verification was done on test basis to ensure that correct
Listing of Debt Securities) Regulations, 2008.
Based on our verification of the Company’s books, papers, provisions of the Act. facts are reflected in secretarial records. We believe that the
minute books, forms and returns filed and other records process and practices, we followed provide a reasonable
We have also examined compliance with the applicable clauses Adequate notice is given to all the directors to schedule the
maintained by the Company and also the information basis for our opinion.
of the Secretarial Standards issued by The Institute of Company board meetings, agenda and detailed notes on agenda were
provided by the Company, its officers, agents and authorized
Secretaries of India. sent at least seven days in advance, and a system exists for
representatives during the conduct of secretarial audit, We 3. We have not verified the correctness and appropriateness
seeking and obtaining further information and clarifications
hereby report that in our opinion, the Company has, during the of financial records and Books of Accounts of the Company.
During the period under review the Company has complied on the agenda items before the meeting and for meaningful
audit period covering the financial year ended on March 31,
with the provisions of the Act, Rules, Regulations, Guidelines, participation at the meeting.
2021 (“Audit Period”) complied with the statutory provisions 4. Whereever required, we have obtained the Management
Standards, etc. mentioned above.
listed hereunder and also that the Company has proper Board- As per the minutes of the meetings duly recorded and signed by Representation about the compliance of laws, rules and
processes and compliance-mechanism in place to the extent, in the Chairman, the decisions of the Board were unanimous and regulations and happening of events etc.
We further report that, there were no events/ actions in
the manner and subject to the reporting made hereinafter: no dissenting views have been recorded. All decisions at Board
pursuance of:
Meetings and Committee Meetings are carried out unanimously 5. The compliance of the provisions of Corporate and
We have examined the books, papers, minute books, forms and as recorded in the minutes of the respective meetings of the other applicable laws, rules, regulations, standards is
(a) The Securities and Exchange Board of India (Delisting of
returns filed and other records maintained by the Company for Board or Committee thereof. the responsibility of management. Our examination was
Equity Shares) Regulations, 2009;
the financial year ended on March 31, 2021 according to the limited to the verification of procedure on test basis.
We further report that there are adequate systems and processes
provisions of:
(b) The Securities and Exchange Board of India (Share Based in the company commensurate with the size and operations of
6. The Secretarial Audit report is neither an assurance as to
Employee Benefits) Regulations, 2014; and the Company to monitor and ensure compliance with applicable
(i) The Companies Act, 2013 (‘Act’) and rules made the future viability of the Company nor of the efficacy or
laws, rules, regulations and guidelines.
thereunder; effectiveness with which the management has conducted
(c) The Securities and Exchange Board of India (Buyback of
We further report that, during the Audit Period, the following events the affairs of the Company.
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and Securities) Regulations, 2018 requiring compliance thereof
occurred which had a bearing on the Company’s affairs in pursuance
the rules made thereunder; by the Company during the Audit Period.
of the above referred laws, rules, regulations and guidelines.  For ROBERT PAVREY & ASSOCIATES
(iii) The Depositories Act, 1996 and the regulations and Bye-  Company Secretaries
We report that, having regard to the compliance system prevailing
laws framed thereunder; I. Special Resolutions passed for:
in the Company and on examination of the relevant documents
 ROBERT PAVREY
(iv) Foreign Exchange Management Act, 1999 and the rules and records in pursuance thereof, the Company has complied 1. Payment of commission to non-executive directors based
Proprietor
and regulations made thereunder to the extent of Foreign with the following laws applicable specifically to the Company: on net profits of the company.
Place: Mumbai FCS 2928 CP. No. : 1848
Direct Investment, Overseas Direct Investment and External
Dated: May 03, 2021 UDIN: F002928C000233224
Commercial Borrowings; and (i) Factories Act, 1948;  For ROBERT PAVREY & ASSOCIATES
 Company Secretaries
(v) The following Regulations and Guidelines prescribed under (ii) Industries (Development and Regulation) Act, 1951;
the Securities and Exchange Board of India Act, 1992 (‘SEBI
(iii) Labour Laws and other identical laws related to the labour  ROBERT PAVREY
Act’):
and employees appointed by the Company either on its Proprietor
(a) The Securities and Exchange Board of India payroll or on contractual basis; Place: Mumbai FCS 2928 CP. No. : 1848
(Substantial Acquisition of Shares and Takeovers) Dated: May 03, 2021 UDIN: F002928C000233224
(iv) Competition Act, 2002
Regulations, 2011;
(v) Consumer Protection Act, 1986 This report is to be read with Annexure A which forms an integral
(b) The Securities and Exchange Board of India
part of this report.
(Prohibition of Insider Trading) Regulations, 2015; (vi) Environmental Protection Act, 1986

82 Strengthening the core Raymond Limited | Annual Report 2020-21 83

 Statutory Reports

Annexure B1

FORM NO. MR-3 Adequate notice is given to all the directors to schedule the Annexure A
SECRETARIAL AUDIT REPORT board meetings, agenda and detailed notes on agenda were
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2021 sent at least seven days in advance, except for the board To,
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies meeting held on April 24, 2020 which was held at shorter notice The Members
(Appointment and Remuneration Personnel) Rules, 2014] with consent of Directors as required and a system exists for Raymond Apparel Limited
seeking and obtaining further information and clarifications
To, (ii) The Securities and Exchange Board of India (Registrars on the agenda items before the meeting and for meaningful Our report of even date is to be read along with this letter.
The Members, to an Issue and Share Transfer Agents) Regulations, 1993 participation at the meeting.
Raymond Apparel Limited regarding the Companies Act and dealing with client; 1. Maintenance of secretarial records is the responsibility of
As per the minutes of the meetings duly recorded and signed by the management of the Company. Our responsibility is to
We have conducted the secretarial audit of the compliance (iii) The Securities and Exchange Board of India (Buyback of the Chairman, the decisions of the Board were unanimous and express an opinion on these secretarial records based on
of applicable statutory provisions and the adherence to good Securities) Regulations, 2018; no dissenting views have been recorded. All decisions at Board our audit.
corporate practices by Raymond Apparel Limited (hereinafter Meetings and Committee Meetings are carried out unanimously
called “the Company”). Secretarial Audit was conducted in a (iv) The Securities and Exchange Board of India (Issue and as recorded in the minutes of the respective meetings of the 2. We have followed the audit practices and process as were
manner that provided us a reasonable basis for evaluating the Listing of Debt Securities) Regulations, 2008; Board or Committee thereof. appropriate to obtain reasonable assurance about the
corporate conducts/statutory compliances and expressing my correctness of the contents of the secretarial records. The
opinion thereon. (v) The Securities and Exchange Board of India (Delisting of We further report that there are adequate systems and processes verification was done on test basis to ensure that correct
Equity Shares) Regulations, 2009; in the company commensurate with the size and operations of facts are reflected in secretarial records. We believe that the
Based on our verification of the Company’s books, papers, the Company to monitor and ensure compliance with applicable process and practices, we followed provide a reasonable
minute books, forms and returns filed and other records (vi) The Securities and Exchange Board of India (Substantial laws, rules, regulations and guidelines. basis for our opinion.
maintained by the Company and also the information Acquisition of Shares and Takeovers) Regulations, 2011;
provided by the Company, its officers, agents and authorized We further report that, during the Audit Period, no events 3. We have not verified the correctness and appropriateness
representatives during the conduct of secretarial audit, We (vii) The Securities and Exchange Board of India (Share Based occurred which had a bearing on the Company’s affairs in of financial records and Books of Accounts of the Company.
hereby report that in our opinion, the Company has, during the Employee Benefits) Regulations, 2014; pursuance of the above referred laws, rules, regulations and
audit period covering the financial year ended on March 31, guidelines. 4. Whereever required, we have obtained the Management
2021 (“Audit Period”) complied with the statutory provisions (viii) The Securities and Exchange Board of India (Prohibition of Representation about the compliance of laws, rules and
listed hereunder and also that the Company has proper Board- Insider Trading) Regulations, 2015; and  For ROBERT PAVREY & ASSOCIATES regulations and happening of events etc.
processes and compliance-mechanism in place to the extent, in  Company Secretaries
the manner and subject to the reporting made hereinafter: (ix) The Securities and Exchange Board of India (Issue of Capital 5. The compliance of the provisions of Corporate and
and Disclosure Requirements) Regulations, 2018.  ROBERT PAVREY other applicable laws, rules, regulations, standards is
We have examined the books, papers, minute books, forms and Proprietor the responsibility of management. Our examination was
returns filed and other records maintained by the Company for requiring compliance thereof by the Company during the Audit Place: Mumbai FCS 2928 CP. No. : 1848 limited to the verification of procedure on test basis.
the financial year ended on March 31, 2021 according to the Period. Dated: May 01, 2021 UDIN: F002928C000222851
provisions of : 6. The Secretarial Audit report is neither an assurance as to
We report that, having regard to the compliance system This report is to be read with Annexure A which forms an integral the future viability of the Company nor of the efficacy or
(i) The Companies Act, 2013 (‘Act’) and rules made prevailing in the Company and on examination of the relevant part of this report. effectiveness with which the management has conducted
thereunder; and documents and records in pursuance thereof, the Company has the affairs of the Company.
complied with the following laws applicable specifically to the
(ii) The Depositories Act, 1996 and the Regulations and Bye- Company:  For ROBERT PAVREY & ASSOCIATES
laws framed thereunder;  Company Secretaries
(i) Competition Act, 2002;
We have also examined compliance with the applicable clauses  ROBERT PAVREY
of the Secretarial Standards issued by The Institute of Company (ii) Consumer Protection Act, 1986; and Proprietor
Secretaries of India. Place: Mumbai FCS 2928 CP. No. : 1848
(iii) The Legal Metrology Act, 2009. Dated: May 01, 2021 UDIN: F002928C000222851
During the period under review the Company has complied
with the provisions of the Act, Rules, Regulations, Guidelines, We further report that the Board of Directors of the Company is
Standards, etc. mentioned above. duly constituted with proper balance of executive directors, non-
executive directors and independent directors. The changes in
We further report that, there were no events/ actions in the composition of the Board of Directors that took place during
pursuance of: the period under review were carried out in compliance with the
provisions of the Act.
(i) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and
the rules made thereunder;

84 Strengthening the core Raymond Limited | Annual Report 2020-21 85

 Statutory Reports

Annexure B2

FORM NO. MR-3 Adequate notice is given to all the directors to schedule the Annexure A
SECRETARIAL AUDIT REPORT board meetings, agenda and detailed notes on agenda were
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2021 sent at least seven days in advance, except for the board To,
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies meeting held on April 25, 2020, which was held at shorter The Members
(Appointment and Remuneration Personnel) Rules, 2014] notice and a system exists for seeking and obtaining further Raymond Luxury Cottons Limited
information and clarifications on the agenda items before the
To, (ii) The Depositories Act, 1996 and the Regulations and Bye- meeting and for meaningful participation at the meeting. Our report of even date is to be read along with this letter.
The Members, laws framed thereunder;
Raymond Luxury Cottons Limited As per the minutes of the meetings duly recorded and signed by 1. Maintenance of secretarial records is the responsibility of
(iii) The Securities and Exchange Board of India (Registrars the Chairman, the decisions of the Board were unanimous and the management of the Company. Our responsibility is to
We have conducted the secretarial audit of the compliance to an Issue and Share Transfer Agents) Regulations, 1993 no dissenting views have been recorded. All decisions at Board express an opinion on these secretarial records based on
of applicable statutory provisions and the adherence to good regarding the Companies Act and dealing with client; Meetings and Committee Meetings are carried out unanimously our audit.
corporate practices by Raymond Luxury Cottons Limited as recorded in the minutes of the respective meetings of the
(hereinafter called “the Company”). Secretarial Audit was (iv) The Securities and Exchange Board of India (Buyback of Board or Committee thereof. 2. We have followed the audit practices and process as were
conducted in a manner that provided us a reasonable basis for Securities) Regulations, 2018; appropriate to obtain reasonable assurance about the
evaluating the corporate conducts/statutory compliances and We further report that there are adequate systems and processes correctness of the contents of the secretarial records. The
expressing my opinion thereon. (vi) The Securities and Exchange Board of India (Issue and in the company commensurate with the size and operations of verification was done on test basis to ensure that correct
Listing of Debt Securities) Regulations, 2008; the Company to monitor and ensure compliance with applicable facts are reflected in secretarial records. We believe that the
Based on our verification of the Company’s books, papers, laws, rules, regulations and guidelines. process and practices, we followed provide a reasonable
minute books, forms and returns filed and other records (vii) The Securities and Exchange Board of India (Delisting of basis for our opinion.
maintained by the Company and also the information Equity Shares) Regulations, 2009; We further report that, during the Audit Period, the following
provided by the Company, its officers, agents and authorized event occurred which had a bearing on the Company’s affairs 3. We have not verified the correctness and appropriateness
representatives during the conduct of secretarial audit, We (viii) The Securities and Exchange Board of India (Substantial in pursuance of the above referred laws, rules, regulations and of financial records and Books of Accounts of the Company.
hereby report that in our opinion, the Company has, during the Acquisition of Shares and Takeovers) Regulations, 2011; guidelines.
audit period covering the financial year ended on March 31, 4. Whereever required, we have obtained the Management
2021 (“Audit Period”) complied with the statutory provisions (ix) The Securities and Exchange Board of India (Share Based Re-appointment of Mr. R. Narayanan (DIN: 00631703) as an Representation about the compliance of laws, rules and
listed hereunder and also that the Company has proper Board- Employee Benefits) Regulations, 2014; Independent Director on the Board of Directors of the Company regulations and happening of events etc.
processes and compliance-mechanism in place to the extent, in from February 27, 2020 to February 26, 2022.
the manner and subject to the reporting made hereinafter: (x) The Securities and Exchange Board of India (Prohibition of 5. The compliance of the provisions of Corporate and
Insider Trading) Regulations, 2015; and other applicable laws, rules, regulations, standards is
We have examined the books, papers, minute books, forms and the responsibility of management. Our examination was
returns filed and other records maintained by the Company for (xi) The Securities and Exchange Board of India (Issue of Capital  For ROBERT PAVREY & ASSOCIATES limited to the verification of procedure on test basis.
the financial year ended on March 31, 2021 according to the and Disclosure Requirements) Regulations, 2018.  Company Secretaries
provisions of : 6. The Secretarial Audit report is neither an assurance as to
requiring compliance thereof by the Company during the Audit  ROBERT PAVREY the future viability of the Company nor of the efficacy or
(i) The Companies Act, 2013 (‘Act’) and rules made Period. Proprietor effectiveness with which the management has conducted
thereunder; and Place: Mumbai FCS 2928 CP. No. : 1848 the affairs of the Company.
We report that, having regard to the compliance system Dated: May 01, 2021 UDIN: F002928C000221751
(ii) Foreign Exchange Management Act, 1999 and the rules
prevailing in the Company and on examination of the relevant  For ROBERT PAVREY & ASSOCIATES
and regulations made thereunder to the extent of Foreign
documents and records in pursuance thereof, the Company has  Company Secretaries
Direct Investment, Overseas Direct Investment and External
complied with the following laws applicable specifically to the
Commercial Borrowings.
Company: This report is to be read with Annexure A which forms an integral  ROBERT PAVREY
part of this report. Proprietor
We have also examined compliance with the applicable clauses
(i) Competition Act, 2002; Place: Mumbai FCS 2928 CP. No. : 1848
of the Secretarial Standards issued by The Institute of Company
Dated: May 01, 2021 UDIN: F002928C000221751
Secretaries of India.
(ii) Consumer Protection Act, 1986; and
During the period under review the Company has complied
(iii) The Legal Metrology Act, 2009.
with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
We further report that the Board of Directors of the Company is
duly constituted with proper balance of executive directors, non-
We further report that, there were no events/ actions in
executive directors and independent directors. The changes in
pursuance of:
the composition of the Board of Directors that took place during
(i) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the period under review were carried out in compliance with the
the rules made thereunder; provisions of the Act.

86 Strengthening the core Raymond Limited | Annual Report 2020-21 87

 Statutory Reports

Annexure C

ANNUAL REPORT ON CSR ACTIVITIES 7. (a) Two percent of average net profit of the company as per section 135(5): ` 152 Lakh

1. Brief outline of the Company’s CSR Policy: • 

Women empowerment and environmental
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: NIL
Raymond CSR Philosophy sustainability
The CSR initiatives undertaken by your Company upholds Apne Aap Women’s Collective: Keeping up with
(c) Amount required to be set off for the financial year, if any: NIL
the principles of a responsible corporate citizen and our determination for women empowerment, your
aims to distribute the economic benefits derived by it Company continued to support the programs run
(d) Total CSR obligation for the financial year (7a+7b-7c): ` 152 Lakh
through active collaboration with credible institutions by by the foundation for helping women trapped in
contributing to the social and economic development of prostitution by empowering their daughters to
8. (a) CSR amount spent or unspent for the financial year:
the communities in which it operates. pursue education and prevent them from entering
prostitution and providing young girls with facilities to
The focus areas for spending the funds earmarked for CSR pursue aspirational professions and enable genuine Amount Unspent (in `)
activities unambiguously revolves around the principles laid social mobility. Total Amount Spent
Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII
down under the ‘Triple Bottom Line Approach’ to ensure for the Financial Year
Account as per section 135(6) as per second proviso to section 135(5)
that while the Company earns profits, it also focusses on The web link to the CSR Policy, including overview (in `)
the welfare of the society and ecological sustainability. of projects or programs proposed to be undertaken: Amount Date of transfer Name of the Fund Amount Date of transfer
www.raymond.in
152 Lakh NIL Not Applicable - NIL -
The Company believes in providing affordable healthcare
to the marginalized sections of the society, ensuring 2. The composition of the CSR Committee:
environmental sustainability and women empowerment. (b) Details of CSR amount spent against ongoing projects for the financial year: NIL
In furthering its resolve towards the same your Company
Sr. Name of Director Designation / Number of Number of
had collaborated with various institutions to fulfill its CSR No. Nature of meetings of CSR meetings of (c) Details of CSR amount spent against other than ongoing projects for the financial year:
obligation. Directorship Committee held CSR Committee
during the year attended
during the year Sr. Name of the Item from the list Local Location of the project Amount Mode of Mode of Implementation
During the financial year 2020-21,the Company had No. Project of activities in area spent for Implementation - Through Implementing
approved projects by aligning itself with its CSR Policy as 1 Mr. I. D. Agarwal Chairman, 3 3 Schedule VII to (Yes/ the project - Direct Agency
approved by the Board of Directors. A brief overview of the Independent the Act No) (in `) (Yes/No)
Director State District Name CSR
projects undertaken by the Company is as under:
2 Mrs. Nawaz Member, 3 3 Registration
No.
Gautam Director
• Promotion of healthcare
Singhania 1. COVID-19 Item No (i): Yes Maharashtra Thane 50.00 Lakh No JITO Education Not
a) JITO Education and Medical Trust - Thane: Your
3 Mr. Pradeep Member, 3 3 Hospital promoting health and Medical Available
Company partnered with JITO Education and
Guha Independent care including Trust - Thane
Medical Trust in building a facility for treating Director preventive health
patients affected by COVID-19. care
3. Provide the web-link where Composition of CSR 2. Supporting Item No (iii) Yes Maharashtra Mumbai 30.00 Lakh No Apne Aap CSR
b) St. Jude India Childcare Centre: Your Company
committee, CSR Policy and CSR projects approved by the women promoting Women’s 00000525
and the institution joined hands for supporting
board are disclosed on the website of the company: trafficked into gender equality, Collective
children suffering from cancer by providing them
www.raymond.in prostitution empowering
food, hygienic and safe place to stay, transport and assist their women
facility to the hospitals for their treatments, daughters and
4. Provide the details of Impact assessment of CSR projects
vocational and recreational facilities, counselling toddlers
carried out in pursuance of sub-rule (3) of rule 8 of the
to deal with the stress associated with the
Companies (Corporate Social responsibility Policy) Rules, 3. Supporting Item No (i): Yes Maharashtra Mumbai 30.00 Lakh No St. Jude India CSR
disease.
2014, if applicable (attach the report): Not Applicable children promoting health Childcare 00001026
suffering from care including Centres
c) Indian Cancer Society: The institute is a pioneer cancer preventive health
5. Details of the amount available for set off in pursuance of
in the space of cancer initiatives and creating care
sub-rule (3) of rule 7 of the Companies (Corporate Social
awareness about cancer. Your Company decided
responsibility Policy) Rules, 2014 and amount required for 4. Rehabilitation Item No (i): Yes Maharashtra Mumbai 42.00 Lakh No Indian Cancer CSR
to support the cancer survivors through institute’s
set off for the financial year, if any: Not Applicable of promoting health Society 00000792
‘Cancer Awareness Program’ and provided
cancer care including
support to their Cancer registry related activities survivors preventive health
6. Average net profit of the company as per section 135(5):
through which it helps the Medical fraternity, care
` 7515 Lakh
pharmaceutical companies, and general public at
large in their fight against Cancer.

88 Strengthening the core Raymond Limited | Annual Report 2020-21 89

 Statutory Reports

Annexure C Annexure D

(d) Amount spent in Administrative Overheads: NIL BUSINESS RESPONSIBILITY REPORT

(e) Amount spent on Impact Assessment, if applicable: Not Applicable INTRODUCTION

Raymond Limited (‘Raymond’ or ‘the Company’) believes in conducting its business in an ethical and transparent manner, which is
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 152 Lakh the cornerstone for achieving success especially when businesses face challenges. The idea of inclusive socio-economic growth is
ingrained in every step that the Company takes towards achieving its long term objectives. The Company is committed to manage its
(g) Excess amount for set off, if any:
business operations based on the principles of sustainable development.
Sr. No. Particulars Amount (in `)
As required under Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
1. Two percent of average net profit of the company as per section 135(5) 152.00 Lakh Regulations, 2015 (‘Listing Regulations’), following is the Business Responsibility Report as per format prescribed by SEBI. The
2. Total amount spent for the Financial Year 152.00 Lakh Company also endeavours to undertake initiatives under the principles prescribed as per the National Voluntary Guidelines on
3. Excess amount spent for the financial year [(ii)-(i)] NIL Social, Environmental and Economic Responsibilities of Business.
4. Surplus arising out of the CSR projects or programmes or activities of the previous financial NIL
years, if any
Section A: General Information about the Company
5. Amount available for set off in succeeding financial years [(iii)-(iv)] NIL
SN Particulars

9. (a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable 1. Corporate Identity Number (CIN) of the Company L17117MH1925PLC001208
2. Name of the Company Raymond Limited
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): None 3. Registered address Plot No. 156 / H. No. 2, Village Zadgaon, Ratnagiri – 415612
4. Website www.raymond.in
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR 5. E-mail id [email protected]
spent in the financial year: Not Applicable 6. Financial Year reported April 1, 2020 to March 31, 2021
7. Sector(s) that the Company is engaged in (industrial Textiles – NIC Code : 131 13133 – Worsted- Suiting Fabric
11. Specify the reason(s), if the company has failed to spend 2% of the average net profit as per Section 135(5): Not Applicable activity code-wise)* 13134 – PV Fabric- Suiting Fabric
*National Industrial Classification – Ministry of Statistics 13131 – Cotton & Linen Shirting Fabric
and Programme Implementation Real Estate – NIC Code : 681 68100 – Real Estate Activities
Gautam Hari Singhania I. D. Agarwal 8. List three key products / services that the Company (a) Wool & Wool Blended Fabrics
manufactures / provides (as in balance sheet) (b) Cotton, Linen and Blended Shirting Fabrics
Date: May 06, 2021 Chairman & Managing Director Chairman of CSR Committee (c) Polyester, Viscose Blended Fabrics
Place: Mumbai DIN: 00020088 DIN: 00293784 9. Total number of locations where business activity is (a) No. of International Locations - 50 (Franchised Stores)
undertaken by the Company (b) No. of National Locations - 162 Company Owned and 1274
Contents of CSR Policy Franchised Stores
 ur aim is to be one of the most respected Companies in India delivering superior and sustainable value to all our customers,
O Details of Plant Locations of the Company are provided under the head
business partners, shareholders, employees and host communities. ‘Shareholder Information’ in the Report on Corporate Governance.
10. Markets served by the Company – Local/State/National/ National and International
T he CSR initiatives focus on holistic development of host communities and create social, environmental and economic value to the International
society.

The Company’s commitment to CSR projects and programs will be by investing resources into any of the following focus areas: Section B: Financial Details of the Company
SN Particulars
• Eradicating hunger, poverty and malnutrition;
1. Paid up Capital (`) 66.57 Crore
• Promotion of healthcare including preventive healthcare; 2. 1752.41 Crore
Total Turnover (`)
• Promotion of education and employment-enhancing vocational skills; 3. Total Loss after taxes (`) 118.49 Crore
4. Total Spending on Corporate Social Responsibility (CSR) The Company’s total spending on CSR for the year ended March 31, 2021
• Ensuring environmental sustainability and animal welfare including measures for reducing inequalities faced by socially &
as percentage of profit after tax was ` 152 Lakh which is 2.02% of the average net profits of previous three
economically backward groups; (3) financial years calculated as per section 198 of the Companies Act,
• Other focus areas as may be reviewed and included by the CSR Committee, from time to time, in line with the provisions 2013
of the Act and in line with the emerging societal circumstances and in consideration of changing national priorities of the 5. List of activities in which expenditure in 4 above has Please refer Annexure C to Board’s Report for details on CSR initiatives
been incurred undertaken by the Company
Government.

T he CSR projects and programs may also be undertaken by Raymond Limited directly or with joint and collaborative efforts of other
subsidiary and associate companies.

90 Strengthening the core Raymond Limited | Annual Report 2020-21 91

 Statutory Reports

Annexure D

Section C: Other Details No. Questions P1* P2* P3* P4* P5* P6* P7* P8* P9*
1. Does the Company have any Subsidiary Company/ Companies? –
1. Do you have a policy/ policies for.... Y Y Y Y Y Y Y Y Y
2. Has the policy been formulated in consultation Y Y Y Y Y Y Y Y Y
During the year under review, the Company had 19 subsidiaries including 6 foreign subsidiaries (which also includes step down with the relevant stakeholders?
subsidiaries). 3. Does the policy conform to any national / The policies conform to the National Voluntary Guidelines on Social,
international standards? If yes, specify? (50 Environmental and Economic Responsibilities of Business, National
2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes, then indicate the words) Guidelines on Responsible Business Conduct notified by Ministry of
number of such subsidiary company(s) Corporate Affairs, Government of India.
4. Has the policy been approved by the Board? Y Y Y Y Y Y Y Y Y
The subsidiary companies are separate legal entities and follow BR initiatives as per Rules and Regulations as applicable to them. If yes, has it been signed by MD/ owner/CEO/
appropriate Board Director?
3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BR 5. Does the Company have a specified Committee Y Y Y Y Y Y Y Y Y
of the Board/ Director/ Official to oversee the
initiatives of the Company? If yes, then indicate the percentage of such entity/entities? [Less than 30%, 30-60%, More than 60%]
implementation of the policy?
6. Indicate the link for the policy to be viewed View restricted to the relevant stakeholders.
The Company has presently not mandated suppliers, distributors etc. to participate in the BR initiatives of the Company. online?
However, all business associates are encouraged to adopt BR Initiatives and conduct their business ethically and in a
7. Has the policy been formally communicated to all Y Y Y Y Y Y Y Y Y
transparent manner. relevant internal and external stakeholders?
8. Does the company have in-house structure to Y Y Y Y Y Y Y Y Y
Section D: BR Information implement the policy/ policies?
1. Details of Director/Directors responsible for BR 9. Does the Company have a grievance redressal Y Y Y Y Y Y Y Y Y
a. Details of the Director/Director responsible for implementation of the BR policy/policies mechanism related to the policy/ policies to
address stakeholders’ grievances related to the
SN Particulars
policy/ policies?
1. DIN 00323759 10. Has the company carried out independent audit/ The Company is working on developing and improving its system
2. Name Mr. Surya Kant Gupta evaluation of the working of this policy by an for evaluating the implementation of the policies.
3. Designation Non-Executive Director internal or external agency?
The policies are evaluated internally from time to time and updated
whenever required.
b. Details of the BR head
* The Company revisits and revises the policies at regular intervals.
SN Particulars
1. DIN (if applicable) 00323759 (b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to
2. Name Mr. Surya Kant Gupta 2 options):
3. Designation Non-Executive Director No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
4. Telephone number 022-61527000
1. The company has not understood the Principles.
5. E-mail ID [email protected]
2. The company is not at a stage where it finds itself in a
position to formulate and implement the policies on
2. Principle-wise (as per NVGs) BR Policy/policies. specified principles.
(a) Details of compliance (Reply in Y/N) 3. The company does not have financial or manpower Not Applicable
resources available for the task.
Principle Principle
Number 4. It is planned to be done within next 6 months.
5. It is planned to be done within the next 1 year.
1. Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
6. Any other reason (please specify).
2. Businesses should provide goods and services that are safe and contribute to sustainability throughout their
life cycle
3. Businesses should promote the well-being of all the employees
3. Governance related to BR
a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance of
4. Businesses should respect the interests of and be responsive towards all its stakeholders, especially those who
are disadvantaged, vulnerable and marginalized the Company. Within 3 months, 3-6 months, Annually, More than 1 year
5. Businesses should respect and promote human rights The BR performance of the Company is periodically assessed by the BR Head during the year.
6. Businesses should respect, protect and make efforts to restore the environment
b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently it
7. Businesses when engaged in influencing public and regulatory policy, should do so in a responsible manner
is published?
8. Businesses should support inclusive growth and equitable development
9. Businesses should engage with and provide value to their customers and consumers in a responsible manner Pursuant to Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended from
time-to-time), the Company publishes annually its Business Responsibility Report as an Annexure to the Board’s Report.

Business Responsibility Report of the Company is also available at the website of the Company viz., www.raymond.in.

92 Strengthening the core Raymond Limited | Annual Report 2020-21 93

 Statutory Reports

Annexure D

Section E – Principle - Wise Performance The aforementioned Codes/Policies have been uploaded Company strives to implement best practices across their scope for employment and their standard of
Principle 1 on the website of the Company viz., www.raymond.in under plants. living.
1. Does the policy relating to ethics, bribery and corruption the “Investor Relations” section.
cover only the company? Yes / No. Does it extend to the Since the consumption per unit relies on the product The possibility is explored to procure spares or carry
Group / Joint Ventures / Suppliers / Contractors / NGOs / 2. How many stakeholder complaints have been received mix at each product level, there are no specific out job work of intermediate processes from local and
others in the past financial year and what percentage was benchmarks to determine the reduction achieved. small vendors. While doing so, continuous interaction
satisfactorily resolved by the Management? If so, provide (including deputation/visits to share the technical
The Company is committed to highest standards of ethics details thereof, in about 50 words or so. b. Reduction during usage by consumers (energy, water) know-how and train the staff) is carried out with
and good governance. The continuous success of the has been achieved since the previous year? regards to development and execution.
Company over the years is result of the Company’s belief The Company has in place, an effective mechanism for
in ethical conduct in all its dealings. The policy relating dealing with complaints received from various stakeholders. The Company’s products do not have any broad- 5. Does the company have a mechanism to recycle products
to ethics, transparency and accountability covers the The details of shareholders’ complaints received and based impact on energy and water consumption by and waste? If yes what is the percentage of recycling of
Company and its group companies including Joint Ventures resolved during the financial year 2020-21 are provided in consumers. However, the Company on continuous products and waste (separately as <5%, 5-10%, >10%). Also,
and Associate companies. The Suppliers / Contractors / the Report on Corporate Governance. basis takes several measures to conserve the provide details thereof, in about 50 words or so.
NGOs dealing with the Company are also encouraged to consumption of energy and water. The Company is
maintain ethical standards in all their practices. Principle 2 committed to reduction of waste, conservation of The Company takes steps in all its plants to minimise
1. List up to 3 of your products or services whose design has raw material and pursuing zero pollution through waste. In conformity with applicable environment
The Directors and employees of the Company are incorporated social or environmental concerns, risks and/or various initiatives, technological upgradation and legislation, waste produced during production activities
encouraged to ensure transparency in their conduct with opportunities. improvement projects. is recycled or disposed off. The percentage of recycling
various stakeholders. This belief is echoed in the “Code of products and waste falls in the range of 5-10%. Grease
of Business Conduct and Ethics” which mandates the The Company is committed to attainment of environmental 3. Does the company have procedures in place for sustainable recovery plant to extract grease from Wool Scouring
Directors, Senior Management and Employees of the and economic benefits from efficient use of energy, water, sourcing (including transportation)? Effluent, effective utilization of hot water between Dyeing
Company to act honestly, ethically and with integrity chemicals and waste reduction. The Company understands & Finishing Departments, Hot Water Recovery Systems
and deal fairly with the Company’s customers, suppliers, its obligations relating to social and environmental a. If yes, what percentage of your inputs was sourced on various equipments, Waste Water Recycling etc., are
dealers, investors and competitors. concerns, risks and opportunities. The Company ensures sustainably? Also, provide details thereof, in about 50 some of the steps taken in the area of recycling and waste
fulfilment of compliance obligations that relate to its words or so. management. The Plant heads periodically evaluate the
The Company’s Whistle Blower Policy serves as a tool for its products, environmental aspects and occupational health same to check the efficiency of the measures undertaken.
Directors and employees to report any genuine concerns and safety. All the three manufacturing Plants of the The Company is committed to protect the environment,
about unethical behaviour, actual or suspected without Company are ISO 9001, ISO 14001, ISO 50001 and ISO safeguard the interest of stakeholders and generate Principle 3
fear of retaliation. The Company’s Whistle Blower Policy 450O1 (OH&SMS) certified. Vapi Plant has developed and economic efficiencies while procuring any raw material 1. Please indicate the Total number of employees – 6509 (Only
encourages the Directors and employees to inter alia delivered a sustainable product which is combination of or goods. The main raw materials - wool, polyester Permanent Employee) as on March 31, 2021
report any instances of financial irregularities, breach of Organica wool and recycled polyester. fibre and viscose are procured from manufacturers
code of conduct, abuse of authority, disclosure of financial/ / producers who are well reputed keeping in mind 2. Please indicate the Total number of employees hired on
unpublished price sensitive information other than for The three products are: the need for quality and consistency. Suitable safety temporary/contractual/casual basis – 3006 as on March 31,
legitimate purposes, unethical / unfair actions concerning measures are taken during transportation and logistics 2021
i. All-wool fabrics
Company vendors / suppliers, mala-fide manipulation of optimization, which in turn help to limit climate
Company records, without fear of retaliation. ii. Polyester Wool fabrics impact. The Company made use of multiple modes of 3. Please indicate the Number of permanent women
transport which helps to reduce carbon footprint and employees – 162 as on March 31, 2021
iii. Polyester, Viscose Blended fabrics
The Company’s Internal Code of Conduct for Regulating, logistical costs.
Monitoring and Reporting of Trades by Insiders (“Code”), 4. Please indicate the Number of permanent employees with
2. For each such product, provide the following details in
ensures that the employees do not handle unpublished 4. Has the company taken any steps to procure goods disabilities – 15 as on March 31, 2021
respect of resource use (energy, water, raw material etc.)
price sensitive information in an unethical manner and deal and services from local & small producers, including
per unit of product (optional):
in securities of the Company when in possession of such communities surrounding their place of work? Yes 5. Do you have an employee association that is recognized by
information for unlawful gains. The Code conforms to the management? - Yes
a. Reduction during sourcing/production/ distribution
Company’s values of ethics and transparency. The Company a. If yes, what steps have been taken to improve their
achieved since the previous year throughout the value
has always followed practice of making timely disclosures capacity and capability of local and small vendors? 6. What percentage of your permanent employees is
chain?
of important information. The Company has implemented members of this recognized employee association? 52.93%
online platform across the group to ensure that the process The Company encourages local procurement of
The Company is conscious of its commitment towards
for adhering to the Code for making disclosures, obtaining goods and services around its plants’ proximity and 7. Please indicate the Number of complaints relating to child
environment and sustainability. By integrating new
pre-clearances, sending of compliance reminders, closure region. Several community development and training labour, forced labour, involuntary labour, sexual harassment
techniques and innovative concepts, the Company
of trading window and other related activities is efficient initiatives are regularly conducted by the individual in the last financial year and pending, as on the end of the
strives towards the reduction and optimal usage of
and rigorous. plant’s HR team in order to educate the local vendors, financial year:
energy, water, raw materials and logistics. Through
improve their capability enhance their skills and raise
ongoing and focused improvement processes, the

94 Strengthening the core Raymond Limited | Annual Report 2020-21 95

 Statutory Reports

Annexure D

Category No. of Complaints No. of complaints marginalised stakeholders. As a step towards the same, the Contractors / NGOs dealing with the Company are also Regular awareness on environmental aspects sessions are
filed during the pending as on end Company undertakes the following initiatives: encouraged to abide by this principle. During FY 2020-21, carried out at Jalgaon plant. Various CFTs are created in
Financial Year of the Financial Year the Company has taken various initiatives for conservation Jalgaon plant for electricity conservation, reduction in water
Child labour/forced labour/ NIL N.A. a. Skilled Tailoring Institute by Raymond (STIR): of energy as given in Annexure E of the Directors’ Report. consumption which are working diligently.
involuntary labour
Sexual harassment NIL N.A STIR is a Community Development Initiative 2. Does the company have strategies/ initiatives to address The Company is conscious of the importance of
Discriminatory NIL N.A. conceptualised to create employment opportunities global environmental issues such as climate change, environmentally clean and safe operations and the efforts
employment for unemployed youth, women, minority community global warming, etc.? Y/N. If yes, please give hyperlink for of the Company have been recognised through the
and lesser privileged sections of the society by webpage etc. following awards:
8. What percentage of your under mentioned employees were training them in the art and science of tailoring.
given safety & skill up-gradation training in the last year? Yes, the Company has strategies/ initiatives to address a) Vapi plant has received “Green Business Award” at the
b. Raymond Rehabilitation Centre: global warming and climate change. The Company has 16th FGI Awards for Excellence, Federation of Gujarat
a) Permanent Employees – 65.93% worked extensively to address such issues by striking a Industries, 2019 in month of January, 2021.
The Raymond Rehabilitation Centre is a Skill balance between economic growth and preservation of the
b) Permanent Women Employees – 63.33%
Development Initiative focussing on providing environment. b) Vapi plant has won “Apex India Green Leaf
c) Casual/Temporary/Contractual Employees – 69.67% vocational courses which comprises of basic training Award” for Energy Efficiency, 2019 in the month of
in electrical, air-conditioning and refrigeration repair, In line with the Company’s commitment towards December, 2020.
d) Employees with Disabilities – approx 50%
tyre puncture and repair, plumbing etc. which enables conservation of energy, all its Plants continue with their
students to be independent and financially self- efforts to reduce wastage, optimise consumption and c) Jalgaon plant has won “Energy Management Insight
Principle 4
sufficient. improve energy efficiency through innovative measures. Award – 2020” organised by CEM (Clean Energy
1. Has the company mapped its internal and external
Ministerial) Energy Management Working Group,
stakeholders? Yes/No
The Company, as part of fulfilment of its CSR During the year under review the Company utilised California, USA. This award was given to the Plant for
obligation has also worked towards women solar energy for water heating. In order to save water, implementing ISO 50001:2018 standard and elevating
The Code of Business Conduct & Ethics guides how
empowerment and promotion of healthcare by the Company made its efforts to reuse cooling water in global awareness of the benefits of certification to the
the Company and its employees interact with various
identifying the marginalised segments of the society Water Treatment Plant. Reuse & recycling of treated water ISO 50001 Energy Management System.
stakeholders such as its business partners, employees,
and contributing towards meeting their social needs. in process through Effluent Treatment Plant was also
contract workers, suppliers and most importantly its
undertaken by the Company. 3. Does the company identify and assess potential
customers.
Principle 5 environmental risks? Y/N
1. Does the policy of the company on human rights cover The Company is committed to maximise resource utilization
Identification and engagement with the stakeholders is
only the company or extend to the Group/Joint Ventures/ by saving coal due to heat recovery from hot ash of coal fire Yes, the Company has a mechanism to identify and
a key driver for sustainable and successful business. The
Suppliers/Contractors/NGOs/Others? boiler. assess risks including environmental risks. All the three
Company understands the need for such engagement and
manufacturing Plants are ISO 9001, ISO 45001 and
periodically engages with its stakeholders through formal
The Company remains committed to respect and protect Also, steps have been taken to save electricity by replacing ISO 50001 certified.
and informal channels.
human rights. The Company’s Code of Business Conduct & the convectional pneumatic Waxing Pump with small 50
Ethics and the human resource practices cover most of the Watt pump. In the month of September, 2020 Chhindwara Plant was
2. Out of the above, has the company identified the
aspects. The Company does not hire child labour, forced successfully recertified for ISO 14001:2015(EMS) by
disadvantaged, vulnerable & marginalize stakeholders.
labour or involuntary labour. This practice extends across Vapi plant has added to its renewable energy portfolio by M/s. Det Norke Veritas Germanischer Lloyd.
the Raymond Group. initiating the purchase of clean power through bilateral
The Company is dedicated for the welfare of marginalized
from 0.84 MW wind turbine generator from December, Jalgaon plant is being regularly audited for above
and vulnerable sections of the society. The Company
2. How many stakeholder complaints have been received in 2020. Vapi Plant had also purchased clean power through standards by M/s. Det Norke Veritas Germanischer Lloyd
engages with its stakeholders on an on-going basis. The
the past financial year and what percent was satisfactorily bilateral from 2.2 MW wind turbine generator. and is in compliance with all the requirements of the
Company has also identified specific areas like empowering
resolved by the management? standards.
underprivileged/vulnerable stakeholders which help them
Highly efficient Boiler has been installed in Chhindwara
to improve their standard of living.
No complaints relating to human rights violation were Plant along with ESP to reduce pollution load in the The Company has a mechanism in place to periodically
received during the financial year 2020-21. environment by minimizing the air emission. The identify, evaluate and implement short and long-term
3. Are there any special initiatives taken by the company
Chhindwara Plant has also installed Pneumatic Ash solutions for possible environmental concerns.
to engage with the disadvantaged, vulnerable and
Principle 6 Handling system for boiler and thermopac.
marginalized stakeholders. If so, provide details thereof, in
1. Does the policy related to Principle 6 cover only the 4. Does the company have any project related to Clean
about 50 words or so.
company or extends to the Group/Joint Ventures/Suppliers/ In Chhindwara Plant, waste heat recovery system is installed Development Mechanism? If so, provide details thereof,
Contractors/NGOs/others? on Stenter machine by which thermal saving is achieved in about 50 words or so. Also, if Yes, whether any
The Company has always strived to contribute to different
and there is reduction in emission. environmental compliance report is filed?
sections of the society. Beyond business, the objective of
Yes, the Company’s policy is extended to the entire group
Raymond’s social initiatives are conceptualized to create
and its subsidiaries/joint ventures follow and adopt the Compressor waste heat recovery is also successfully started A low pressure compressor for weaving and boiler ash
inclusive growth for the disadvantaged, vulnerable and
practices/policies of the Company. The Company ensures in term of hot water generator. It is used in Boiler feed for handling system is installed and substantial power saving
that it is implemented at all these levels and the Suppliers/ water pre heating purpose thereby resulting in coal saving. has been achieved in Chhindwara Plant.

96 Strengthening the core Raymond Limited | Annual Report 2020-21 97

 Statutory Reports

Annexure D

Also, a high pressure jet fogging system in folding c. Vidarbha Industries Association, Nagpur A detailed report on CSR initiatives undertaken by the As a Corporate Citizen, the Company strongly believes
humidification plant is successfully erected at Chhindwara Company is annexed as Annexure C to Board’s Report. that community development is its responsibility, and it
d. Borgaon Industries Association, Nagpur
Plant resulting in substantial power saving. strives to ensure that the CSR initiatives undertaken by the
e. Indian Captive Power Plant Association, New Delhi 3. Have you done any impact assessment of your initiative? Company addresses the same.
Reductions in Boiler blow down by using RO water is
f. Confederation of Indian Industry, New Delhi
contributing to save thermal energy and water. A report on the manner in which funds are utilised is Principle 9
g. Jalgaon Industrial Association received at regular intervals from NGOs/Trusts to which 1. What percentage of customer complaints/consumer cases
5. Has the company undertaken any other initiatives on – CSR contribution has been made by the Company. The are pending as on the end of financial year?
h. Vapi Industries Association
clean technology, energy efficiency, renewable energy, etc.? internal team reviews the reports on a regular basis.
Y/N. If yes, please give hyperlink for web page etc. i. Gujarat Chamber of Commerce A well-established mechanism is in place for dealing
The internal team ensures that the CSR initiatives as with customer feedback and complaints. Customers are
j. Wool Research Association
For cleaner technology, the Company has installed RO approved by the Corporate Social Responsibility Committee provided multiple options to connect with the Company
and Multi Effect Evaporator systems for reuse of effluent k. Bureau of Energy Efficiency of the Board of Directors of the Company are implemented through email, telephone, website, social media, feedback
water, ESP for air pollution control and online monitoring in spirit and benefit the society as a whole. forms, etc. All complaints are appropriately addressed and
system. All the chemical and dyes dispensing systems are 2. Have you advocated/lobbied through above associations all efforts are taken to resolve the same.
automated. The Company’s Chhindwara and Jalgaon Plants for the advancement or improvement of public good? Yes/ 4. What is your company’s direct contribution to community
are Zero Liquid Discharge (ZLD) plants. No; if yes specify the broad areas (drop box: Governance development projects- Amount in INR and the details of 2. Does the company display product information on the
and Administration, Economic Reforms, Inclusive the projects undertaken? product label, over and above what is mandated as per
The Company has taken various initiatives in energy Development Policies, Energy security, Water, Food Security, local laws? Yes/No/N.A. /Remarks (additional information)
efficiency like waste heat recovery, VFDs on various Sustainable Business Principles, Others) The Company has spent its entire share of CSR obligation of
machines, replacement of Tube light with LED and high ` 152 Lakh for the financial year 2020-21. Yes, the Company displays necessary product information
efficiency motor. We are recovering heat from hot ash of Yes, the Company has been raising various issues like tariff on the products label.
coal fire boiler. hike, policy for Textile Industry, energy issues etc. through Out of the total amount, the Company has spent
the above-mentioned associations. ` 0.30 Crore in the below project towards community 3. Is there any case filed by any stakeholder against the
Vapi plant has added to its renewable energy portfolio by development: company regarding unfair trade practices, irresponsible
initiating the purchase of clean power through bilateral Principle 8 advertising and/or anti-competitive behaviour during the
from 0.84 MW wind turbine generator from December, 1. Does the company have specified programmes/initiatives/ last five years and pending as on end of financial year. If so,
Area Contribution of the Company
2020. projects in pursuit of the policy related to Principle 8? If yes provide details thereof, in about 50 words or so.
details thereof. Women Providing the tools and resources to create
Empowerment a better quality of life to women trafficked
Vapi plant had purchased clean power through bilateral No complaints or case has been filed against the Company
in to prostitution and assist their daughters
from 2.2 MW wind turbine generator. Principle 8 states that businesses should support inclusive and toddlers. for irresponsible advertising and anti-competitive
growth and equitable development. The Company behaviour. However, the Company has been made a
6. Are the Emissions/Waste generated by the company within endeavours to achieve inclusive growth through its various party in some complaints against an online vendor for
A detailed report on CSR initiatives undertaken by the
the permissible limits given by CPCB/SPCB for the financial skill development programmes to ensure that benefits charging GST on discounted goods at the District Forum,
Company is annexed as Annexure C to Board’s Report.
year being reported? accrued by the organization are available even to the Chandigarh. The Company is attending to the matters
marginalised sections of the society. The Company believes appropriately.
5. Have you taken steps to ensure that this community
Yes, the emissions/waste generated by the Company is that inclusive growth and equitable development is the
development initiative is successfully adopted by the
within the permissible limits given by CPCB/SPCB. We have need of the hour during such volatile times and actively 4. Did your company carry out any consumer survey/
community? Please explain in 50 words, or so.
online monitoring system for stack and effluent. participates in community development initiatives. consumer satisfaction trends?

Yes. The Company has a dedicated team of employees to

7. Number of show cause/ legal notices received from CPCB/ The Company, as part of its CSR initiatives, has undertaken Yes, Consumer Satisfaction Surveys are periodically taken
drive and monitor the CSR activities. Also, various activities
SPCB which are pending (i.e. not resolved to satisfaction) as projects towards preventive healthcare and women to assess the consumer satisfaction levels and consumer
such as internal tracking, periodical reports, telephonic and
on end of Financial Year. empowerment. A detailed report on CSR initiatives trends.
email communications are carried out by the Company on
undertaken by the Company is annexed as Annexure C to
regular basis to monitor the successful implementation of
During the Financial Year 2020-21, there were no Board’s Report.
the initiative.
unresolved show cause/legal notices received from CPCB/
SPCB. 2. Are the programmes/projects undertaken through in-
house team/own foundation/external NGO/government
Principle 7 structures/any other organization?
1. Is your company a member of any trade and chamber or
association? If Yes, Name only those major ones that your The Company undertakes various projects including CSR
business deals with: projects either through registered trust or by contributing
to the corpus of the NGOs that have an established track
a. Bombay Chamber of Commerce
record of carrying out CSR activities.
b. Madhya Pradesh Textile Association, Indore

98 Strengthening the core Raymond Limited | Annual Report 2020-21 99

 Statutory Reports

Annexure E

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND V. 

The benefits derived like product improvement, cost reduction, product development or import
FOREIGN EXCHANGE EARNINGS AND OUTGO substitution:
[Pursuant to Section 134 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014] 1. Cost reduction in manufacturing in spite of increase in inputs and C & D improvement.

A. CONSERVATION OF ENERGY 2. New prominent developments in addition to our regular fabric composition.
I. Steps taken or impact on conservation of energy:
The Company is making continuous efforts on an ongoing basis for energy conservation by adopting innovative measures to 3. In-House Repairing of Instrumentation parts - Cost Saving ` 48.27 Lakh.
reduce wastage and optimise consumption. Some of the specific measures undertaken by the Company in this direction at its
textile units located at Chhindwara, Vapi and Jalgaon are as under: VI. In case of imported technology (imported during the last three years reckoned from the beginning of
the financial year): Not Applicable
1. Separation of Process Air Piping for low pressure and high pressure.
VII. The expenditure incurred on Research & Development: ` 0.43 Crore
2. Replacement of FRP fans by Aerodynamic Energy Efficient Fans in Humidification Plant.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
3. Waste Heat Recovery from Stenter Flue Gas. ` in Crore
FY 2020-21 FY 2019-20
4. Installation of low pressure compressor for Weaving & Boiler Ash Handling system.
Foreign Exchange Earned 64.93 145.07
5. Installation of Fogging System with Chiller in Folding Humidification system. Foreign Exchange Used 115.29 398.09

6. Installation of Jet Fogging System in folding humidification plant for reducing electrical consumption.

7. Energy saving by replacing the conventional pneumatic Waxing Pump by small 50 Watt pump.

These measures have also led to power saving, reduced maintenance time and cost, improved hygienic condition and
consistency in quality and improved productivity.

II. The steps taken by the company for utilising alternate sources of energy:
1. Purchase of power through bilateral wind turbine generator of 0.84 MW in Vapi.

III. The Capital investment on energy conservation equipments:

The Capital investment on energy conservation equipment’s is ` 29 Lakh during the FY 2020-21 for installation of low pressure
compressor at Chhindwara.

B. TECHNOLOGY ABSORPTION
IV. The efforts made towards technology absorption:
1. Installation of VSF Opening Machine at P/V Spinning.

2. Use of Electrostatic Precipitator for cleaning of Stenter Exhaust Gases by removing oil and impurities from exhaust air.

3. Installation of Active Harmonic Filter.

4. Installation of Combined Mechanical & Optical Weft Straightener.

5. Installation of Waste heat and oil recovery machine in Stenter.

6. Installation of Loom Monitoring system in all the looms of Jalgaon plant for improving efficiency.

7. Old Autoconer is replaced by technologically advanced Autoconer 338 which has improved yarn quality.

8. Installation of water level monitoring system.

9. Installation of Sludge drier to reduce the cost of disposal and reduce impact on environment.

10. Following digital developments carried out for the ease of operation.

11. Weigh bridge online weighing system i.e. weighment linked with SAP - All incoming /outgoing materials weighment data
will be available in SAP.

12. PLC & HMI upgradation in Stenter, Formula, Jigger and Thies machine

100 Strengthening the core Raymond Limited | Annual Report 2020-21 101
 Statutory Reports

Annexure F Corporate Governance Report

STATEMENT OF DISCLOSURE OF REMUNERATION The Board of Directors present the Company’s Report on Raymond continues to focus its resources, strengths and
(Pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies Corporate Governance pursuant to the Securities and Exchange strategies to achieve the vision of becoming a Global leader
(Appointment and Remuneration of Managerial Personnel) Rules, 2014) Board of India (Listing Obligations and Disclosure Requirements) in Textiles, Apparel, Garmenting and Lifestyle brands while
Regulations, 2015 (the “Listing Regulations”) as amended for the upholding the core values of Quality, Trust, Leadership and
financial year ended March 31, 2021. Excellence. The Company continues to herald pioneering
Sr. No. Requirements Disclosure
innovations to consolidate its strong leadership position in
1 The ratio of the remuneration of each director to the median Name of the Director Ratio RAYMOND’S PHILOSOPHY ON CORPORATE national and international markets. 
remuneration of all the employees of the Company for the (in x times)
financial year1.
GOVERNANCE
Mr. Gautam Hari Singhania 308.50
The governance philosophy of Raymond Limited (“the THE BOARD OF DIRECTORS GOVERNANCE
Mrs. Nawaz Gautam Singhania -
Company” or “Raymond”) is based on three pillars of STRUCTURE
Mr. I. D. Agarwal - trusteeship, transparency and accountability. As a good The Corporate Governance structure at Raymond is as follows:
Mr. Pradeep Guha - corporate citizen, Raymond’s business nurtures a culture of
Mr. Shiv Surinder Kumar - ethical behavior and disclosures aimed at building trust of our Board of Directors: The Board at Raymond is well diverse
Mr. Dinesh Lal - stakeholders. Raymond as a Brand has consistently delivered comprising highly experienced individuals and persons with
Mrs. Mukeeta Jhaveri - world class quality products to its consumers for over nine and eminent expertise who are entrusted with the responsibility of
Mr. Ashish Kapadia - half decades. Governance at Raymond continues to stay at par the Management, directions and performance of the Company.
Mr. S. K. Gupta - with emerging local and global standards. The Company’s Code Raymond recognizes that an independent, dynamic and well-
a. The median remuneration of all the employees of the of Business Conduct and Ethics, Internal Code of Conduct for informed Board is essential to ensure highest standards of
Company was ` 2.50 Lakh. Regulating, Monitoring and Reporting of Trades by Designated Corporate Governance. The Board’s primary role is fiduciary.
b. Figures have been rounded off wherever necessary.
Persons as framed under the SEBI (Prohibition of Insider The Board also requests special invitees to join the meetings, as
2 The percentage increase in remuneration of each Director, Chief Name of the Director % increase in Trading) Regulations, 2015 and the ‘Charter: Business for Peace’ appropriate.
Financial Officer and Company Secretary in the financial year1. Remuneration
demonstrates our values and commitment to ethical business
Mr. Gautam Hari Singhania -22.06 practices, integrity and regulatory compliances. The Board provides leadership, strategic guidance, objective
Mrs. Nawaz Gautam Singhania - and its independent view to the Company’s management
Mr. I. D. Agarwal - At Raymond, the governance framework is based on the while discharging its responsibilities and ensures that the
Mr. Pradeep Guha - following principles: management adheres to ethics, transparency and disclosures
Mr. Shiv Surinder Kumar - which ultimately serves the long-term goals of all its
Mr. Dinesh Lal - • Strenghthening the core with deep rooted values of stakeholders along with achievement of Company’s objectives
Mrs. Mukeeta Jhaveri - Quality, Trust and Excellence; and sustainable profitable growth. The Board ensures that the
Mr. Ashish Kapadia - management is accountable for achieving the long-term goals
Mr. S. K. Gupta - • Transparency of policies including disclosures that
of the Company and also ensures compliance of applicable
Mr. Amit Agarwal2 – CFO -
affect dealings of various stakeholders with Raymond,
statutes.
timely disclosure of material, operational and financial
Mr. Sanjay Bahl3 – CFO -77.27
information;
Mr. Thomas Fernandes – CS -49.57 Committees of the Board: The Board has constituted the
3 The percentage increase/decrease in the median remuneration During FY 2020-21, the percentage decrease in the median • Accountability and responsibility of the management as the following Committees viz., Audit Committee, Nomination
of employees in the financial year. remuneration of employees as compared to previous year was Company pursues profitable growth; and Remuneration Committee (“NRC”), Corporate Social
approximately 18.57%. Responsibility (“CSR”) Committee, the Committee of Directors
4 The number of permanent employees on the rolls of Company. There were 6509 employees as on March 31, 2021 • Appropriate composition and size of the Board, with each
(Stakeholders’ Relationship Committee) and Risk Management
5 The Average percentage increase already made in the salaries Average decrease in remuneration is 31.47% for Employees member bringing in expertise in their respective domains,
Committee. Each Committee is mandated to operate within
of employees other than the managerial personnel in the last other than Managerial Personnel and 22.06% for Managerial enhancing trusteeship by providing adequate information
a well-defined Charter which is re-visited by the Board
financial year and its comparison with the percentage increase in Personnel4. to the Directors to discharge fiduciary duties effectively;
the managerial remuneration and justification thereof and point periodically. Each Committee contributes and assists the Board,
out if there are any exceptional circumstances for increase in the • Professionalism ensures that management teams resulting into remarkable discharge of roles and responsibilities
managerial remuneration. across the organization are qualified and have clear by the Directors of the Company.
6 Affirmation that the remuneration is as per the remuneration It is affirmed that the remuneration paid is as per the understanding of their roles and responsibilities;
policy of the Company Nomination, Remuneration and Board Diversity Policy of the Composition and category of Directors
Company.
• As part of Corporate Social Responsibility, Raymond
Raymond Board comprises upright combination of Independent
believes in working and supporting sustainable projects
and Non-Independent Directors, including Woman Director in
Notes: both for people & planet and valuable contribution to social
line with the provisions of the Companies Act, 2013 (the “Act”)
1. For this purpose, Sitting Fees paid to the Directors has not been considered as remuneration. Mr. Dinesh Lal and Mr. Ashish Kapadia had written to the and economic development; and
Company stating that they shall not accept any sitting fee from the Company till the situation normalizes from the COVID-19 pandemic. and the Listing Regulations. The Board of the Company has a
2. Mr. Amit Agarwal was appointed as Chief Financial Officer of the Company w.e.f. July 2, 2020. • Continuous and on-going focus on training, development good and diverse mix of Executive and Non-Executive Directors
3. Mr. Sanjay Bahl resigned as Chief Financial Officer of the Company w.e.f. July 2, 2020. and integration of employees across all levels to achieve with majority of the Board Members comprising Independent
4. Managerial Personnel includes Chairman and Managing Director.
Company’s objectives. Directors.

102 Strengthening the core Raymond Limited | Annual Report 2020-21 103
 Statutory Reports

Corporate Governance Report

The Board of the Company is broad-based and consists of eminent individuals from Industrial, Managerial, Technical, Financial, No. of positions held in other
Directorship in Listed Company(s)
Executive/ Non- Date of Companies
Marketing, Portfolio Management and Merchant Banking background. The Company is managed by the Board of Directors in co- Name of Director
Executive/ Independent Appointment Board Committee
ordination with the Senior Management team. The Board members take an active part at the Board and Committee meetings and Name of the Company Position Held
Chairman Member
provide valuable guidance to the Management on various aspects of business, governance and compliance and to run business as
Mr. Gautam Hari Promoter – Chairman & April 01, 1990 6 NIL NIL - -
a socially responsible and ethically compliant corporate citizen. The composition and strength of the Board is reviewed from time to
Singhania Managing Director
time for ensuring that it remains aligned with statutory as well as business requirements. (DIN: 00020088)
Mrs. Nawaz Gautam Promoter – April 30, 2014 2 NIL NIL - -
Composition of the Board and category of the Directors as on March 31, 2021: Singhania Non-Executive Director
Category Number of Directors (DIN: 00863174)
Mr. I. D. Agarwal Independent Director June 23, 2006 1 NIL 1 - -
Executive Promoter Director 01 (DIN: 00293784)
Non-Executive Directors (Including One Promoter Woman Director) 02 Mr. Pradeep Guha Independent Director June 15, 2009 4 1 4 Pritish Nandy Independent
Non-Executive Independent Directors (Including Independent Woman Director) 06 (DIN: 00180427) Communications Ltd. Director
Puravankara Limited Independent
Core Skills / Expertise / Competencies available with the Board Director
In terms of Listing Regulations, the following skills, expertise and competencies have been identified by the Board of Directors as Mr. Shiv Surinder Independent Director February 15, 2019 NIL NIL NIL - -
required in the context of its business and sector for it to function effectively: Kumar
(DIN: 08144909)
Mrs. Mukeeta Jhaveri Independent Director August 01, 2019 NIL NIL NIL - -
• Industry knowledge
(DIN: 00709997)
• Leadership and Entrepreneurship Mr. Dinesh Lal Independent Director August 01, 2019 5 NIL 3 Gati Limited Independent
(DIN: 00037142) Director
• Strategic Planning
Mr. Ashish Kapadia Independent Director November 26, 2019 2 NIL 2 Delta Corp Limited Managing
• Business Management (DIN: 02011632) Director
Mr. S. K. Gupta Non-Executive Director March 29, 2019 1 NIL NIL - -
• Corporate Governance (DIN: 00323759)
• Financial and Risk Management Notes:
1. Directorships exclude Private Limited Companies, Foreign Companies and Section 8 Companies
• Sales, Marketing and Retail 2. Membership of Committee only includes Audit Committee and Stakeholders Relationship Committee in Indian Public Limited Companies other than
Raymond Limited
3. Mr. Gautam Hari Singhania and Mrs. Nawaz Gautam Singhania are related to each other. None of the other Directors are related inter-se
Below table depicts the Board members skills / expertise/ competencies, which are currently available with the Board: 4. Details of Director(s) retiring or being re-appointed are given in Notice of the Annual General Meeting
5. Brief profiles of each of the above Directors are available on the Company’s website: www.raymond.in
6. Maximum tenure of Independent Directors is in accordance with the Act and Rules made thereunder
Industry Leadership and Strategic Business Corporate Financial and Sales,
Name of the Director knowledge Entrepreneurship Planning Management Governance Risk Marketing and Confirmations by the Independent Directors
Management Retail All Independent Directors have provided their annual declarations that they meet the criteria of independence as laid down under
Mr. Gautam Hari Singhania        Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. They have also given declaration under Rule 6(3) of
the Companies (Appointment and Qualification of Directors) Rules, 2014 confirming compliance with Rule 6(1) and (2) of the said
Mrs. Nawaz Gautam Singhania -      
Rules that their names are registered in the databank as maintained by the Indian Institute of Corporate Affairs (“IICA”). In terms of
Mr. I. D. Agarwal -      -
Section 150 of the Act read with Rule 6(4) of the Companies (Appointment & Qualification of Directors) Rules, 2014, the Independent
Mr. Pradeep Guha -      
Directors, if applicable, are required to undertake online proficiency self-assessment test conducted by the IICA within a period of
Mr. Shiv Surinder Kumar -      -
two (2) years from the date of inclusion of their names in the data bank or such time as amended by the Central Government. The
Mr. Dinesh Lal -     - 
Independent Directors would take the said assessment test within the prescribed timelines.
Mrs. Mukeeta Jhaveri -     - 
Mr. Ashish Kapadia       
Basis the declaration as submitted by the Independent Directors and due assessment of the veracity undertaken by the Board,
Mr. S. K. Gupta       
in terms of Regulation 25(9) of the Listing Regulations, the Board opined that the Independent Directors fulfil the conditions of
independence specified in Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations and are independent from
The number of Directorships, Committee Membership(s)/Chairmanship(s) of all Directors is within respective limits prescribed under
the management. During the year under review, none of the Independent Director(s) have resigned before expiry of their respective
the Act and the Listing Regulations.
tenures. A formal letter of appointment to Independent Directors as provided in the Act has been issued at the time of appointment
and disclosed on website of the Company viz., www.raymond.in.
Directors’ Directorships/Committee Memberships
In accordance with Regulation 26 of the Listing Regulations, none of the Directors are members in more than 10 committees
Number of Independent Directorships
excluding private limited companies, foreign companies and companies under Section 8 of the Act or act as Chairperson of more
As per Regulation 17A of the Listing Regulations, Independent Directors of the Company do not serve as Independent Director in more
than 5 committees across all listed entities in which he/she is a Director. The Audit Committee and Stakeholders Relationship
than seven listed companies. Further, the Managing Director of the Company does not serve as an Independent Director of any other listed
Committee are only considered in computation of limits. Further all the Directors have informed about their Directorships,
entities. Also in case any Director on the Board of the Company is serving as a Whole-Time Director / Managing Director in any other listed
Committee Memberships/Chairmanships including any changes in their positions. Relevant details of the Board of Directors as on
entity, then such Director does not hold the position of Independent Director in more than three listed companies.
March 31, 2021 are given below:

104 Strengthening the core Raymond Limited | Annual Report 2020-21 105
 Statutory Reports

Corporate Governance Report

Board Meetings Information placed before the Board • Ensure to place all relevant matters before the Board and professional, courteous and respectful manner and not to allow
The Board meets at regular intervals to discuss and decide The Company provides the information as set out in encourage active participation by all Directors to enable their independent judgement to be subordinated. The Code is
on business strategies/policies and review the financial Regulation 17 read with Part A of Schedule II of the Listing them to provide their expert guidance; and displayed on the Company’s website viz., www.raymond.in.
performance of the Company and its subsidiaries, apart from Regulations to the Board and the Board Committees to the
• Monitor the core management team.
other statutory matters as required to be deliberated and extent it is applicable and relevant. Such information is Conflict of Interest
approved by the Board. The Board Meetings are pre-scheduled submitted either as part of the agenda papers in advance of the Each Director informs the Company on an annual basis about
Non-Executive Directors (including Independent
and a tentative annual calendar of the Board Meeting is respective Meetings or by way of presentations and discussions the Board and the Committee positions he/she occupies in
Directors)
circulated to the Directors well in advance to facilitate them to during the Meetings. other companies including Chairmanships and notifies changes
Non-Executive Directors play a critical role in balancing the
plan their schedules accordingly. In case of business exigencies, therein during the year, if any. The Members of the Board while
functioning of the Board by providing their independent
the Board’s approval is taken through circular resolutions Paperless Board / Committee Meetings discharging their duties, avoid conflict of interest in the decision
judgements on various matters discussed in the Board
as permitted by law. The circular resolutions are noted and With a view to reduce carbon footprints and leverage technology, making process. The Members of Board restrict themselves from
meetings like formulation of business strategies, monitoring of
confirmed at the subsequent Board Meeting. Raymond has adopted a web-based application for transmitting any discussions and voting in transactions in which they have
performances, etc. Their role, inter-alia, include the following:
Board / Committee Agenda. The Directors receive the Agenda concern or interest.
The notice and detailed agenda along with the relevant notes and other documents including presentations through this
• Striking balance to the overall Board by providing
and other material information are sent in advance separately encrypted application which is accessible on iPad, laptop and Insider Trading Code
independent judgement; and
to each Director and in exceptional cases tabled at the Meeting smartphone. The said application is secured. The Company has adopted an ‘Internal Code of Conduct for
with the approval of the Board. This ensures timely and informed • Providing valuable suggestions / opinions on Company’s Regulating, Monitoring and Reporting of Trades by Designated
decisions by the Board. Video-conferencing facility as per Post Meeting Mechanism strategies, overall performance. Persons (“the Code”) in accordance with the SEBI (Prohibition of
procedure mandated under the Act, is also provided to facilitate The important decisions taken at the Board / Committee Insider Trading) Regulations, 2015 (“the PIT Regulations”) and
the Directors to participate at the meetings conveniently. The Meetings are communicated to the concerned department/ Familiarisation Programme for Directors the Code has been revised during the year under review in line
Board reviews the performance of the Company vis-à-vis the division for further action. The action taken report of the At the time of appointing a Director, a formal letter of appointment with the amendments to the PIT Regulations, as amended from
budgets/targets. The Board Agenda includes an Action Taken decisions of the Board / Committee Meetings is placed in the is given to the concerned Director, which inter-alia explains the time to time.
Report comprising of actions arising from the Board Meetings next meeting for review and reporting. role, function, duties and responsibilities as expected from a
and status updates thereof. Director of the Company. The Director is also explained in detail, The Code is applicable to Promoters, Member of Promoter’s
Board Support the Compliance required from him under the Act, the Listing Group, all Directors and Designated Persons as defined in the
Minimum four pre-scheduled Board meetings are held every The Company Secretary attends the Board Meetings, Committee Regulations and various statutes and thereafter an affirmation is Code. The Company Secretary is the Compliance Officer for
year. Additional meetings are held to address specific needs, Meetings and advises the Board on Compliances with applicable obtained on the same. The Chairman and Managing Director also monitoring adherence to the said PIT Regulations.
if any, of the Company. During the Financial Year 2020-21, statutory laws and governance. has a one to one discussion with the newly appointed Director to
the Board of Directors met five times i.e., on June 29, 2020, familiarize him / her with the Company’s operations. The Company has put in place adequate and effective system
September 14, 2020, November 10, 2020, February 9, 2021 and Roles, Responsibilities and Duties of the Board of internal controls to ensure compliance with the requirements
March 24, 2021. The maximum gap between any two consecutive The duties of Board of Directors have been enumerated in Further, on an ongoing basis as a part of Agenda of Board of the PIT Regulations. A structured digital database is being
meetings was less than one hundred and twenty days, as Listing Regulations, Section 166 and Schedule IV of the Act / Committee Meetings, presentations are regularly made maintained by the Company, which contains the names and
stipulated under Section 173(1) of the Act, and Regulation 17(2) (Schedule IV is specifically for Independent Directors). There is to the Independent Directors on various matters inter-alia other particulars as prescribed of the persons covered under the
of the Listing Regulations and the Secretarial Standards issued a clear demarcation of responsibility and authority amongst the covering the Company’s and its subsidiaries/associates Codes drawn up pursuant to the PIT Regulations. The Company
by the Institute of Company Secretaries of India. Board of Directors. businesses and operations, industry and regulatory updates, has already implemented an online module for enabling the
strategies, finance, risk management framework, role, rights, Promoters, Promoter’s Group, Directors and Designated Persons
Attendance of Directors at the Board Meetings and at The Chairman and Managing Director responsibilities of the Independent Directors under various to submit their Disclosures and take requisite approvals under
the last Annual General Meeting (“AGM“) The primary role of Chairman and Managing Director is to statutes and other relevant matters. Details of the programme the PIT Regulations. This online module also facilitates updation
provide leadership to the Board in achieving goals of the for familiarisation of Independent Directors with the working of their shareholding in the Company as well as details of their
Sr. Name of Directors No. of Board Attendance at
No. Meetings the AGM held on Company. He is responsible for transforming the Company of the Company are available on the website of the Company immediate relatives and the persons with whom they share
attended August 12, 2020 into a world-class organization. He is responsible, inter-alia, and can be accessed on www.raymond.in/cr/policies/cr/Details material financial relationship in a seamless manner.
1. Mr. Gautam Hari Singhania, 5 of 5 Present for the efficient functioning of the Board and for ensuring that ofFamiliarizationProgramimpartedtoIndependentDirectors/index.
Chairman and Managing all relevant matters are placed before the Board and that all html. The Company has formulated the ‘Policy on Procedure of Inquiry
Director Directors are encouraged to provide their expert guidance in case of leak / suspected leak of Unpublished Price Sensitive
2. Mrs. Nawaz Gautam Singhania 5 of 5 Present on matters raised in the meetings of the Board. He is also GOVERNANCE CODES Information’ (“UPSI”). The policy is formulated to maintain
3. Mr. I. D. Agarwal 5 of 5 Present responsible for formulating the corporate strategies along with Code of Business Conduct & Ethics ethical standards in dealing with sensitive information of the
4. Mr. Pradeep Guha 5 of 5 Present other members of the Board of Directors. His role, inter-alia, The Company has adopted Code of Business Conduct and Company by persons who have access to UPSI. The rationale of
5. Mr. Shiv Surinder Kumar 5 of 5 Present include the following: Ethics (“the Code”) which is applicable to the Board of Directors the policy is to strengthen the internal control systems to ensure
6. Mrs. Mukeeta Jhaveri 5 of 5 Present and all Employees of the Company. The Board of Directors and that the UPSI is not communicated to any person except in
7. Mr. Dinesh Lal 5 of 5 Present • Provide leadership to the Board and preside over all Board the members of Senior Management Team of the Company accordance with the PIT Regulations. The Policy also provides an
8. Mr. Ashish Kapadia 5 of 5 Present & General Meetings; are required to affirm semi-annual Compliance of this Code. investigation procedure in case of leak/suspected leak of UPSI.
9. Mr. S. K. Gupta 5 of 5 Present A declaration signed by the Chairman and Managing Director
• Achieve goals in accordance with Company’s overall vision;
of the Company to this effect is placed at the end of this Report. The Company has also formulated a Policy for determination
• Ensure that Board decisions are aligned with Company’s The Code requires Directors and Employees to act honestly, of ‘legitimate purposes’ as a part of the Code of Practices and
strategic policies; fairly, ethically, and with integrity, conduct themselves in Procedures for Fair Disclosure of UPSI as per the requirements of

106 Strengthening the core Raymond Limited | Annual Report 2020-21 107
 Statutory Reports

Corporate Governance Report

the PIT Regulations. The Company Secretary is the Compliance The table below provides the attendance of the Audit Committee 13. Review compliance with the provisions of SEBI (Prohibition Internal Controls and Governance Processes
Officer for ensuring implementation of the code for fair members: of Insider Trading) Regulations, 2015 with reference to The Company continuously invests in strengthening its internal
disclosure and conduct. The Board and designated persons have events which were regarded as UPSI, whether such UPSI control and processes. The Audit Committee along with CFO
affirmed compliance with the Code. This Code is displayed on were shared in the manner expected, instances of leaks, formulates a detailed plan for the Internal Auditors for the
Sr. Name of the Position Category No. of
the Company’s website viz., www.raymond.in. No. Directors Meetings if any, instance of breaches of the Code, efficiency of financial year, which is reviewed subsequently at the Audit
Attended sensitization process, etc. at least once in a financial year Committee Meetings. The Internal Auditors attend the Meetings
COMMITTEES OF THE BOARD 1. Mr. I. D. Agarwal Chairman Independent 5 of 5 and shall verify that the systems for internal control are of the Audit Committee at regular intervals and submit their
The Board of Directors have constituted Board Committees Director adequate and are operating effectively. recommendations to the Audit Committee and provide a road
to deal with specific areas and activities which concern the 2. Mr. Pradeep Guha Member Independent 5 of 5 map for the future.
In fulfilling the above role, the Audit Committee has powers
Company and requires a closer review. The Board Committees Director
to investigate any activity within its terms of reference, to seek
are formed with approval of the Board and function within their 3. Mr. S. K. Gupta Member Non-Executive 5 of 5 B) Nomination and Remuneration Committee
information from employees and to obtain outside legal and
respective Charters. These Committees play a pivotal role in the Director Composition
professional advice.
overall Management of day-to-day affairs and governance of The Nomination and Remuneration Committee (“NRC”)
the Company. The Board Committees meet at regular intervals Role and Terms of Reference comprises of three Directors. Mr. I. D. Agarwal, Independent
Functions of Audit Committee
and take necessary steps to perform their duties entrusted by The Board has framed the Audit Committee charter for the Director, is the Chairman of the NRC. The other members of
The Audit Committee, while reviewing the Annual Financial
the Board. The Minutes of the Committee Meetings are placed purpose of effective compliance of provisions of Section 177 of the NRC include Mr. Pradeep Guha and Mr. Shiv Surinder
Statement also reviews the applicability of various Indian
before the Board for noting. the Act and Regulation 18 of the Listing Regulations. The Audit Kumar, Independent Directors. The composition of NRC is in
Accounting Standards (“Ind AS”) referred to in Section 133 of
Committee inter-alia performs the following functions: accordance with the provisions of Section 178(1) of the Act and
the Act. The compliance of Ind AS as applicable to the Company
The Company has five Board Level Committees: Regulation 19 of the Listing Regulations.
has been ensured in the preparation of the Financial Statement
1. Review with the Company’s Chief Financial Officer (“CFO”),
for the financial year ended March 31, 2021.
A) Audit Committee; the preparation, execution and results of the Company’s Meeting and Attendance
annual internal audit work program; The NRC met two times during the year on June 29, 2020 and
B) Nomination and Remuneration Committee; The Audit Committee bridges the gap between the Internal
November 9, 2020. The requisite quorum was present at the
2. Oversight of the Company’s financial reporting process and Auditors and the Statutory Auditors. The Statutory Auditors are
C) 
Committee of Directors (Stakeholders’ Relationship Committee); said Meetings. The Chairman of the NRC was present at the
the disclosure of its financial information to ensure that the responsible for performing Independent Audit of the Company’s
last Annual General Meeting of the Company. The table below
D) Corporate Social Responsibility Committee; and financial statement is correct, sufficient and credible; Financial Statement and Company’s internal financial control over
provides the attendance of the NRC members:
financial reporting in accordance with the generally accepted
E) Risk Management Committee. 3. Review with the management, performance of statutory
auditing practices and issuing reports based on such audits, while
and internal auditors and review of adequacy of the internal
the Internal Auditors are responsible for the internal risk controls. Sr. Name of the Position Category Meetings
A) Audit Committee control systems; No. Director Attended
Composition
4. Discussion with statutory auditors before audit commences, Besides the above, Chairman and Managing Director, Chief 1. Mr. I. D. Agarwal Chairman Independent 2 of 2
Audit Committee of the Board of Directors (“the Audit
about the nature and scope of audit as well as post-audit Financial Officer, Business Heads of the Company’s Divisions, Director
Committee”) is entrusted with the responsibility to supervise the
discussion to ascertain any area of concern; the representatives of the Statutory Auditors and the Internal 2. Mr. Pradeep Guha Member Independent 2 of 2
Company’s financial reporting process and internal controls. The Director
Auditors are permanent invitees to the Audit Committee
composition, quorum, powers, role and scope are in accordance 5. Discussion with internal auditors on any significant findings 3. Mr. Shiv Surinder Member Independent 1 of 2
Meetings. The representatives of the Cost Auditor attend such
with Section 177 of the Act and the provisions of Regulation 18 and follow up thereon; Kumar Director
Meetings of the Audit Committee where matters relating to the
of the Listing Regulations. All members of the Audit Committee
6. Recommending to the Board, the appointment, Cost Audit Report are discussed. The Company Secretary acts as
are financially literate and bring in expertise in the fields of
remuneration and terms of appointment of Auditors; a Secretary to the Committee as required by Regulation 18(1)(e) Terms of Reference
Finance, Taxation, Economics, Risk and International Finance.
of the Listing Regulations. The broad terms of reference of the NRC, as approved by
It functions in accordance with its charter that defines its 7. Oversee the functioning of the Risk Management
the Board, are in compliance with Section 178 of the Act and
authority, responsibility and reporting function. Mr. I. D. Agarwal, Committee and advice the Risk Management Committee
The Company follows best practices in financial reporting. The Regulation 19 of the Listing Regulations, and are as follows:
Independent Director is the Chairman of the Audit Committee. with respect to risk assessment including fraud risk and risk
Company has been reporting on quarterly basis, the Un-audited
The other members of the Audit Committee include Mr. Pradeep guidelines governing the risk management process;
Standalone and Consolidated Financial Results as required by 1. to assist the Board in determining the appropriate size,
Guha, Independent Director and Mr. S. K. Gupta, Non-Executive
8. Review the management discussion and analysis of the Regulation 33 of the Listing Regulations. The Company’s diversity and composition of the Board;
Director.
financial condition and results of operations; quarterly Un-audited Standalone and Consolidated Financial
2. to recommend to the Board appointment/re-appointment
Results are made available on the website of the Company
Meetings and Attendance 9. Review statement of significant related party transactions and removal of Directors and Senior Management;
www.raymond.in and are also sent to the Stock Exchanges where
The Audit Committee met five times during the Financial Year (as defined by the Audit Committee), submitted by
the Company’s Equity Shares and Non-Convertible Debentures 3. to frame criteria for determining qualifications, positive
2020-21. The maximum gap between two Meetings was not management;
are listed for dissemination at their respective websites. attributes and independence of Directors;
more than 120 days. The Committee met on June 29, 2020,
10. Review the internal audit reports relating to internal control
September 14, 2020, November 10, 2020, February 9, 2021 and 4. to recommend to the Board, remuneration payable to the
weaknesses; The Audit Committee also oversees and reviews the functioning
March 24, 2021. The requisite quorum was present at all the Directors and Senior Management (within the appropriate
of vigil mechanism (implemented in the Company as a Fraud Risk
Meetings. The Chairman of the Audit Committee was present at 11. Scrutiny of inter-corporate loans and investments; limits as defined in the Act );
Management Policy and Whistle Blower Policy) and reviews the
the last Annual General Meeting of the Company held on August
12. Review the functioning of the Whistle blower mechanism; findings of investigation into cases of material nature and the actions 5. to create an evaluation framework for Independent
12, 2020.
and taken in respect thereof. Directors and the Board;

108 Strengthening the core Raymond Limited | Annual Report 2020-21 109
 Statutory Reports

Corporate Governance Report

6. to provide necessary reports to the Chairman after the evaluation process is completed by the Directors; (b) Executive Director C) Committee of Directors (Stakeholders’
Mr. Gautam Hari Singhania, Chairman and Managing Director* Relationship Committee)
7. to assist in developing a succession plan for the Board and Senior Management;
Composition and Attendance
Term of Appointment For a period of 5 years from July 1, 2019 to
8. to assist the Board in fulfilling responsibilities entrusted from time-to-time; and Pursuant to provisions of Section 178(5) of the Act read with
June 30, 2024
Regulation 20 of the Listing Regulations, Committee of Directors
9. delegation of any of its powers to any Member of the Committee or the Compliance Officer. Salary and Allowances ` 5,26,02,070/- (Stakeholders Relationship Committee) of the Board has been
Commission For the FY 2020-21, the Company incurred constituted. This Committee comprises of three Directors.
Remuneration Policy
a net loss, accordingly no commission is Mr. Pradeep Guha, Independent Director is the Chairman of this
A. Remuneration to Non-Executive Directors (including Independent Directors) payable Committee. The other members of the Stakeholders Relationship
The Non-Executive Directors are paid remuneration by way of sitting fees and commission. The Non-Executive Directors are
Variable Pay - Committee include Mr. Dinesh Lal, Independent Director and
paid Sitting Fees for each Meeting of the Board or Committee as attended by them. The total amount of sitting fees paid to
Mr. S. K. Gupta, Non-Executive Director.
Non-Executive Directors during the Financial Year 2020-21 was ` 29 Lakh. Further, a professional fee of ` 37.50 Lakh was paid to a Perquisites ` 1,93,66,441/-
Non-Executive Director in his professional capacity. The Non-Executive Director/Independent Directors do not have any pecuniary Retirement Benefits ` 51,57,450/-# The table below highlights the composition and attendance
relationship or transactions with the Company. In addition, professional fees for consultancy services can be paid to the Non-
Sitting Fees ` 2,50,000/- of the Members of the Committee. The requisite quorum was
Executive Directors with the prior approval of the Nomination and Remuneration Committee, Audit Committee and the Board.
present at all the Meetings.
Sitting Fees from ` 3,45,000/-
B. Remuneration to Executive Director Subsidiary Companies
The appointment and remuneration of Executive Director i.e. Chairman and Managing Director is governed by the recommendation Sr. Name of the Position Category Meetings
Minimum Mr. Gautam Hari Singhania shall be No. Directors attended
of the NRC, Resolutions passed by the Board of Directors and Shareholders of the Company and Agreement executed between Remuneration entitled to minimum remuneration
him and the Company. The remuneration package of Chairman and Managing Director comprises salary, perquisites, allowances, comprising of salary, perquisites and 1. Mr. Pradeep Guha Chairman Independent Director 10 of 10
contributions to Provident and other Retirement Benefit Funds as approved by the shareholders at the General Meetings. Annual benefits as per the applicable provisions 2. Mr. Dinesh Lal Member Independent Director 8 of 10
increments are linked to performance and are decided by the NRC and recommended to the Board for approval thereof. of the Companies Act, 2013 in the event 3. Mr. S. K. Gupta Member Non-Executive Director 10 of 10
of inadequacy/absence of profits
The Nomination, Remuneration and Board Diversity policy is directed towards rewarding performance, based on review of Notice Period and Six months’ notice or six months’ salary Mr. Thomas Fernandes, Director-Secretarial & Company
achievements. It is aimed at attracting and retaining high calibre talent. The said policy has been revised in line with the latest Severance Fees in lieu thereof Secretary is the Compliance Officer and also acts as the
amendments / changes made to the provisions of the Act and the Listing Regulations as detailed below: No. of Shares held 29 Equity Shares Company Secretary to the Committee.
#
This amount does not include amount in respect of gratuity and leave
• payment of remuneration to Non-Executive Directors in case of loss or inadequate profit in any financial year; entitlement as the same is not determinable Terms of Reference
* Remuneration is within limits recommended by NRC and approved by Board The Board approved ‘Terms of Reference’ of the Committee of
• provision relating to extension of service of Key Managerial Personnel or Senior Management Personnel after attaining the for the period July 01, 2019 to June 30, 2022 and approved by the Members of Directors (Stakeholders Relationship Committee) in compliance
age of superannuation; and the Company vide Special Resolution passed on November 02, 2019
with Section 178 of the Act and Regulation 20 read with Part
• certain other provisions have been amended to reflect the latest amendments made to the provisions of the Act and the Performance Evaluation D of Schedule II of the Listing Regulations. During the year,
Listing Regulations. Pursuant to the provisions of the Act and Regulation 17 of in order to take prompt decisions on the routine matters, the
the Listing Regulations, the Board has carried out annual Board at its meeting held on February 9, 2021 widened the
The Nomination, Remuneration and Board Diversity Policy is displayed on the Company’s website viz., www.raymond.in. evaluation of its own performance, its Committees and Directors terms of reference of the Committee of Directors (Stakeholders
individually. A structured questionnaire was prepared covering Relationship Committee) and amended the Committee Charter.
The Company has not issued any stock options. various aspects of the Board’s functioning such as adequacy of This Committee generally meets once a month. The Committee
the composition of the Board and its Committees, Board culture, looks into the matters of Shareholders/Investors grievances
Details of Remuneration paid to Directors for the year ended March 31, 2021 execution and performance of specific duties, obligations along with other matters listed below:
(a) Non-Executive Directors and governance. Suggestions received from the Independent
Directors were reviewed and noted by the Board. 1. to consider and resolve the grievances of security holders
Name of the Director Sitting Fees (`) Commission (`) No. of Shares/convertible instruments held
of the Company including complaints related to transfer/
Mrs. Nawaz Gautam Singhania 3,25,000 - 2500 Equity Shares The performance evaluation of the Chairman and Managing transmission of shares, non-receipt of annual report,
Mr. I. D. Agarwal 7,50,000 - - Director and Non-Independent Directors was carried out by the non-receipt of declared dividends, issue of new/duplicate
Mr. Pradeep Guha 10,50,000 - - Independent Directors. The Independent Directors reviewed certificates, general meetings etc.;
Mr. Shiv Surinder Kumar 3,50,000 - - key transactions (including related party transactions), quality
Mr. Dinesh Lal* 1,25,000 - - 2. to consider and approve demat/ remat of shares/split/
and timeliness of flow of information, recommended measures
Mrs. Mukeeta Jhaveri 3,00,000 - - consolidation/sub-division of share/debenture certificates;
for corporate governance etc. The Directors expressed their
Mr. Ashish Kapadia* - - - satisfaction with the evaluation process. 3. to consider and approve issue of share certificates
Mr. S. K. Gupta - - 500 Equity Shares (including issue of renewed or duplicate share certificates),
* expressed intent to not receive Sitting Fees for FY 2020-21 The performance evaluation criteria for Independent Directors transposition of names, deletion of names transfer and
Notes: along with the evaluation framework is determined by the transmission of securities, etc.;
1. Criteria for making payment to Non-executive Directors as specified in Nomination, Remuneration and Board Diversity Policy of the Company are available Nomination and Remuneration Committee, basis which the
on the website of the Company and can be accessed through the web link at www.raymond.in/sites/default/files/Nomination%20and%20Remuneration%20 4. to oversee and review all matters connected with the
performance of the Independent Directors is evaluated.
Policy.pdf transfer of the Company’s securities;
2. In addition to the above, Mr. S. K. Gupta had received ` 37.50 Lakh as professional fees towards Advisory services rendered by him in his professional capacity

110 Strengthening the core Raymond Limited | Annual Report 2020-21 111
 Statutory Reports

Corporate Governance Report

5. to consider and approve opening/modification of operation through SEBI, Stock Exchanges, Ministry of Corporate Affairs, Terms of Reference Role and Terms of Reference
and closing of bank accounts; Registrar of Companies, etc. The Minutes of the Committee of 1. To review the existing CSR Policy and to make it more 1. To formulate and monitor the implementation of Risk
Directors (Stakeholders Relationship Committee) Meetings are comprehensive so as to indicate the activities to be Management Policy of the Company and periodical review
6. to grant special/general Power of Attorney in favour of
circulated to the Board and noted by the Board of Directors. undertaken by the Company as specified in Schedule VII of of the same;
employees of the Company from time to time in connection
the Act; and
with the conduct of the business of the Company 2. To put in place mechanism for ensuring cyber security;
Continuous efforts are made to ensure that grievances are more
particularly with Government and Quasi-Government 2. To provide guidance on various CSR activities to be
expeditiously redressed to the complete satisfaction of the 3. To assist the Audit Committee with regard to the
Institutions; undertaken by the Company and to monitor process.
investors. Shareholders are requested to furnish their updated identification, evaluation, classification and mitigation of
7. to fix record date/book closure of share/debenture transfer telephone numbers and e-mail addresses to facilitate prompt The Composition of the CSR Committee as at March 31, 2021 and business, operational, strategic, financial, credit, market,
book of the Company from time to time; action. the details of Meetings of the Committee are as under: liquidity, security, property, IT, legal, regulatory, reputational
and any other internal or external risks and assess
8. to appoint representatives to attend the General Meeting Meetings and Attendance:
Details of Shareholders’ complaints received, management actions to mitigate the risk;
of other companies in which the Company is holding The CSR Committee met three times during the year on
solved and pending share transfers
securities; September 29, 2020, March 3, 2021 and March 23, 2021. All the 4. To review effectiveness of risk management and control
The total number of complaints received and resolved during
members were present at all the Meetings. The table below system;
9. to change the signatories for availment of various facilities the year ended March 31, 2021 was 51. There were no complaints
provides the attendance of the CSR Committee members:
from Banks/Financial Institution; outstanding as on March 31, 2021. The number of pending share 5. To implement proper internal checks and balances and
transfers and pending requests for dematerialization as on Sr. Name Position Category Meetings review the same periodically;
10. to grant authority to execute and sign foreign exchange
March 31, 2021 were NIL. Shareholders’/Investors’ complaints No. Attended
contracts and derivative transactions; 6. To achieve prudent balance between risk and reward in
and other correspondence are normally attended to within 7 1. Mr. I. D. Agarwal Chairman Independent Director 3 of 3 both ongoing and new business activities;
11. to monitor implementation and compliance with the (seven) working days except those which are constrained by 2. Mrs. Nawaz Gautam Member Promoter Non- 3 of 3
Company’s Code of Conduct for Prohibition of Insider disputes or legal impediments. No investor grievances remained Singhania Executive Director 7. To coordinate its activities with the Audit Committee in
Trading; unattended /pending for more than 30 (thirty) days as on 3. Mr. Pradeep Guha Member Independent Director 3 of 3 instances where there is any overlap with audit activities;
March 31, 2021. Details in this connection are as follows:
12. to review measures taken for effective exercise of voting 8. To continually obtain reasonable assurance from
E) Risk Management Committee
rights by shareholders; management that all known and emerging risks and
Complaints pending as on April 1, 2020 0 Composition
contingencies have been identified and mitigated;
13. to review adherence to the standards adopted by the Complaints received during the year 51 The composition of the Risk Management Committee is in
Company in respect of various services being rendered by Complaints resolved during the year 51 conformity with the requirements of Listing Regulations, 9. To build risk awareness culture within the Company
the Registrar and Share Transfer Agent; Complaints pending as on March 31, 2021 0 with majority of members being Directors of the Company. to ensure that employees at all levels understand the
The Risk Management Committee was re-constituted on Company’s approach to risk as well as its risk-related goals;
14. to review the measures and initiatives taken by the
November 10, 2020. The Risk Management Committee
Company for reducing the quantum of unclaimed The above table includes Complaints received by the Company 10. To review the steps taken by management to ensure
comprises of Mr. I. D. Agarwal, Independent Director - Chairman
dividends and ensuring timely receipt of dividend warrants/ from SEBI SCORES and through Stock Exchanges where the adequate independence of the risk management function
of the Committee, Mr. S. K. Gupta, Non-Executive Director and
annual reports/statutory notices by the shareholders of the securities of the Company are listed. and the processes for resolution and escalation of
Mr. Arun Agarwal, Director-Finance, members of the Committee.
Company; differences that might arise between risk management and
D) Corporate Social Responsibility Committee The Composition of the Risk Management Committee as at business functions;
15. to assist the Board in reviewing and implementing policies
Composition March 31, 2021 and the details of Meetings of the Committee are
under the Business Responsibility Reporting of the 11. To review internal systems of formal and informal
The Corporate Social Responsibility (“CSR”) Committee comprises as under:
Company as may be delegated by the Board; communication across divisions and control functions to
of three Directors. Mr. I. D. Agarwal, Independent Director is the
Meetings and Attendance: encourage the prompt and coherent flow of risk-related
16. to carry out any other function as prescribed under the Chairman of the CSR Committee. The other members of the CSR
The Committee met once during the year on March 15, 2021. information within and across business units and, as
SEBI (Listing Obligation and Disclosure Requirement) Committee include Mrs. Nawaz Gautam Singhania, Promoter Non-
The requisite quorum was present at the said meeting. The needed, the prompt escalation of information to Board/
Regulation, 2015, the Companies Act, 2013 and other Executive Director and Mr. Pradeep Guha, Independent Director.
table below provides the attendance of the Risk Management Committees of Board as appropriate;
applicable laws as amended from time to time; The Composition of CSR Committee is in accordance with the
Committee members:
provisions of Section 135 of the Act and the Companies (Corporate 12. To provide assurance to the Audit Committee that risk
17. to grant authority for matters relating to GST, PF, etc.;
Social Responsibility Policy) Rules, 2014. As per the requirement of Sr. Name Position Category Meetings management and processes for control over risks are
18. to designate/ authorize/ appoint officials of the Company Section 135 of the Act, the CSR expenditure required to be incurred No. Attended effective; and
as representatives of the Company as required under by the Company for the FY 2020-21 was ` 152 Lakh, which was 1. Mr. I. D. Agarwal Chairman Independent Director 1 of 1 13. To look after such other functions as may be delegated to it
various laws; expended by the Company during the year under review. 2. Mr. S. K. Gupta Member Non-Executive 1 of 1 by the Board, from time to time.
19. to review and approve statutory, mandatory or regulatory Director
The Company has formulated CSR Policy, which was revised 3. Mr. Vipin Agarwal* Member President – Corporate NA
matters relating to subsidiary companies of the Company; and F) Independent Directors’ Meeting
by the Board at its meeting held on May 6, 2021 based on the 4. Mr. Arun Agarwal** Member Director – Finance 1 of 1 During the year, the Independent Directors met on
20. to carry out any other duties that may be delegated to the recommendations of the CSR Committee in order to incorporate
March 3, 2021, inter-alia, to:
Committee by the Board of Directors from time-to-time. the latest amendments / changes made to the provisions of the *Mr. Vipin Agarwal ceased to be Member of Committee w.e.f.
September 30, 2020;
Act. The said policy is uploaded on the website of the Company • Review the performance of Non-Independent Directors and
The Secretarial Department of the Company and the Registrar **Mr. Arun Agarwal was inducted as the member of the Committee w.e.f.
viz., www.raymond.in. November 10, 2020. the Board as a whole;
and Share Transfer Agent, Link Intime India Private Limited
attend to all grievances of the shareholders received directly or

112 Strengthening the core Raymond Limited | Annual Report 2020-21 113
 Statutory Reports

Corporate Governance Report

• Review the performance of the Chairman of the Company, arm’s length basis is periodically placed before the Audit Audit Committee. The Whistle Blower Policy was amended The certificate from M/s. Robert Pavrey & Associates,
taking into account the views of the Executive and Non- Committee for review and recommended to the Board for during the year to enable reporting, if any, on leakage of Practicing Company Secretaries is annexed herewith as a
Executive Directors; their approval. The said statements are also reviewed and UPSI relating to the Company alongwith other necessary part of the Report.
certified by an independent Chartered Accountant Firm and amendments at the Board meeting held on February 9, 2021.
• Review and assess the key transactions (including related
placed before the Audit Committee and Board for noting. The Whistle Blower Policy is displayed on the Company’s k. Where the board had not accepted any
party transactions) undertaken since the last independent
website viz., www.raymond.in. recommendation of any committee of the
directors meeting;
As required under Regulation 23(1) of the Listing Board which is mandatorily required, in the
• Assess the quality and timeliness of flow of information Regulations, the Company has formulated a policy on relevant Financial Year
e. Disclosure of Accounting Treatment
between the Management and the Board that is necessary dealing with Related Party Transactions. The said Policy has During the year under review, all recommendations made
In the preparation of the financial statements, the Company
for the Board to effectively and reasonably perform its been suitably amended in line with the amended Listing by the Committee(s) of the Board which were mandatorily
has followed Ind AS referred to in Section 133 of the Act.
duties; Regulations at the Board meeting held on February 9, 2021. required have been accepted by the Board.
The significant accounting policies which are consistently
The Policy is available on the website of the Company viz.,
• Recommend measures that may be considered by the applied are set out in the Notes to the Financial Statements.
www.raymond.in. l. Total fees for all services paid by the listed
Company for Corporate Governance, if any; and
entity and its subsidiaries, on a consolidated
• Review recommendations from the last Independent None of the transactions with Related Parties were in f. Risk Management basis, to the statutory auditors and all entities
Directors meeting along with their implementation status. conflict with the interest of Company. All the transactions Business risk evaluation and Management is an ongoing in the network firm/network entity of which the
have no potential conflict with the interest of the Company process within the Company. The assessment is periodically statutory auditor is a part
All the Independent Directors were present at this Meeting. at large and are carried out on an arm’s length or fair value examined by the Risk Management Committee and Board. Details relating to fees paid to the Statutory Auditors of the
basis. Company are given in Note 33C to the Standalone Financial
SUBSIDIARY COMPANIES Statements and Note 27(c) to the Consolidated Financial
g. Credit Rating
The minutes of the Board Meetings of the subsidiary c. Details of non-compliance by the Company, Statements.
During the year, CRISIL has given the credit rating of AA-
companies along with the details of significant transactions penalties, and strictures imposed on the
for Long Term Borrowing/ Non-Convertible Debentures and
and arrangements entered into by the subsidiary companies Company by Stock Exchanges or SEBI or any m. Disclosures in relation to the Sexual Harassment
A1+ for Short Term Borrowing / Commercial Paper. CARE
are shared with the Board of Directors on a quarterly basis. The statutory authority, on any matter related to of Women at Workplace (Prevention, Prohibition
has revised the credit rating to CARE AA- from CARE AA
financial statements of the subsidiary companies are presented capital markets, during last three Financial and Redressal) Act, 2013
for Non-Convertible Debentures and CARE A1+ for Short
to the Audit Committee. Years The details of number of complaints filed, disposed of
Term Borrowing / Commercial Paper. The credit rating is
The SEBI has passed an adjudication order dated during the year and pending as on March 31, 2021 is given
displayed on the Company’s website viz., www.raymond.in.
The Board of Directors of the Company has approved a Policy for November 19, 2020 on a show cause notice issued to the in the Directors’ report.
determining Material Subsidiaries which is in line with the Listing Company for approval to be taken for certain related party
Regulations as amended. The said policy has been uploaded transactions, disclosure of litigation alongwith details h. Commodity price risk or foreign exchange risk n. Non-mandatory requirements
on the website of the Company viz., www.raymond.in. For the and financial implications thereof and reclassification of and hedging activities Adoption of non-mandatory requirements of the Listing
financial year 2020-21, Raymond Apparel Limited and Raymond promoter to public shareholder in June 2017. As per the 
The Company has managed the foreign exchange risk with Regulations is reviewed by the Board from time-to-time.
Luxury Cottons Limited were the material subsidiaries as per said adjudication order, a monetary penalty of ` 7 Lakh was appropriate hedging activities in accordance with policies of
the thresholds laid down under the Listing Regulations and imposed which had been paid by the Company. the Company. The Company has adequate risk assessment DETAILS OF ADOPTION OF NON-MANDATORY
requirements relating to composition of Board of Directors of and minimization system in place including for commodities. (DISCRETIONARY) REQUIREMENTS
Unlisted Material Subsidiary is complied with. The Company has complied with all requirements specified The Company does not have material exposure of any Non-mandatory (discretionary) requirements under Regulation 27
under the Listing Regulations as well as other regulations, commodity and accordingly, no hedging activities for the of the Listing Regulations.
AFFIRMATIONS AND DISCLOSURES: circulars and guidelines issued by the SEBI. Consequently, same are carried out. Accordingly, there is no disclosure
a. Compliances with Governance Framework there were no strictures or penalties imposed by either SEBI to offer in terms of SEBI circular no. SEBI/HO/CFD/CMD1/ The status of compliance with the non-mandatory requirements
The Company is in compliance with all mandatory or Stock Exchanges or any statutory authority for non- CIR/P/2018/0000000141 dated November 15, 2018. of the Listing Regulations is provided below:
requirements under the Listing Regulations. compliance of any matter related to the capital markets
during the last three Financial years. • The Board
i. Details of utilization of funds raised through
b. Related Party Transactions The requirement relating to maintenance of office and
preferential allotment or qualified institutions
All transactions entered into by the Company with the d. Vigil Mechanism / Whistle Blower Policy reimbursement of expenses of Non-Executive Chairman is
placement as specified under Regulation 32
Related Parties as defined under the Act and Regulation Pursuant to Section 177(9) and (10) of the Act, and not applicable to the Company since the Chairman of the
(7A) of the Listing Regulations Not Applicable
2(1)(zb) of the Listing Regulations during the financial Regulation 22 of the Listing Regulations, the Company Company is an Executive Director.
year were on arm’s length basis and are in compliance has formulated Whistle Blower Policy for vigil mechanism
j. A certificate from a Company Secretary in
with the requirements of provisions of Section 188 of the of Directors and employees to report to the management • Shareholders rights
practice that none of the directors on the
Act. There were no materially significant transactions with about the unethical behavior, fraud or violation of The Company has not adopted the practice of sending
board of the Company have been debarred
Related Parties during the year under review. Related Company’s code of conduct and ethics. The mechanism out half-yearly declaration of financial performance to
or disqualified from being appointed or
party transactions have been disclosed under significant provides for adequate safeguards against victimization shareholders. Quarterly results as approved by the Board
continuing as directors of companies by the
accounting policies and notes forming part of the Financial of employees and Directors who use such mechanism are disseminated to Stock Exchanges and updated on the
Board/Ministry of Corporate Affairs or any such
Statements in accordance with Ind AS 24 ‘Related Party and makes provision for direct access to the Chairman of website of the Company.
statutory authority
Disclosures’. A statement in summary form of transactions the Audit Committee in exceptional cases. None of the
with Related Parties in ordinary course of business and personnel of the Company have been denied access to the

114 Strengthening the core Raymond Limited | Annual Report 2020-21 115
 Statutory Reports

Corporate Governance Report

• Modified opinion(s) in audit report Dividend dividend are available on the website of the Company viz.,
During the year under review, there is no audit qualification in your Company’s financial statement. The Company continues to No dividend was recommended by the Board of Directors on the www.raymond.in.
adopt best practices to ensure regime of financial statement with un-modified opinion. Equity Shares of the Company for the financial year ended
March 31, 2021 to conserve the resources. In terms of SEBI Circular No. SEBI/HO/MIRSD/DOP1/
• Reporting of Internal Auditor CIR/P/2018/73 dated April 20, 2018, the bankers to the dividend
In accordance with the provisions of Section 138 of the Act, the Company has appointed an Internal Auditor who reports to the Dividend History for the last 10 Financial Years accounts opened by the Company for the earlier years have
Audit Committee. Quarterly internal audit reports are submitted to the Audit Committee which reviews the audit reports and Below table highlights the history of Dividend declared by credited back the amount of dividend lying unpaid beyond the
suggests necessary action. the Company in the last 10 financial years: validity period into the relevant bank accounts.

DISCLOSURE OF COMPLIANCE WITH CORPORATE GOVERNANCE REQUIREMENTS SPECIFIED IN Sr. Financial Year Date of Declaration of Dividend declared
Share Transfer to Investor Education and Protection
REGULATION 17 TO 27 AND REGULATION 46(2) OF THE LISTING REGULATIONS No. Dividend per share Fund Account (IEPF) where the dividend is unpaid or
The Company has complied with all the mandatory corporate governance requirements under the Listing Regulations. The Company unclaimed for seven or more consecutive years
1. 2010-11 June 7, 2011 ` 1.00
confirms compliance with corporate governance requirements specified in Regulation 17 to 27 and sub-regulation (2) of Regulation In terms of Section 124(6) of the Act read with Rule 6 of the
46 of the Listing Regulations. Investor Education and Protection Fund Authority (Accounting,
2. 2011-12 June 6, 2012 ` 2.50
Audit, Transfer and Refund) Rules, 2016 (as amended from
3. 2012-13 June 7, 2013 ` 1.00
SHAREHOLDER INFORMATION time to time) (IEPF Rules) shares on which dividend has not
4. 2013-14 June 10, 2014 ` 2.00
General Body Meetings been paid or claimed by a shareholder for a period of seven
5. 2014-15 June 8, 2015 ` 3.00
Details of Last Three Annual General Meetings Held consecutive years or more shall be credited to the Investor
6. 2015-16 June 7, 2016 ` 3.00 Education and Protection Fund (IEPF) within a period of thirty
AGM Financial Date and Time Venue Details of Special Resolution Passed 7. 2016-17 June 5, 2017 ` 1.25 days of such shares becoming due to be so transferred. Upon
Year
8. 2017-18 June 2, 2018 ` 3.00 transfer of such shares, all benefits (like bonus, dividend etc.), if
93rd 2017-18 June 2, 2018 Registered Office of the Company at • To authorize borrowing by way of issuance of 9. 2018-19 June 5, 2019 ` 3.00 any, accruing on such shares shall also be credited to such IEPF
11:00 AM Ratnagiri Non-Convertible Debentures / Bonds / other Instruments.
10. 2019-20 No dividend Declared Nil and the voting rights on such shares shall remain frozen till the
• Payment of remuneration to Mr. Gautam Hari Singhania,
Chairman and Managing Director, for the period from rightful owner claims the shares.
July 1, 2017 to June 30, 2019. Unclaimed Dividend/Shares
94th 2018-19 June 5, 2019 Registered Office of the Company at • To authorize borrowing by way of issuance of Pursuant to the provisions of Section 124(5) of the Act, if the Shares which are transferred to IEPF can be claimed back by
11:00 AM Ratnagiri Non-Convertible Debentures / Bonds / other Instruments. dividend transferred to the Unpaid Dividend Account of the the shareholders from Investor Education and Protection Fund
95th 2019-20 August 12, 2020 Through Video Conferencing / Other • To pay commission to Non-Executive Directors based on Company remains unpaid or unclaimed for a period of seven Authority (IEPFA) by following the procedure prescribed under
02.30 PM Audio Visual Means Net Profits of the Company consecutive years from the date of such transfer then the said the aforesaid rules. The detailed procedure is also available on
unclaimed or unpaid dividend amount shall be transferred by the website of the Company i.e. www.raymond.in.
Postal Ballot
the Company along with interest accrued, if any, to the Investor
No Postal Ballot was conducted during the year under review. At present there is no proposal to pass any resolution through postal ballot.
Education and Protection Fund (“the IEPF”), a fund established Due to outbreak of the COVID-19 pandemic in India and on
under sub-section (1) of Section 125 of the Act. account of lockdown, the Company sent reminders by email to
Extra Ordinary General Meeting
all the concerned Members and published notice in Business
During the year under review, no Extra Ordinary General Meeting was held.
Before transferring the unclaimed dividends to IEPF, individual Standard (English newspaper) and Ratnagiri Times (local
letters are sent to those Members whose unclaimed dividends language Marathi newspaper) only on July 16, 2020 asking them
Annual General Meeting (“AGM”) for the Financial Year 2020-21
are due for transfer to enable them to claim the dividends before to claim their dividend amount to avoid transfer of the said
DAY AND DATE Monday, August 2, 2021 the due date for such transfer. The details of unclaimed/unpaid unclaimed dividend and respective shares to IEPF.
TIME 03.30 p.m. (IST)
MODE / VENUE Through Video Conferencing / Other Audio Visual Means (there is no requirement to have a
venue for the AGM) as set out in the Notice convening the Annual General Meeting.
Details of Unclaimed Dividend as on March 31, 2021 and due dates for transfer are as follows:
BOOK CLOSURE DATE FOR AGM Saturday, July 24, 2021 to Monday, August 2, 2021 (both inclusive dates)
FINANCIAL YEAR April 1, 2020 to March 31, 2021 Sr. No. Financial Year Date of Declaration of Dividend Unclaimed Amount (`) Due Date for transfer to IEPF
Account
1. 2013-14 June 10, 2014 17,76,512.00 July 16, 2021
Tentative Calendar for Financial Year ending March 31, 2022
2. 2014-15 June 8, 2015 26,83,860.00 July 14, 2022
The tentative dates for Board Meetings for consideration of quarterly financial results are as follows:
3. 2015-16 June 7, 2016 28,36,839.00 July 13, 2023
4. 2016-17 June 5, 2017 13,46,942.50 July 11, 2024
Sr. No. Particulars of Quarter Tentative dates* 5. 2017-18 June 2, 2018 31,06,473.00 July 09, 2025
1. First Quarter Results On or before August 14, 2021 6. 2018-19 June 5, 2019 22,94,892.00 July 11, 2026
2. Second Quarter & Half Yearly Results On or before November 14, 2021 7. 2019-20 Not declared NA NA
3. Third Quarter & Nine-months ended Results On or before February 14, 2022
4. Fourth Quarter & Annual Results In April/ May 2022 During the year under review, the Company has transferred Unclaimed Dividend Amount of ` 8,45,109/- to Investor Education and
Protection Fund which was declared in FY 2012-13.
*or such other date as may be allowed by SEBI and the MCA.

116 Strengthening the core Raymond Limited | Annual Report 2020-21 117
 Statutory Reports

Corporate Governance Report

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: c) DP will process the DRF and will generate a The audit confirms that the total Listed and Paid-up Capital is
Dematerialization Request Number (“DRN”). in agreement with the aggregate of the total number of shares
d) DP will submit the DRF and original share certificates to the in dematerialized form (held with NSDL and CDSL) and total
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 Registrar and Transfer Agents (“RTA”), i.e. Link Intime India number of shares in physical form.
Outstanding Shares in the Company for transfer of transferred from suspense outstanding shares in the frozen till the rightful Private Limited.
suspense account lying at shares from suspense account during the year suspense account lying at owner of such shares e) RTA will process the DRF and update the status to DP/ Compliance with Secretarial Standards
the beginning of the year account during the year the end of the year claims the shares depositories. The Company has complied with the applicable Secretarial
(1) (2) (3) (4) (5) f) Upon confirmation of request, the shareholder will get Standards issued by the Institute of Company Secretaries of India.
credit of the equivalent number of shares in his demat
505 number of NIL NIL 460 number of 18,872
shareholders and 20,006 shareholders and 18,872
account maintained with the DP. Outstanding GDRs/ Warrants and Convertible Bonds,
Equity Shares Equity Shares conversion date and likely impact on equity
Consolidation of Folios and Avoidance of Multiple There were 69,440 outstanding GDRs representing 1,38,880
Note 1: 52,480 shares have been transferred to IEPF during the year for which dividend is unpaid/unclaimed for a period of 7 consecutive years, which includes Mailing equity shares, 0.21% of the total share Capital of the Company
45 number of shareholders holding 1134 shares in demat suspense account. In order to enable the Company to reduce costs and duplicity of as on March 31, 2021. Each GDR represents 2 underlying Equity
Note 2: During the year under review, no Shares were credited by the Company to the said demat suspense account. efforts for providing services to investors, members who have shares of face value ` 10/- each. The Company’s GDR are listed
more than one folio in the same order of names, are requested on the Luxembourg Stock Exchange. The Company’s share/
Distribution of Shareholding as on March 31, 2021
to consolidate their holdings under one folio. Members may GDRs’ are listed on the following Stock Exchanges and the listing
No. of equity No. of shareholders % of shareholders No. of shares held % of Shareholding write to the RTA indicating the folio numbers to be consolidated fees have been paid to the Exchanges:
Shares along with the original shares certificates.
1 to 500 173770 95.98 11819811 17.76 Stock Exchange Stock Code
501 to 1000 4154 2.29 3215798 4.83 Reconciliation of Share Capital Audit Report BSE Limited (“BSE”) 500330
1001 to 2000 1855 1.03 2706056 4.06 As stipulated by SEBI, a qualified Practicing Company Secretary P.J. Towers, Dalal Street, Mumbai – 400 001
2001 to 3000 490 0.27 1251983 1.88 carries out Share Capital Audit to reconcile the total admitted National Stock Exchange of India Limited (“NSE”) Raymond EQ
3001 to 4000 206 0.11 738384 1.11 capital with National Securities Depository Limited (“NSDL”) Exchange Plaza, 5th Floor, Bandra-Kurla Complex,
4001 to 5000 157 0.08 737688 1.11 and Central Depository Services (India) Limited (“CDSL”) and Bandra (E), Mumbai – 400 051
5001 to 10000 241 0.14 1779155 2.67 the total issued and listed capital. This audit is carried out Luxembourg Stock Exchange (GDRs) USY721231212
every quarter and the report thereon is submitted to the Stock Societe De La Bourse De Luxembourg,
10001 and above 193 0.10 44324856 66.58
35A, Boulevard Joseph II, L-1840 Luxembourg
GRAND TOTAL 181066 100.00 66573731 100.00 Exchanges where the Company’s shares are listed.

Secured Redeemable Non-Convertible Debentures (NCDs)

During the year under review, following Secured Redeemable Non-Convertible Debentures (NCDs) of face value ` 10,00,000/- each
Shareholding Pattern as on March 31, 2021 Dematerialization of Shares and Liquidity
have been listed on the Negotiated Trade Reporting Platform of National Stock Exchange of India Limited:
98.12% of the equity shares of the Company have been
dematerialized (NSDL 82.99% and CDSL 15.13%) as on March Series Coupon Rate % (p.a.) ISIN Principal Amount Date of Maturity Debenture Trustee Present Credit Rating
60
31, 2021. The Company has entered into agreements with (` in Crore)
National Securities Depository Limited (NSDL) and Central L 9.50 INE301A07011 65 May 22, 2023 CARE AA- CRISIL AA-
48.79%

Depository Services (India) Limited (CDSL) whereby shareholders M 8.80 INE301A07029 80 June 01, 2023 CARE AA-
50
Promoter Group Axis Trustee
have an option to dematerialize their shares with either of the N 8.85 INE301A07045 100 October 26, 2023 CARE AA-
Services Limited
Domestic/Insurance Depositories. O 8.85 INE301A07052 40 November 25, 2023 CARE AA-
38.99%

Companies P 9.00 INE301A07060 200 February 9, 2031 CARE AA-

40
Nationalised Banks/FI/UTI Dematerialization of Shares - Process
Share Price Data
Mutual Funds
BSE NSE
30 Shareholders who continue to hold shares in physical form are MONTH
Foreign Institutional HIGH (`) LOW (`) VOLUME (Nos.) HIGH (`) LOW (`) VOLUME (Nos.)
Investors (FII) requested to dematerialize their shares at the earliest and avail
April 2020 285.95 216.65 5,33,569 282.00 218.00 62,24,692
the benefits of dealing shares in demat form. For convenience of
Global Depositary Receipts May 2020 243.70 212.45 5,48,709 243.10 212.10 57,26,922
20 shareholders, the process of getting the shares dematerialized is
Non-Resident June 2020 360.85 225.20 30,62,215 360.90 226.00 3,40,04,969
given hereunder:
Individuals/Companies July 2020 283.95 236.70 18,12,434 284.00 236.25 1,76,10,615
Public/Other August 2020 312.00 233.00 30,97,879 312.00 233.35 3,57,61,217
6.43%

10 a) Demat account should be opened with a Depository

September 2020 319.90 252.25 14,38,096 296.00 252.00 1,64,25,540
Participant (“DP”).
2.43%

1.86%

October 2020 295.80 268.10 7,33,702 295.85 268.10 98,75,149

1.38%

0.02%

0.10%

b) Shareholders should submit the Dematerialization Request

0 November 2020 327.85 270.00 15,90,728 328.00 270.00 2,44,77,112
31-Mar-2021 Form (“DRF”) along with share certificates in original, to
December 2020 376.00 305.20 23,48,049 371.75 305.10 3,03,80,126
their DP. January 2021 355.95 318.55 10,95,516 355.70 318.15 1,33,21,841
February 2021 395.65 318.70 24,99,162 395.70 318.30 3,63,81,971
March 2021 408.95 327.55 14,16,322 409.00 327.15 2,02,61,060

118 Strengthening the core Raymond Limited | Annual Report 2020-21 119
 Statutory Reports

Corporate Governance Report

Closing share price and Market Capitalisation Share Transfer System

In accordance with the proviso to Regulation 40(1) of the Listing Regulations, effective from April 01, 2019, transfers of shares of the
Particulars BSE NSE
Company shall not be processed unless the shares are held in the dematerialized form with a depository. Accordingly, shareholders
Closing share price as on March 31, 2021 (`) 361.70 361.55 holding equity shares in physical form are urged to have their shares dematerialized so as to be able to freely transfer them and
Market Capitalisation as on March 31, 2021 (` in Lakh) 2,40,797 2,40,697 participate in various corporate actions.

Raymond Equity Share performance vis-à-vis Sensex (High) Raymond Equity share performance vis-à-vis Sensex (Low) Nomination
Individual shareholders holding shares in physical form either singly or jointly 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
60,000.00 600.00 60,000.00 600.00 also available with the Depository Participants as per the by-laws and business rules applicable to NSDL and CDSL. Nomination forms
50,000.00 500.00 50,000.00 500.00
can be obtained from the Company’s Registrar and Share Transfer Agent.

40,000.00 400.00 40,000.00 400.00 Service of documents through electronic mode

30,000.00 300.00 30,000.00 300.00 As a part of Green Initiative, 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
20,000.00 200.00 20,000.00 200.00 [email protected].
10,000.00 100.00 10,000.00 100.00
Address for Correspondence:
Compliance Officer Link Intime India Private Limited Company Debenture Trustee

0
0

1
0
1
0

20

0
20

20
0

21
20

20
21

0
20

20
20

21
21

0
0

-2
-2

-2
-2
-2
-2

-2
-2

-2
-2

l-2
l-2

g-
g-

p-

b-
p-

r-
b-
r-

n-

n-
n-

n-

ay
ay

ar
ov
ar
ov

ec
ec

ct
ct

Ap
Ap

Au
Au

Ju
Ju

Se

Fe
Se

Fe

Ju

Ja
Ju

Ja

M
O

M
M

D
N
D
N

Mr. Thomas Fernandes Unit: Raymond Limited Raymond Limited, Axis Trustee Services Limited
SH RH SL RL
Director-Secretarial & C-101, 247 Park, L.B.S Marg, Secretarial Department, Axis House, Bombay Dyeing Mills
Company Secretary Vikhroli (West), Pokhran Road No.1, Compound, Pandurang Budhkar
Tel: 022-40367000 Mumbai - 400 083 Jekegram, Thane (W) - 400 606. Marg, Worli, Mumbai - 400 025.
Means of Communication to Shareholders
[email protected] Tel: 022-49186000/49186200 Tel: 022-40367000/40368687 Tel: 022-62260054
(i) The Un-audited quarterly/ half yearly results are announced within forty-five days of the close of the quarter (or such other Fax: 022-49186060 Fax: 022-25412805 Fax: 022-43253000
extended timeline as may be allowed by SEBI and MCA). The audited annual results are announced within sixty days from [email protected] [email protected] [email protected]
the closure of the financial year (or such other extended timeline as explained above) as per the requirement of the Listing
Regulations.
Plant Locations:
(ii) The approved financial results are forthwith sent to the Stock Exchanges and are published in Business Standard (English The Company has the following manufacturing and operating Divisions:
newspaper) and Ratnagiri Times (Marathi newspaper), within forty-eight hours of approval thereof. Presently the same are not
Textile Division:
sent to the shareholders separately.
Jalgaon No. E-1 and E-11, MIDC Area, Phase II, Ajanta Road, Jalgaon, Maharashtra - 425 003
(iii) The Company’s financial results and official press releases are displayed on the Company’s website- www.raymond.in.
Chhindwara B 1, A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, Tehsil Sauser, Dist.
(iv) Presentations made to the institutional investors or/and analysts are intimated to the Stock Exchanges within the prescribed Chhindwara, Madhya Pradesh - 480 001;
time period specified under the Listing Regulations and hosted on the Company’s website simultaneously. Vapi N. H. No.8, Khadki - Udwada, Taluka Pardi, District Valsad, Gujarat - 396 185;

(v) The Annual Report containing inter-alia the Audited Standalone and Consolidated Financial Statements, Auditors’ Report Aviation & Real Estate Division:
thereon, Directors Report, Corporate Governance Report and Management Discussion and Analysis report is circulated to the
Thane Sapphire, First Floor, Jekegram, Pokhran Road No. 1, Thane (West) – 400 606.
Members and others entitled thereto. The Annual Report is also available on the website of the Company and on the website of
the Stock Exchanges where the Company’s shares are listed.

(vi) The quarterly results, shareholding pattern, quarterly compliances and all other corporate communication to the Stock
Declaration
Exchanges viz., BSE Limited, National Stock Exchange of India Limited and Luxembourg Stock Exchange are filed electronically.
Compliance with the Code of Business Conduct and Ethics
The Company has complied with filing submissions through BSE Listing Centre provided by BSE. Likewise, the said information
is also filed electronically with NSE through NEAPS portal provided by NSE.
As provided under Regulation 26 (3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, all Board Members
(vii) A separate dedicated section under “Investors Relation”, on the Company’s website gives information on unclaimed dividends, and Senior Management Personnel have affirmed semi-annual compliance with Raymond Limited Code of Business Conduct and Ethics
shareholding pattern, quarterly/half yearly results and other relevant information of interest to the investors/public. for the year ended March 31, 2021.
For Raymond Limited
(viii) SEBI processes investor complaints in a centralized web based complaints redressal system i.e. SCORES. Through this system
a shareholder can lodge complaint against the Company for his/her grievance. The Company uploads the action taken on the
Place: Mumbai  Gautam Hari Singhania
complaint which can be viewed by the shareholder. The Company and shareholder can seek and provide clarifications online
Date: May 6, 2021 Chairman and Managing Director
through SEBI.

(ix) The Company has designated the email id: [email protected] exclusively for investor relation, and the same is prominently
displayed on the Company’s website www.raymond.in.

120 Strengthening the core Raymond Limited | Annual Report 2020-21 121
 Statutory Reports

Annexure to Corporate Governance Report

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS of India, Ministry of Corporate Affairs, or any such other Statutory Independent Auditor’s Certificate on Corporate Governance
(pursuant to Regulation 34(3) and Schedule V Para C clause (10) Authority.
(i) of the SEBI (Listing Obligations and Disclosure Requirements) To the Members of Raymond Limited
Sr. Name of Director DIN Date of
Regulations, 2015)
No. appointment
in Company 1. This certificate is issued in accordance with the terms of our engagement letter dated 10 September 2020.
To,
1 Mr. Gautam Hari Singhania 00020088 01/07/2009
The Members of 2. We have examined the compliance of conditions of corporate governance by Raymond Limited (‘the Company’) for the year
2 Mrs. Nawaz Gautam Singhania 00863174 30/04/2014
Raymond Limited ended on 31 March 2021, as stipulated in Regulations 17 to 27, clauses (b) to (i) of Regulation 46(2), and paragraphs C, D and
Plot No 156/H No 2 Village Zadgaon 3 Mr. Dinesh Kumar Lal 00037142 01/08/2019 E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
Ratnagiri - 415 612 4 Mr. Pradeep Guha 00180427 15/06/2009 2015 (‘Listing Regulations’).
5 Mr. Ishwar Das Agarwal 00293784 23/06/2006
We have examined the relevant registers, records, forms, returns 6 Mr. Surya Kant Gupta 00323759 29/03/2019 Management’s Responsibility
and disclosures received from the Directors of Raymond Limited 7 Mrs. Mukeeta Pramit Jhaveri 00709997 01/08/2019 3. The compliance of conditions of corporate governance is the responsibility of the management. This responsibility includes the
having CIN L17117MH1925PLC001208 and having registered 8 Mr. Ashish Kiran Kapadia 02011632 26/11/2019 designing, implementing and maintaining operating effectiveness of internal control to ensure compliance with the conditions
office at Plot No 156/H No 2 Village Zadgaon Ratnagiri - 415 612, 9 Mr. Shiv Surinder Kumar 08144909 15/02/2019 of corporate governance as stipulated in the Listing Regulations.
Maharashtra, India (hereinafter referred to as ‘the Company’),
Ensuring the eligibility of for the appointment / continuity of every
produced before me by the Company for the purpose of issuing Auditor’s Responsibility
Director on the Board is the responsibility of the management of
this Certificate, in accordance with Regulation 34(3) read with 4. Pursuant to the requirements of the Listing Regulations, our responsibility is to express a reasonable assurance in the form of an
the Company. Our responsibility is to express an opinion on these
Schedule V Para-C Sub clause 10(i) of the Securities Exchange opinion as to whether the Company has complied with the conditions of corporate governance as stated in paragraph 2 above.
based on our verification. This certificate is neither an assurance
Board of India (Listing Obligations and Disclosure Requirements) Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring
as to the future viability of the Company nor of the efficiency or
Regulations, 2015. the compliance with the conditions of corporate governance. It is neither an audit nor an expression of opinion on the financial
effectiveness with which the management has conducted the
statements of the Company.
In our opinion and to the best of our information and according to affairs of the Company.
the verifications (including Directors Identification Number (DIN)
For ROBERT PAVREY & ASSOCIATES 5. We have examined the relevant records of the Company in accordance with the applicable Generally Accepted Auditing
status at the portal www.mca.gov.in) as considered necessary and
Company Secretaries Standards in India, the Guidance Note on Certification of Corporate Governance issued by the Institute of Chartered
explanations furnished to me by the Company & its officers, I hereby
Accountants of India (‘ICAI’), and Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI which
certify that none of the Directors on the Board of the Company as
 ROBERT PAVREY requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.
stated below for the Financial Year ending on 31st March, 2021 have
Proprietor
been debarred or disqualified from being appointed or continuing
Place: Mumbai FCS 2928 CP. No. : 1848 6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
as Directors of companies by the Securities and Exchange Board
Dated: May 5, 2021 UDIN: F002928C000247700 for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.

CEO / CFO Certification

Opinion
We, the undersigned, in our respective capacities as Managing financial reporting of the Company and have disclosed to
7. Based on the procedures performed by us and to the best of our information and according to the explanations provided to us,
Director and Chief Financial Officer of Raymond Limited (“the the Auditors and the Audit Committee, deficiencies in the
in our opinion, the Company has complied, in all material respects, with the conditions of corporate governance as stipulated in
Company”) to the best of our knowledge and belief certify that: design or operation of internal controls, if any, of which we
the Listing Regulations during the year ended 31 March 2021.
are aware and the steps we have taken or propose to take to
a) We have reviewed financial statements for the year ended
rectify these deficiencies.
March 31, 2021 and that to the best of our knowledge and We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
belief, we state that: d) We have indicated to the Auditors and the Audit Committee: effectiveness with which the management has conducted the affairs of the Company.
(i)  these statements do not contain any materially (i) significant changes, if any, in internal control over
Restriction on use
untrue statement or omit any material fact or contain financial reporting during the year;
8. This certificate is issued solely for the purpose of complying with the aforesaid regulations and may not be suitable for any other
statements that might be misleading; (ii) significant changes, if any, in accounting policies during
purpose.
(ii) these statements together present a true and fair view the year and that the same have been disclosed in the
of the Company’s affairs and are in compliance with notes to the financial statements; and
For Walker Chandiok & Co LLP
existing accounting standards, applicable laws and (iii) instances of significant fraud of which we have become
Chartered Accountants
regulations. aware and the involvement therein, if any, of the
Firm Registration No. 001076N/N500013
management or an employee having a significant role
b) We further state that to the best of our knowledge and belief,
in the Company’s internal control system over financial
no transactions are entered into by the Company during Adi P. Sethna
reporting.
the year, which are fraudulent, illegal or violative of the Partner
Company’s Code of Conduct. For Raymond Limited For Raymond Limited Place: Mumbai  Membership No.: 108840
Date: 6 May 2021  UDIN: 21108840AAAACH9325
c) We are responsible for establishing and maintaining internal Gautam Hari Singhania Amit Agarwal
controls over financial reporting and that we have evaluated Chairman and Managing Director Chief Financial Officer
the effectiveness of internal control systems pertaining to
Mumbai, May 6, 2021

122 Strengthening the core Raymond Limited | Annual Report 2020-21 123
 Financial Statements

Independent Auditor’s Report

To the Members of Raymond Limited of the Financial Statements section of our report. We are As per such assessment done by the management, no further • Assessed cash flow forecasts to ensure consistency with
independent of the Company in accordance with the Code adjustments are required to the carrying value of the investments current operations of the companies and performed
in and the recoverables from the joint venture and the subsidiary as sensitivity analysis on key assumptions used in management’s
Report on the Audit of the Standalone Financial Statements of Ethics issued by the Institute of Chartered Accountants of
at 31 March 2021. calculated recoverable value;
India (‘ICAI’) together with the ethical requirements that are
Opinion relevant to our audit of the financial statements under the Considering the materiality of the amounts involved, the significant • Based on our procedures, we also considered the adequacy
1. We have audited the accompanying standalone financial provisions of the Act and the rules thereunder, and we have management judgement required in estimating the quantum of of disclosures in respect of investments in and other
diminution in the value of these assets and such estimates and recoverables from, the said joint venture and subsidiary in
statements of Raymond Limited (‘the Company’), which fulfilled our other ethical responsibilities in accordance
judgements being inherently subjective, this matter has been notes 5(ii) and 5 (iv) to the standalone financial statements.
comprise the Standalone Balance Sheet as at 31 March 2021, with these requirements and the Code of Ethics. We believe identified as a key audit matter for the current year audit.
the Standalone Statement of Profit and Loss (including Other that the audit evidence we have obtained is sufficient and Revenue recognition from real estate project under development Our audit procedures included, but were not limited to the
Comprehensive Income), the Standalone Statement of Cash appropriate to provide a basis for our opinion. following:
Flows and the Standalone Statement of Changes in Equity Refer note 25 to the accompanying standalone financial
statements. • Evaluated the appropriateness of the Company’s accounting
for the year then ended, and a summary of the significant Emphasis of Matter
policy for revenue recognition from construction project;
accounting policies and other explanatory information. 4. We draw attention to note 51 to the accompanying Revenue recognised from real estate project under development
standalone financial statements, which describes the (‘construction project’) during the year ended 31 March 2021 • Obtained an understanding of the management’s processes
2. In our opinion and to the best of our information and effects of uncertainties relating to Covid-19 pandemic amounts to ` 14,105.69 lakhs. and evaluated the design and tested operating effectiveness
of controls over the revenue recognition from construction
according to the explanations given to us, the aforesaid outbreak on the Company’s operations and management’s In accordance with Ind AS 115 ‘Revenue from Contracts with project and estimation of total costs;
standalone financial statements (‘the financial statements’) evaluation of its impact on the accompanying standalone Customers’, the Company has assessed and concluded that its
give the information required by the Companies Act, 2013 financial statements as at 31 March 2021, the impact of performance obligations arising from the construction project • Evaluated the appropriateness of the management’s
(‘the Act’) in the manner so required and give a true and fair which is dependent on future developments. Our opinion is satisfy the criteria for recognition of revenue over time. assessment that the performance obligations arising from the
view in conformity with the accounting principles generally not modified in respect of this matter. construction project satisfy the criteria for revenue recognition
We focused on this area because significant management over time, in accordance with Ind AS 115;
accepted in India including Indian Accounting Standards judgment was required in:
(‘Ind AS’) specified under Section 133 of the Act, of the state Key Audit Matters • determining whether the criteria for satisfaction of
• On a sample basis, compared revenue transactions recorded
of affairs of the Company as at 31 March 2021, and its loss 5. Key audit matters are those matters that, in our during the year with the underlying agreement, invoices
performance obligation and recognition of revenue over time raised on customers.
(including other comprehensive income), its cash flows and professional judgment, were of most significance in our in terms of Ind AS 115 was met;
the changes in equity for the year ended on that date. audit of the standalone financial statements of the current • Assessed the reasonableness of key inputs and assumptions
• estimating total contract costs of the construction project, used in the contract cost estimation;
period. These matters were addressed in the context of our
including contingencies that could arise from variations to the
Basis for Opinion audit of the standalone financial statements as a whole, original contract terms, and • Examined costs included within work-in-progress (WIP)
3. We conducted our audit in accordance with the Standards and in forming our opinion thereon, and we do not provide balances on sample basis by verifying the supporting
on Auditing specified under Section 143(10) of the Act. a separate opinion on these matters. • estimating the proportion of contract work completed for the documents;
construction project which requires estimates in relation to
Our responsibilities under those standards are further
forecast contract revenue and total costs. • Tested the mathematical accuracy of the underlying
described in the Auditor’s Responsibilities for the Audit 6. We have determined the matters described below to be the calculations;
key audit matters to be communicated in our report. The estimates of various contract related costs and revenue can
potentially be impacted on account of various factors and differ from • Evaluated the adequacy and appropriateness of the
Key audit matters How our audit addressed the key audit matters the actual outcomes. Changes in these judgements and the related disclosures made in the standalone financial statements by
Impairment testing of investments in and other recoverables Our procedures included, but were not limited to the following: estimates as contracts progress, can result in material adjustments the management with respect to revenue from construction
from a joint venture and a subsidiary to revenue and margins. Considering the materiality of the amounts project.
• Obtained an understanding of management’s process and involved, and the significant judgements applied in determining
Refer notes 5(ii) and 5 (iv) to the accompanying standalone evaluated design and tested operating effectiveness of
financial statements the appropriate accounting treatment as mentioned above, this
controls around identification of indicators of impairment matter required significant auditor attention and therefore, has been
As at 31 March 2021, the carrying amount of investment in under Ind AS, and around valuation of the business of the identified as a key audit matter for the current year audit.
Raymond UCO Denim Private Limited (the ‘joint venture’) and joint venture and the subsidiary to determine recoverable
Raymond Apparel Limited (the ‘subsidiary’) is ` 13,360.79 lakhs and value of the said investments and other assets; Information other than the Standalone Financial Statements and Auditor’s Report thereon
`6,471.51 lakhs, respectively (net of provision for diminution in the
• Assessed the appropriateness of methodology and valuation 7. The Company’s Board of Directors is responsible for the other information. The other information comprises the information
value of investments of ` 13,800 lakhs and ` Nil, respectively).
model used by the management to estimate the recoverable included in the Management Discussion and Analysis report, Report on Corporate Governance, but does not include the
Further, as at such date, the Company has loans, interest and other value of investments in and recoverables from, the joint standalone financial statements and our auditor’s report thereon, which we obtained prior to the date of this auditor’s report,
receivables aggregating ` 2,838.53 lakhs from the joint venture venture and the subsidiary; and the Annual Report, which is expected to be made available to us after that date.
and ` 22,231.58 lakhs (net of payables ` 1,515.80 lakhs) from the
subsidiary. • Assessed the professional competence, objectivity and Our opinion on the standalone financial statements does not cover the other information and we will do not and will not
Management has considered that the losses suffered by the joint capabilities of the valuation specialist engaged by the
express any form of assurance conclusion thereon.
venture and the subsidiary indicate possible impairment in the management;
carrying values of these assets. Accordingly, the management • Assessed the reasonableness of assumptions relating to In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified
has performed impairment assessments and has estimated the selected multiple, comparable companies, revenue growth above and, in doing so, consider whether the other information is materially inconsistent with the standalone financial
recoverable amount of its investments and recoverables in the rate, gross margins, discount rates, terminal growth rate, statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
joint venture using ‘Discounted Cash Flow valuation model’ and its etc. as applicable, based on historical results, current
investments and net recoverables in the subsidiary using ‘Comparable developments and future plans of the business, including the If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we
Companies Multiple’ model, which is complex and involves the use possible impact of COVID -19 pandemic on such assumptions, conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
of significant management estimates and assumptions that are estimated by management using expertise of valuation report in this regard.
dependent on expected future market and economic conditions. specialist on required parameters;

124 Strengthening the core Raymond Limited | Annual Report 2020-21 125
 Financial Statements

When we read the Annual Report, if we conclude that if, individually or in the aggregate, they could reasonably 13. We communicate with those charged with governance d) in our opinion, the aforesaid standalone financial
there is a material misstatement therein, we are required be expected to influence the economic decisions of users regarding, among other matters, the planned scope and statements comply with Ind AS specified under
to communicate the matter to those charged with taken on the basis of these standalone financial statements. timing of the audit and significant audit findings, including Section 133 of the Act;
governance. any significant deficiencies in internal control that we
12. As part of an audit in accordance with Standards on identify during our audit. e) on the basis of the written representations received
Responsibilities of Management and Those Charged Auditing, we exercise professional judgment and maintain from the directors and taken on record by the Board
with Governance for the Standalone Financial professional skepticism throughout the audit. We also: 14. We also provide those charged with governance with of Directors, none of the directors is disqualified as on
Statements a statement that we have complied with relevant 31 March 2021 from being appointed as a director in
8. The accompanying standalone financial statements have • Identify and assess the risks of material misstatement ethical requirements regarding independence, and terms of Section 164(2) of the Act;
been approved by the Company’s Board of Directors. of the standalone financial statements, whether to communicate with them all relationships and other
The Company’s Board of Directors is responsible for the due to fraud or error, design and perform audit matters that may reasonably be thought to bear on our f) we have also audited the internal financial controls
matters stated in Section 134(5) of the Act with respect to procedures responsive to those risks, and obtain audit independence, and where applicable, related safeguards. with reference to standalone financial statements of
the preparation of these standalone financial statements evidence that is sufficient and appropriate to provide the Company as on 31 March 2021 in conjunction with
that give a true and fair view of the financial position, a basis for our opinion. The risk of not detecting 15. From the matters communicated with those charged with our audit of the standalone financial statements of
financial performance including other comprehensive a material misstatement resulting from fraud is governance, we determine those matters that were of the Company for the year ended on that date and our
income, changes in equity and cash flows of the Company higher than for one resulting from error, as fraud most significance in the audit of the standalone financial report as per Annexure B expressed an unmodified
in accordance with the accounting principles generally may involve collusion, forgery, intentional omissions, statements of the current period and are therefore the key opinion; and
accepted in India, including the Ind AS specified under misrepresentations, or the override of internal control; audit matters. We describe these matters in our auditor’s
Section 133 of the Act. This responsibility also includes report unless law or regulation precludes public disclosure g) with respect to the other matters to be included in
maintenance of adequate accounting records in • Obtain an understanding of internal control relevant about the matter or when, in extremely rare circumstances, the Auditor’s Report in accordance with rule 11 of
accordance with the provisions of the Act for safeguarding to the audit in order to design audit procedures that we determine that a matter should not be communicated the Companies (Audit and Auditors) Rules, 2014
of the assets of the Company and for preventing and are appropriate in the circumstances. Under Section in our report because the adverse consequences of doing (as amended), in our opinion and to the best of our
detecting frauds and other irregularities; selection and 143(3)(i) of the Act, we are also responsible for so would reasonably be expected to outweigh the public information and according to the explanations given
application of appropriate accounting policies; making expressing our opinion on whether the Company has interest benefits of such communication. to us:
judgments and estimates that are reasonable and adequate internal financial controls with reference
prudent; and design, implementation and maintenance of to standalone financial statements in place and the Report on Other Legal and Regulatory Requirements i. the Company has disclosed the impact of
adequate internal financial controls, that were operating operating effectiveness of such controls; 16. As required by Section 197(16) of the Act, based on our pending litigations on its financial position as
effectively for ensuring the accuracy and completeness audit, we report that the Company has paid remuneration at 31 March 2021 in the standalone financial
of the accounting records, relevant to the preparation • Evaluate the appropriateness of accounting policies to its directors during the year in accordance with the statements;
and presentation of the standalone financial statements used and the reasonableness of accounting estimates provisions of and limits laid down under Section 197 read
that give a true and fair view and are free from material and related disclosures made by management; with Schedule V to the Act. ii. the Company has made provision as at 31 March
misstatement, whether due to fraud or error. 2021, as required under the applicable law or Ind
• Conclude on the appropriateness of management’s 17. As required by the Companies (Auditor’s Report) Order, AS, for material foreseeable losses, if any, on long-
9. In preparing the standalone financial statements, use of the going concern basis of accounting and, 2016 (‘the Order’) issued by the Central Government term contracts including derivative contracts;
management is responsible for assessing the Company’s based on the audit evidence obtained, whether of India in terms of Section 143(11) of the Act, we give
ability to continue as a going concern, disclosing, as a material uncertainty exists related to events or in Annexure A, a statement on the matters specified in iii. there has been no delay in transferring amounts,
applicable, matters related to going concern and using the conditions that may cast significant doubt on the paragraphs 3 and 4 of the Order. required to be transferred, to the Investor
going concern basis of accounting unless management Company’s ability to continue as a going concern. Education and Protection Fund by the Company
either intends to liquidate the Company or to cease If we conclude that a material uncertainty exists, we 18. Further to our comments in Annexure A, as required by during the year ended 31 March 2021;
operations, or has no realistic alternative but to do so. are required to draw attention in our auditor’s report Section 143(3) of the Act, based on our audit, we report, to
to the related disclosures in the standalone financial the extent applicable, that: iv. the disclosure requirements relating to holdings
10. Those Board of Directors are also responsible for overseeing statements or, if such disclosures are inadequate, to as well as dealings in specified bank notes were
the Company’s financial reporting process. modify our opinion. Our conclusions are based on a) we have sought and obtained all the information and applicable for the period from 8 November 2016
the audit evidence obtained up to the date of our explanations which to the best of our knowledge and to 30 December 2016, which are not relevant to
Auditor’s Responsibilities for the Audit of the auditor’s report. However, future events or conditions belief were necessary for the purpose of our audit of these standalone financial statements. Hence,
Standalone Financial Statements may cause the Company to cease to continue as a the accompanying standalone financial statements; reporting under this clause is not applicable.
11. Our objectives are to obtain reasonable assurance about going concern; and
whether the standalone financial statements as a whole b) in our opinion, proper books of account as required For Walker Chandiok & Co LLP
are free from material misstatement, whether due to fraud • Evaluate the overall presentation, structure and by law have been kept by the Company so far as it Chartered Accountants
or error, and to issue an auditor’s report that includes content of the standalone financial statements, appears from our examination of those books; Firm Registration No.: 001076N/N500013
our opinion. Reasonable assurance is a high level of including the disclosures, and whether the standalone
assurance, but is not a guarantee that an audit conducted financial statements represent the underlying c) the standalone financial statements dealt with by this Adi P. Sethna
in accordance with Standards on Auditing will always detect transactions and events in a manner that achieves fair report are in agreement with the books of account; Partner
a material misstatement when it exists. Misstatements presentation. Place: Mumbai  Membership No.: 108840
can arise from fraud or error and are considered material Date: 6th May, 2021  UDI No: 21108840AAAACF3471

126 Strengthening the core Raymond Limited | Annual Report 2020-21 127
 Financial Statements

Annexure A to the Independent Auditor’s Report of even date to the members of Raymond Limited, on the standalone financial
statements for the year ended 31 March 2021

Based on the audit procedures performed for the purpose (b) the schedule of repayment of principal and payment Statement of Disputed Dues
of reporting a true and fair view on the standalone financial of interest has been stipulated and the repayment/
Name of the statute Nature of dues Amount Amount paid / Period to which the Forum where dispute is pending
statements of the Company and taking into consideration the receipts of the principal amount and the interest are (` in Lakhs) adjusted amount relates
information and explanations given to us and the books of regular; (` in Lakhs)
account and other records examined by us in the normal course
Central Excise Act Excise Duty 1,714.48 898.14 FY 1997-99, 2000-04 Supreme Court
of audit, and to the best of our knowledge and belief, we report (c) there is no overdue amount in respect of loans
190.50 5.24 FY Central Excise and Service Tax
that: granted to such companies. 1991-94 Appellate Tribunal
1998-04
(i) (a) The Company has maintained proper records (iv) I n our opinion, the Company has complied with the 21.63 7.87 FY 1994-96, 1999-00 Commissioner
showing full particulars, including quantitative details provisions of Sections 185 and 186 of the Act in respect of
and situation of fixed assets (property, plant and loans, investments, guarantees and security, to the extent Custom Act Custom Duty 530.37 121.89 FY 2007-09 Central Excise and Service Tax
equipment). applicable. Appellate Tribunal
Central Sales Tax Act Central Sales Tax and Local 17.57 11.27 FY 1999-00 Supreme Court
(b) The Company has a regular program of physical (v) In our opinion, the Company has not accepted any deposits and Local Sales Tax Sales Tax
verification of its fixed assets (property, plant and within the meaning of Sections 73 to 76 of the Act and (Including Value Added Tax) 57.81 45.88 FY 1995-97 High Court
equipment) under which fixed assets (property, plant the Companies (Acceptance of Deposits) Rules, 2014 (as 229.43 70.11 FY 1996-97, 1999- Tribunal
and equipment) are verified in a phased manner amended). Accordingly, the provisions of clause 3(v) of the 00, 2007-13
over a period of three years, which, in our opinion, is Order are not applicable. 220.44 31.35 FY 1983-84, Commissioner
reasonable having regard to the size of the Company 1985-86,
and the nature of its assets. In accordance with (vi) We have broadly reviewed the books of account maintained 1989-90
this program, certain fixed assets (property, plant by the Company pursuant to the Rules made by the Central 1992-00,
2004-05, 2007-09,
and equipment) were verified during the year and Government for the maintenance of cost records under
2014-15
no material discrepancies were noticed on such sub-section (1) of Section 148 of the Act in respect of
The Income Tax Act, Income Tax 404.88 404.88 AY 2006-07, 2007-08 Income Tax Appellate Tribunal
verification. Company’s products and services and are of the opinion 1961 140.69 140.69 AY 2015-16 Commissioner of Income Tax
that, prima facie, the prescribed accounts and records have
(Appeals)
(c) 
The title deeds of all the immovable properties (which been made and maintained. However, we have not made
are included under the Note 2A - ‘Property, plant and a detailed examination of the cost records with a view to There were no amounts outstanding due to disputes for service (xiii) In our opinion all transactions with the related parties are
equipment’ and Note 3- ‘Investment properties’) are determine whether they are accurate or complete. tax. in compliance with Sections 177 and 188 of Act, where
held in the name of the Company. applicable, and the requisite details have been disclosed in
(vii) (a) Undisputed statutory dues including provident fund, (viii) The Company has not defaulted in repayment of loans or the financial statements etc., as required by the applicable
(ii) In our opinion, the management has conducted physical employees’ state insurance, income-tax, sales-tax, borrowings to any financial institution or a bank or any Ind AS.
verification of inventory at reasonable intervals during service tax, goods and services tax, duty of customs, dues to debenture-holders during the year. The Company
the year, except for goods-in-transit and stocks lying duty of excise, value added tax, cess and other did not have any outstanding loans or borrowings from (xiv) During the year, the Company has not made any
with third parties. For stocks lying with third parties at the material statutory dues, as applicable, have generally government during the year. preferential allotment or private placement of shares
year-end, written confirmations have been obtained by the been regularly deposited with the appropriate or fully or partly convertible debentures. Accordingly,
management. No material discrepancies were noticed on authorities, though there has been a delay in a some (ix) The Company did not raise moneys by way of initial public provisions of clause 3(xiv) of the Order are not applicable.
the aforesaid verification. cases. Further, no undisputed amounts payable in offer or further public offer (including debt instruments). In
respect thereof were outstanding at the year-end for our opinion, the term loans were applied for the purposes (xv) In our opinion, the Company has not entered into any non-
(iii) The Company has granted unsecured loans to companies a period of more than six months from the date they for which the loans were obtained, though idle/surplus cash transactions with the directors or persons connected
covered in the register maintained under Section 189 of the became payable. funds which were not required for immediate utilisation with them covered under Section 192 of the Act.
Act and with respect to the same: have been invested in liquid investments, payable on
(b) The dues outstanding in respect of income-tax, sales- demand. (xvi) The Company is not required to be registered under
(a) in our opinion, the terms and conditions of grant tax, duty of customs, duty of excise and value added Section 45-IA of the Reserve Bank of India Act, 1934.
of such loans are not, prima facie, prejudicial to the tax on account of any dispute, are as follows: (x) No fraud by the Company or on the Company by its officers
Company’s interest; or employees has been noticed or reported during the
period covered by our audit.
For Walker Chandiok & Co LLP
(xi) Managerial remuneration has been paid and provided by Chartered Accountants
the Company in accordance with the requisite approvals Firm Registration No.: 001076N/N500013
mandated by the provisions of Section 197 of the Act read
with Schedule V to the Act. Adi P. Sethna
Partner
(xii In our opinion, the Company is not a Nidhi Company. Place: Mumbai  Membership No.: 108840
Accordingly, provisions of clause 3(xii) of the Order are not Date: 6th May, 2021  UDI No.: 21108840AAAACF3471
applicable.

128 Strengthening the core Raymond Limited | Annual Report 2020-21 129
 Financial Statements

Annexure B to the Independent Auditor’s Report of even date to the members of Raymond Limited, on the standalone financial
statements for the year ended 31 March 2021

Independent Auditor’s report on the Internal Financial 4. Our audit involves performing procedures to obtain audit of any evaluation of the internal financial controls with
Controls with reference to the standalone financial statements evidence about the adequacy of the internal financial reference to financial statements to future periods are
under Clause (i) of sub-section 3 of Section 143 of the controls with reference to standalone financial statements subject to the risk that internal financial controls with
Companies Act, 2013 (the “Act”) and their operating effectiveness. Our audit of internal reference to standalone financial statements may become
financial controls with reference to standalone financial inadequate because of changes in conditions, or that the
1. In conjunction with our audit of the standalone financial statements includes obtaining an understanding of such degree of compliance with the policies or procedures may
statements of Raymond Limited (the “Company”) as at internal financial controls, assessing the risk that a material deteriorate.
and for the year ended 31 March 2021, we have audited weakness exists, and testing and evaluating the design
the internal financial controls with reference to standalone and operating effectiveness of internal control based on Opinion
financial statements of the Company as at that date. the assessed risk. The procedures selected depend on 8. In our opinion, the Company has, in all material respects,
the auditor’s judgement, including the assessment of the adequate internal financial controls with reference to
Responsibility of Management and Those Charged risks of material misstatement of the financial statements, standalone financial statements and such controls were
with Governance for Internal Financial Controls whether due to fraud or error. operating effectively as at 31 March 2021, based on the
2. The Company’s Board of Directors is responsible for internal financial controls with reference to standalone
establishing and maintaining internal financial controls 5. We believe that the audit evidence we have obtained is financial statements criteria established by the Company
based on the internal financial controls with reference to sufficient and appropriate to provide a basis for our audit considering the essential components of internal control
standalone financial statements criteria established by opinion on the Company’s internal financial controls with stated in the Guidance Note issued by the ICAI.
the Company considering the essential components of reference to standalone financial statements.
internal control stated in the Guidance Note on Audit of For Walker Chandiok & Co LLP
Internal Financial Controls over Financial Reporting (the Meaning of Internal Financial Controls with Reference Chartered Accountants
“Guidance Note”) issued by the Institute of Chartered to Standalone Financial Statements Firm Registration No.: 001076N/N500013
Accountants of India (ICAI). These responsibilities include 6. A Company’s internal financial controls with reference
the design, implementation and maintenance of adequate to financial statements is a process designed to provide Adi P. Sethna
internal financial controls that were operating effectively reasonable assurance regarding the reliability of financial Partner
for ensuring the orderly and efficient conduct of the reporting and the preparation of financial statements Place: Mumbai  Membership No.: 108840
Company’s business, including adherence to Company’s for external purposes in accordance with generally Date: 6th May, 2021  UDI No.: 21108840AAAACF3471
policies, the safeguarding of its assets, the prevention accepted accounting principles. A Company’s internal
and detection of frauds and errors, the accuracy and financial controls with reference to financial statements
completeness of the accounting records, and the timely includes those policies and procedures that (1) pertain
preparation of reliable financial information, as required to the maintenance of records that, in reasonable
under the Act. detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company; (2) provide
Auditors’ Responsibility for the Audit of the Internal reasonable assurance that transactions are recorded as
Financial Controls with Reference to Standalone necessary to permit preparation of financial statements in
Financial Statements accordance with generally accepted accounting principles,
3. Our responsibility is to express an opinion on the and that receipts and expenditures of the Company are
Company’s internal financial controls with reference to being made only in accordance with authorisations of
standalone financial statements based on our audit. We management and directors of the Company; and (3)
conducted our audit in accordance with the Standards on provide reasonable assurance regarding prevention or
Auditing, issued by the ICAI and deemed to be prescribed timely detection of unauthorised acquisition, use, or
under Section 143(10) of the Act, to the extent applicable disposition of the Company’s assets that could have a
to an audit of internal financial controls with reference to material effect on the financial statements.
financial statements, and the Guidance Note issued by
the ICAI. Those Standards and the Guidance Note require Inherent Limitations of Internal Financial Controls
that we comply with ethical requirements and plan and with Reference to Standalone Financial Statements
perform the audit to obtain reasonable assurance about 7. Because of the inherent limitations of internal financial
whether adequate internal financial controls with reference controls with reference to financial statements, including
to standalone financial statements were established and the possibility of collusion or improper management
maintained and if such controls operated effectively in all override of controls, material misstatements due to error
material respects. or fraud may occur and not be detected. Also, projections

130 Strengthening the core Raymond Limited | Annual Report 2020-21 131
 Financial Statements

Standalone Balance Sheet Standalone Statement of Profit And Loss

as at 31st March, 2021 for the year ended 31st March, 2021

(` in lakhs) (` in lakhs)
Note No. As at As at Note No. Year ended Year ended
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
I ASSETS I INCOME
1 Non-current assets
(a) Property, plant and equipment 2A 108,410.36 121,485.25 Revenue from operations 25 175,241.41 318,638.71
(b) Capital work-in-progress 2B 849.03 2,571.59 Other income 26 13,906.91 12,825.60
(c) Investment properties 3 439.83 459.45 Total Income 189,148.32 331,464.31
(d) Intangible assets 4 59.23 149.73
(e) Intangible assets under development 475.00 475.00 II EXPENSES
(f) Investments in Subsidiaries, Associates and Joint venture 5 46,663.09 46,410.09 Cost of materials consumed 27 24,454.21 66,423.96
(g) Financial assets
(i) Investments 5 (a) 740.06 386.63 Purchases of stock-in-trade 28 30,591.48 83,212.22
(ii) Loans 6 2,900.20 10,318.13 Changes in inventories of finished goods, stock-in-trade, work-in-progress and 29 27,260.33 (22,533.07)
(iii) Other financial assets 7 4,350.46 7,842.05 property under development
(h) Deferred tax assets (net) 35 11,637.78 6,091.25 Employee benefits expense 30 32,128.18 47,743.41
(i) Current tax assets (net) 2,337.74 4,267.87 Finance costs 31 17,016.80 19,448.92
( j) Other non - current assets 8 4,038.49 3,436.69 Depreciation and amortisation expense 32 14,503.52 15,532.04
2 Current assets Other expenses
(a) Inventories 9 100,083.03 129,011.25 (a) Manufacturing and operating costs 33 A 17,372.12 38,934.68
(b) Financial assets (b) Costs towards development of property 33 B 13,271.12 18,514.64
(i) Investments 10 7,919.91 18,002.47 (c) Other expenses 33 C 30,200.03 60,861.33
(ii) Trade receivables 11 58,594.54 53,763.42 Total expenses 206,797.79 328,138.13
(iii) Cash and cash equivalents 12 17,043.16 11,726.33
(iv) Bank balances other than cash and cash equivalents 13 30,267.60 18,349.84
(v) Loans 14 12,000.00 - III Profit / (Loss) before exceptional Items and tax (17,649.47) 3,326.18
(vi) Other financial assets 15 11,358.53 8,776.89
(c) Other current assets 16 22,131.77 24,316.67 IV Exceptional items - (gain)/loss, net 34 - (3,663.03)

TOTAL ASSETS 442,299.81 467,840.60 V Profit / (Loss) before tax (17,649.47) 6,989.21
II EQUITY AND LIABILITIES
1 Equity
a) Equity share capital 17 A 6,657.37 6,471.91 VI Tax expense/(credit) 35
b) Other equity 17 B 160,243.43 171,805.46 Current tax - 1,363.00
Deferred tax (5,800.35) (3,805.41)
2 Liabilities
Non-current liabilities VII Profit / (Loss) for the year (11,849.12) 9,431.62
(a) Financial liabilities
(i) Borrowings 18A 100,705.49 23,054.90
(ii) Other financial liabilities 18B 19,081.06 21,729.92 VIII Other Comprehensive Income
(b) Other non - current liabilities 19 1,266.34 1,530.93 Items that will not be reclassified to profit or loss - (gain)/loss
Measurements of defined employee benefit plans 41 (726.37) (749.76)
3 Current liabilities Income tax relating to above items - expense/(credit) 253.82 262.00
(a) Financial liabilities Total Other Comprehensive Income (net of tax) (472.55) (487.76)
(i) Borrowings 20 20,702.28 108,686.06
(ii) Trade payables
Total outstanding dues of micro enterprises and small enterprises 21 9,811.66 356.81 IX Total Comprehensive Income for the year (11,376.57) 9,919.38
Total outstanding dues of creditors other than micro enterprises 54,262.66 66,769.14
and small enterprises X Earnings per equity share of ` 10 each : 36
(iii) Other financial liabilities 22 39,143.42 47,101.75 Basic (`) (17.80) 15.12
(b) Other current liabilities 24 26,452.85 16,476.36
(c) Provisions 23 3,973.25 3,857.36 Diluted (`) (17.80) 14.98
TOTAL EQUITY AND LIABILITIES 442,299.81 467,840.60
Significant Accounting Policies 1 XI Significant Accounting Policies 1
The accompanying notes are an integral part of these standalone financial statements The accompanying notes are an integral part of these standalone financial statements
This is the Balance Sheet referred to in our report of even date This is the Statement of Profit and Loss referred to in our report of even date

For and on behalf of Board of Directors For and on behalf of Board of Directors
For Walker Chandiok & Co LLP Amit Agarwal Gautam Hari Singhania For Walker Chandiok & Co LLP Amit Agarwal Gautam Hari Singhania
Chartered Accountants Chief Financial Officer Chairman and Managing Director Chartered Accountants Chief Financial Officer Chairman and Managing Director
Firm’s Registration Number : 001076N/N500013 DIN:00020088 Firm’s Registration Number : 001076N/N500013 DIN:00020088

Adi P. Sethna Thomas Fernandes Adi P. Sethna Thomas Fernandes

Partner Company Secretary Partner Company Secretary
Membership no. 108840 Membership no. 108840

Mumbai, 6th May, 2021 Mumbai, 6th May, 2021 Mumbai, 6th May, 2021 Mumbai, 6th May, 2021

132 Strengthening the core Raymond Limited | Annual Report 2020-21 133
 Financial Statements

Standalone Statement of Cash Flow

for the year ended 31st March, 2021

(` in lakhs) (` in lakhs)
Year ended Year ended Year ended Year ended
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
CASH FLOW FROM OPERATING ACTIVITIES: CASH FLOW FROM FINANCING ACTIVITIES:
Profit/(loss) before exceptional items and tax (17,649.47) 3,326.18 Inflows
Adjustments for: Proceeds from long-term borrowings 88,500.00 39,182.67
Depreciation and amortisation expenses 14,503.52 15,532.04 Proceed from issue of shares - 35,000.00
Finance costs 17,016.80 19,448.92 88,500.00 74,182.67
Unrealised exchange difference 13.71 847.13 Outflows
Dividend income (15.70) (31.99) Repayment of long term borrowings (16,676.30) (43,236.22)
Interest income (5,130.30) (6,619.31) Repayment of short term borrowings (net) (87,983.78) (19,731.78)
Gain on extinguishment of lease liabilities and Covid-19 related lease concession (net) (1,337.74) (116.30) Repayment of lease obligations (2,790.00) (3,957.85)
Net (gain)/loss on sale / fair valuation of investments through Profit and Loss (1,894.40) 162.13 Dividend paid (including unclaimed dividends) (9.10) (1,838.17)
Government Grant income (287.00) (399.50) Dividend distribution tax - (378.51)
Deposits written off - 3.09 Interest on lease liabilities (949.40) (1,227.81)
Provision for doubtful debts 34.89 745.08 Finance costs paid (16,463.10) (19,139.06)
Provision for interest subsidy receivable 261.00 - (124,871.68) (89,509.40)
Excess provision written back (1,262.92) (589.95)
Provision towards slow moving and non moving inventory 833.52 2,917.90 Net cash flows (used in) financing activities (36,371.68) (15,326.73)
Net loss on property, plant and equipment sold/discarded 977.85 30.60
6,063.76 35,256.02 NET INCREASE IN CASH AND CASH EQUIVALENTS 5,271.98 11,065.34
Operating profit before working capital changes Add: Cash and cash equivalents at beginning of the year 11,664.33 598.99
Adjustments for: Cash and cash equivalents at end of the year 16,936.31 11,664.33
(Increase)/Decrease in trade and other receivables (4,812.33) 3,892.38
(Increase)/Decrease in inventories 28,094.70 (22,196.14) (` in lakhs)
Increase in trade and other payables and provisions 8,436.27 15,353.22
As at As at
37,782.40 32,305.48 31st March, 2021 31st March, 2020
Less: Exceptional items (Payment under Voluntary Retirement Scheme) - 14.00
Cash and Cash equivalents above comprises of the following
37,782.40 32,291.48
Cash and Cash Equivalents (Refer Note 12) 17,043.16 11,726.33
Less: Direct taxes paid /(refunds) (net) (1,930.13) 744.05
Bank Overdrafts (Refer Note 22) (106.85) (62.00)
Net cash flows generated from operating activities 39,712.53 31,547.43
Balances as per statement of Cash Flows (Refer Note 47) 16,936.31 11,664.33

CASH FLOW FROM INVESTING ACTIVITIES: The accompanying notes are an integral part of these financial statements
Inflows Notes:
Sale proceeds from disposal of property, plant and equipment 287.39 1,289.12 1. The cash flow statement has been prepared under the indirect method as set out in Indian Accounting Standards (Ind AS) 7, ‘Statement of Cash flows’.
Interest received 4,637.04 7,134.60 This is the Statement of Cash Flow referred to in our report of even date
Dividend received 15.70 31.99
For and on behalf of Board of Directors
Sale of current investments (net) 11,680.53 6,685.68
For Walker Chandiok & Co LLP Amit Agarwal Gautam Hari Singhania
Proceeds from investment in Joint Venture redeemed - 10.00 Chartered Accountants Chief Financial Officer Chairman and Managing Director
Sale of non current investments - 7,462.35 Firm’s Registration Number : 001076N/N500013 DIN:00020088
Repayment of loans given to Subsidiaries and Joint Venture 21,616.33 60,816.86
38,236.99 83,430.60 Adi P. Sethna Thomas Fernandes
Outflows Partner Company Secretary
Membership no. 108840
Purchase of property, plant and equipment/ intangible assets including Capital Work-in- (532.00) (16,046.71)
Progress and intangible assets under development
Mumbai, 6th May, 2021 Mumbai, 6th May, 2021
Purchase of non current investments (net) (57.00) -
Fixed deposit with banks (9,263.86) (11,925.05)
Investment in subsidiaries and Joint Venture (253.00) (47.87)
Loans given to Subsidiaries and Joint Venture (26,200.00) (60,566.33)
(36,305.86) (88,585.96)
Net cash flows generated from/ (used in) investing activities 1,931.13 (5,155.36)

134 Strengthening the core Raymond Limited | Annual Report 2020-21 135
 Financial Statements

Notes to the Standalone Financial Statements

for the year ended 31st March, 2021

1 Statement of Significant Accounting Policies

(` in lakhs)

Total

7,500.00 95,112.34 11,307.86 130,743.02

9,431.62
487.76

- (1,841.43) (1,841.43)
(378.51)
- 34,666.17
- (1,303.17) (1,303.17)
7,500.00
(7,500.00)

- 102,612.34 17,704.13 171,805.46

- (11,849.12) (11,849.12)
472.55

(185.46)
lakhs as per the requirement of Schedule III,

9,919.38

- 102,612.34 17,704.13 171,805.46

- (11,376.57) (11,376.57)

6,327.56 160,243.43
I. Background unless otherwise stated.
Raymond Limited (‘RL’ or ‘the Company’) incorporated
in India is a leading Indian Textile, Lifestyle and Branded (b) Use of estimates and judgements
Apparel Company. The Company has its wide network of The estimates and judgements used in the

9,431.62
487.76

(378.51)

472.55

-
Retained
Earnings

9,919.38
operations in local as well foreign market. The Company preparation of the financial statements are
sells its product through multiple channels including continuously evaluated by the Company and are
wholesale, franchisee, retail etc. based on historical experience and various other
assumptions and factors (including expectations

-
-

-
-

7,500.00
-

-
General
Reserves

- 102,612.34
The Company had commenced activities to develop part of future events) that the Company believes to

Chairman and Managing Director

of its land for residential / commercial purpose a few years be reasonable under the existing circumstances.
back. Differences between actual results and estimates
are recognised in the period in which the results are
Capital Debenture
Reserve Redemption Redemption
Reserve

-
-

-
-
-
-
-
(7,500.00)

-
-

-
-

-
Reserves and Surplus

II. Significant Accounting Policies followed by the

Gautam Hari Singhania

known/materialised.
Company
(a) Basis of preparation The said estimates are based on the facts and events,
(i) Compliance with Ind AS that existed as at the reporting date, or that occurred
(` in lakhs)
Amount

DIN:00020088
6,138.08
333.83
6,471.91
185.46
6,657.37

1,371.01
-
-

-
-
-
-
-
-

1,371.01
-
-

-
Reserve

1,371.01

1,371.01
These standalone financial statements (‘financial after that date but provide additional evidence about
statements’) have been prepared in accordance conditions existing as at the reporting date.
with the Indian Accounting Standards
(hereinafter referred to as the ‘Ind AS’) as (c) Property, plant and equipment
Capital

2,131.95
-
-

-
-
-
-
-
-

2,131.95
-
-

-
-

2,131.95

2,131.95

For and on behalf of Board of Directors

notified by Ministry of Corporate Affairs pursuant The Company had applied for the one time transition
Standalone Statement of Changes in Equity

to Section 133 of the Companies Act, 2013 (‘Act’) exemption of considering the carrying cost on the
Notes

17 A

17 A

read with of the Companies (Indian Accounting transition date i.e. 1st April, 2015 as the deemed cost
Standards) Rules, 2015, as amended, and other under IND AS, regarded thereafter as historical cost.
Securities
Premium

13,319.86
-
-

-
-
34,480.71
-
-
-

47,800.57
-
-

-
-

47,800.57

47,800.57 relevant provisions of the Act.

Freehold land is carried at cost. All other items of

Mumbai, 6th May, 2021

Chief Financial Officer
The accounting policies are applied consistently property, plant and equipment are stated at cost less

Company Secretary
Thomas Fernandes
The accompanying notes are an integral part of these standalone financial statements

to all the periods presented in the financial depreciation and impairment, if any. Historical cost
0.01% Compulsorily
Convertible
Preference Shares
(CCPS), fully paid-up
-
-
-

-
-
185.46
-
-
-

185.46
-
-

(185.46)
-

185.46

-
classified as Equity

Amit Agarwal statements. includes expenditure that is directly attributable to the

Instruments

This is the Statement of Changes in Equity referred to in our report of even date

acquisition of the items.

(ii) Historical cost convention
The financial statements have been prepared on Subsequent costs are included in the asset's
a historical cost basis, except for the following: carrying amount or recognised as a separate asset,
as appropriate, only when it is probable that future
Transitional adjustment of Ind AS-116 (Refer Note 40)

1) certain financial assets and liabilities that economic benefits associated with the item will
are measured at fair value; flow to the Company and the cost of the item can
be measured reliably. The carrying amount of any
Transfer from Debenture Redemption Reserve

Firm’s Registration Number : 001076N/N500013

2) assets held for sale - measured at lower of component accounted for as a separate asset is
Add:- Conversion of CCPS to equity shares

Total Comprehensive Income for the year

Total Comprehensive Income for the year

Other Comprehensive Income for the year

Other Comprehensive Income for the year

Issue of shares (Refer Notes 17A and 17B)

carrying amount or fair value less cost to derecognised when replaced. All other repairs and
sell; maintenance are charged to the Statement of Profit
and Loss during the reporting period in which they are
Other Equity (Refer Note 17 B)

3) defined benefit plans - plan assets incurred.

Transferred to General Reserve
for the year ended 31st March, 2021

Balance as at 31st March, 2020

Balance as at 31st March, 2021

For Walker Chandiok & Co LLP

Conversion into equity shares

measured at fair value;

Balance as at 1st April, 2019

Balance as at 1st April, 2020

Depreciation methods, estimated useful lives and

Add:- Issue of new shares

Dividend distribution tax

(iii) Current and non-current classification

Membership no. 108840

residual value
As at 31st March, 2020

As at 31st March, 2021

Chartered Accountants

Mumbai, 6th May, 2021

Equity Share Capital

All assets and liabilities have been classified as

As at 1st April, 2019

Profit for the year

current or non-current based on the Company’s Depreciation on Factory Buildings, Specific non factory
Loss for the year

normal operating cycle for each of its businesses, buildings, Plant and Equipment, Aircrafts, is provided
Adi P. Sethna

as per the criteria set out in the Schedule III to as per the Straight Line Method and in case of other
Dividends

the Act. assets as per the Written Down Value Method, over
Partner

the estimated useful lives of assets. Leasehold land

(iv) Rounding of amounts is amortised over the period of lease. Leasehold
All amounts disclosed in the financial statements improvements are amortised over the period of lease
A.

B.

and notes have been rounded off to the nearest or estimated useful life, whichever is lower.

136 Strengthening the core Raymond Limited | Annual Report 2020-21 137
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

The Company depreciates its property, plant and (e) Intangible assets lease if that rate is readily available or the Company’s
(h) Inventories
equipment (PPE) over the useful life in the manner Intangible assets acquired separately are carried at incremental borrowing rate.
Inventories of Raw Materials, Work-in-Progress, Stores
prescribed in Schedule II to the Act. Management cost less accumulated amortisation and accumulated
and spares, Finished Goods, Stock-in-trade and
believes that useful life of assets are same as those impairment losses. Cost of a non-monetary asset The Company cannot readily determine the interest
Property under development are stated 'at cost or net
prescribed in Schedule II to the Act, except for plant and acquired in exchange of another non-monetary asset rate implicit in the lease, therefore, it uses its
realisable value, whichever is lower'. Goods-in-Transit
equipment’s and aircraft wherein based on technical is measured at fair value. incremental borrowing rate (IBR) to measure lease
are stated 'at cost'. Cost comprise all cost of purchase,
evaluation, useful life has been estimated to be different liabilities.
cost of conversion and other costs incurred in bringing
from that prescribed in Schedule II of the Act. The Company amortizes computer software using
the inventories to their present location and condition.
the straight-line method over the period of 3 years. Lease payments included in the measurement of
Cost formulae used are 'First-in-First-out', 'Weighted
Useful life considered for calculation of depreciation Transferable development rights (TDR), received as the lease liability are made up of fixed payments
Average cost' or 'Specific identification', as applicable.
for various assets class are as follows- consideration against compulsory acquisition of land, (including in substance, fixed), and payments arising
Due allowance is estimated and made for defective
are only tested for impairment till the time the TDR is from options reasonably certain to be exercised.
Asset Class Useful Life and obsolete items, wherever necessary.
consumed in the property constructed / developed, Subsequent to initial measurement, the liability will be
Factory Building 30 years post which the carrying value of TDR will form part of reduced for payments made and increased for interest
Non- Factory Building 60 years Property under development comprises cost of land,
the cost of such property. expenses. It is remeasured to reflect any reassessment
Plant and Equipment's 7 - 24 years rates & taxes, construction costs, overheads and
or modification.
Furniture and Fixtures 10 years expenses incidental to the project undertaken by the
Gains and losses on disposals are determined by
Office Equipment 5 years Company. Costs towards development of property are
comparing proceeds with carrying amount. These are When the lease liability is remeasured, the
Vehicles 8 years charged to statement of profit and loss proportionate
included in the Statement of Profit and Loss. corresponding adjustment is reflected in the right-of-
Boat and water equipment's 13 years to area sold and when corresponding revenue is
use asset or Statement of profit and loss, as the case
recognised.
Aircraft / Helicopter 11 - 20 years (f) Leases may be.
The Company assesses at contract inception whether
(i) Investments in subsidiaries, joint ventures and
The residual values are not more than 5% of the a contract is, or contains, a lease. That is, if the The Company has elected to account for short-term
associates
original cost of the asset. The assets residual values contract conveys the right to control the use of an leases and leases of low-value assets using the
Investments in subsidiaries, joint ventures and
and useful lives are reviewed, and adjusted if identified asset for a period of time in exchange for exemption given under Ind AS 116, Leases. Instead
associates are recognised at cost as per Ind AS 27.
appropriate, at the end of each reporting period. consideration. of recognising a right-of-use asset and lease liability,
Except where investments accounted for at cost shall
To assess whether a contract conveys the right to the payments in relation to these are recognised as
be accounted for in accordance with Ind AS 105,
In case of pre-owned assets, the useful life is control the use of an identified asset, the Company an expense in profit or loss on a straight-line basis
Non-current Assets Held for Sale and Discontinued
estimated on a case to case basis. assesses whether: (i) the contract involves the use of over the lease term or on another systematic basis if
Operations, when they are classified as held for sale.
an identified asset (ii) the Company has substantially that basis is more representative of the pattern of the
Depreciation on additions / deletions is calculated all of the economic benefits from use of the asset Company’s benefit.
( j) Investments and other financial assets
pro-rata from the month of such addition / deletion, through the period of the lease and (iii) the Company
(i) Classification
as the case maybe has the right to direct the use of the asset. Company as a lessor
The Company classifies its financial assets in the
Leases for which the Company is a lessor classified as
following measurement categories:
Gains and losses on disposals are determined by Company as a lessee finance or operating lease.
comparing proceeds with carrying amount. These are At lease commencement date, the Company
(1) those to be measured subsequently at fair
included in the Statement of Profit and Loss. recognises a right-of-use assets and a lease Lease income from operating leases where the
value (either through other comprehensive
liabilities on the balance sheet. The right-of-use Company is a lessor is recognised in income on a
income, or through the Statement of Profit
(d) Investment properties asset is measured at cost, which is made up of the straight-line basis over the lease term unless the
and Loss), and
Property that is held for long-term rental yields or for initial measurement of the lease liabilities, any receipts are structured to increase in line with
capital appreciation or both, and that is not occupied initial direct costs incurred by the Company and expected general inflation to compensate for the
(2) those measured at amortised cost.
by the Company, is classified as investment property. any lease payments made in advance of the lease expected inflationary cost increases. The respective
Investment property is measured at its cost, including commencement date. leased assets are included in the balance sheet based
The classification depends on the
related transaction costs and where applicable on their nature.
Company's business model for managing
borrowing costs less depreciation and impairment if The Company depreciates the right-of-use assets on
the financial assets and the contractual
any. a straight-line basis from the lease commencement (g) Cash and Cash Equivalents
terms of the cash flows.
date to the earlier of the end of the useful life of the For the purpose of presentation in the statement of
Depreciation on building is provided over it's useful right-of-use assets or the end of the lease term. The cash flows, cash and cash equivalents includes cash
(ii)
Measurement
life using the written down value method, in a manner Company also assesses the right-of-use asset for on hand, bank overdraft, deposits held at call with
At initial recognition, the Company measures
similar to PPE. impairment when such indicators exist." financial institutions, other short-term highly liquid
a financial asset at its fair value . Transaction
investments with original maturities of three months
costs of financial assets carried at fair value
Useful life considered for calculation of depreciation At the commencement date of lease, the Company or less that are readily convertible to known amounts
through the Profit and Loss are expensed in the
for assets class are as follows- measures the lease liabilities at the present value of of cash and which are subject to an insignificant risk of
Statement of Profit and Loss.
the lease payments to be made over the lease term, changes in value.
Non- Factory Building 60 years discounted using the interest rate implicit in the

138 Strengthening the core Raymond Limited | Annual Report 2020-21 139
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Debt instruments: (k) Impairment of non-financial assets cost. Any difference between the proceeds (net of Revenue is measured based on the transaction price,
Subsequent measurement of debt instruments Goodwill and intangible assets that have an indefinite transaction costs) and the redemption amount is which is the consideration, adjusted to discounts,
depends on the Company's business model useful life are not subject to amortisation and are recognised in the Statement of Profit and Loss over incentives and returns, etc., if any.
for managing the asset and the cash flow tested annually for impairment, or more frequently the period of the borrowings using the effective
characteristics of the asset. The Company if events or changes in circumstances indicate that interest method. The Company operates a loyalty programme for the
classifies its debt instruments into following they might be impaired. Other assets are tested customers and franchisees for the sale of goods. The
categories: for impairment whenever events or changes in Preference shares, which are mandatorily redeemable customers accumulate points for purchases made
circumstances indicate that the carrying amount on a specific date are classified as liabilities. The which entitles them to discount on future purchases. A
Amortised cost: Assets that are held for
(1) may not be recoverable. An impairment loss is dividend on these preference shares is recognised in contract liability for the award points is recognized at
collection of contractual cash flows where recognised for the amount by which the asset's Statement of Profit and Loss as finance costs. the time of the sale. Revenue is recognized when the
those cash flows represent solely payments carrying amount exceeds its recoverable amount. points are redeemed or on expiry. The expenditure of
of principal and interest are measured at The recoverable amount is the higher of an asset's (p) Borrowing costs loyalty programme is netted-off to revenue.
amortised cost. Interest income from these fair value less costs of disposal and value in use. Interest and other borrowing costs attributable to
financial assets is included in other income For the purpose of assessing impairment, assets qualifying assets are capitalised. Other interest and The Company recognises provision for sales return,
using the effective interest rate method. are grouped at the lowest levels for which there are borrowing costs are charged to Statement of Profit based on the historical results, measured on net basis
separately identifiable cash inflows which are largely and Loss. of the margin of the sale. Therefore, a refund liability,
(2) Fair value through profit and loss: Assets independent of the cash inflows from other assets included in other current liabilities, are recognized for
that do not meet the criteria for amortised or group of assets (cash-generating units). Assets (q) Provisions and contingent liabilities the products expected to be returned.
cost are measured at fair value through other than goodwill that suffered an impairment are Provisions are recognised when the Company has a
statement of Profit and Loss. Interest reviewed for possible reversal of the impairment at the present legal or constructive obligation as a result of The Company does not expect to have any contracts
income from these financial assets is end of each reporting period. past events, it is probable that an outflow of resources where the period between the transfer of the
included in other income. will be required to settle the obligation and the promised goods or services to the customer and
(l) Non-current assets held for sale amount can be reliably estimated. Provisions are not payment by the customer exceeds one year. As a
Equity instruments: Non-current assets are classified as held for sale if recognised for future operating losses. consequence, it does not adjust any of the transaction
The Company measures its equity investment their carrying amount will be recovered principally prices for the time value of money.
other than in subsidiaries, joint ventures and through a sale transaction rather than through Provisions are measured at the present value of
associates at fair value through profit and loss. continuing use and a sale is considered highly management’s best estimate of the expenditure The Company satisfies a performance obligation and
However where the Company's management probable. They are measured at the lower of their required to settle the present obligation at the end recognises revenue over time, if one of the following
makes an irrevocable choice on initial recognition carrying amount and fair value less costs to sell, of the reporting period. The discount rate used to criteria is met:
to present fair value gains and losses on specific except for assets such as deferred tax assets, assets determine the present value is a pre tax rate that
equity investments in other comprehensive arising from employee benefits, financial assets and reflects current market assessments of the time value 1. The customer simultaneously receives and
income (Currently no such choice made), there contractual rights under insurance contracts, which of money and the risks specific to the liability. The consumes the benefits provided by the
is no subsequent reclassification, on sale or are specifically exempt from this requirement. increase in the provision due to the passage of time is Company's performance as the Company
otherwise, of fair value gains and losses to the recognised as interest expense. performs; or
Statement of Profit and Loss. Non-current assets are not depreciated or amortised
while they are classified as held for sale. Contingent Liabilities are disclosed in respect of 2. The Company's performance creates or enhances
(iii) Impairment of financial assets possible obligations that arise from past events but an asset that the customer controls as the asset is
The Company measures the expected credit loss (m) Derivative financial instruments their existence will be confirmed by the occurrence created or enhanced; or
associated with its assets based on historical Derivative financial instruments such as forward or non occurrence of one or more uncertain future
trend, industry practices and the business contracts, option contracts and cross currency events not wholly within the control of the Company 3. The Company's performance does not create an
environment in which the entity operates or swaps, to hedge its foreign currency risks are initially or where any present obligation cannot be measured asset with an alternative use to the Company and
any other appropriate basis. The impairment recognised at fair value on the date a derivative in terms of future outflow of resources or where a an entity has an enforceable right to payment for
methodology applied depends on whether there contract is entered into and are subsequently re- reliable estimate of the obligation cannot be made. performance completed to date.
has been a significant increase in credit risk. measured at their fair value with changes in fair value
recognised in the Statement of Profit and Loss in the (r) Revenue recognition For performance obligations where one of the above
(iv)
Income recognition period when they arise. The Company derives revenues primarily from sale conditions are not met, revenue is recognised at the
Interest income of manufactured goods, traded goods and related point in time at which the performance obligation is
Interest income from debt instruments is (n) Segment Reporting: services. The Company is also engaged in real estate satisfied.
recognised using the effective interest rate Operating segments are reported in a manner property development.
method. consistent with the internal reporting provided to the Revenue from sale of products and services are
chief operating decision maker. Revenue is recognized on satisfaction of performance recognised at the time of satisfaction of performance
Dividends obligation upon transfer of control of promised obligation, except Revenue from real estate property
Dividends are recognised in the Statement of (o) Borrowings products or services to customers in an amount that development where in revenue is recognised over the
Profit and Loss only when the right to receive Borrowings are initially recognised at net of reflects the consideration the Company expects to time from the financial year in which the agreement
payment is established. transaction costs incurred and measured at amortised receive in exchange for those products or services. to sell is executed. The period over which revenue is

140 Strengthening the core Raymond Limited | Annual Report 2020-21 141
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Deferred income tax is determined using tax rates

recognised is based on entity’s right to payment for assumptions are recognised in the Statement of Termination benefits
(and laws) that have been enacted or substantially
performance completed. In determining whether an Profit and Loss. Termination benefits are payable when
enacted by the end of the reporting period and are
entity has right to payment, the entity shall consider employment is terminated by the Company
excepted to apply when the related deferred income
whether it would have an enforceable right to demand (iii)
Post-employment obligations before the normal retirement date, or when
tax asset is realised or the deferred income tax liability
or retain payment for performance completed to The Company operates the following post- an employee accepts voluntary redundancy
is settled.
date if the contract were to be terminated before employment schemes: in exchange for these benefits. The Company
completion for reasons other than entity’s failure to recognises termination benefits at the earlier of
Deferred tax assets are recognised for all deductible
perform as per the terms of the contract. (a) defined benefit plans such as gratuity and the following dates: (a) when the Company can
temporary differences and unused tax losses, only
The revenue recognition of Real estate property under pension; and no longer withdraw the offer of those benefits;
if, it is probable that future taxable amounts will be
development requires forecasts to be made of total and (b) when the Company recognises costs
available to utilise those temporary differences and
budgeted costs with the outcomes of underlying (b) defined contribution plans such as for a restructuring that is within the scope
losses.
construction contracts, which further require provident fund etc. of Ind AS 37 and involves the payment of
assessments and judgements to be made on changes terminations benefits. In the case of an offer
Deferred tax assets and liabilities are offset when
in work scopes and other payments to the extent they Pension and gratuity obligations made to encourage voluntary redundancy, the
there is a legally enforceable right to offset current
are probable and they are capable of being reliably The liability or asset recognised in the balance termination benefits are measured based on
tax assets and liabilities and when the deferred tax
measured. However, where the total project cost is sheet in respect of defined benefit pension and the number of employees expected to accept
balances relate to the same taxation authority. Current
estimated to exceed total revenues from the project, gratuity plans is the present value of the defined the offer. Benefits falling due more than 12
tax assets and tax liabilities are off set where the
the loss is recognized immediately in the Statement of benefit obligation at the end of the reporting months after the end of the reporting period are
Company has a legally enforceable right to offset and
Profit and Loss. period less the fair value of plan assets. The discounted to present value.
intends either to settle on a net basis, or to realize the
defined benefit obligation is calculated annually
asset and settle the liability simultaneously.
Revenue in excess of invoicing are classified as by actuaries using the projected unit credit (t) Foreign currency translation
contract asset while invoicing in excess of revenues method. (i) Functional and presentation currency
Current and deferred tax is recognised in the
are classified as contract liabilities. The financial statements are presented in Indian
Statement of Profit and Loss, except to the extent that
The present value of the defined benefit rupee (INR), which is Company's functional and
it relates to items recognised in other comprehensive
Other operating revenue - Export incentives obligation is determined by discounting the presentation currency.
income or directly in equity. In this case, the tax is also
Export Incentives under various schemes are estimated future cash outflows by reference
recognised in other comprehensive income or directly
accounted in the year of export. to market yields at the end of the reporting (ii) Transactions and balances
in equity, respectively
period on government bonds that have terms Transactions in foreign currencies are recognised
(s) Employee benefits approximating to the terms of the related at the prevailing exchange rates on the
Minimum Alternate Tax credit is recognised as
(i) Short-term obligations obligation. transaction dates. Realised gains and losses on
deferred tax asset only when and to the extent there is
Liabilities for wages and salaries, including settlement of foreign currency transactions are
convincing evidence that the Company will pay normal
non-monetary benefits that are expected to be The net interest cost is calculated by applying the recognised in the Statement of Profit and Loss.
income tax during the specified period. Such asset is
settled wholly within 12 months after the end discount rate to the net balance of the defined
reviewed at each Balance Sheet date and the carrying
of the period in which the employees render benefit obligation and the fair value of plan Monetary foreign currency assets and liabilities
amount of the MAT credit asset is written down to the
the related service are recognised in respect assets. This cost is included in employee benefit at the year-end are translated at the year-end
extent there is no longer a convincing evidence to the
of employees’ services up to the end of the expense in the Statement of Profit and Loss. exchange rates and the resultant exchange
effect that the Company will pay normal income tax
reporting period and are measured at the differences are recognised in the Statement of
during the specified period.
amounts expected to be paid when the liabilities Remeasurement gains and losses arising from Profit and Loss.
are settled. experience adjustments and changes in actuarial
(v) Earnings Per Share
assumptions are recognised in the period in Non-monetary assets and liabilities that are
Basic earnings per share
(ii) 
Other long-term employee benefit which they occur, directly in other comprehensive measured in terms of historical cost in foreign
Basic earnings per share is calculated by dividing:
obligations income. They are included in retained earnings currencies are not translated thereafter.
The liabilities for earned leave and sick leave that in the statement of changes in equity and in the
- the profit/loss attributable to owners of the
are not expected to be settled wholly within 12 balance sheet. (u) Income tax
Company
months are measured as the present value of The income tax expense or credit for the period is the
expected future payments to be made in respect Defined Contribution Plans tax payable on the current period's taxable income
- by the weighted average number of equity
of services provided by employees up to the end Defined Contribution Plans such as Provident based on the applicable income tax rate adjusted
shares outstanding during the financial year,
of the reporting period using the projected unit Fund etc., are charged to the Statement of by changes in deferred tax assets and liabilities
adjusted for bonus elements in equity shares
credit method. The benefits are discounted using Profit and Loss as incurred. Further for certain attributable to temporary differences and to unused
issued during the year and excluding treasury
the discount rates for Government Securities employees, the monthly contribution for tax losses.
shares.
(G-Sec) at the end of the reporting period that Provident Fund is made to a Trust administered
have terms approximating to the terms of the by the Company. The interest payable by Deferred income tax is provided in full, using the
related obligation. Remeasurement as a result of the Trust is notified by the Government. The liability method on temporary differences arising
experience adjustments and changes in actuarial Company has an obligation to make good the between the tax bases of assets and liabilities and
shortfall, if any. their carrying amount in the financial statement.

142 Strengthening the core Raymond Limited | Annual Report 2020-21 143


144

into account:

equity shares.

(y) Exceptional items

equity shares, and

(w) Government Grants

for the year ended 31st March, 2021

Diluted earnings per share

with all attached conditions.

presented within other income.

activities, as a part of ‘Other expenses’.

Government grants relating to the purchase of

of profit and loss from ordinary activities are of

Costs towards development of property
- the weighted average number of additional

of property which are directly linked to respective

basis over the expected lives of related assets and
grant will be received and the Company will comply

items are disclosed separately as exceptional items.

property, plant and equipment are included in non-
Grants from the government are recognised at their

such size, nature or incidence that their disclosure is

operating expenses and costs towards development
- the after income tax effect of interest and other

relevant to explain the performance of the enterprise

the determination of basic earnings per share to take

assuming the conversion of all dilutive potential

When items of income and expense within statement

to the statement of Profit and Loss on a straight - line
Diluted earnings per share adjusts the figures used in

equity shares that would have been outstanding

current liabilities as deferred income and are credited

financing costs associated with dilutive potential

The Company discloses separately manufacturing and

fair value where there is reasonable assurance that the

for the period, the nature and amount of such material

(x) Manufacturing and Operating Expenses and

statements.

note 35
refer note 5
Notes to the Standalone Financial Statements

-refer note no 1 (ii) (f)

– refer note no 1 (ii) (r)
effective on 31st March, 2021.

(iv) Inventory write down - refer note 9

Contingent Liabilities - refer note 38

III. Critical estimates and judgements -

intangible assets - refer note 2A, 3 and 4

(z) Standards issued but not effective

(vi) Probable outcome of matters included under

(i) Carrying value of exposure in Raymond Apparel
which are more likely  to be materially adjusted due to
estimates and assumptions turning out to be different

each of these estimates and judgements is included in

There are no standards that are issued but not yet

a higher degree of judgement or complexity, and items

(vii) Estimation of Defined benefit obligation - Note 41

of accounting estimates which by definition will seldom

of calculation for each affected line item in the financial

Limited and Raymond Uco Denim Private Limited -

The preparation of financial statements requires the use

This note provides an overview of the areas that involved

relevant notes together with information about the basis

(viii) Leases – Estimating the incremental borrowing rate

The areas involving critical estimates or judgement are:

assets (including MAT credit) and tax payable - refer

(ii) Revenue from real estate project under development
than those originally assessed. Detailed information about

(v) Estimation of tax expenses, utilisation of deferred tax

(iii) Estimated useful life of PPE, investment property and
judgement in applying the Company's accounting policies.
equal the actual results. Management also need to exercise

Strengthening the core

Notes to the Standalone Financial Statements
for the year ended 31st March, 2021

Note 2A - Property, Plant And Equipment

(` in lakhs)
Financial Statements

Land Buildings Leasehold Plant and Furniture Vehicles Office Boats and Aircraft Right to Use Assets Total
Freehold Leasehold Improvement equipment and equipment water Leasehold Leasehold
fixtures Equipment Land Premises
Gross Carrying amount
Balance as at 1st April, 2019 15,110.94 477.05 49,518.10 2,541.59 52,347.51 14,132.73 1,368.68 1,004.07 2,022.84 5,697.44 - - 144,220.95
Reclassified on account of adoption of (477.05) 451.87 (25.18)
Raymond Limited | Annual Report 2020-21

Ind AS 116 ‘Leases’ (Refer Note 40)

Transition impact on account of adoption 13,475.00 13,475.00
of Ind AS 116 ‘Lease (Refer Note 40)
Additions 147.66 - 7121.87 204.81 4245.90 3148.37 1128.42 136.15 9.20 - - 2202.52 18,344.90
Disposals [Refer Note (iii)] 0.03 - 115.50 - 113.84 10.95 5.06 1.49 - 3620.28 107.23 170.61 4,144.99
Balance as at 31st March, 2020 15,258.57 - 56,524.47 2,746.40 56,479.57 17,270.15 2,492.04 1,138.73 2,032.04 2,077.16 344.64 15,506.91 171,870.68
Additions - - 352.40 1.72 1,688.49 228.22 - 27.30 - - - 1,232.00 3,530.13
Disposals / adjustment - - 919.08 487.86 838.83 354.84 2.41 29.18 - - - 1,784.14 4,416.34
Balance as at 31st March, 2021 15,258.57 - 55,957.79 2,260.26 57,329.23 17,143.53 2,489.63 1,136.85 2,032.04 2,077.16 344.64 14,954.77 170,984.47
Accumulated Depreciation and
amortisation
Balance as at 1st April, 2019 - 25.18 4,320.52 962.85 21,671.88 5,233.03 696.90 576.23 1,408.74 2,812.66 - - 37,707.99
Reclassified on account of adoption of
Ind AS 116 ‘Leases’ (Refer Note 40) - (25.18) - - - - - - - - - - (25.18)
Additions - - 1,574.23 579.98 5,135.35 2,839.02 469.54 179.13 188.96 218.18 6.05 4,196.92 15,387.36
Disposals - - 19.78 - 62.83 7.97 2.40 1.13 - 2,555.72 4.83 30.08 2,684.74
Balance as at 31st March, 2020 - - 5,874.97 1,542.83 26,744.40 8,064.08 1,164.04 754.23 1,597.70 475.12 1.22 4,166.84 50,385.43
Additions - - 1,966.76 432.24 4,827.77 2,544.07 383.20 140.20 37.06 116.08 5.28 3,939.51 14,392.17
Disposals - - 234.80 288.41 568.75 258.60 1.00 15.40 - - - 836.53 2,203.49
Balance as at 31st March, 2021 - - 7,606.93 1,686.66 31,003.42 10,349.55 1,546.24 879.03 1,634.76 591.20 6.50 7,269.82 62,574.11
Net carrying amount
Balance as at 31st March, 2020 15,258.57 - 50,649.50 1,203.57 29,735.17 9,206.07 1,328.00 384.50 434.34 1,602.04 343.42 11,340.07 121,485.25
Balance as at 31st March, 2021 15,258.57 - 48,350.86 573.60 26,325.81 6,793.98 943.39 257.82 397.28 1,485.96 338.14 7,684.95 108,410.36
Notes:
(i) Refer 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) Disposals of 31st March, 2020 includes cost of Company’s freehold land at Thane, surrendered to Thane Municipal Corporation for the purpose of recreational ground, in exchange of
development rights. (Refer Note 33B(i))
(iv) On 6 November 2007, the Company had entered into four separate tri-partite agreements with Pashmina Holdings Limited and each of the four sub-lessees of residential units in JK
House (being Dr. Vijaypat Singhania, Mr. Gautam Hari Singhania, Mr. Akshaypat Singhania and Ms. Veenadevi  Singhania along with Mr. Anant Singhania), who are considered to be
related parties and said agreements were not acted upon. The said tri-partite agreements have been rejected by the shareholders of the Company at its meeting dated 5th June 2017.
Dr. Vijaypat Singhania, Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania have in an earlier year, initiated the arbitration proceedings against the
Company in order to secure the specific performance of the tri-partite agreements.
Note 2B - CAPITAL WORK IN PROGRESS
31st March, 2020 2,571.59
31st March, 2021 849.03
145
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 3 Investment Properties 4 Intangible Assets

(` in lakhs) (` in lakhs)
Gross carrying amount Computer Software Total
Balance as at 1st April, 2019 574.83
Gross carrying amount
Additions -
Balance as at 1st April, 2019 117.87 117.87
Disposals -
Additions 213.88 213.88
Balance as at 31st March, 2020 574.83
Disposals - -
Additions -
Balance as at 31st March, 2020 331.75 331.75
Disposals -
Additions 1.23 1.23
Balance as at 31st March, 2021 574.83
Disposals - -
Balance as at 31st March, 2021 332.98 332.98
Accumulated Depreciation
Balance as at 1st April, 2019 95.08
Accumulated amortisation
Additions 20.30
Balance as at 1st April, 2019 57.64 57.64
Disposals -
Additions 124.38 124.38
Balance as at 31st March, 2020 115.38
Disposals - -
Additions 19.62
Balance as at 31st March, 2020 182.02 182.02
Disposals -
Additions 91.73 91.73
Balance as at 31st March, 2021 135.00
Disposals - -
Balance as at 31st March, 2021 273.75 273.75
Net carrying amount
Balance as at 31st March, 2020 459.45
Net carrying amount
Balance as at 31st March, 2021 439.83
Balance as at 31st March, 2020 149.73 149.73
Balance as at 31st March, 2021 59.23 59.23
Fair value
As at 31st March, 2020 5,718.98 Note 5 Investments in Subsidiaries, Associates and Joint Venture (Non-current)
As at 31st March, 2021 5,874.38 (Refer Note 1(II)(i))
(` in lakhs)
(` in lakhs) As at 31st March, 2021 As at 31st March, 2020
Year Ended Year Ended No. of Units Amount No. of Units Amount
31st March, 2021 31st March, 2020
A. Investment in subsidiaries
Rental income derived from investment properties 424.42 437.11
Unquoted
Direct operating expenses (including repairs and maintenance) generating rental income 10.84 13.42
i. Equity instruments at cost, fully paid-up
Income arising from investment properties before depreciation 413.58 423.69
Raymond Apparel Limited 2,483,200 6,471.51 2,483,200 6,471.51
Depreciation 19.62 20.30
(Equity Shares of ` 10 each) (refer note (iv))
Income arising from investment properties (Net) 393.96 403.39
Raymond (Europe) Limited 1,000 0.03 1,000 0.03
Premises given on operating lease: (Equity Shares of £.1 each)
The Company has given certain investment properties on operating lease. These lease arrangements range for a period between 2 Jaykayorg AG (Equity Shares of 500 0.98 500 0.98
and 5 years and include both cancellable and non-cancellable leases. Most of the leases are renewable for further period on mutually Swiss Francs 100 each)
agreeable terms. Pashmina Holdings Limited (Equity 740,000 724.00 740,000 724.00
The total future minimum lease rentals receivable at the Balance Sheet date are as under: Shares of ` 10 each)
(` in lakhs) Everblue Apparel Limited (Equity 11,500,000 1,500.00 11,500,000 1,500.00
Shares of ` 10 each)
31st March, 2021 31st March, 2020
Silver Spark Apparel Limited (Equity 8,964,300 4,700.00 8,964,300 4,700.00
For a period not later than one year 234.12 347.50 Shares of ` 10 each)
For a period later than one year and not later than five years 56.23 348.38 Celebrations Apparel Limited (Equity 2,710,000 271.00 2,710,000 271.00
For a period later than five years - - Shares of ` 10 each)
Scissors Engineering Products Limited 18,131,365 2,884.11 18,101,365 2,881.11
Estimation of fair value (Equity Shares of ` 10 each) $
The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, Raymond Woollen Outerwear Limited 1,931,000 162.68 1,931,000 162.68
demand, restrictive entry to the complex, age of building and trend of fair market rent in village Panchpakhadi area. (Equity Shares of ` 10 each)
J K Files (India) Limited (Equity 8,740,658 1,222.01 8,740,658 1,222.01
This fair value is based on valuations performed by an accredited independent valuer/ best evidence of fair value in an active market for similar
Shares of ` 10 each)
properties. Fair valuation is based on replacement cost method. The fair value measurement is categorised in level 3 fair value hierarchy.

146 Strengthening the core Raymond Limited | Annual Report 2020-21 147
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

#
During the year, the Company has invested ` 250 Lakhs in Raymond UCO Denim being 25,00,000 equity shares of ` 10 Each. Further, subsequent to balance
As at 31st March, 2021 As at 31st March, 2020 sheet date also investment of ` 1,250 Lakhs was made in the month of April 2021.

No. of Units Amount No. of Units Amount Notes:

Raymond Luxury Cottons Limited (Equity Shares 127,680,000 12,768.00 127,680,000 12,768.00 (i) During the earlier years, the Company invested an amount of ` 6168 lakhs in the financial year ending on 31st March, 2016 and ` 2000 lakhs in the financial
of ` 10 each) (refer note (i)) year ending on 31st March, 2015 by subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (RLCL) a Subsidiary of the
Company, enhancing the Company’s shareholding from 62% to 75.69% in the financial year 2015-16 and from 55% to 62% in the financial year 2014-15.
Raymond Lifestyle International DMCC - - 800 146.96
(Equity Shares of AED 1000 each) 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 Cottons Limited (RLCL) (formerly known as Raymond Zambaiti Limited),  had submitted request for voluntary winding up including
Less: Provision for diminution in value of - (146.96)
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
Investments(refer note (v)) 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
Raymond Lifestyle Limited (Equity Shares of 50,000 5.00 50,000 5.00 receivable from CH of ` 1,122. 24 lakhs before the Judicial Commissioner of the Composition (the Commissioner) appointed by the Court of Bergamo, Italy.
` 10 each) (Refer Note 50) In protraction of matter with Cottonificio Honegger S.p.A (‘CH’), Italy, the Judicial Commissioner of the Composition (“the Commissioner”) appointed by
Raymond Lifestyle (Bangladesh) Private Limited 500,000 42.87 500,000 42.87 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.
(Equity Shares of BDT 10 each)
30,752.19 30,749.19 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,
ii. Preference Shares 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
9% Non-Cumulative Compulsorily Convertible also shall not be alienated till further order. Subsequently, the proceedings were transferred to the National Company Law Tribunal (“NCLT”), Mumbai
Preference Shares of ` 100 each at cost, fully bench and currently, the matter is pending before the said forum.  RLCL has filed a Miscellaneous Application on 29th January, 2019 seeking part vacation
paid-up * of the interim order dated 26th November, 2015 . The NCLT, Mumbai Bench has allowed the application filed by RLCL and had directed that the main
company petition along with the application for vacating the stay be listed for hearing. The NCLT had directed for the matter to be heard on 26th April,
J K Files (India) Limited 2,200,000 2,200.00 2,200,000 2,200.00 2021. However, due to the restricted functioning of the NCLT on account of the on going COVID-19 pandemic, the matter was not taken up on the said
2,200.00 2,200.00 date and the matter adjourned to 12th July, 2021.
Total (A) (i + ii) 32,952.19 32,949.19 (ii) The management has considered that the losses suffered by Raymond UCO Denim Private Limited, a joint venture company (RUCO), indicate an impairment
in the carrying value of the investment. In addition to the above investment, the Company also has given loans ` 1,500 lakhs, interest receivable ` 63.04
B. Investment in associates lakhs and other receivable ` 1,275.49 lakhs. Accordingly, the management with the help of a valuation specialist, has carried out an impairment assessment
for the entire investment in and other receivables from RUCO. The said impairment test has not resulted in recognition of any further impairment loss in
Unquoted the carrying value of its investment during the year or in the earlier year.
Equity instruments at cost, fully paid-up
 ignificant Estimates : The recoverable value of exposure in Raymond Uco Denim Private Limited is determined by an Independent valuer. The Company
S
P.T. Jaykay Files Indonesia (Equity Shares of Indon. 24,000 23.99 24,000 23.99 uses judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each
Rp.4,150 = US$ 10 each) reporting period.
Radha Krshna Films Limited (Equity Shares of ` 10 2,500,000 250.00 2,500,000 250.00
(iii) During the year ended 31st March 2020, pursuant to approval from National Company Law Tribunal (NCLT), to the JV company, Raymond UCO Denim
each) Private Limited (RUDPL) towards reduction of its preference share capital, the investment of the Company in preference share capital of RUDPL having
Less: Provision for diminution in value of Investments (250.00) (250.00) a carrying value of ` 8,700 lakhs was settled at an aggregate consideration of ` 10 Lakhs. Accordingly, the balance amount of ` 8,690 lakhs representing
reduction in preference share capital had been treated as deemed equity investments in RUDPL. Further, the Company had also recognized deferred tax
J.K. Investo Trade (India) Limited 3,489,878 156.54 3,489,878 156.54
assets (DTA) amounting to ` 4,795.57 lakhs towards tax losses on account of the aforesaid reduction during the year ended 31st March 2020, refer note 35.
(Equity Shares of ` 10 each)
Ray Global Consumer Trading Limited (Refer Note (vi)) 3,487,378 169.58 - 169.58 (iv) The management has considered that the losses suffered by Raymond Apparel Limited, a subsidiary company (RAL), and erosion of its net-worth indicate
an impairment in the carrying value of the investment. In addition to the above investment, the Company also has given loans ` 12,000 lakhs, trade
Total (B) 350.11 350.11 receivables ` 5,024.91 lakhs, other receivable ` 6,722.47 lakhs and trade payable ` 1,515.80 lakhs. Accordingly, the management with the help of a valuation
specialist, has carried out an impairment assessment for the entire investment in and the other receivables from RAL. The said impairment test has not
C. Investment in joint venture resulted in recognition of any impairment loss in the carrying value of its investment during the year.

Unquoted Significant estimates : The recoverable value of exposure in RAL 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.
i. Equity instruments at cost, fully paid-up
Raymond UCO Denim Private Limited: 14,667,179 18,470.79 12,167,179 18,220.79 (v) During the last year, management has made a provision of ` 146.96 lakhs towards diminution in the carrying value of its investment on erosion of its net
Equity Shares of ` 10 each # worth and its liquidation
Less: Provision for diminution in value of (13,800.00) (13,800.00) (vi) During the FY 2019-2020, the Mumbai Bench of National Company Law Tribunal (“NCLT”) has vide its order dated 07th February, 2020 approved the
Investments (refer note (ii)) Composite Scheme of Amalgamation and Arrangement between J. K. Helene Curtis Limited (JKHC), J. K. Investo Trade (India) Limited (JKIT), Raymond
Consumer Care Private Limited (RCCPL), Ray Global Consumer Trading Limited (RGCTL) and Ray Universal Trading Limited (RUTL) and their respective
ii. Deemed equity investment (refer note(iii) )
shareholders (‘the scheme’). Pursuant to said Scheme, RCCPL has been amalgamated with JKIT and FMCG business of JKHC has been transferred to JKIT. The
Raymond UCO Denim Private Limited - 8,690.00 - 8,690.00 Combined FMCG business has then been transferred to and vested in RUTL. In consideration for the transfer and vesting of the Combined FMCG Business
Total (C) 13,360.79 13,110.79 Undertaking in RUTL, RGCTL has issued and allotted shares to all the shareholders of JKIT during the FY 2020-21.

Total (A+B+C) 46,663.09 46,410.09

Aggregate amount of unquoted investments before 60,713.09 60,607.05

impairment
Aggregate amount of impairment in the value of (14,050.00) (14,196.96)
investment
* The security issued by Subsidiary company is equity nature investment for Raymond Limited.

During the year, the Company has invested amount of ` 3.00 (being 30000 equity shares of ` 10 Each)
$

148 Strengthening the core Raymond Limited | Annual Report 2020-21 149
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

5(a) Non-current Investments 6 Non- current loans

(` in lakhs) (` in lakhs)

As at 31st March, 2021 As at 31st March, 2020 As at As at

31st March, 2021 31st March, 2020
No. of Units Amount No. of Units Amount
(Unsecured, considered good)
A. Other Equity Instruments Loans to related parties (Refer Note 5(ii) and 43) 2,900.00 10,316.33
Unquoted, fully paid-up Loans to employees 0.20 1.80
At Fair value through Profit and Loss Total 2,900.20 10,318.13
Gujarat Sheep & Wool Development Corporation 102 - 102 -
Limited (Equity Shares of ` 100 each)#
Break-up :
Impex (India) Limited (Equity Shares of ` 10 8,000 0.80 8,000 0.80
each) As at As at
31st March, 2021 31st March, 2020
Seven Seas Transportation Limited (Equity 205,000 - 205,000 -
Shares of ` 10 each)# Loans considered good - Secured - -
J.K. Cotton Spg. & Wvg. Mills Company Limited 10,510 - 10,510 - Loans considered good - Unsecured 2,900.20 10,318.13
(Equity Shares of ` 10 each)# Loans which have significant increase in credit risk - -
Shahane Solar Power Private Limited (Equity Shares of 5,200 5.20 5,200 5.20 Loans - credit impaired - -
` 100 each) Total 2,900.20 10,318.13
SVC Bank (Equity Shares of ` 25 each) 100 0.03 Less: Allowance for doubtful Loans - -
Total (A) 6.03 6.00 Total Loans 2,900.20 10,318.13
Refer Note 45 for information about credit risk and market risk for loans.
B. Investment in government securities
Unquoted 7 Other non-current financial assets
At amortised cost (` in lakhs)
Investments in National Savings Certificates 0.06 0.06 As at As at
(deposited with Government Department as security) 31st March, 2021 31st March, 2020
Total (B) 0.06 0.06
(Unsecured, Considered good)
Security deposits 3,615.49 4,496.71
C. Investment in Venture capital funds
Margin money deposits with bank (Refer Note (a) below) 553.91 173.54
Unquoted
Investments in Term deposits (Refer Note (b) below) - 3,034.27
At Fair value through profit and loss @
Advance recoverable in Cash 181.06 137.53
Kotak India Growth Fund ( Units of ` 1000 each, Paid 2639 1.00 11744 17.00
Total 4,350.46 7,842.05
up value per Unit of ` 966.73 each, Previous year
` 966.73 each) Note:
(a) Held as lien by bank against bank guarantees amounting to ` 553.91 lakhs (` 173.54 lakhs as at 31st March, 2020)
HDFC India Real Estate Fund (Units of ` 1000 each) - - 22220 0.54
(b) Held as lien by bank against over draft facility amounting to ` NIL (` 3,034.27 lakhs as at 31st March, 2020)
Nepean Long Term Opportunities Fund (Units of ` 100 297982 507.86 297982 235.27
each) 8 Other non-current assets
JM Financial India Fund II (Units of ` 100000 each) 217 225.11 109 127.76 (` in lakhs)
Total (C) 733.97 380.57 As at As at
31st March, 2021 31st March, 2020
Non-current Investments total (A+B+C) 740.06 386.63 Capital advances 61.60 79.74
Prepaid expenses 552.36 -
Aggregate amount of quoted investments at cost - - Deposits with customs, port trust, excise and other government authorities 1,816.79 1,888.86
Market Value of the quoted investments amortised at - - 1,206.54 1,467.54
Subsidy receivable from Government authorities [(Net of provision of ` 261 lakhs) (Nil as at 31st
cost
March, 2020)]
Aggregate amount of unquoted investments 740.06 386.63
Other advances 401.20 0.55
Aggregate amount of impairment in the value of # #
Total 4,038.49 3,436.69
investment
Note:
@
Investment in venture capital funds have been fair valued at closing NAV.
# Company has invested in non trade investments aggregating ` 30.53 lakhs which have already been fully provided in the books

150 Strengthening the core Raymond Limited | Annual Report 2020-21 151
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

9 Inventories (` in lakhs)
(` in lakhs)
As at 31st March, 2021 As at 31st March, 2020
As at As at
31st March, 2021 31st March, 2020 No. of Units Amounts No. of Units Amounts
Raw Materials 5,476.33 6,069.63 B. Investments in Mutual Funds
Raw Materials - In Transit 2,123.09 2,828.57 Unquoted
Work-in-progress 11,201.43 15,903.74 At Fair value through Profit and Loss
Finished goods 25,667.63 41,682.49 Aditya Birla Sun Life Cash Plus - Growth - Direct Plan - - 736,084.10 2,352.23
Stock-in-trade 20,517.06 31,997.35 (Units of ` 100 each)
Stock-in-trade - In Transit 480.48 455.09 UTI Liquid Cash Plan - Direct Growth Plan (Units of - - 55,068.24 1,790.51
Stores and Spares 2,975.62 3,354.28 ` 1000 each)
Stores and Spares - In Transit 108.54 144.44 Kotak Liquid - Direct Plan Growth (Units of ` 1000 each) - - 49,798.12 1,999.33
Loose Tools 212.81 192.75 HDFC Liquid Fund- Direct Plan Growth Option (Units 50,084.74 2,026.19 51,211.38 2,000.63
Property under development (Refer Note 33 B) 31,320.04 26,382.91 of ` 1000 each)
Total 100,083.03 129,011.25 HSBC Cash Fund- Growth Direct Plan (Units of ` 1000 - - 108,155.55 2,138.76
each)
Inventory write downs are accounted, considering the nature of inventory, ageing, liquidation plan and net realisable value. Write-downs
Tata Liquid Fund Direct Plant - Growth (Units of ` 1000 62,406.24 2,026.73 71,541.44 2,240.67
of inventories amounted to ` 7584.53 lakhs as at 31st March, 2021 (as at 31st March, 2020 - ` 6751.01 lakhs) These write-downs were
recognised as an expense and included in ‘changes in inventories of finished goods, stock-in-trade, work-in-progress and property each)
under development’ in the Statement of Profit and Loss. HDFC Liquid Fund - Regular Plan - Growth (Units of ` - - 1,812.67 70.40
1000 each)
10 Current investments IDFC Cash Fund Growth (Direct Plan) (Units of ` 1000 - - 47,080.75 1,130.80
each)
(` in lakhs) Mirae Asset Cash Management Fund - Direct Plan - - - 27,263.57 571.07
Growth (Units of ` 1000 each)
As at 31st March, 2021 As at 31st March, 2020
ICICI Prudential Liquid Fund - Direct Plan - Growth 698,456.60 2,128.45 797,793.79 2,343.77
No. of Units Amounts No. of Units Amounts (Units of ` 100 each)
Total (B) 6,181.37 16,638.17
A. Investment in Equity instruments
Quoted, fully paid-up
Current Investments total (A+B) 7,919.91 18,002.47
At Fair value through Profit and Loss
Banswara Syntex Limited (Shares of ` 10 each) 21,660 22.29 21,660 15.42
Aggregate amount of quoted investments and Market 1,738.54 1,364.30
UPL Limited (Shares of ` 2 each) 233,392 1,507.95 248,392 810.75 value there of
Vascon Engineers Limited (Shares of ` 10 each) 290,310 51.82 290,310 21.72 Aggregate amount of unquoted investments 6,181.37 16,638.17
Alembic Pharmaceutical Limited (Shares of ` 2 each) 16,074 156.48 16,074 85.78
Refer Note 44 and 45 for information about fair value measurement, credit risk and market risk of investments.
State Bank of India (Shares of Re. 1 each) - - 35,000 68.93
Mahindra & Mahindra Limited (Shares of ` 5 each) - - 40,000 114.00 11 Trade receivables (Current)
(` in lakhs)
L&T Finance Holding Limited (Shares of ` 10 each) - - 60,000 30.84
Bajaj Electricals Limited (Shares of ` 2 each) - - 8,326 22.27 As at As at
31st March, 2021 31st March, 2020
Bajaj Finance Limited (Shares of ` 2 each) - - 1,000 22.16
Hero Motocorp Limited (Shares of ` 2 each) - - 9,500 151.45 Trade receivables (refer note below) 44,339.06 40,772.13
Indian Oil Corporation Limited (Shares of ` 10 each) - - 25,700 20.98 Receivables from related parties (Refer Note 5(iv) and 43) 15,158.83 13,859.75
Total (A) 1,738.54 1,364.30 Trade Receivables which have significant increase in credit risk - -
Trade Receivables - Credit Impaired - -
Less: Allowance for doubtful trade receivables (903.35) (868.46)
Total receivables 58,594.54 53,763.42
Current portion 58,594.54 53,763.42
Non-current portion - -

Break-up of security details

Secured, considered good 6,740.85 6,336.62
Unsecured, considered good 51,853.69 47,426.80
Doubtful 903.35 868.46
Total 59,497.89 54,631.88
Allowance for doubtful trade receivables (903.35) (868.46)
Total trade receivables 58,594.54 53,763.42

152 Strengthening the core Raymond Limited | Annual Report 2020-21 153
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Trade receivables include ` 1,875.30 lakhs (31st March, 2020 ` 2,341.78 lakhs) for which credit risk is retained by the Company under a
15 Other current financial assets
factoring arrangement and are net of ` 16,877.71 lakhs (31st March, 2020 ` 21,076.01 lakhs) de-recognised (along with corresponding (` in lakhs)
liability) on transfer ‘without recourse’. Company retains interest liability upto an agreed date on the entire amount, the costs for which
are recognised as part of finance costs. As at As at
31st March, 2021 31st March, 2020
The trade receivables includes ` 2498.83 lakhs (31st March, 2020 ` Nil) receivables against which bills are discounted. Under this
arrangement Company has transferred the relevant receivables to the banks in exchange for cash and is prevented from selling or (Unsecured, considered good)
pledging the receivables. However, Company has retained late payment and credit risk. The Company therefore continues to recognize Advances to related parties (Refer Note 5(ii), 5(iv) and 43) # 9,853.79 7,700.86
the transferred assets in there entirety in its balance sheet. The amount repayable under the bills discounted is presented as current Loans to employees 21.41 45.85
borrowings. Advances and deposits recoverable 1,220.22 967.21
Refer Note 45 for information about credit risk and market risk of trade receivables. Interest receivable 263.11 62.97
Total 11,358.53 8,776.89
12 Cash and cash equivalents #
includes ` 1275.49 lakhs (` 1187.1 lakhs as at 31st March, 2020) due from a private company in which director of the Company is a director

As at As at 16 Other current assets

31st March, 2021 31st March, 2020 (` in lakhs)

Cash on hand 60.23 2.73 As at As at

Cheques, drafts on hand - 11.91 31st March, 2021 31st March, 2020
Balances with Banks - In current accounts 16,982.93 11,711.69 Export Benefits receivables 508.47 1,554.98
Total 17,043.16 11,726.33 Advances to Suppliers 3,938.90 3,565.64
Balances with government authorities 14,258.30 14,677.07
13 Bank Balances other than cash and cash equivalents Claims Receivable 343.36 174.21
(` in lakhs)
Prepaid expenses 888.53 295.73
As at As at Advances recoverable in kind for value to be received 773.64 994.83
31st March, 2021 31st March, 2020
Other advances 1,420.57 499.60
Margin money deposits (Refer Note (a) below) - 5,064.90 Contract assets- unbilled receivables (Refer Note 1 (II) (r) ) - 2,554.61
Investments in Term deposits (Refer Note (b) below) 30,127.14 13,134.70 Total 22,131.77 24,316.67
Unclaimed dividends and unclaimed matured debenture -Earmarked balances with banks 140.46 150.24
Total 30,267.60 18,349.84
17A Equity share capital
(` in lakhs)
Notes:
(a) Held as lien by bank against over draft facility amounting to ` Nil (31st March, 2020 ` 5,064.90 lakhs) As at As at
31st March, 2021 31st March, 2020
(b) Includes deposits held as lien by bank against over draft facility amounting to ` 3034.27 (` NIL Lakhs as at 31st March, 2020)
Authorised
9,00,00,000 [31st March, 2020: 9,00,00,000] Equity Shares of ` 10 each 9,000.00 9,000.00
14 Current loans 1,000.00 1,000.00
(` in lakhs)
1,00,00,000 [31st March, 2020: 1,00,00,000] Preference Shares of ` 10 each
Total 10,000.00 10,000.00
As at As at Issued, subscribed and fully paid up
31st March, 2021 31st March, 2020
6,65,73,731 [31st March, 2020: 6,47,19,132] Equity Shares of ` 10 each 6,657.37 6,471.91
(Unsecured, considered good)
Loans to related parties (Refer Notes 5(iv) and 43) 12,000.00 - 6,657.37 6,471.91
Total 12,000.00 -
a) Reconciliation of equity shares outstanding at the beginning and at the end of the year
(` in lakhs)
Break-up :
Loans considered good - Secured                           -                             -   As at 31st March, 2021 As at 31st March, 2020
Loans considered good - Unsecured 12,000.00 - No. of shares Amount No. of shares Amount
Loans which have significant increase in credit risk                           -                             -  
Equity Shares :
Loans - credit impaired                           -                             -  
Balance as at the beginning of the year 64,719,132 6,471.91 61,380,854 6,138.08
Total 12,000.00 -
Issue of equity shares pursuant to preferential allotment* - - 3,338,278 333.83
Less: Allowance for doubtful Loans - -
Issue of equity shares pursuant to conversion of CCPS** 1,854,599 185.46 - -
Total Loans 12,000.00 -
Balance as at the end of the year 66,573,731 6,657.37 64,719,132 6,471.91
Refer Note 45 for information about credit risk and market risk for loans.
*During the year ended 31st March 2020, the Company had allotted 3,338,278 equity Shares of face value Rs. 10 each, at a price of ` 674 per share (including
share premium of ` 664 per share), on preferential basis, to J.K. Investo Trade (India) Limited, a promotor group Company.

**During the current year, the Company has allotted 18,54,599 Equity Shares of face value ` 10 each pursuant to conversion of 18,54,599 0.01% Compulsorily
Convertible Preference Shares of face value ` 10 each.

154 Strengthening the core Raymond Limited | Annual Report 2020-21 155
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

b) Rights, preferences and restrictions attached to shares *During the year ended 31st March 2020, the Company had allotted 18,54,599 equity Shares of face value ` 10 each, at a price of ` 674 per share (including
Equity shares: The Company has one class of equity shares having a par value of ` 10 per share. Each shareholder is eligible for one
 share premium of ` 664 per share), on preferential basis, to J.K. Investo Trade (India) Limited, a promotor group Company.
vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing **The Company has allotted 18,54,599 Equity Shares of face value ` 10 each pursuant to conversion of 18,54,599 0.01% Compulsorily Convertible Preference
Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to Shares of face value ` 10 each.
receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
b) Rights, preferences and restrictions attached to preference shares
c) Details of equity shares held by shareholders holding more than 5% of the aggregate shares in the Company The Company has one class of preference shares having a par value of ` 10 per share. Each preference share shall:
(i) be paid dividend on a non-cumulative basis;
As at 31st March, 2021 As at 31st March, 2020
(ii) have voting rights as prescribed under provisions of Companies Act, 2013. and;
% No. of shares % No. of shares (iii) not be redeemed but shall be compulsorily convertible into 1 equity share of ` 10 each in one or more tranches, at any time on
J.K. Investors (Bombay) Limited 28.44 18930793 28.91 18710514 or before the expiry of 18 months from the date of allotment.
JK Investo Trade (India) Limited 12.25 8157087 9.49 6141104 c) Details of preference shares held by shareholders holding more than 5% of the aggregate shares in the Company
J.K. Helene Curtis Limited 5.40 3592050 5.55 3592050
As at 31st March, 2021 As at 31st March, 2020
17 B Other Equity
(` in lakhs) No. of shares % No. of shares %

Instruments Reserves and Surplus J K Investo Trade (India) Limited - - 1,854,599 100.00
classified as Equity
Securities premium
0.01% Compulsorily Securities Capital Capital Debenture General Retained Total Securities premium is created due to premium on issue of shares and is utilised in accordance with the provisions of the Act.
Convertible Premium Reserve Redemption Redemption Reserves Earnings
Preference Shares Reserve Reserve
Capital reserve
(CCPS), fully paid-up Capital reserve is utilised in accordance with provision of the Act.

Balance as at 1st April, 2019 - 13,319.86 2,131.95 1,371.01 7,500.00 95,112.34 11,307.86 130,743.02 Capital Redemption Reserve
Profit for the year - - - - - - 9,431.62 9,431.62 Represent reserve created during buy back of Equity Shares and it is a non-distributable reserve.
Other Comprehensive Income for the year - - - - - - 487.76 487.76
Total Comprehensive Income for the - - - - - - 9,919.38 9,919.38
18 A Non-current borrowings
(` in lakhs)
year
Dividends - - - - - - (1,841.43) (1,841.43) As at As at
Dividend distribution tax - - - - - - (378.51) (378.51) 31st March, 2021 31st March, 2020
Issue of shares 185.46 34,480.71 - - - - - 34,666.17 Secured
Transitional adjustment of Ind AS-116 - - - - - - (1,303.17) (1,303.17) Debentures 48,016.24 -
(Refer Note 40)
Term loans from banks 52,689.25 23,054.90
Transfer from Debenture Redemption - - - - - 7,500.00 - 7,500.00
Reserve Total 100,705.49 23,054.90
Transferred to General Reserve - - - - (7,500.00) - - (7,500.00) Above total is net of instalments falling due within a year in respect of all the above Loans aggregating ` 10,531.40 lakhs (31st March , 2020 : ` 17,984.73 lakhs)
Balance as at 31st March, 2020 185.46 47,800.57 2,131.95 1,371.01 - 102,612.34 17,704.13 171,805.46 that have been grouped under “Current maturities of long-term debt” (Refer Note 22)
Balance as at 1st April, 2020 185.46 47,800.57 2,131.95 1,371.01 - 102,612.34 17,704.13 171,805.46
Refer Note 45 for liquidity risk
Loss for the year - - - - - - (11,849.12) (11,849.12)
Nature of Security and terms of repayment for Long Term secured borrowings:
Other Comprehensive Income for the year - - - - - - 472.55 472.55
Total Comprehensive Income for the - - - - - - (11,376.57) (11,376.57) Nature of Security Terms of Repayment
year
i. Term loan from bank, balance outstanding amounting to Repayable in 20 quarterly instalment starting from June 2019 and
Conversion into equity shares (185.46) - - - - - - (185.46) ` 566.40 lakhs (31st March, 2020: ` 755.20 lakhs) is secured by last installment due in March 2024. Rate of interest 8.20% p.a. as
Balance as at 31st March, 2021 - 47,800.57 2,131.95 1,371.01 - 102,612.34 6,327.56 160,243.43 first charge by way of hypothecation over movable fixed assets at year end. (31st March, 2020 : 9.25% p.a.)
including capital work in progress, both present and future,
a) Reconciliation of preference shares outstanding at the beginning and at the end of the year
` in lakhs acquired out of the said loans, located at Chindwara and first
charge by way of hypothecation over insurance policies of the
As at 31st March, 2021 As at 31st March, 2020 above movable fixed assets.
ii. Term loan from bank, balance outstanding amounting to ` 2,625 Repayable in 9 quarterly installment starting from September
No of shares Amount No of shares Amount
lakhs (31st March, 2020 : ` 5,812.50 lakhs) is secured by first 2019 and last instalment due in September 2021. Rate of interest
Preference shares: charge by way of hypothecation over movable fixed assets 8.45% p.a. as at year end (31st March, 2020 : 9.50% p.a.).
Balance at the beginning of the year 1,854,599 185.46 - - including capital work in progress, both present and future,
located at Chindwara and first charge by way of hypothecation
Issue of 0.01% Compulsorily Convertible Preference Shares (CCPS) - - 1,854,599 185.46
of ` 10 each, fully paid-up pursuant to preferential allotment* over insurance policies of the above movable fixed assets.
Conversion of CCPS into Equity shares** (1,854,599) (185.46) - -
Balance at the end of the year - - 1,854,599 185.46

156 Strengthening the core Raymond Limited | Annual Report 2020-21 157
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Nature of Security Terms of Repayment Nature of Security Terms of Repayment

iii. Term loan from bank, balance outstanding amounting to Repayable in 12 quarterly instalment starting from June 2020 and Balance outstanding amounting to ` 10,000 lakhs (31st Repayable in October 2023. Rate of interest 8.85% p.a. (31st
` 14,000 lakhs (31st March, 2020 : ` 20,000 lakhs) is secured by last instalment due in March, 2023. Rate of interest 8.70% p.a. as March, 2020 : ` Nil) is secured by pari passu charge by way of March, 2020 :Nil)
first pari passu charge by way of mortgage on immovable fixed at year end. (31st March, 2020 : 9.25% p.a.) an equitable mortgage in relation to leasehold rights in the
assets situated at Vapi Plant and first pari passu charge by way piece and parcel of land along with the standing structure
of hypothecation on movable fixed assets situated at Vapi Plant thereon, admeasuring 404,851.27 square meters situated
(Both Present and Future). at Village Kharitaigaon, Chindwara and piece and parcel of
iv. Term loan from bank, balance outstanding amounting to Repayable in 8 quarterly instalment starting from December land admeasuring 71,960 square meters situated at Village
` 7,176 lakhs (31st March, 2020 : ` 7,176 lakhs) is secured by 2021 and last installment due in September 2023. Rate of interest Lodhikheda, Chindwara, together with all present and future
hypothecation by way of first pari passu charge on entire assets 8.52%.p.a. as at year end. (31st March, 2020 : 9.30% p.a.) assets, receivables and fixtures standing thereon and all things
both movable (including current asset and receivables and trust attached thereto.
and retention account / escrow account / debt service reserve Balance outstanding amounting to ` 4,000 lakhs (31st March, Repayable in Novemeber 2023. Rate of interest 8.85% p.a. (31st
account / any other bank account) and immovable property 2020 : ` Nil) is secured by pari passu charge by way of an March, 2020 :Nil)
relating to the project (Both Present and Future) situated at equitable mortgage in relation to leasehold rights in the
Thane. piece and parcel of land along with the standing structure
v. Term loan from bank, balance outstanding amounting to ` Nil Repaid in December 2020. Rate of interest 9.20% p.a. as on date thereon, admeasuring 404,851.27 square meters situated
(31st March, 2020: ` 4,050 lakhs) is secured by exclusive charge of repayment. (31st March, 2020 : 9.95% p.a.) at Village Kharitaigaon, Chindwara and piece and parcel of
on movable fixed assets, both present and future, located at Vapi land admeasuring 71,960 square meters situated at Village
Plant. Lodhikheda, Chindwara, together with all present and future
vi Term loan from bank, balance outstanding amounting to ` ` 5,000 Lakhs repayable in 18 quarterly instalment starting from assets, receivables and fixtures standing thereon and all things
10,000.00 lakhs (31st March, 2020: ` Nil) Secured by equitable September 2022 and last installment due in December 2026. attached thereto.
mortgage on land admeasuring 9,800 square meters situated at ` 5,000 Lakhs repayable in 18 quarterly instalment starting from Balance outstanding amounting to ` 20,000.00 lakhs (31st March, Repayable in four equal annual instalments starting from
Village Mehrun, Jalgaon and land admeasuring 151,430 square October 2022 and last installment due in January 2027. Rate of 2020 : ` Nil) is secured by first ranking exclusive mortgage on February 2028 and last installment due in February 2031. Rate of
meters situated in the additional Jalgaon Industrial Area within interest 9.00% p.a. as at year end. piece or parcel of land admeasuring 49,708.34 square meters interest 9.00% p.a. (31st March, 2020 :Nil)
the limits of Village Mehrun, Jalgaon, along with entire structure situated at Village Panchpakhadi, Thane, together with all
constructed / to be constructed thereon. buildings, erections, godowns and construction erected and
vii Term loan from bank, balance outstanding amounting to Repayable in 16 quarterly installment starting from June 2022 standing or attached to the aforesaid land, both present and
` 30,000 lakhs (31st March, 2020: ` Nil) is secured by first ranking and last installment due in March 2026. Rate of interest 8.50% future.
exclusive mortgage over piece and parcel of land or ground p.a. as at year end. Terms of repayment for Long Term unsecured borrowings:
admeasuring 62,051.23 square meters situated at Village Term loans from banks Terms of Repayment
Panchpakhadi, Thane, together with all buildings and structures ` Nil (31st March, 2020 : ` 1,250.00 lakhs) Repaid in February 2021. Rate of interest 7.60% p.a.as at date of
constructed/erected thereon and/or to be constructed/erected repayment (31st March , 2020 : 8.75% p.a.)
thereon. Repaid in February 2021. Rate of interest 9.10% p.a.as at date of
` Nil (31st March, 2020 : ` 2,000.00 lakhs)
Privately Placed Non-Convertible Debentures (face value repayment (31st March , 2020 : 9.10% p.a.)
` 10 lakhs each)
Amount of ` 1630.51 lakhs (31st March , 2020: ` 4.07 lakhs) related to deferred expense towards processing charges is netted of against loans and Debentures.
Balance outstanding amounting to ` 6,500 lakhs (31st March, Repayable in May 2023. Rate of interest 9.50% p.a. (31st March,
2020 : ` Nil) is secured by hypothecation by way of pari passu 2020 :Nil) The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.
charge on the Company’s movable properties (except current
assets) including its movable plant & machinery, machinery 18 B Other Non-current financial liabilities
spares, tools & accessories and other movables, both present (` in lakhs)
and future, located at Jalgaon Plant. As at As at
Balance outstanding amounting to ` 8,000 lakhs (31st March, Repayable in June 2023. Rate of interest 8.80% p.a. (31st March, 31st March, 2021 31st March, 2020
2020 : ` Nil) is secured by hypothecation by way of pari passu 2020 :Nil)
Capital Creditors 12,789.72 12,789.72
charge of the Company’s movable properties (except current
assets) including its movable plant & machinery, machinery Lease Liabilities 6,291.34 8,940.20
spares, tools & accessories and other movables, both present Total 19,081.06 21,729.92
and future, located at Jalgaon Plant.

158 Strengthening the core Raymond Limited | Annual Report 2020-21 159
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

19 Other Non-current liabilities 21 Trade payables (Current)

(` in lakhs) (` in lakhs)

As at As at As at As at
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Government Grant # 1,266.34 1,530.93 Trade payables [Refer Note below]
Total 1,266.34 1,530.93 Amounts due to related parties [Refer Note 5(iv) and 43] 9,711.62 13,230.56
#
Represents unamortised amount of duty saved referred to in note 49 Total outstanding dues of micro enterprises and small enterprises 9,811.66 356.81
Others 44,551.04 53,538.58
20 Current Borrowings Total 64,074.32 67,125.95
(` in lakhs)
Refer Note 45 for information about liquidity risk and market risk of trade payables.
As at As at
Note :
31st March, 2021 31st March, 2020
Secured DUES TO MICRO AND SMALL ENTERPRISES
Working Capital Loans The Company has certain dues to suppliers registered under as ‘micro’ and ‘small’ under Micro, Small and Medium Enterprises
(a) Loans repayable on demand from banks 9,364.97 59,214.41 Development Act, 2006 (‘MSMED Act’). The disclosures pursuant to the said MSMED Act are as follows:
(Refer below note (ii) )
As at As at
31st March, 2021 31st March, 2020
(b) Local Bills discounted with bank 2,498.83 -
(Bill Discounting facility is secured against receivables bills, discounted under this facility) Current Current
a) The principal amount remaining unpaid to any supplier at the end of the year 9811.66 356.81
Secured - total (A) 11,863.80 59,214.41
b) Interest due remaining unpaid to any supplier at the end of the year - -
c) The amount of interest paid by the buyer in terms of section 16 of the MSMED Act, 2006, - -
Unsecured along with the amount of the payment made to the supplier beyond the appointed day
(a) By issue of Commercial Papers [Maximum balance outstanding during the year ` 10,000 2,497.29 7,480.77 during the year
lakhs ( 31st March , 2020 ` 53,000 lakhs) d) The amount of interest due and payable for the period of delay in making payment (which - -
(b) Working capital loan from banks 6,341.19 41,990.88 have been paid but beyond the appointed day during the year) but without adding the
(includes short term loan ) interest specified under the MSMED Act, 2006
Unsecured - total (B) 8,838.48 49,471.65 e) The amount of interest accrued and remaining unpaid at the end of each accounting year - -
f) The amount of further interest remaining due and payable even in the succeeding years, until - -
Total (A+B) 20,702.28 108,686.06 such date when the interest dues above are actually paid to the small enterprises, for the
purpose of disallowance of a deductible expenditure under section 23 of the MSMED Act, 2006

i. The carrying amounts of financial and non financial assets as security for secured Disclosure of payable to vendors as defined under the “Micro, Small and Medium Enterprise Development Act, 2006” is based on the
borrowings are disclosed in Note 37. information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation
ii. Security received from them on requests made by the Company. There are no material overdue principal amounts / interest payable amounts for
As at As at delayed payments to such vendors at the Balance Sheet date.
31st March, 2021 31st March, 2020
secured as per the consortium agreement by hypothecation of inventories, receivables, 9,364.97 43,293.78 22 Other current financial liabilities
books debts and other current assets, both present and future (` in lakhs)
secured by fixed deposits and post dated cheques. - 15,920.63 As at As at
31st March, 2021 31st March, 2020
(a) Current maturities of long-term debt 10,531.40 17,984.73
(b) Interest accrued but not due on borrowings 1,910.10 679.37
(c) Deposits from Dealers, Agents, etc. 15,623.28 15,776.93
(d) Unclaimed dividends [Refer Note (a) below] 139.88 148.98
(e) Unclaimed interest accrued on matured debentures - 0.69
(f) Overdrawn Bank Balances 106.85 62.00
(g) Salary and wages payable 7,386.36 6,526.50
(h) Mark to market of derivative financial instruments 13.71 847.13
(i) Capital creditors 71.68 44.91
( j) Lease liabilities 2,721.65 3,948.37
(k) Other payables 638.51 1,082.14
Current total 39,143.42 47,101.75
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.

160 Strengthening the core Raymond Limited | Annual Report 2020-21 161
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

23 Provisions (Current) 25 Revenue from Operations

(` in lakhs) (` in lakhs)

As at As at Year Ended Year Ended

31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Provision for employee benefits [Refer Note 41] Sale of Products
Pension 36.70 35.54 (i) Manufactured goods 98,172.26 182,170.35
Gratuity - - (ii) Stock-in-trade 60,169.15 110,271.85
Leave Entitlement 3,351.55 3,236.82
Provision for litigation/dispute [Refer Note (a) below] 585.00 585.00 Revenue from real estate project under development 14,105.69 17,615.74
Current total 3,973.25 3,857.36
Note: Provision for litigation/dispute represents disputed liability of the Company towards excise duty on post removal of goods from place of manufacture Sale of Services
that are expected to materialise. (i) Income from tailoring service 967.76 2,468.37
(a) Movement in provisions (ii) Income from air taxi operations 843.34 1,175.54
Provision for (iii) Income from loyalty participation program 251.46 1,969.23
litigation/dispute
Balance as at 1st April, 2019 585.00 Other operating revenue
Provision recognised during the year - (i) Export Incentives, etc. 260.07 1,773.66
Amount utilised / reclassified during the year - (ii) Process waste sale 471.68 1,193.97
Amount reversed during the year - Total 175,241.41 318,638.71
Balance as at 31st March, 2020 585.00 Disaggregation of revenue
Provision recognised during the year - Revenue based on Geography
Amount utilised / reclassified during the year - (` in lakhs)
Amount reversed during the year - Year Ended Year Ended
Balance as at 31st March, 2021 585.00 31st March, 2021 31st March, 2020
Domestic 168,738.73 305,568.84
24 Other Current liabilities
(` in lakhs) Export 6,502.68 13,069.87
Revenue from operations 175,241.41 318,638.71
As at As at
31st March, 2021 31st March, 2020 Revenue based on Business Segment
(` in lakhs)
Advance from customers 3,978.58 6,035.84
Statutory dues 1,471.32 1,484.52 Year Ended Year Ended
31st March, 2021 31st March, 2020
Government grant # 375.50 397.91
Other payables 14.92 535.44 Textile 157,147.77 291,276.29
Contract liability (Refer Note 1 (II) (r) ) Real estate development 14,105.69 17,615.74
- Customer loyalty programme 763.32 1,408.96 Others* 3,987.95 9,746.68
- Contract Liabilities (Progress Bill Raised) 19,258.12 5,930.59 Total Revenue from operation 175,241.41 318,638.71
- Refund liabilities 591.09 683.10 * It includes Apparels and Non-scheduled Airline operations.
Current total 26,452.85 16,476.36
Revenue based on timing of recognition
#
Represents unamortised amount of duty saved referred to in note 49 (` in lakhs)

Year Ended Year Ended

31st March, 2021 31st March, 2020
Revenue recognition at a point in time 161,135.72 301,022.97
Revenue recognition over period of time 14,105.69 17,615.74
Total revenue from operation 175,241.41 318,638.71

162 Strengthening the core Raymond Limited | Annual Report 2020-21 163
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Reconciliation of Revenue from operations with contract price

26 Other income
(` in lakhs) (` in lakhs)

Year Ended Year Ended

Year Ended Year Ended 31st March, 2021 31st March, 2020
31st March, 2021 31st March, 2020
Interest income 5,130.30 6,619.31
Contract Price 186,305.39 340,696.37 Dividend income 15.70 31.99
Less:- Rent income 555.93 585.78
Bonus, Incentives, discount and others 10,214.72 18,638.26 Corporate facility income 2,239.35 3,045.60
Customer loyalty programme 258.17 2,736.30 Other non-operating income 657.58 1,437.17
Sales returns and others 591.09 683.10 Apportioned income from Government Grant 287.00 399.50
Total Revenue from operation 175,241.41 318,638.71 Net gain on sale/fair valuation of investments through profit and loss * 1,894.40 -
Contract Balances Exchange Fluctuation 525.99 -
Significant changes in contract asset and contract liabilities balances are as follows: Excess provision written back 1,262.92 589.95
(` in lakhs) Gain on extinguishment of lease liabilities and Covid-19 related lease concession (net) (Refer Note 40) 1,337.74 116.30
Total 13,906.91 12,825.60
Year Ended Year Ended
31st March, 2021 31st March, 2020 * Adjusted for fair value gain amounting to ` 1,276.59 lakhs for year ended 31st March, 2021

Contract Assets 27 Cost of materials consumed

Opening Balance 2,554.61 680.00 (` in lakhs)
Closing balance - 2,554.61
Year Ended Year Ended
During the year ` 2,554.61 (31st March, 2020 ` 6,511.33) was invoiced/recognised as revenue. 31st March, 2021 31st March, 2020

Contract Liabilities Opening Stock 6,069.63 5,860.20

Purchases 24,057.69 66,784.03
(` in lakhs)
Less : Sales (disposals) 196.78 150.64
Year Ended Year Ended Less : Closing Stock 5,476.33 6,069.63
31st March, 2021 31st March, 2020 Total 24,454.21 66,423.96
Opening balance 5,930.59 - 28 Purchases of stock-in-trade
Less: Revenue recognised that was included in the contract liabilities at the beginning of the year 5,930.59 - (` in lakhs)
Add: Invoiced during the year (excluding revenue recognized during the year) 19,258.12 5,930.59
Year Ended Year Ended
Closing balance 19,258.12 5,930.59 31st March, 2021 31st March, 2020
Unsatisfied performance obligations on long term real estate contracts Garments 7,868.38 14,047.62
Revenue is recognized upon transfer of control of products or services to customers. Shirting 15,044.13 43,803.72
Suiting Fabrics 7,198.61 23,676.18
Long term contracts entered into by the Company as on 31st March, 2021 is ` 121,179.71 lakhs (31st March, 2020 ` 92,615.88 lakhs) Others 480.36 1,684.70
pertaining to real estate development projects. The unsatisfied performance obligation relating to these contracts aggregates to
Total 30,591.48 83,212.22
` 86,472.32 lakhs (31st March, 2020 ` 72,459.80 lakhs) as at year end.
The management of Company expects that 60.23 % (31st March, 2020 : 32.43%) of the unsatisfied performance obligation amounting to 29 Changes in inventories of finished goods, stock-in-trade, work-in-progress and property under development
` 52,082.22 lakhs (31st March, 2020 ` 23,501.06 lakhs) pertaining to these long term contracts will be recognised as revenue during the (` in lakhs)
next reporting period with balance in future reporting periods thereafter.
Year Ended Year Ended
31st March, 2021 31st March, 2020
Opening inventories
Finished goods 41,682.49 31,788.60
Work-in-progress 15,903.74 17,619.49
Stock-in-trade 31,997.35 25,296.58
Property under development 26,382.91 18,728.75
115,966.49 93,433.42
Closing inventories
Finished goods 25,667.63 41,682.49
Work-in-progress 11,201.43 15,903.74
Stock-in-trade 20,517.06 31,997.35
Property under development 31,320.04 26,382.91
88,706.16 115,966.49
Total 27,260.33 (22,533.07)

164 Strengthening the core Raymond Limited | Annual Report 2020-21 165
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

30 Employee benefits expense 33C Other expenses

(` in lakhs) (` in lakhs)

Year Ended Year Ended Year Ended Year Ended

31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Salaries and wages 28,328.53 42,718.84 Rent 105.30 1,576.97
Contribution to provident funds and other funds (Refer Note 41) 1,924.01 2,205.88 Insurance 589.16 1,031.34
Gratuity and pension plan expense (Refer Note 41) 648.20 706.03 Repairs and Maintenance Others 2,285.94 3,862.50
Workmen and staff welfare expenses 1,227.44 2,112.66 Rates and Taxes 803.25 1,152.96
Total 32,128.18 47,743.41 Advertisement 2,695.77 10,483.34
Commission to selling agents 3,483.31 6,617.31
31 Finance costs
(` in lakhs)
Freight, Octroi, etc. 1,484.39 2,504.02
Deposits written off - 3.09
Year Ended Year Ended Legal and Professional fees 4,114.79 5,960.07
31st March, 2021 31st March, 2020
Travelling and conveyance 1,980.90 5,320.81
Interest expense on Debentures and Term Loans 5,558.91 3,692.75 Sales promotion expenses 769.43 2,578.29
[Net of subsidy ` NIL (31st March, 2020 ` 16.02 lakhs) under TUF Scheme] Director Fees (Refer Note 43) 31.50 85.50
Interest expense - others 10,482.62 14,427.68 Expenditure incurred for Corporate Social Responsibility (Refer Note 52) 152.00 152.00
Interest on lease liability (Refer Note 40) 949.40 1,227.81 Contribution to Charitable Funds 0.50 1.65
Other borrowing costs 25.87 100.68 Commission to Non Executive Directors (Refer Note 43) - 15.75
Total 17,016.80 19,448.92 Exchange fluctuation (net) - 1,270.15
32 Depreciation and amortization expense Provision for doubtful debts 34.89 745.08
(` in lakhs) Bad debts {(net of provision for doubtful debts written back` 299.01 lakhs (31st March, 2020 - -
` 171.74 lakhs)}
Year Ended Year Ended
31st March, 2021 31st March, 2020 Provision for doubtful debts written back (299.01) (171.74)
Provision for interest subsidy receivable 261.00 -
Depreciation on property, plant and equipment 14,392.17 15,387.36
Net Loss on property, plant and equipment sold/discarded 977.85 30.60
Depreciation on investment property 19.62 20.30
Net loss on sale of investments - 162.13
Amortization on intangible assets 91.73 124.38
Outsourced Support Services 2,008.51 3,765.96
Total 14,503.52 15,532.04
IT outsourced Support Services 740.76 992.12
33A Manufacturing and operating costs Electricity Charges of stores, offices and other 945.01 1,674.86
(` in lakhs) Security Charges 835.97 1,735.44
Year Ended Year Ended Miscellaneous Expenses 5,899.80 9,139.39
31st March, 2021 31st March, 2020 Total 30,200.03 60,861.33
Consumption of stores and spare parts 7,143.62 14,770.66 Legal and Professional fees include:
Power and fuel 5,384.92 10,396.75 Auditors’ remuneration and expenses
Job work charges 3,158.19 9,457.34 As auditor 64.00 89.50
Repairs to buildings 151.49 291.78 Other certificates 29.00 16.50
Repairs to machinery 499.67 1,187.93 Reimbursement of expenses 1.22 3.84
Other manufacturing and operating expenses 1,034.23 2,830.22 Total 94.22 109.84
Total 17,372.12 38,934.68
34 Exceptional Items - (gain)/loss, net
33B Costs towards development of property (` in lakhs)
(` in lakhs)
Year Ended Year Ended
Year Ended Year Ended 31st March, 2021 31st March, 2020
31st March, 2021 31st March, 2020 (a) Payments under Voluntary Retirement Scheme - 14.00
Development charges, Approval cost 1,159.60 8,539.90 (b) Provision for diminution in the value of investments - 146.96
Development rights (Refer (i) below) - 3,824.02 in a Subsidiary (Refer Note 5(v))
Design, Architect and other consultancy charges 187.78 792.85 (c) Gain on exchange of land surrendered in lieu of development rights (Refer Note 33B(i)) - (3,823.99)
Construction cost 11,923.74 5,357.87 Total - (3,663.03)
Total 13,271.12 18,514.64
(i) Represents fair value of development rights received as non-monetary compensation towards surrender of land to Thane Municipal Corporation for
Recreational Ground as per development regulations applicable.

166 Strengthening the core Raymond Limited | Annual Report 2020-21 167
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

35 Income taxes expense B) The movement in deferred tax assets and liabilities during the year ended 31st March, 2020 and 31st March, 2021:
Tax expense/(credit) recognized in the Statement of Profit and Loss As at Adjustment Credit/ As at Adjustment Credit/ As at
(` in lakhs) 1st April, through (charge) in 31st March, through (charge) in 31st March,
2019 Deferred reserves statement of 2020 Deferred reserves statement of 2021 Deferred
Year Ended Year Ended Tax Asset/ Profit and Loss Tax Asset/ Profit and Loss Tax Asset/
31st March, 2021 31st March, 2020 (Liabilities) (Liabilities) (Liabilities)
Current tax Adjustment on account of Ind - 699.68 7.90 707.58 - (125.43) 582.15
Current Tax on taxable income for the year - 1,363.00 As 116 transition
Total current tax expense - 1,363.00 Depreciation (3,187.11) - 471.51 (2,715.60) - 770.61 (1,944.99)
Deferred tax VRS paid 202.49 - (68.13) 134.36 - (73.03) 61.33
Deferred tax charge/(credit) (5,800.35) (4,304.41) Expenses allowed in the year 1,150.22 - 90.20 1,240.42 - (188.09) 1,052.33
MAT Credit (taken)/utilised - 499.00 of payment
Total deferred income tax expense/(credit) (5,800.35) (3,805.41) Provision for doubtful debts 122.01 - 194.34 316.35 - 12.58 328.93
and advances
Total income tax expense (5,800.35) (2,442.41) Indexation benefit on 1,515.13 - (369.43) 1,145.70 - (84.84) 1,060.86
conversion of land into stock
A) Reconciliation of the income tax expenses to the amount computed by applying the statutory income tax rate to the in trade
profit / (loss) before income taxes is summarized below: Long Term Capital Loss - - 2,822.10 2,822.10 - - 2,822.10
(` in lakhs)
F.M.V. of Land & Capital Gain - - 806.65 806.65 - (330.15) 476.50
Year Ended Year Ended Amortisation of Transaction - - (569.52) (569.52)
31st March, 2021 31st March, 2020 costs.
Enacted income tax rate in India applicable to the Company 34.944% 34.944% Business losses and - - - - - 6,388.22 6,388.22
Profit / (Loss) before tax (17,649.47) 6,989.21 unabsorbed depreciation
Current tax expenses on Profit / (Loss) before tax expenses at the enacted income tax rate in (6,167.43) 2,442.31 Others (380.99) - 349.27 (31.72) - (253.82) (285.54)
India Total (578.25) 699.68 4,304.41 4,425.84 - 5,546.53 9,972.37
Tax effect of the amounts which are not deductible/(taxable) in calculating taxable MAT Credit Entitlements 2164.41 - (499.00) 1,665.41 - - 1,665.41
income 1,586.16 699.68 3,805.41 6,091.25 - 5,546.53 11,637.78
Permanent Disallowances - 328.92 Significant Estimates : The Company has recognised deferred tax assets on business losses and unabsorbed depreciation. Based on
Deduction under section 24 of the Income Tax Act (51.71) (49.89) future business projections, the Company is reasonably certain that would be able to generate adequate taxable income to ensure
Interest income from Joint Venture on liability element of compound financial instrument - (112.52) utilisation of business losses and unabsorbed depreciation. Further, in calculating the tax expense for the current year and earlier years,
Income exempted from income taxes - (73.03) the Company had disallowed certain expenditure pertaining to exempt income based on historical tax assessments. These matters are
pending with tax authorities.
Capital Loss on reduction of preference share capital investment (Refer Note 5(iii)) - (4,795.57)
Accelerated capital gains on real estate business - 372.86 Note 36: Earning per share*
Capital gains (Differential tax rate) 136.87 (720.33) (` In lakhs)
Other items 281.92 164.84 31st March, 2021 31st March, 2020
Total income tax expense/(credit) (5,800.35) (2,442.41)
Earning per Share has been computed as under:
Consequent to reconciliation items shown above, the effective tax rate is (32.86%) (2019-20: 34.95%) Profit / (Loss) for the year (11,849.12) 9,431.62

Weighted average number of equity shares outstanding - Basic 66558488 62384162

Adjustment for conversion of 0.01% CCPS to equity shares - 557,393
Weighted average number of equity shares outstanding - Diluted 66558488 62941555

Earning per Share (`) - Basic (Face value of ` 10 per share) (17.80) 15.12
Earning per Share (`) - Diluted (Face value of ` 10 per share) (17.80) 14.98
*Impact of dividend on 0.01% CCPS on earnings per equity shares ignored on materiality

168 Strengthening the core Raymond Limited | Annual Report 2020-21 169
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 37: Assets Pledged as security As at 31st March, As at 31st March,

The carrying amounts of assets Pledged as security for current and non-current borrowings are: 2021 2020
(` in lakhs)
The Honourable Supreme Court, had passed a judgement on 28th February, 2019 in
As at As at relation to inclusion of certain allowances within the scope of “Basic wages” for the
31st March, 2021 31st March, 2020 purpose of determining contribution to provident fund under the Employees’ Provident
Funds & Miscellaneous Provisions Act, 1952. The management, based on legal advice, is of
Current Assets
the view that the applicability of the judgement to the Company, with respect to the period
Financial assets 98,062.25 71,967.38 and the nature of allowances to be covered due to interpretation challenges, and resultant
Non-Financial assets 122,214.80 153,327.92 impact on the past provident fund liability, cannot be reasonably ascertained.
Total Current assets Pledged as security 220,277.05 225,295.30 (i) Claim in relation to tenancy rights over a portion of the Company’s Land at Thane has Amount not Amount not
been filed in the District Court, Thane, which the Company believes, has no jurisdiction determinable determinable
Non Current Assets to adjudicate such matters. All the Revenue Courts (Tahsildar, Sub-divisional Officer and
Financial assets 553.91 3,207.81 Maharashtra revenue tribunal order), that have jurisdiction to adjudicate such matters,
have already passed orders in favour of the Company. The Company has been legally
Non-Financial assets 44,689.71 38,588.80
advised that they have a good case on law and merits.
Total non-current assets Pledged as security 45,243.62 41,796.61
It is not practicable for the Company to estimate the timing of cash outflows, if any , in
respect of the above (a), (b), (d) to (i) pending resolution of the respective proceedings.
Total assets Pledged as security 265,520.67 267,091.91 The Company does not expect any reimbursements in respect of the above contingent
liabilities.
Note 38: Contingent liabilities (to the extent not provided for) ( j) Also refer notes 2A (iv) and 5A (i) for other disputes
(` In lakhs)

As at 31st March, As at 31st March, Note 39: Commitments

2021 2020 i) Capital Commitments
Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
Contingent Liabilities (` In lakhs)
(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 As at 31st March, As at 31st March,
Division divested during the year 2006-07 (interest thereon not ascertainable at present) 2021 2020
Sales Tax 98.54 98.54 Property, plant and equipment 243.56 805.64
Royalty 217.49 212.90 Less: Capital advances and CWIP (84.76) (280.55)
Other Matters 27.56 27.56 Net Capital commitments 158.80 525.09
343.59 339.00
EPCG Commitments
Future export obligations / commitments under import of Capital Goods at Concessional rate of customs duty. As at 31st March, 2021
(b) Claims against the Company not acknowledged as debts in respect of other divisions. ` 15088.27 lakhs (31st March, 2020 ` 14756.77 lakhs)
Sales Tax 426.71 464.10
Compensation for Premises 1,714.05 1,665.95 Note: 40 - Ind As 116 Leases
The Company’s lease asset primarily consist of leases for land (reclassified) and for buildings (premises) for retail stores and warehouses
Electricity duty 673.31 673.31
having various lease terms. The Company has adopted Ind AS 116, ‘Leases’, effective 1st April 2019, using modified retrospective
Water Charges 213.93 213.93 approach, as a result of which comparative information are not required to be restated. The Company has discounted lease payments
Other Matters (service tax, labour laws, Civil matters and interest claims) 591.06 233.23 using the incremental borrowing rate as at 1 April 2019 for measuring lease liabilities at ` 14,918.65 lakhs and accordingly recognised
3,619.06 3,250.52 right-of-use assets at ` 13,475.00 lakhs (after adjusting prepaid lease rent) by adjusting retained earnings by ` 1,303.17 lakhs (net of tax),
as at the aforesaid date.
(c) On account of corporate guarantee to the bankers on behalf of subsidiaries for facilities 9,818.79 11,517.00 The maturity analysis of lease liabilities are disclosed in note 45 (iii)
availed by them (amount outstanding at close of the year). (Includes ` 9818.79 lakhs (31st
March, 2020 ` 10872 lakhs) given as short fall undertaking) The Company has recognised ` 105.30 Lakhs (31st March 2020, ` 1,576.97 Lakhs) as rent expenses during the year which pertains to
(d) Disputed demands in respect of Income-tax, etc. (Interest thereon not ascertainable at 4,152.88 4,152.88 short-term leases / low value assets (Refer Note 33 C)
present) The Ministry of Corporate Affairs vide notification dated 24th July 2020, issued an amendment to Ind AS 116, ‘Leases’, by inserting a
(e) Disputed Excise/Custom Duty 2,456.98 2,456.98 practical expedient w.r.t “Covid-19-Related Rent Concessions” effective from the period beginning on or after 01st April 2020. Pursuant
(f) Liability on account of jute packaging obligation upto 30th June, 1997, in respect of the Amount not Amount not to the amendment, the Company has opted to apply the practical expedient by accounting for the rent concessions of ` 1082 lakhs
Company’s erstwhile Cement Division. Under the jute Packaging Materials (Compulsory determinable determinable during the year ended 31st March, 2021 in “Other income” in the Standalone Statement of Profit and Loss. The rent concessions are
use in Packing Commodities) Act, 1987. recognised in the period in which formal consents have been received.
(g) Company’s liabilities/obligations pertaining to the period upto the date of transfer of the Amount not Amount not
Company’s erstwhile Steel, Cement and Denim Division in respect of which the Company determinable determinable
has given undertakings to the acquirers.
(h) Provident Fund Amount not Amount not
determinable determinable

170 Strengthening the core Raymond Limited | Annual Report 2020-21 171
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

A. Amount recognised in the Balance Sheet

As at As at (` in lakhs)
31st March 2021 31st March 2020
Gratuity: As at As at
The Balance sheet discloses the following amounts relating to leases:
31st March, 2021 31st March, 2020
Right-of-use assets
Leashold Land 338.14 343.42 Present value of plan liabilities 10,934.98 10,991.72
Buildings 7,684.95 11,340.07 Fair value of plan assets 11,057.73 11,035.14
8,023.09 11,683.49 Deficit/(Surplus) of funded plans (122.75) (43.42)
Lease Liabilities Unfunded plans - -
Current 2,721.65 3,948.37 Net plan liability/ (Asset)* (122.75) (43.42)
Non Current 6,291.34 8,940.20 Provident Fund
9,012.99 12,888.57 Present value of plan liabilities 22681.82 24172.19
Fair value of plan assets 24991.40 24172.19
Deficit/(Surplus) of funded plans (2,309.58) -
Year ended Year ended
Unfunded plans - -
31st March 2021 31st March 2020
Net plan liability/ (Asset)* - -
Amounts recognised in statement of profit and loss:
Pension:
Depreciation charged on Right of Use Assets
Present value of plan liabilities 36.70 35.54
Leashold Land 5.28 6.05
Fair value of plan assets - -
Buildings 3,939.51 4,196.92
Net plan liability/ (Asset) 36.70 35.54
3,944.79 4,202.97
Interest Expense included in Finance Cost 949.40 1,227.81 B. Movements in plan assets and plan liabilities
(` in lakhs)
Expense Relating to Short Term Leases/low-value assets 105.30 1,576.97
Total cash outflow for leases during financial year (excluding short term leases) 3,739.40 5,185.66 Gratuity: Year ended 31st March, 2021 Year ended 31st March, 2020
Additions to the right of use assets during the current financial year 1,232.00 2,202.52
Plan Assets Plan liabilities Net Plan Assets Plan liabilities Net

Note 41: Post retirement benefit plans As at 1st April 11,035.14 10,991.72 (43.43) 9,802.51 10,402.88 600.37
Defined Benefits Plan Current service cost - 647.09 647.09 - 682.38 682.38
(i) Gratuity Past Service Cost - - - - - -
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in Employee contributions - - - - - -
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the Return on plan assets excluding actual 278.97 - (278.97) 163.75 - (163.75)
employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of return on plan assets
service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. Actual return on plan asset 755.91 - (755.91) 757.63 - (757.63)
(ii) Pension Benefits Interest cost - 752.93 752.93 - 777.02 777.02
The Company operates defined benefit pension plans which provide benefits to some of its employees in the form of a guaranteed Actuarial (gain)/loss arising from - - - - - -
level of pension payable for certain years after retirement. The level of benefits provided depends on members’ length of service changes in demographic assumptions
and their salary in the final years leading up to retirement. Actuarial (gain)/loss arising from - (690.20) (690.20) - (425.11) (425.11)
changes in financial assumptions
(iii) Provident fund
In case of certain employees , the Provident Fund contribution is made to a trust administered by the Company. In terms of the Actuarial (gain)/loss arising from - 245.73 245.73 - (156.70) (156.70)
guidance note issued by the institute of Actuaries of India, the actuary has provided a valuation of Provident Fund liability based on experience adjustments
the assumptions listed above and determined that there is no shortfall as at 31st March, 2021. Employer contributions - - - 600.00 - (600.00)
Benefit payments (1,012.29) (1,012.29) - (288.75) (288.75) -
(iv) As per Actuarial Valuation as on 31st March, 2021 and 31st March, 2020 amounts recognised in the financial statements in respect of
Employee Benefit Schemes are as follows: As at 31st March 11,057.73 10,934.98 (122.75) 11,035.14 10,991.72 (43.42)

(` in lakhs)

172 Strengthening the core Raymond Limited | Annual Report 2020-21 173
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Provident Fund: Year ended 31st March, 2021 Year ended 31st March, 2020 Defined Benefit obligations and Gratuity Provident Fund Pension Fund
employer contributions
Plan Assets Plan liabilities Net Plan Assets Plan liabilities Net As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March 2021 March 2020 March 2021 March 2020 March 2021 March 2020
As at 1st April 24,172.19 24,172.19 - 21,164.63 21,164.63 -
Opening Reserves & Surplus regrouped - (2,119.11) (2,119.11) - - - Active members 6522 7051 2072 2530 38 40
Current service cost - 639.66 639.66 - 773.10 773.10 • deferred members - NIL (2019-20:NIL)
Employee contributions 1,428.21 1,428.21 - 1,525.56 1,525.56 - • retired members - NIL (2019-20: NIL)
Return on plan assets excluding actual 190.47 - (190.47) 49.40 - (49.40) The weighted average duration of the defined benefit plans is 14.00 years (2019-20 : 12.82 Years) for gratuity.
return on plan assets
The Company expects to contribute around ` 474 lakhs to the funded plans in financial year 2020-21 (2019-20 : ` 700 lakhs) for gratuity.
Actual return on plan asset 1,700.11 - (1,700.11) 1,659.59 - (1,659.59)
Interest cost - 1,700.11 1,700.11 - 1,659.59 1,659.59 C. Amount recognised in the Statement of Profit and Loss as Employee Benefit Expenses
Actuarial (gain)/loss arising from - - - - - - (` in lakhs)
changes in demographic assumptions
Actuarial (gain)/loss arising from - - - - - - Year ended Year ended
changes in financial assumptions 31st March, 2021 31st March, 2020
Actuarial (gain)/loss arising from - - - - 49.40 49.40 Gratuity:
experience adjustments Current service cost 647.09 682.38
Employer contributions 639.66 - (639.66) 773.10 - (773.10) Past Service Cost - -
Benefit payments (2,951.09) (2,951.09) - (1,047.17) (1,047.17) - Finance cost/(income) (2.98) 19.40
Liability Assumed on Acquisition / 358.93 358.93 - - 47.08 47.08 Asset/(Liabilities) recognised in Balance Sheet* - -
(Settled on Divestiture) Net impact on the Profit / (Loss) before tax 644.11 701.78
Assets Acquired on Acquisition/ (547.08) (547.08) - 47.08 - (47.08) Remeasurement of the net defined benefit liability:
(Distributed on Divestiture)
Return on plan assets excluding actuarial return on plan assets 278.97 163.75
As at 31st March 24,991.40 22,681.82 (2,309.58) 24,172.19 24,172.19 -
Actuarial gains/(losses) arising from changes in demographic - -
(` in lakhs) Actuarial gains/(losses) arising from changes in financial assumption 690.20 425.11
Pension: Year ended 31st March, 2021 Year ended 31st March, 2020 Experience gains/(losses) arising on experience adjustments (245.73) 156.70
Net Gain / (Loss) recognised in the Other Comprehensive Income before tax 723.44 745.56
Plan Assets Plan liabilities Net Plan Assets Plan liabilities Net
* Surplus of assets over liabilities has not been recognised on the basis that future economic benefits are not available to the Company
As at 1st April - 35.54 35.54 - 35.49 35.49 in the form of a reduction in future contributions or cash refunds.
Current service cost - 1.66 1.66 - 1.53 1.53 Provident Fund
Employee contributions - - - - - - Current service cost 639.66 773.10
Return on plan assets excluding actual - - - - - - Finance cost/(income) - -
return on plan assets
Amount recognised in the Statement of Profit and loss 639.66 773.10
Actual return on plan asset - - - - - -
Pension:
Interest cost - 2.43 2.43 - 2.72 2.72
Actuarial (gain)/loss arising from - (0.65) (0.65) - - - Employee Benefit Expenses:
changes in demographic assumptions Current service cost 1.66 1.53
Actuarial (gain)/loss arising from - 0.19 0.19 - (1.30) (1.30) Finance cost/(income) 2.43 2.72
changes in financial assumptions Amount recognised in the Statement of Profit and Loss 4.09 4.25
Actuarial (gain)/loss arising from - (2.47) (2.47) - (2.90) (2.90) Remeasurement of the net defined benefit liability:
experience adjustments
Actual return on plan assets less expected interest on plan asset - -
Employer contributions - - - - - -
Actuarial gains/(losses) arising from changes in demographic 0.65 -
Benefit payments - - - - - -
As at 31st March - 36.70 36.70 - 35.54 35.54 Actuarial gains/(losses) arising from changes in financial assumption (0.19) 1.30
Experience gains/(losses) arising on experience adjustments 2.47 2.90
The liabilities are split between different categories of plan participants as follows: Benefit plan liabilities - -
Amount recognised in the Other Comprehensive Income 2.93 4.20
D. Assets

174 Strengthening the core Raymond Limited | Annual Report 2020-21 175
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

(` in lakhs F. Sensitivity
As at As at The sensitivity of the defined benefit obligation to changes in the weighted key assumptions are:
31st March, 2021 31st March, 2020
Gratuity: Gratuity: As at 31st March, 2021 As at 31st March, 2020
Unquoted
Change in Increase in Decrease in Change in Increase in Decrease in
Government Debt Instruments 110.46 154.96 assumption assumption assumption assumption assumption assumption
Corporate Bonds - -
Discount rate 50 bps (496.56) 535.19 100 bps (1,017.83) 1,184.91
Insurer managed funds 10,921.21 10,867.54
Salary Escalation Rate 50 bps 527.90 (448.25) 50 bps 558.38 (525.40)
Others 26.06 12.64
Total 11,057.73 11,035.14 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
Provident Fund
while holding all other assumptions constant. When calculating the sensitivity to the assumption, the method (Projected Unit Credit
Quoted Method) used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in
Government Debt Instruments 14,418.25 13,191.94 preparing the sensitivity analysis did not change compared with the previous period.
Other Debt Instruments 9,202.38 9,260.59
G. The defined benefit obligations shall mature after year end 31st March, 2021 as follows:
Others
(` in lakhs)
Quoted 988.08 859.02
Unquoted 382.69 860.64 Gratuity: As at As at
31st March, 2021 31st March, 2020
Total 24,991.40 24,172.19
2021 - 871.98
E. Assumptions
2022 746.64 497.52
With the objective of presenting the plan assets and plan liabilities of the defined benefits plans and post retirement pension 2023 320.11 545.77
benefits at their fair value on the balance sheet, assumptions under Ind AS 19 are set by reference to market conditions at the 2024 514.34 546.33
valuation date
2025 522.38 748.57
The significant actuarial assumptions were as follows: 2026 668.19 788.22
As at As at Thereafter 21,231.73 21,170.77
31st March, 2021 31st March, 2020 (` in lakhs)
Gratuity: Pension: As at As at
Financial Assumptions 31st March, 2021 31st March, 2020
i. Discount rate 6.82% 6.85% 2021 - 1.83
ii. Salary Escalation Rate # 0% - 7.5% 0% - 7.5% 2022 - 1.80
Demographic Assumptions 2023 - -
Published rates under the Indian Assured Lives Mortality (2006-08) Ult table. 2024 - -
Provident Fund 2025 2.02 1.97
Financial Assumptions 2026 5.99 5.73
Discount rate 6.82% 6.85% Thereafter 73.98 68.72
Guaranteed Rate of Return (p.a) 8.50% 8.50%
Risk Exposure - Asset Volatility
Pension:
The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will
Financial Assumptions create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These
i. Discount rate 6.82% 6.85% are subject to interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of
ii. Salary Escalation Rate # 0% - 7.5% 0% - 7.5% the funds are invested in equity securities and in alternative investments which have low correlation with equity securities. The equity
# takes into account the inflation, seniority, promotions and other relevant factors. securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

(v) Leave obligations

The leave obligations cover the Company’s liability for sick and earned leave.
The amount of the provision of ` 3,351.55 lakhs (31st March, 2020 – ` 3,236.82 lakhs) is presented as current, since the Company
does not have an unconditional right to defer settlement for any of these obligations.

(vi) Defined contribution plans

The Company also has certain defined contribution plans such as provident fund and super annuation plan for benefits of
employees. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations.
The contributions are made to registered provident fund administered by the government. The obligation of the Company is limited
to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the
period towards defined contribution plan is ` 1,284.35 lakhs (31st March, 2020 - ` 1,432.78 lakhs).

176 Strengthening the core Raymond Limited | Annual Report 2020-21 177
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

42 In accordance with Accounting Standard Ind As 108 ‘Operating Segment ‘, segment information has been disclosed in the Country of Ownership interest
consolidated financial statements of Raymond Limited, and therefore, no separate disclosure on segment information is given in incorporation 31st March, 2021 31st March, 2020
these financial statements.
(f) Relatives of Key Management Personnel (with whom transactions
43 Related party disclosures as per IND AS 24 have taken place):
Ownership interest Dr. Vijaypat Singhania Father of
Country of
incorporation 31st March, 2021 31st March, 2020 Shri Gautam Hari
Singhania
1. Relationships : Mrs. Nawaz Gautam Singhania Non Executive
(a) Subsidiary Companies : Director
Pashmina Holdings Limited India 100 100 (g) Non executive directors and enterprises over which they are able to
Everblue Apparel Limited India 100 100 exercise significant influence (with whom transactions have taken
Jaykayorg AG Switzerland 100 100 place):
Raymond (Europe) Limited England 100 100 Mr. I D Agarwal Non Executive
JK Files (India) Limited India 100 100 Director
Colorplus Realty Limited (Erstwhile Colorplus Fashions Limited) India 100 100 Mr. Pradeep Guha Non Executive
Silver Spark Apparel Limited India 100 100 Director
Celebrations Apparel Limited India 100 100 Mr. Surya Kant Gupta Non Executive
Ring Plus Aqua Limited India 89.07 89.07 Director
Raymond Woollen Outerwear Limited India 99.54 99.54 Mr.Shiv Surinder Kumar Non Executive
R & A Logistics Inc. USA 100 100 Director
Scissors Engineering Products Limited India 100 100 Mr. Akshaykumar Chudasama (upto 1st November, 2019) Non Executive
JK Talabot Limited India 90 90 Director
Raymond Apparel Limited India 100 100 M/s Shardul Amarchand Mangaldas & Co. (upto 1st November, 2019)
Raymond Luxury Cottons Limited India 75.69 75.69 Mrs.Mukeeta Jhaveri (w.e.f. 01st August, 2019) Non Executive
Dress Master Apparel Private Limited (upto December 1, 2020) India 100 100 Director
Silver Spark Middle East (FZE) Dubai 100 100 Mr. Dinesh Kumar Lal (w.e.f. 01st August, 2019) Non Executive
Raymond Lifestyle International DMCC (upto 11th December, 2019) Dubai - 100 Director
Silver Spark Apparel Ethiopia PLC Ethiopia 100 100 Mr. Ashish Kapadia (w.e.f. 26th November, 2019) Non Executive
Raymond Lifestyle Limited (w.e.f. 14th November, 2019) India 100 100 Director
Raymond Lifestyle (Bangladesh) Private Limited (w.e.f. 30th January, 2020) Bangladesh 100 100 (h) Trust
(b) Joint Ventures and Jointly Controlled Entities Raymond Limited Employees Provident Fund
Raymond UCO Denim Private Limited and its subsidiaries/Joint Raymond Limited Employees Gratuity Fund
Venture
Raymond UCO Denim Private Limited India 50 50 2 Transactions carried out and outstanding positions with related parties referred in above, in ordinary course of business:
UCO Testatura S.r.l. Romania 25 25 (` in lakhs)
UCO Raymond Denim Holding NV Belgium 50 50 Related Parties
(c) Associates:
Nature of transactions
J.K. Investo Trade (India) Limited India 47.66 47.66 Referred in Referred in Referred in Referred in Referred in Referred in Referred in Referred in
Raymond Consumer Care Limited (Erstwhile Ray Univeral Trading India 47.66 47.66 1(a) above 1(b) above 1(c) above 1(d) above 1(e) above 1(f) above 1(g) above 1(h) above
Limited) Purchases
P. T. Jaykay Files Indonesia Indonesia 39.2 39.2
Goods and Materials 3,005.73 2.30 259.06 13,558.75 - - - -
J.K Helene Curtis Limited India 47.66 47.66
J.K. Helene Curtis International FZE (upto 29th December, 2019) Dubai - 47.66 (11,122.59) (10.22) (483.50) (40,813.32) (-) (-) (-) (-)
Radha Krshna Films Limited India 25.38 25.38 Property plant and equipment - - - - - - - -
Ray Global Consumer Trading Limited India 47.66 47.66 (2,437.05) (-) (-) (-) (-) (-) (-) (-)
Ray Global Consumer Enterprise Limited (w.e.f. February 02, 2021) India 47.66 47.66 DEPB Certificates /MLFPS 55.96 - - - - - - -
Ray Global Consumer Products Limited (w.e.f. January 12, 2021) India 47.66 47.66 (1,708.77) (-) (60.04) (-) (-) (-) (-) (-)
(d) Other Significant influences (with whom transactions have taken Sales
place) Goods, Materials and Services 3,359.06 - 126.81 - - - - -
J.K. Investors (Bombay) Limited India (15,039.48) (-) (15.74) (-) (-) (-) (-) (-)
Singhania Education Services Limited India
Property plant and equipment 3.43 - - - - - - -
(e) Key Management Personnel (with whom transactions have taken
(-) (-) (-) (-) (-) (-) (-) (-)
place):
Mr. Gautam Hari Singhania Chairman and Expenses
Managing Director Rent and other service charges 30.09 - - - - 92.75 - -
(30.88) (-) (-) (33.63) (-) (84.00) (-) (-)
Job work charges 222.40 - - 165.10 - - - -
(960.90) (-) (-) (1,285.70) (-) (-) (-) (-)

178 Strengthening the core Raymond Limited | Annual Report 2020-21 179
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

(` in lakhs) (` in lakhs)

Related Parties Related Parties

Nature of transactions Nature of transactions
Referred in Referred in Referred in Referred in Referred in Referred in Referred in Referred in 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 1(a) above 1(b) above 1(c) above 1(d) above 1(e) above 1(f) above 1(g) above 1(h) above
Commission to selling agent 321.17 - - 412.27 - - - - Conversion of loan into deemed - - - - - - - -
(645.49) (-) (-) (667.91) (-) (-) (-) (-) equity investment on capital
Employee benefits expense # - - - - 771.26 - - - reduction of preference shares
(Refer Note 5 (iii) )
(-) (-) (-) (-) (989.50) (-) (-) (-)
Deputation of staff 75.11 6.74 5.80 - - - - - (-) (8,690.00) (-) (-) (-) (-) (-) (-)
(161.77) (4.55) (-) (-) (-) (-) (-) (-) Deposits
Interest paid - - - 44.85 - - - - security deposit given - - - - - - - -
(-) (-) (-) (41.25) (-) (-) (-) (-) (-) (-) (-) (-) (-) (-) (-) (-)
Directors’ Fees and Commission - - - - 2.50 3.25 25.75 - Security deposit received/ - - - 6.00 - 3.25 - -
adjustment
(-) (-) (-) (-) (6.00) (10.50) (84.75) (-)
(-) (-) (39.04) (-) (-) (-) (-) (-)
Legal and professional - - - - - - 37.50 -
expenses (-) (-) (-) (-) (-) (-) (58.12) (-) Investments / Share Capital
Loyalty 153.74 - - - - - - - Conversion of Preference - - 185.46 - - - - -
Shares to Equity Shares
(541.45) (-) (-) (-) (-) (-) (-) (-)
(3,433.50) (-) (-) (-) (-) (-) (-) (-)
Other Reimbursements 998.48 - - 34.50 - - - -
Investments made/Deemed 3.00 250.00 - - - - - -
(2,081.29) (1.03) (-) (1.75) (-) (-) (-) (-)
equity investment on reduction
Provision for diminution in the - - - - - - - - of preference share capital
value of investments (Refer Note 5 (iii))
(146.96) (-) (-) (-) (-) (-) (-) (-) (47.87) (8,690.00) (-) (-) (-) (-) (-) (-)
Paid to Trust - Employees - - - - - - - 639.66 Conversion of shares in J.K. - - - - - - - -
Provident Fund contribution Investo Trade (India) Limited
(-) (-) (-) (-) (-) (-) (-) (773.10) into Ray Global Consumer
Paid to Trust - Employees - - - - - - - - Trading Limited (Refer Note 5
Gratuity Fund contribution (vi) )
(-) (-) (-) (-) (-) (-) (-) (600.00) (-) (-) (169.58) (-) (-) (-) (-) (-)
Income Provision for diminution in the - - - - - - - -
Rent and other service charges 453.79 20.64 28.23 15.00 - - - - value of investments (Refer
(466.48) (20.64) (43.57) (-) (-) (-) (-) (-) Note 5 (v) )
Corporate Facility 2,038.18 - 201.17 (146.96) (-) (-) (-) (-) (-) (-) (-)
(2,783.17) (-) (262.43) (-) (-) (-) (-) (-) Proceed from Issue of shares - - - - - - - -
Royalty 180.09 - 4.98 - - - - - (-) (-) (35,000.00) (-) (-) (-) (-) (-)
(644.33) (-) (11.83) (-) (-) (-) (-) (-)
Interest 1,437.27 127.41 - - - - - - (` in lakhs)
(1,469.49) (351.86) (-) (-) (-) (-) (-) (-)
Nature of transactions As at As at
Loyalty - - - - - - - -
31st March, 2021 31st March, 2020
(1,288.35) (-) (-) (-) (-) (-) (-) (-)
Other Receipts Outstandings
Deputation of staff - 59.55 12.07 46.73 - - - - Guarantees given to bank
(44.33) (108.75) (635.90) (81.44) (-) (-) (-) (-) Subsidiaries
Advertisement Reimbursements 79.43 - - - - - - - Beginning of the year 18,296.83 18,350.98
(955.87) (-) (-) - (-) (-) (-) (-) Addition/Adjustment during the year (short fall undertaking) (361.67) 1,131.85
Other reimbursements 1,061.82 68.21 111.79 74.68 - - - - Withdrawn - 1,186.00
(1,982.13) (66.45) (129.23) (7.47) (-) (-) (-) (-) End of the year 17,935.16 18,296.83
Finance
Loans and Advances given 25,450.00 750.00 - - - - - -
(63,350.00) (750.00) (-) (-) (-) (-) (-) (-)
Loans and Advances repaid/ 21,616.33 - - - - - - -
Redemption of preference
shares
(64,350.53) (10.00) (-) (-) (-) (-) (-) (-)

180 Strengthening the core Raymond Limited | Annual Report 2020-21 181
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

(` in lakhs) (` in lakhs)

Nature of transactions As at As at Nature of transactions As at As at

31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Payable (Trade Payables and Other Liabilities) Property Deposit Receivable
Subsidiaries 2,806.73 3,114.72 Subsidiaries
Joint Ventures 2.26 2.12 Beginning of the year 310.22 310.22
Associates 441.94 191.24 Paid during the year - -
Other significant influences 6,460.69 9,922.48 Interest charged during the year - -
Key Management personnel 151.18 166.25 Received during the year - -
Relatives of key managerial personnel - 3.00 End of the year 310.22 310.22
Independent Directors - 29.98 Joint Ventures
End of the year 9,862.80 13,429.79 Beginning of the year 1.00 1.00
Receivable Paid during the year - -
Subsidiaries 15,021.78 13,857.71 Interest charged during the year - -
Joint Ventures - - Received during the year - -
Associates 137.05 2.04 End of the year 1.00 1.00
Other significant influences - - Associates
End of the year 15,158.83 13,859.75 Beginning of the year - 39.04
Security Deposit Payable Paid during the year - -
Joint Ventures Interest charged during the year - -
Beginning of the year 1.00 1.00 Received during the year - 39.04
Received during the year - - End of the year - -
Paid during the year - - Relatives of Directors
End of the year 1.00 1.00 Beginning of the year 28.00 28.00
Other significant influences Paid during the year - -
Beginning of the year 411.38 377.48 Received/adjustment during the year 3.25 -
Received during the year 6.00 - End of the year 24.75 28.00
Interest charged during the year 37.10 33.90 Previous years figures are in brackets
Paid during the year - -
Also refer notes 2A(iv), 5.A(i), 5.B(vi), 46(b) and 48
End of the year 454.48 411.38
Loans Notes :
Subsidiaries and Joint Ventures 1) The Company has agreed with the lenders (Banks) of some of the subsidiaries/Joint Ventures for not disposing off Company’s
Non current 2,900.00 10,316.33 investments in such Subsidiaries/Joint Ventures without their prior consent.
Current 12,000.00 -
2) Equity (or equity like) investments by the Company and equity (or equity like) infusion into the Company are not considered for
disclosure as these are not considered “outstanding” exposure. Refer note 5 and 17A & 17B for the same.
Beginning of the year 10,316.33 18,945.05
Loans given 26,200.00 64,100.00 3) Loans to Subsidiaries and Joint venture:
Interest charged during the year 127.41 351.86 Loans to the Subsidiaries and joint venture have been given for acquisition of assets and augmenting working capital and have
been utilised for the same.
Loan repayments received 21,616.33 64,360.53
Conversion of loan into Deemed equity investment on reduction on capital reduction - 8,690.00 Guarantees given:
of preference shares Guarantees provided to the lenders of the subsidiaries are for availing term loans and working capital facilities from the lender
Interest Received during the year 127.41 30.05 banks.
End of the year 14,900.00 10,316.33 #
Key Management Personnel (Executive Director’s) compensation
Interest on ICD/loans Receivables
Year ended Year ended
Joint Ventures
31st March 2021 31st March 2020
End of the year 63.04 18.21
Other Receivable
Subsidiaries 7,874.88 6,044.23 a) Short- term employee benefits 719.69 922.58
Joint Ventures 1,275.49 1,187.10 b) Post- employment benefits 51.57 66.92
Associates 564.90 428.15 Total compensation * 771.26 989.50
Other significant influence 138.52 41.38 * This aforesaid amount does not includes amount in respect of gratuity and leave entitlement as the same is not determinable.
End of the year 9,853.79 7,700.86

182 Strengthening the core Raymond Limited | Annual Report 2020-21 183
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

3. Disclosure in respect of material transactions with related parties during the year. (included in 2 above). (` in lakhs)
(` in lakhs) 2020-21 2019-20
2020-21 2019-20
Deputation of staff
Purchases Raymond Uco Denim Pvt Ltd 6.74 4.55
Goods and Materials Raymond Luxury Cottons Limited 75.11 161.77
Raymond Apparel Limited 1,327.77 7,185.34 Interest Paid
Raymond Luxury Cottons Limited 1,677.96 3,935.34 J.K. Investors (Bombay) Limited 44.85 41.25
J.K. Investors (Bombay) Limited 13,558.75 40,813.32 Director Sitting Fees and Commission to Executive Directors (excluding taxes)
Property plant and equipment Shri Gautam Hari Singhania 2.50 6.00
Raymond Apparel Limited - 2,437.05 Director Sitting Fees and Commission to Non Executive Directors
DEPB Certificates /MLFPS Shri I D Agarwal 7.50 22.50
Raymond Apparel Limited 28.98 - Shri Pradeep Guha 10.50 25.50
Silver Spark Apparel Limited 26.98 1,485.86 Shri Akshaykumar Chudasama - 8.25
Sales Shri Shiv Surinder Kumar 3.50 12.00
Goods, Materials and Services Mukeeta Jhaveri 3.00 6.00
Silver Spark Apparel Limited 2,249.57 11,792.41 Mr.Dinesh Kumar Lal 1.25 8.50
Silver Spark Middle East (FZE) 948.11 1,756.65 Mr.Ashish Kapadia - 2.00
Raymond Apparel Limited 72.85 934.75 Smt. Nawaz Gautam Singhania 3.25 10.50
Dress Master Apparel Private Limited - 348.38
Legal and Professional Expenses
Finance M/s Shardul Amarchand Mangaldas & Co. - 58.12
Loans and Advances given
Mr. Surya Kant Gupta 37.50 -
Raymond Apparel Limited 24,800.00 50,300.00
Paid to Trust
JK Files (India) Limited - 3,050.00
Raymond Limited Employees Provident Fund 639.66 773.10
Raymond Luxury Cottons Limited 650.00 8,000.00
Raymond Limited Employees Gratuity Fund - 600.00
Silver Spark Apparel Limited - 2,000.00
Income
Raymond Uco Denim Pvt Ltd 750.00 750.00
Rent and other service charges
Loans and advances repaid
JK Files (India) Limited 145.42 145.42
Raymond Apparel Limited 20,000.00 46,100.00
Raymond Apparel Limited 243.12 255.81
JK Files (India) Limited - 6,477.82
Raymond Luxury Cottons Limited 650.00 8,000.00 Corporate Facility
Silver Spark Apparel Limited 966.33 3,707.96 Raymond Apparel Limited 643.28 856.00
Celebrations Apparel Limited - 64.75 Silver Spark Apparel Limited 455.67 540.75
Raymond Uco Denim Pvt Ltd - 10.00 JK Files (India) Limited 346.36 480.00
Expenses Raymond Luxury Cottons Limited 439.18 656.16
Rent and other service charges Royalty
J.K. Investors (Bombay) Limited - 33.63 Raymond Apparel Limited 180.09 644.33
JK Files (India) Limited 30.09 30.88 Loyalty
Dr. Vijaypat Singhania (Reimbursement) 92.75 84.00 Raymond Apparel Limited - 1,288.35
Loyalty Expense Interest
Raymond Apparel Limited 153.74 541.45 Raymond Apparel Limited 1,231.15 807.71
Other Reimbursement JK Files (India) Limited - 219.63
Raymond Apparel Limited 393.16 1,179.27 Silver Spark Apparel Limited 8.33 117.90
JK Files (India) Limited 593.83 877.05 Raymond Uco Denim Private Limited 127.41 351.86
Raymond Uco Denim Pvt Ltd - 1.03 Other Receipts
Job work charges Deputation of staff
Silver Spark Apparel Limited 222.40 798.51 Silver Spark Apparel Limited - 44.33
Celebrations Apparel Limited - 162.39 Raymond Uco Denim Private Limited 59.55 108.75
J.K. Investors (Bombay) Limited 165.10 1,285.70 Raymond Consumer Care Limited 12.07 -
Commission to selling agent Ray Universal Trading Limited - 635.90
Raymond (Europe) Limited 321.17 645.49 J.K. Investors (Bombay) Limited 46.73 81.44
J.K. Investors (Bombay) Limited 412.27 667.91 Advertisement Reimbursements
Remuneration Raymond Apparel Limited 79.43 955.87
Shri Gautam Hari Singhania # 771.26 989.50 Other Reimbursement
Raymond Apparel Limited 729.90 1,049.79
Silver Spark Apparel Limited 103.26 501.15

184 Strengthening the core Raymond Limited | Annual Report 2020-21 185
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

(` in lakhs) Loans and advances in the nature of loans given

(` in lakhs)
2020-21 2019-20
Investment made/Deemed equity investment on reduction of preference share capital Amount Maximum balance Shares held by Loanee in the Company
outstanding as at during the year
Raymond UCO Denim Private Limited 250.00 8,690.00 No. of Shares Maximum No. of
31st March, 2021 31st March, 2021
Raymond Lifestyle Limited - 5.00 outstanding at the Shares held during
Scissors Engineering Products Ltd 3.00 - year-end the year
Raymond Lifestyle (Bangladesh) Private Limited - 42.87 (i) Subsidiaries:
Proceeds from Issue of Equity Shares Everblue Apparel Limited 1,400.00 1,400.00 - -
J.K. Investo Trade (India) Limited - 22,500.00 (1,400.00) (1,400.00) (-) (-)
Proceeds from Issue of 0.01% CCPS
J.K. Investo Trade (India) Limited - 12,500.00
JK Files (India) Limited - - - -
Conversion of Preference Shares into Equity Shares
- (3,627.82) (-) (-)
Scissors Engineering Products Ltd - 3.50
Raymond Apparel Limited - 3,430.00 Raymond Apparel Limited 12,000.00 26,500.00 - -
J.K. Investo Trade (India) Limited 185.46 - (7,200.00) (17,200.00) (-) (-)
Conversion of Investment in J.K. Investo Trade (India) Limited into Ray Global Consumer - 169.58 Silver Spark Apparel Limited - 966.33 - -
Trading Limited (Refer Note 5 (vi)) (966.33) (2,707.96) (-) (-)
Provision for diminution in the value of investments Celebrations Apparel Limited - - - -
Raymond Lifestyle International DMCC - 146.96 (-) (1,031.08) (-) (-)
Property deposit received/adjustment Raymond Luxury Cottons Limited - 650.00
J.K. Investo Trade (India) Limited - 39.04 (-) (2200.00) (-) (-)
J.K. Investors (Bombay) Limited 3.00 - (ii) Joint Ventures
Dr. Vijaypat Singhania 3.25 - Raymond Uco Denim Private Limited 1,500.00 1,500.00 - -
Singhania Education Services Limited 3.00 -
(750.00) (8,700.00) (-) (-)
Outstandings
(Figures in bracket relate to previous year)
Guarantees given to bank on behalf of
Raymond (Europe) Limited 1,007.31 934.63
Silver Spark Apparel Limited 16,927.85 17,362.20
Note: 44 Fair Value measurement
Financial Instrument by category and hierarchy
Payable
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
Raymond Apparel Limited 1,515.80 1,026.06
transaction between willing parties, other than in a forced or liquidation sale.
Raymond Luxury Cottons Limited 850.09 1,284.66
J.K. Investors (Bombay) Limited 6,460.69 9,922.48 The following methods and assumptions were used to estimate the fair values:
Raymond (Europe) Limited 319.55 362.89 1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short
Receivable term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of
Raymond Apparel Limited 5,024.91 4,984.79 these instruments.
Silver Spark Apparel Limited 8,379.93 6,694.57 2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest
Silver Spark Middle East (FZE) 1,635.13 1,377.44 rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected
Interest on ICD/Loans Receivables losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
Raymond UCO Denim Private Limited 63.04 18.21
The fair values for loans, security deposits and investment in preference shares were calculated based on cash flows discounted
Other Receivable using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable
Raymond Apparel Limited 6,722.47 4,918.93 inputs including counter party credit risk.
Raymond Luxury Cottons Limited 43.74 195.30
Raymond Uco Denim Private Limited 1,275.49 1,187.10 The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as
Everblue Apparel Limited 342.92 245.89 level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.
Ray Universal Trading Limited - 345.62 For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
Silver Spark Apparel Limited 685.50 658.94
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
Property Deposit receivable
technique:
Raymond Apparel Limited 310.22 310.22
Security Deposit payable Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
J.K. Investors (Bombay) Limited 451.48 411.38
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.

186 Strengthening the core Raymond Limited | Annual Report 2020-21 187
188
Notes to the Standalone Financial Statements
for the year ended 31st March, 2021

(` In lakhs)
Financial Assets and Liabilities as Total Amount Routed through Profit and Loss Routed through OCI Carried at amortised cost
at 31st March, 2021 Non Current Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Current
Financial Assets
Investments
- Equity instruments 6.03 1,738.54 1,744.57 1,738.54 - 6.03 1,744.57 - - - - - - - -
- Mutual funds - 6,181.37 6,181.37 6,181.37 - - 6,181.37 - - - - - - - -
- Venture capital fund 733.97 - 733.97 - - 733.97 733.97 - - - - - - - -
- Government Securities 0.06 - 0.06 - - - - - - - - 0.06 - 0.06
740.06 7,919.91 8,659.97 7,919.91 - 740.00 8,659.91 - - - - - 0.06 - 0.06
Other Assets
Loans to Employees 0.20 21.41 21.61 - - - - - - - - - - 21.61 21.61
Security Deposit 3,615.49 - 3,615.49 - - - - - - - - - - 3,615.49 3,615.49
Loans and advances to Related 2,900.00 21,853.79 24,753.79 - - - - - - - - - - 24,753.79 24,753.79
Parties
Other Financial Assets 734.97 1,483.33 2,218.30 - - - - - - - - - - 2,218.30 2,218.30
Trade receivable - 58,594.54 58,594.54 - - - - - - - - - - 58,594.54 58,594.54
Cash and Cash equivalents - 17,043.16 17,043.16 - - - - - - - - - - 17,043.16 17,043.16
Other Bank Balance - 30,267.60 30,267.60 - - - - - - - - - - 30,267.60 30,267.60
7,250.66 129,263.83 136,514.49 - - - - - - - - - - 136,514.49 136,514.49
Financial Liabilities
Borrowings 100,705.49 31,233.68 131,939.17 - - - - - - - - - - 131,939.17 131,939.17
Lease liability 6,291.34 2,721.65 9,012.99 - - - - - - - - - - 9,012.99 9,012.99
Other Financial Liabilities - 25,818.70 25,818.70 - - - - - - - - - - 25,818.70 25,818.70
Trade Payables and other Creditors 12,789.72 64,146.00 76,935.72 - - - - - - - - - - 76,935.72 76,935.72
119,786.55 123,920.03 243,706.58 - - - - - - - - - - 243,706.58 243,706.58

(` In lakhs)
Financial Assets and Liabilities as Total Amount Routed through Profit and Loss Routed through OCI Carried at amortised cost
at 31st March, 2020 Non Current Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Current
Financial Assets
Investments
- Equity instruments 6.00 1,364.30 1,370.30 1,364.30 - 6.00 1,370.30 - - - - - - - -
- Mutual funds - 16,638.17 16,638.17 16,638.17 - - 16,638.17 - - - - - - - -
- Venture capital fund 380.57 - 380.57 - - 380.57 380.57 - - - - - - - -
- Government Securities 0.06 - 0.06 - - - - - - - - 0.06 - 0.06
386.63 18,002.47 18,389.10 18,002.47 - 386.57 18,389.04 - - - - - 0.06 - 0.06
Other Assets
Loans to Employees 1.80 45.85 47.65 - - - - - - - - - - 47.65 47.65
Security Deposit 4,496.71 - 4,496.71 - - - - - - - - - - 4,496.71 4,496.71
Loans and advances to Related 10,316.33 7,700.86 18,017.19 - - - - - - - - - - 18,017.19 18,017.19
Parties
Other Financial Assets 3,345.34 1,030.18 4,375.52 - - - - - - - - - - 4,375.52 4,375.52
Trade receivable - 53,763.42 53,763.42 - - - - - - - - - - 53,763.42 53,763.42
Cash and Cash equivalents - 11,726.33 11,726.33 - - - - - - - - - - 11,726.33 11,726.33
Other Bank Balance - 18,349.84 18,349.84 - - - - - - - - - - 18,349.84 18,349.84
18,160.18 92,616.48 110,776.66 - - - - - - - - - - 110,776.66 110,776.66
Financial Liabilities
Borrowings 23,054.90 126,670.79 149,725.69 - - - - - - - - - - 149,725.69 149,725.69
Lease liability 8,940.20 3,948.37 12,888.57 - - - - - - - - - - 12,888.57 12,888.57
Other Financial Liabilities - 25,123.75 25,123.75 - - - - - - - - - - 25,123.75 25,123.75
Trade Payables and other Creditors 12,789.72 67,170.86 79,960.58 - - - - - - - - - - 79,960.58 79,960.58
44,784.82 222,913.77 267,698.59 - - - - - - - - - - 267,698.59 267,698.59

Strengthening the core

All above amounts are net of provision for impairment.
Disposal

Disposal
Borrowings

Acquisitions

Acquisitions
the fair value
Lease liabilities
Financial Assets

Security deposits

As at 1 April, 2019
Investment Others

Financial Liabilities
Financial Statements

As at 31 March, 2020

As at 31 March, 2021
for the year ended 31st March, 2021

Raymond Limited | Annual Report 2020-21

Gain/(Losses) recognised in statement of profit or loss

Gain/(Losses) recognised in statement of profit or loss

0.06

131,939.17
3,615.55
3,615.49

140,952.16
9,012.99
Carrying amount
Fair value of financial assets and liabilities measured at amortised cost-

Fair value measurements using significant unobservable inputs (level 3)

As at 31st March, 2021

-
6.00
0.06

6.00
-
-
131,939.17
3,615.55
3,615.49

-
0.03
140,952.16
9,012.99

6.03
-
Fair Value

Equity instruments
Notes to the Standalone Financial Statements

114.56
-
525.91

380.57
149,725.69
4,496.77
4,496.71
0.06

310.22
107.87
162,614.26
12,888.57

733.97
555.75
Carrying amount

(30.78)
fund*
Venture capital
The following table presents the changes in level 3 items for the periods ended 31st March, 2021 and 31st March, 2020:

invested into various companies. Company has considered the fair value on the basis of the valuation report provided by venture capital fund.
As at 31st March, 2020

The carrying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, loans, other

531.91

114.56
-
4,496.71
0.06

149,725.69
4,496.77

310.22
107.90
386.57
162,614.26
12,888.57

740.00
555.75
Fair Value

(30.78)
current financial assets, current borrowings, trade payables, other current financial liabilities are considered to be approximately equal to

*Company has invested in Kotak India Growth Fund, Nepean Long Term Opportunities Fund and JM Financial India Fund II and these funds have been further
Total
(` In lakhs)
(` In lakhs)

189
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Derivative instruments and unhedged foreign currency exposure

Note: 45 Financial Risk Management
(a) Derivative contracts outstanding
Financial risk management objectives and policies
Foreign currency In lakhs
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. As at 31st March, 2021 As at 31st March, 2020
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 Forward contracts to sell EURO EURO 1.20 EURO -
instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, Forward contracts to buy USD USD 2.00 USD -
equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive Forward contracts to buy AUD AUD 90.81 AUD 338.01
financial instruments including investments and deposits , foreign currency receivables, payables and loans and borrowings.
Derivative financial instruments such as foreign exchange forward contracts are used for hedging purposes and not as trading or
The Company manages market risk through a treasury department, which evaluates and exercises independent control over the speculative instruments.
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, (b) Particulars of unhedged foreign currency exposures as at the reporting date
implementing hedging strategies for foreign currency exposures like foreign exchange forward contracts, borrowing strategies and As at 31st March 2021
ensuring compliance with market risk limits and policies. Foreign currency In lakhs

Market Risk- Interest rate risk USD EURO GBP RMB BDT CHF AED JPY
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 Trade Receivable 43.79 7.23 - - - - 0.59 -
interest rates. In order to optimize the Company’s position with regards to interest income and interest expenses and to manage the
Trade Payables 12.79 1.79 0.03 - 0.02 0.21 - 0.12
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. Cash and Bank balances - - - 0.47 - - - -

According to the Company, interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is As at 31st March 2020
Foreign currency In lakhs
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 USD EURO GBP RMB BDT CHF AED JPY
management’s assessment of the reasonably possible change in interest rates.
Trade Receivable 35.06 8.89 - - - - 0.27 -
Exposure to interest rate risk Trade Payables 3.68 1.02 - - - - - -
(` in lakhs)
Cash and Bank balances - - - 0.61 - - - -
As at As at
Market Risk- Price Risk
31st March, 2021 31st March, 2020
(a) Exposure
Non-current borrowings 100,705.49 23,054.90 The Company’s exposure to equity securities price risk arises from investments held by the Company and classified in the
Current Borrowings 20,702.28 108,686.06 balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from
Current maturities of long-term debt 10,531.40 17,984.73 investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance
with the limits set by the Company .
Total Borrowings 131,939.17 149,725.69
(b) Sensitivity
Borrowings not carrying variable Rate of Interest 53,012.35 11,230.77 The table below summarizes the impact of increases/decreases of the BSE index on the Company’s equity and Gain/Loss for
Borrowings carrying variable rate of interest 78,926.82 138,494.92 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.
% of Borrowings out of above bearing variable rate of interest 59.82 92.50
Interest rate sensitivity Impact on Profit before tax
(` in lakhs)
A change of 50 bps in interest rates would have following Impact on profit before tax
(` in lakhs) 31st March, 2021 31st March, 2020
2020-2021 2019-2020 BSE Sensex 30- Increase 5% 172.61 (129.31)
50 bps increase would decrease the profit before tax by 394.63 692.47 BSE Sensex 30- Decrease 5% (172.61) 129.31
50 bps decrease would increase the profit before tax by (394.63) (692.47) Above referred sensitivity pertains to quoted equity investment (Refer Note 10(A) ). Profit for the year would increase/ (decrease) as a
result of gains/losses on equity securities as at fair value through profit or loss.
Market Risk- Foreign currency risk.
The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is (c) Foreign Currency Risk Sensitivity
exposed to foreign exchange risk through its sales and services in overseas markets and purchases from overseas suppliers in various A change of 5% in Foreign currency would have following Impact on profit before tax
foreign currencies. Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the (` in lakhs)
respective currencies.
2020-2021 2019-2020

5% Increase 5% Decrease 5% Increase 5% Decrease

USD 113.28 (113.28) 112.63 (112.63)
EURO 23.33 (23.33) 30.11 (30.11)
Others (0.38) 0.38 0.28 (0.28)
Increase / (Decrease) in profit or loss 136.23 (136.23) 143.02 (143.02)

190 Strengthening the core Raymond Limited | Annual Report 2020-21 191
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Credit risk (i) Financing arrangements

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the The Company had access to the following undrawn borrowing facilities at the end of the reporting period:
Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, (` in lakhs)
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. As at As at
31st March, 2021 31st March, 2020
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in
Floating Rate
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 Expiring within one year (bank overdraft and other facilities) 40,399.31 40,483.61
considers reasonable and supportive forwarding-looking information such as: Expiring beyond one year (bank loans) - -

i) Actual or expected significant adverse changes in business, 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) Actual or expected significant changes in the operating results of the counterparty,
(ii) Maturity patterns of borrowings
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its (` in lakhs)
obligations,
As at 31st March, 2021 As at 31st March, 2020
iv) Significant increase in credit risk on other financial instruments of the same counterparty,
0-1 years 1-5 years beyond 5 years Total 0-1 years 1-5 years beyond 5 years Total
v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit
enhancements . Long term borrowings 10,531.40 78,818.75 21,886.74 111,236.89 17,984.73 23,054.90 - 41,039.63
(Including current maturity of
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment long term debt)
plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to
Short term borrowings 20,702.28 - - 20,702.28 108,686.06 - - 108,686.06
attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.
Total 31,233.68 78,818.75 21,886.74 131,939.17 126,670.79 23,054.90 - 149,725.69
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 (iii) Maturity patterns Lease Liabilities
(` in lakhs)
past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.
As at 31st March, 2021 As at 31st March, 2020
Ageing of Account receivables
(` in lakhs) 0-1 years 1-5 years beyond 5 years Total 0-1 years 1-5 years beyond 5 years Total
As at As at Finance lease (Discounted) 2,721.65 5,815.28 476.06 9,012.99 3,948.37 7,611.83 1,328.37 12,888.57
31st March, 2021 31st March, 2020
(iv) Maturity patterns of other Financial Liabilities
Not due 15,693.16 22,421.01 (` in lakhs)
0-3 months 16,354.64 12,969.95
3-6 months 5,483.60 9,846.36 As at 31st March, 2021 0-3 months 3-6 months 6 months to 12 beyond 12 months Total
months
6 months to 12 months 9,047.73 5,001.49
beyond 12 months 12,015.41 3,524.61 Trade Payable 56,500.85 6,418.10 1,155.37 - 64,074.32
Total 58,594.54 53,763.42 Payable related to Capital goods 71.68 - - - 71.68
Other Financial liability (Current and 25,818.70 - - 12,789.72 38,608.42
Financial Assets are considered to be of good quality and there is no significant increase in credit risk. Non Current)
Movement in provisions of doubtful debts Total 82,391.23 6,418.10 1,155.37 12,789.72 102,754.42
(` in lakhs)
(` in lakhs)
As at As at As at 31st March, 2020 0-3 months 3-6 months 6 months to 12 beyond 12 Total
31st March, 2021 31st March, 2020 months months
Opening provision 868.46 123.38 Trade Payable 62,606.72 3,216.55 1,302.68 - 67,125.95
Add:- Additional provision made (including bad-debts) 333.90 916.82 Payable related to Capital goods 44.91 - - - 44.91
Less:- Provision write back (299.01) (171.74) Other Financial liability (Current and 25,123.75 - - 12,789.72 37,913.47
Closing provisions 903.35 868.46 Non Current)
Liquidity Risk Total 87,775.38 3,216.55 1,302.68 12,789.72 105,084.33
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 46 Capital risk management
nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed (a) Risk Management
credit lines. Management monitors rolling forecasts of the Company’s liquidity position (comprising the undrawn borrowing facilities The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise
below) and cash and cash equivalents on the basis of expected cash flows. returns to its shareholders.
The capital structure of the Company is based on management’s judgement of the appropriate balance of key elements in order to
meet its strategic and day-to-day needs. Management considers the amount of capital in proportion to risk and manage the capital
structure in light of changes in economic  conditions and the risk characteristics of the underlying assets. In order to maintain or
adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders
or issue new shares.

192 Strengthening the core Raymond Limited | Annual Report 2020-21 193
 Financial Statements

Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

The Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, 48  aymond Apparel Limited, the wholly owned subsidiary of the Company, has granted Stock Options to its eligible employees
R
creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate and employees of the Company, in accordance with the Raymond Apparel Limited Employee Stock Options Plan 2018 (“RAL
steps in order to maintain, or if necessary adjust, its capital structure. ESOP2018”) with the vesting period of 5 years from the date of grant with an exercise period of one year. The holder of each option
is eligible for one fully paid equity share of the subsidiary company of the face value of ` 10 each on payment of ` 10 per option. The
(b) Dividend fair value of option determined on the date of grant is ` 1,570 per option, based on the comparable companies multiple method. An
(` in lakhs) amount of ` Nil lakhs has been provided by the Company during the year (` 71.40 lakhs during the year 31st March, 2020). Further,
an amount of ` 118.74 lakhs has been written back during the year on options lapsed due to resignation of eligible employees (` Nil
31st March, 2021 31st March, 2020
during the year 31st March 2020).
Equity shares (Face value of ` 10 each)
- 1841.43
49 Export Promotion Capital Goods (EPCG)
Final dividend for the year ended 31 March 2020 of ` NIL Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at concessional duty
(31 March 2019 – ` 3) per fully paid share has been distributed subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods
based on approval by the shareholders at the AGM imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant.

0.01% Compulsorily Convertible Preference Shares (Face value of ` 10 each)* 50 Scheme of Arrangement
The Board of Directors of the Company at its meeting held on 7th November 2019 had approved the Composite Scheme of
Dividend for the year ended 31st March, 2021 of ` 0.0001 (31st March,2020 - ` 0.001) - - Arrangement (“Scheme”) which comprise of amalgamation of Raymond Apparel Limited (wholly owned subsidiary of the
per fully paid shares Company) and Scissors Engineering Products Limited (wholly owned subsidiary of the Company) with the Company and then
* Amount is less than ` 1000 Demerger of the lifestyle business undertaking into Raymond Lifestyle Limited on a going concern basis. The Appointed Date is 1st
April 2020. The Scheme will be effective upon receipt of such approvals as may be statutorily required including that of Mumbai
(c ) Loan covenants Bench of the National Company Law Tribunal (“NCLT”). Pending receipt of final approval, no adjustments have been made in the
Bank loans availed by the Company contain certain debt covenants which are required to be complied with. As of the reporting books of account and in the financial statements.
date, the Company is not in compliance with certain performance linked financial covenants. The Company is trying to ensure
compliance with the covenants as soon as possible. The banks have not levied any interest/penalty towards above matter, nor have 51 In March 2020, the World Health Organisation declared COVID-19 a global pandemic. Consequent to this, Government of India declared
they communicated any intention to recall the loans or make them repayable immediately, in view of the above matter. a nation-wide lockdown from 24th March 2020. Subsequently, the nation-wide lockdown was lifted by the Government of India, but
regional lockdowns continue to be implemented in areas with significant number of COVID-19 cases. Although, the Company witnessed
significant improvement in its operations during the second half of the year, the Company remains watchful of the potential impact of
47 Net debt reconciliation COVID-19 pandemic, particularly the current “second wave”, on resuming normal business operations on a continuing basis. Accordingly,
(` in lakhs) the Company has assessed the impact of this pandemic on its business operations and has considered all relevant internal and external
information available up to the date of approval of these financial statements, to determine the impact on the Company’s revenue from
31st March, 2021 31st March, 2020
operations and estimation of sales related expenses over the foreseeable future and the recoverability and carrying value of certain assets
Cash and cash equivalents (net of Bank Overdrafts) 16,936.31 11,664.33 such as property, plant and equipment, investments, inventories, trade receivables, deferred tax assets and input tax credit receivables.
Non- current borrowings (including current maturities) (111,236.89) (41,039.63) The impact of COVID-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and
estimates used to prepare Company’s financial results, which may differ from impact considered as at the date of approval of these
Current borrowings (20,702.28) (108,686.06) financials statements. The Company continues its business activities, in line with the guidelines issued by the Government authorities,
Lease liability (including current) (9,012.99) (12,888.57) take steps to strengthen its liquidity position and further explore cost restructuring exercise. The Company does not anticipate any
Interest Payable (net of interest subsidy receivable) (703.56) 788.18 challenges in its ability to continue as going concern or meeting its financial obligations. As the situation is unprecedented, the Company
Net Debt (124,719.41) (150,161.75) is closely monitoring the situation as it evolves in the future.

(` in lakhs) 52 Details of Corporate Social Responsibility (CSR) expenditure:

(` in lakhs)
Cash and cash Non current Current Lease Interest Total
equivalents borrowings borrowings liabilities Payable (net of Year ended Year ended
(net of Bank (including current interest subsidy 31st March, 2021 31st March, 2020
Overdrafts) maturities) receivable)
Amount required to be spent as per Section 135 of the Act 152.00 152.00
Net debt as at 1st April, 2019 598.99 (45,093.18) (128,417.84) - (129.77) (173,041.80) Amount spent during the year on:
Cash flows 11,065.34 4,053.55 19,731.78 3,957.85 - 38,808.52 (i) Construction / acquisition of an asset - -
Adjustment on transition to Ind AS 116 - - - (14,918.65) - (14,918.65) (ii) On purpose other than (i) above 152.00 152.00
(refer note 40)
Total 152.00 152.00
Non cash movement: Acquisitions/ - - - (1,927.77) - (1,927.77)
disposals 53 The Financial Statements were authorised for issue by the directors on 6th May,2021.
Finance costs recognised - - - (1,227.81) (18,221.11) (19,448.92)
This is the summary of the significant accounting For and on behalf of Board of Directors
Finance costs paid - - - 1,227.81 19,139.06 20,366.87
policies and other explanatory information referred
to in our report of even date.
Net debt as at 31st March, 2020 11,664.33 (41,039.63) (108,686.06) (12,888.57) 788.18 (150,161.75)
Cash flows 5,271.98 (71,823.70) 87,983.78 2,790.00 - 24,222.06 For Walker Chandiok & Co LLP Amit Agarwal Gautam Hari Singhania
Chartered Accountants Chief Financial Officer Chairman and Managing Director
Non cash movement: Acquisitions/ - - - 1,085.58 (261.00) 824.58
Firm’s Registration Number : 001076N/N500013 DIN:00020088
disposals
Finance costs recognised - - - (949.40) (16,067.40) (17,016.80)
Adi P. Sethna Thomas Fernandes
Transaction costs netted-off - 1,626.44 - - (1,626.44) - Partner Company Secretary
Finance costs paid - - - 949.40 16,463.10 17,412.50 Membership no. 108840
Net debt as at 31st March, 2021 16,936.31 (111,236.89) (20,702.28) (9,012.99) (703.56) (124,719.41)
Mumbai, 6th May, 2021 Mumbai, 6th May, 2021

194 Strengthening the core Raymond Limited | Annual Report 2020-21 195
 Financial Statements

Independent Auditor’s Report

To the Members of Raymond Limited report. We are independent of the Company in accordance In accordance with Ind AS 115 ‘Revenue from Contracts with • Evaluated the appropriateness of the management’s
with the Code of Ethics issued by the Institute of Chartered Customers’, the Holding Company has assessed and concluded assessment that the performance obligations arising from the
that its performance obligations arising from the construction construction project satisfy the criteria for revenue recognition
Report on the Audit of the Consolidated Financial Statements Accountants of India (‘ICAI’) together with the ethical
project satisfy the criteria for recognition of revenue over time. over time, in accordance with Ind AS 115;
requirements that are relevant to our audit of the financial
Opinion statements under the provisions of the Act and the We focused on this area because significant management • On a sample basis, compared revenue transactions recorded
1. We have audited the accompanying consolidated rules thereunder, and we have fulfilled our other ethical judgment was required in: during the year with the underlying agreement, invoices
raised on customers;
financial statements of Raymond Limited (‘the Holding responsibilities in accordance with these requirements and • determining whether the criteria for satisfaction of
Company’) and its subsidiaries (the Holding Company the Code of Ethics. We believe that the audit evidence we performance obligation and recognition of revenue over time • Assessed the reasonableness of key inputs and assumptions
and its subsidiaries together referred to as ‘the Group’), have obtained and the audit evidence obtained by the other in terms of Ind AS 115 was met; used in the contract cost estimation;
its associates and joint ventures, as listed in Annexure 1, auditors in terms of their reports referred to in paragraph • estimating total contract costs of the construction project, • Examined costs included within work-in-progress (WIP)
which comprise the Consolidated Balance Sheet as at 31 16 of the Other Matters section below, is sufficient and including contingencies that could arise from variations to the balances on sample basis by verifying the supporting
March 2021, the Consolidated Statement of Profit and Loss appropriate to provide a basis for our opinion. original contract terms, and claims; and documents;
(including Other Comprehensive Income), the Consolidated
• estimating the proportion of contract work completed for the • Tested the mathematical accuracy of the underlying
Cash Flow Statement and the Consolidated Statement of Emphasis of Matter construction project which requires estimates in relation to calculations;
Changes in Equity for the year then ended, and a summary 4. We draw attention to note 46 to the accompanying forecast contract revenue and total costs.
of the significant accounting policies and other explanatory consolidated financial statements, which describes the Evaluated the adequacy and appropriateness of the disclosures
The estimates of various contract related costs and revenue can made in the consolidated financial statements by the management
information. effects of uncertainties relating to Covid-19 pandemic
potentially be impacted on account of various factors and differ with respect to revenue from construction project
outbreak on the Group’s operations and management’s from the actual outcomes. Changes in these judgements and
2. In our opinion and to the best of our information and evaluation of its impact on the accompanying consolidated the related estimates as contracts progress, can result in material
according to the explanations given to us and based on financial statements as at 31 March 2021, the impact of adjustments to revenue and margins. Considering the materiality
the consideration of the reports of the other auditors on which is dependent on future developments. of the amounts involved, and the significant judgements applied in
separate financial statements and on the other financial determining the appropriate accounting treatment as mentioned
above, this matter required significant auditor attention and
information of the subsidiaries, associates and a joint The above matter has also been reported as an emphasis
therefore, has been identified as a key audit matter for the current
venture, the aforesaid consolidated financial statements of matter in the audit reports issued by other independent year audit.
(‘financial statements’) give the information required firms of Chartered Accountants on the financial statements
by the Companies Act, 2013 (‘the Act’) in the manner so of fourteen subsidiaries and two associates for the year
Information other than the Consolidated Financial When we read the Annual Report, if we conclude that
required and give a true and fair view in conformity with ended 31 March 2021.
Statements and Auditor’s Report thereon there is a material misstatement therein, we are required
the accounting principles generally accepted in India
7. The Holding Company’s Board of Directors are responsible to communicate the matter to those charged with
including Indian Accounting Standards (‘Ind AS’) specified Our opinion is not modified in respect of this matter.
for the other information. The other information comprises governance.
under Section 133 of the Act, of the consolidated state of
the information included in the Management Discussion
affairs of the Group, its associates and joint ventures, as Key Audit Matters
and Analysis report, Report on Corporate Governance, but  esponsibilities of Management and Those
R
at 31 March 2021, and their consolidated loss (including 5. Key audit matters are those matters that, in our
does not include the consolidated financial statements and Charged with Governance for the Consolidated
other comprehensive loss), consolidated cash flows and the professional judgment and based on the consideration
our auditor’s report thereon, which we obtained prior to the Financial Statements
consolidated changes in equity for the year ended on that of the reports of the other auditors on separate financial
date of this auditor’s report, and the Annual Report, which 8. The accompanying consolidated financial statements
date. statements and on the other financial information of the
is expected to be made available to us after that date. have been approved by the Holding Company’s Board of
subsidiaries, associates and a joint venture, were of most
Directors. The Holding Company’s Board of Directors is
Basis for Opinion significance in our audit of the consolidated financial
Our opinion on the consolidated financial statements does responsible for the matters stated in Section 134(5) of the
3. We conducted our audit in accordance with the Standards statements of the current period. These matters were
not cover the other information and we do not and will not Act with respect to the preparation of these consolidated
on Auditing specified under Section 143(10) of the Act. addressed in the context of our audit of the consolidated
express any form of assurance conclusion thereon. financial statements that give a true and fair view of
Our responsibilities under those standards are further financial statements as a whole, and in forming our opinion
the consolidated state of affairs (consolidated financial
described in the Auditor’s Responsibilities for the Audit thereon, and we do not provide a separate opinion on
In connection with our audit of the consolidated financial position), consolidated profit or loss (consolidated financial
of the Consolidated Financial Statements section of our these matters.
statements, our responsibility is to read the other performance including other comprehensive income),
information identified above and, in doing so, consider consolidated changes in equity and consolidated cash
6. We have determined the matter described below to be the key audit matter to be communicated in our report.
whether the other information is materially inconsistent flows of the Group including its associates and joint
with the consolidated financial statements or our ventures in accordance with the accounting principles
Key audit matter How our audit addressed the key audit matter knowledge obtained in the audit or otherwise appears to generally accepted in India, including the Ind AS specified
Revenue recognition from real estate project under development Our audit procedures included, but were not limited to the be materially misstated. under Section 133 of the Act. The Holding Company’s
following: Board of Directors is also responsible for ensuring accuracy
Refer note 20 to the accompanying consolidated financial
If, based on the work we have performed on the other of records including financial information considered
statements. • Evaluated the appropriateness of the Group accounting policy
for revenue recognition from construction project; information that we obtained prior to the date of this necessary for the preparation of consolidated Ind AS
Revenue recognised from real estate project under development auditor’s report, we conclude that there is a material financial statements. Further, in terms of the provisions of
(‘construction project’) during the year ended 31 March 2021 • Obtained an understanding of the management’s processes misstatement of this other information, we are required to the Act, the respective Board of Directors / management
amounts to ` 14,105.69 lakhs. and evaluated the design and tested operating effectiveness
report that fact. We have nothing to report in this regard. of the companies included in the Group and its associates
of controls over the revenue recognition from construction
project and estimation of total costs; and joint ventures, covered under the Act, are responsible

196 Strengthening the core Raymond Limited | Annual Report 2020-21 197
 Financial Statements

for maintenance of adequate accounting records in • Identify and assess the risks of material misstatement the consolidated financial statements, of which we consolidated financial statements, in so far as it relates to
accordance with the provisions of the Act, for safeguarding of the consolidated financial statements, whether are the independent auditors. For the other entities the amounts and disclosures included in respect of these
the assets and for preventing and detecting frauds and due to fraud or error, design and perform audit included in the consolidated financial statements, subsidiaries, associates and a joint venture, and our report
other irregularities; selection and application of appropriate procedures responsive to those risks, and obtain audit which have been audited by the other auditors, such in terms of sub-section (3) of Section 143 of the Act, in so
accounting policies; making judgments and estimates that evidence that is sufficient and appropriate to provide other auditors remain responsible for the direction, far as it relates to the aforesaid subsidiaries, associates and
are reasonable and prudent; and design, implementation a basis for our opinion. The risk of not detecting supervision and performance of the audits carried out a joint venture, are based solely on the reports of the other
and maintenance of adequate internal financial controls, a material misstatement resulting from fraud is by them. We remain solely responsible for our audit auditors.
that were operating effectively for ensuring the accuracy higher than for one resulting from error, as fraud opinion.
and completeness of the accounting records, relevant may involve collusion, forgery, intentional omissions, Our opinion above on the consolidated financial
to the preparation and presentation of the financial misrepresentations, or the override of internal control; 13. We communicate with those charged with governance statements, and our report on other legal and regulatory
statements that give a true and fair view and are free from regarding, among other matters, the planned scope and requirements below, are not modified in respect of the
material misstatement, whether due to fraud or error. These • Obtain an understanding of internal control relevant timing of the audit and significant audit findings, including above matter with respect to our reliance on the work done
financial statements have been used for the purpose of to the audit in order to design audit procedures any significant deficiencies in internal control that we by and the reports of the other auditors.
preparation of the consolidated financial statements by the that are appropriate in the circumstances. Under identify during our audit.
Directors of the Holding Company, as aforesaid. Section 143(3)(i) of the Act, we are also responsible 17. We did not audit the financial information of a subsidiary,
for expressing our opinion on whether the Holding 14. We also provide those charged with governance with whose financial information (before eliminating inter
9. In preparing the consolidated financial statements, the Company has adequate internal financial controls a statement that we have complied with relevant company balances / transactions) reflect total assets
respective Board of Directors of the companies included with reference to consolidated financial statements in ethical requirements regarding independence, and of ` 43.26 lakhs and net assets of ` 15.23 lakhs as at 31
in the Group and of its associates and joint ventures, are place and the operating effectiveness of such controls; to communicate with them all relationships and other March 2021, total revenues of ` Nil and net cash outflows
responsible for assessing the ability of the respective matters that may reasonably be thought to bear on our amounting to ` 1.67 lakhs for the year ended on that date,
companies in the Group and of its associates and joint • Evaluate the appropriateness of accounting policies independence, and where applicable, related safeguards. as considered in the consolidated financial statements. The
ventures, to continue as a going concern, disclosing, as used and the reasonableness of accounting estimates consolidated financial statements also include the Group’s
applicable, matters related to going concern and using the and related disclosures made by management; 15. From the matters communicated with those charged with share of net profit (including other comprehensive income)
going concern basis of accounting unless the respective governance, we determine those matters that were of of ` Nil (before eliminating inter company transactions)
Board of Directors either intend to liquidate the company or • Conclude on the appropriateness of management’s most significance in the audit of the consolidated financial for the year ended 31 March 2021, as considered in the
to cease operations, or has no realistic alternative but to do use of the going concern basis of accounting and, statements of the current period and are therefore the key consolidated financial statements, in respect of a joint
so. based on the audit evidence obtained, whether audit matters. We describe these matters in our auditor’s venture, whose financial information has not been audited
a material uncertainty exists related to events or report unless law or regulation precludes public disclosure by us. These financial information are unaudited and
10. The respective Board of Directors of the companies conditions that may cast significant doubt on the about the matter or when, in extremely rare circumstances, have been furnished to us by the management and our
included in the Group and of its associates and joint ability of the Group and its associates and joint we determine that a matter should not be communicated opinion on the consolidated financial statements, in so far
ventures, are responsible for overseeing the financial ventures to continue as a going concern. If we in our report because the adverse consequences of doing as it relates to the amounts and disclosures included in
reporting process of the companies included in the Group conclude that a material uncertainty exists, we are so would reasonably be expected to outweigh the public respect of the aforesaid subsidiaries and a joint venture,
and of its associates and joint ventures. required to draw attention in our auditor’s report to interest benefits of such communication. and our report in terms of sub-section (3) of Section 143
the related disclosures in the consolidated financial of the Act in so far as it relates to the aforesaid subsidiaries
Auditor’s Responsibilities for the Audit of the statements or, if such disclosures are inadequate, to Other Matters and a joint venture, are based solely on such unaudited
Consolidated Financial Statements modify our opinion. Our conclusions are based on 16. We did not audit the financial statements / consolidated financial information. In our opinion and according to
11. Our objectives are to obtain reasonable assurance about the audit evidence obtained up to the date of our financial statements of eighteen subsidiaries, whose the information and explanations given to us by the
whether the consolidated financial statements as a whole auditor’s report. However, future events or conditions financial statements / consolidated financial statements management, these financial information are not material
are free from material misstatement, whether due to fraud may cause the Group and its associates and joint (before eliminating inter company balances / transactions) to the Group.
or error, and to issue an auditor’s report that includes ventures to cease to continue as a going concern; reflect total assets of ` 328,567.62 lakhs and net assets
our opinion. Reasonable assurance is a high level of of ` 84,937.36 lakhs as at 31 March 2021, total revenues Our opinion above on the consolidated financial
assurance but is not a guarantee that an audit conducted in • Evaluate the overall presentation, structure and of ` 188,509.13 lakhs and net cash inflows amounting statements, and our report on other legal and regulatory
accordance with Standards on Auditing will always detect content of the consolidated financial statements, to ` 4,328.21 lakhs for the year ended on that date, as requirements below, are not modified in respect of the
a material misstatement when it exists. Misstatements including the disclosures, and whether the considered in the consolidated financial statements. The above matter with respect to our reliance on the financial
can arise from fraud or error and are considered material consolidated financial statements represent the consolidated financial statements also include the Group’s information certified by the management.
if, individually or in the aggregate, they could reasonably underlying transactions and events in a manner that share of net profit (including other comprehensive income)
be expected to influence the economic decisions of achieves fair presentation; and of ` 9,341.22 lakhs (before eliminating inter company Report on Other Legal and Regulatory Requirements
users taken on the basis of these consolidated financial transactions amounting to ` 7,671.01 lakhs) for the year 18. As required by Section 197(16) of the Act, based on our
statements. • Obtain sufficient appropriate audit evidence ended 31 March 2021, as considered in the consolidated audit and on the consideration of the reports of the
regarding the financial information of the entities financial statements, in respect of six associates and a joint other auditors, referred to in paragraph 16, on separate
12. As part of an audit in accordance with Standards on within the Group, and its associates and joint venture, whose financial statements / consolidated financial / consolidated financial statements of the subsidiaries,
Auditing, we exercise professional judgment and maintain ventures, to express an opinion on the consolidated statements have not been audited by us. These financial associates and a joint venture, we report that the Holding
professional skepticism throughout the audit. We also: financial statements. We are responsible for the statements / consolidated financial statements have Company and six subsidiary companies covered under the
direction, supervision and performance of the audit been audited by other auditors whose reports have been Act paid remuneration to their respective directors during
of financial statements of such entities included in furnished to us by the management and our opinion on the the year in accordance with the provisions of and limits laid

198 Strengthening the core Raymond Limited | Annual Report 2020-21 199
 Financial Statements

down under Section 197 read with Schedule V to the Act. f) with respect to the adequacy of the internal financial Annexure 1 • Raymond Woollen Outerwear Limited
Further, we report that eight subsidiary companies and controls with reference to financial statements List of entities included in the Consolidated Financial
seven associate companies covered under the Act have not of the Holding Company, and its subsidiary Statements • Raymond Luxury Cottons Limited
paid or provided for any managerial remuneration during companies, associate companies and joint venture Subsidiary companies
the year. Accordingly, reporting under Section 197(16) companies covered under the Act, and the operating • Raymond Apparel Limited • Raymond Lifestyle Limited
of the Act is not applicable in respect of such subsidiary effectiveness of such controls, refer to our separate
companies and associate companies. Further, we report report in ‘Annexure A’; and • Colorplus Realty Limited • Raymond Lifestyle (Bangladesh) Private Limited
that the provisions of Section 197 read with Schedule V
to the Act is not applicable to a joint venture company g) with respect to the other matters to be included in • Pashmina Holdings Limited Associates
covered under the Act, since the joint venture company is the Auditor’s Report in accordance with rule 11 of • P.T. Jaykay Files Indonesia
not a public company as defined under Section 2(71) of the the Companies (Audit and Auditors) Rules, 2014 • Everblue Apparel Limited
Act. (as amended), in our opinion and to the best of our • J.K. lnvesto Trade (India) Limited
information and according to the explanations given • JK Files (India) Limited
19. As required by Section 143(3) of the Act, based on our to us and based on the consideration of the report of • Raymond Consumer Care Limited (Formerly known as Ray
audit and on the consideration of the reports of the other the other auditors on separate financial statements as • JK Talabot Limited Universal Trading Limited)
auditors on separate financial statements and other also the other financial information of the subsidiaries,
financial information of the subsidiaries, associates and a associates and joint ventures: • Silver Spark Apparel Limited • Ray Global Consumer Trading Limited (Formerly known as
joint venture, we report, to the extent applicable, that: Ray Global Consumer Trading Private Limited)
i. the consolidated financial statements disclose • Dress Master Apparel Private Limited (upto 1 December
a) we have sought and obtained all the information and the impact of pending litigations on the 2020) • Ray Global Consumer Products Limited (w.e.f. 12 January
explanations which to the best of our knowledge and consolidated financial position of the Group, its 2021)
belief were necessary for the purpose of our audit of associates and joint ventures; • Silver Spark Apparel Ethiopia PLC
the aforesaid consolidated financial statements; • Ray Global Consumer (Enterprises) Limited (w.e.f. 2
ii. Provision has been made in these consolidated • Silver Spark Middle East FZE February 2021)
b) in our opinion, proper books of account as required financial statements, as required under the
by law relating to preparation of the aforesaid applicable law or Ind AS, for material foreseeable • R&A Logistics Inc. • J.K. Helene Curtis Limited
consolidated financial statements have been kept so losses, if any, on long-term contracts including
far as it appears from our examination of those books derivative contracts; • Celebrations Apparel Limited • Radha Krshna Films Limited
and the reports of the other auditors;
iii. there has been no delay in transferring amounts, • Scissors Engineering Products Limited Joint ventures
c) the consolidated financial statements dealt with by required to be transferred, to the Investor • Raymond UCO Denim Private Limited
this report are in agreement with the relevant books of Education and Protection Fund by the Holding • Ring Plus Aqua Limited
account maintained for the purpose of preparation of Company, and its subsidiary companies, • UCO Tesatura S.r.l.
the consolidated financial statements; associate companies and joint venture • Raymond (Europe) Limited
companies during the year ended 31 March 2021; • UCO Raymond Denim Holding NV
d) in our opinion, the aforesaid consolidated financial and • Jaykayorg AG
statements comply with Ind AS specified under
Section 133 of the Act; iv. the disclosure requirements relating to holdings
as well as dealings in specified bank notes were
e) on the basis of the written representations received applicable for the period from 8 November 2016
from the directors of the Holding Company and taken to 30 December 2016, which are not relevant to
on record by the Board of Directors of the Holding these consolidated financial statements. Hence,
Company and the reports of the statutory auditors of reporting under this clause is not applicable.
its subsidiary companies, associate companies and
joint venture companies covered under the Act, none For Walker Chandiok & Co LLP
of the directors of the Group companies, its associate Chartered Accountants
companies and joint venture companies covered Firm Registration No.: 001076N/N500013
under the Act, are disqualified as on 31 March 2021
from being appointed as a director in terms of Section Adi P. Sethna
164(2) of the Act; Partner
Place: Mumbai  Membership No.: 108840
Date: 6 May 2021  UDIN: 21108840AAAACG9241

200 Strengthening the core Raymond Limited | Annual Report 2020-21 201
 Financial Statements

Annexure A to the Independent Auditor’s Report of even date to the members of Raymond Limited on the consolidated financial
statements for the year ended 31 March 2021

Independent Auditor’s Report on the Internal Financial Controls reasonable assurance about whether adequate internal Inherent Limitations of Internal Financial Controls balances / transactions) reflect total assets of ` 293,013.18
with reference to consolidated financial statements under Clause financial controls with reference to consolidated financial with Reference to Consolidated Financial Statements lakhs and net assets of ` 73,376.99 lakhs as at 31 March
(i) of Sub-section 3 of Section 143 of the Companies Act, 2013 statements were established and maintained and if such 7. Because of the inherent limitations of internal financial 2021, total revenues of ` 162,882.66 lakhs and net cash
(‘the Act’) controls operated effectively in all material respects. controls with reference to consolidated financial inflows amounting to ` 2,789.55 lakhs for the year ended
statements, including the possibility of collusion or on that date, as considered in the consolidated financial
1. In conjunction with our audit of the consolidated 4. Our audit involves performing procedures to obtain audit improper management override of controls, material statements. The consolidated financial statements also
financial statements of Raymond Limited (‘the Holding evidence about the adequacy of the internal financial misstatements due to error or fraud may occur and not be include the Group’s share of net profit (including other
Company’) and its subsidiaries (the Holding Company controls with reference to consolidated financial statements detected. Also, projections of any evaluation of the internal comprehensive income) of ` 9,422.90 lakhs (before
and its subsidiaries together referred to as ‘the Group’), its and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial eliminating inter company transactions) for the year ended
associates and joint ventures as at and for the year ended financial controls with reference to consolidated financial statements to future periods are subject to the risk that the 31 March 2021, in respect of five associate companies,
31 March 2021, we have audited the internal financial statements includes obtaining an understanding of such internal financial controls with reference to consolidated which are companies covered under the Act, whose internal
controls with reference to consolidated financial statements internal financial controls, assessing the risk that a material financial statements may become inadequate because of financial controls with reference to financial statements
of the Holding Company, its thirteen subsidiary companies, weakness exists, and testing and evaluating the design changes in conditions, or that the degree of compliance have not been audited by us. The internal financial controls
five associate companies and a joint venture company, and operating effectiveness of internal control based on with the policies or procedures may deteriorate. with reference to financial statements in so far as it relates
which are companies covered under the Act, as at that date. the assessed risk. The procedures selected depend on the to such subsidiary companies and associate companies
auditor’s judgement, including the assessment of the risks Opinion have been audited by other auditors whose reports have
Responsibilities of Management and Those Charged of material misstatement of the consolidated financial 8. In our opinion and based on the consideration of the been furnished to us by the management and our report on
with Governance for Internal Financial Controls statements, whether due to fraud or error. reports of the other auditors on internal financial controls the adequacy and operating effectiveness of the internal
2. The respective Board of Directors of the Holding Company, with reference to financial statements of twelve subsidiary financial controls with reference to financial statements for
its thirteen subsidiary companies, five associate companies 5. We believe that the audit evidence we have obtained and companies and five associate companies, the Holding the Holding Company, its thirteen subsidiary companies,
and a joint venture company, which are companies the audit evidence obtained by the other auditors in terms Company, its thirteen subsidiary companies, five associate five associate companies and a joint venture company,
covered under the Act, are responsible for establishing and of their reports referred to in the Other Matter paragraph companies and a joint venture company, which are as aforesaid, under Section 143(3)(i) of the Act in so far
maintaining internal financial controls based on the internal below, is sufficient and appropriate to provide a basis companies covered under the Act, have in all material as it relates to such twelve subsidiary companies and five
control over financial reporting criteria established by the for our audit opinion on the internal financial controls respects, adequate internal financial controls with reference associate companies is based solely on the reports of the
company considering the essential components of internal with reference to consolidated financial statements of to consolidated financial statements and such controls were auditors of such companies. Our opinion is not modified
control stated in the Guidance Note on Audit of Internal the Holding Company, its thirteen subsidiary companies, operating effectively as at 31 March 2021, based on the in respect of this matter with respect to our reliance on the
Financial Controls Over Financial Reporting (‘the Guidance five associate companies and a joint venture company as internal control over financial reporting criteria established work done by and on the reports of the other auditors.
Note’) issued by the Institute of Chartered Accountants aforesaid. by the Holding Company, its thirteen subsidiary companies,
of India (‘the ICAI’). These responsibilities include the five associate companies and a joint venture company as
design, implementation and maintenance of adequate Meaning of Internal Financial Controls with Reference aforesaid, considering the essential components of internal
internal financial controls that were operating effectively for to Consolidated Financial Statements control stated in the Guidance Note issued by the ICAI. For Walker Chandiok & Co LLP
ensuring the orderly and efficient conduct of the company’s 6. A company’s internal financial controls with reference to Chartered Accountants
business, including adherence to the company’s policies, consolidated financial statements is a process designed Other Matter Firm Registration No.: 001076N/N500013
the safeguarding of its assets, the prevention and detection to provide reasonable assurance regarding the reliability 9. We did not audit the internal financial controls with
of frauds and errors, the accuracy and completeness of the of financial reporting and the preparation of consolidated reference to financial statements insofar as it relates to Adi P. Sethna
accounting records, and the timely preparation of reliable financial statements for external purposes in accordance twelve subsidiary companies, which are companies covered Partner
financial information, as required under the Act. with generally accepted accounting principles. A company’s under the Act, whose financial statements / consolidated Place: Mumbai  Membership No.: 108840
internal financial controls with reference to consolidated financial statements (before eliminating inter company Date: 6 May 2021  UDIN: 21108840AAAACG9241:
Auditor’s Responsibility for the Audit of the Internal financial statements include those policies and procedures
Financial Controls with Reference to Consolidated that (1) pertain to the maintenance of records that,
Financial Statements in reasonable detail, accurately and fairly reflect the
3. Our responsibility is to express an opinion on the internal transactions and dispositions of the assets of the company;
financial controls with reference to consolidated financial (2) provide reasonable assurance that transactions
statements of the Holding Company, its thirteen subsidiary are recorded as necessary to permit preparation of
companies, five associate companies and a joint venture consolidated financial statements in accordance with
company, as aforesaid, based on our audit. We conducted generally accepted accounting principles, and that receipts
our audit in accordance with the Standards on Auditing and expenditures of the company are being made only
issued by the Institute of Chartered Accountants of India in accordance with authorisations of management and
(‘ICAI’) prescribed under Section 143(10) of the Act, to the directors of the company; and (3) provide reasonable
extent applicable to an audit of internal financial controls assurance regarding prevention or timely detection
with reference to consolidated financial statements, and of unauthorised acquisition, use, or disposition of the
the Guidance Note issued by the ICAI. Those Standards company’s assets that could have a material effect on the
and the Guidance Note require that we comply with ethical consolidated financial statements.
requirements and plan and perform the audit to obtain

202 Strengthening the core Raymond Limited | Annual Report 2020-21 203
 Financial Statements

Consolidated Balance Sheet Consolidated Statement of Profit And Loss

as at 31st March, 2021 for the year ended 31st March, 2021

(` in Lakhs) (` in lakhs)

Particulars Note No. As at As at Particulars Note No. Year ended Year ended
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
I. ASSETS I. Revenue from operations 20 344646.78 648236.71
1 Non-current assets II. Other income 21 20136.45 9592.80
(a) Property, plant and equipment 2(a) 203645.77 242084.00 III. Total Income (I + II) 364783.23 657829.51
(b) Capital work-in-progress 2(b) 1622.97 3525.29 IV. Expenses:
(c) Goodwill 3 101.37 1150.18 Cost of materials consumed 22 68676.75 123636.67
(d) Other intangible assets 3 662.48 882.42 Purchases of stock-in-trade 44642.49 181515.49
(e) Intangible assets under development 475.00 475.00 Changes in inventories of finished goods, work-in-progress, stock-in-trade and 23 51022.51 (25139.06)
(f) Investments accounted for using equity method 4 34472.08 35277.98 property under development
(g) Financial assets Employee benefits 24 67355.68 99632.17
(i) Investments 5(i) 4793.85 3192.45 Finance costs 25 27603.90 30272.50
(ii) Loans 6(i) 1500.00 754.53 Depreciation and amortisation 26 31418.28 33979.89
(iii) Other financial assets 7(i) 7721.56 13309.52 Other expenses
(h) Deferred tax assets 28 33097.83 18023.19 (a) Manufacturing and operating costs 27(a) 41614.53 77396.09
(i) Current tax assets (net) 4113.41 7456.82 (b) Costs towards development of property 27(b) 13271.12 18514.64
( j) Other non-current assets 8(i) 8184.66 7902.51 (c) Others 27(c) 64685.47 121100.21
Total Non Current Assets 300390.98 334033.89 Total Expenses 410290.73 660908.60
2 Current assets V. Profit / (Loss) before share in net profit / (loss) of Associates and Joint (45507.50) (3079.09)
(a) Inventories 9 163384.21 220113.54 Ventures, exceptional items and tax (III-IV)
(b) Financial assets VI. Share in Profit/ (Loss) of Associates and Joint ventures (947.99) 15160.65
(i) Investments 5(ii) 10774.46 21286.19 VII. Profit / (Loss) before exceptional items and tax (V+VI) (46455.49) 12081.56
(ii) Trade receivables 10 95803.55 115948.27 VIII. Exceptional items - gain/(loss) (net) 45 - 3809.99
(iii) Cash and cash equivalents 11 23357.17 13319.12 IX. Profit / (Loss) before tax (VII + VIII) (46455.49) 15891.55
(iv) Bank balances other than cash and cash equivalents 12 31855.38 19445.37 X. Tax expense / (credit): 28
(v) Loans 6(ii) 1000.00 1066.34 Current tax 952.49 3546.32
(vi) Other financial assets 7(ii) 5037.68 2831.89 Deferred tax (17043.24) (7830.49)
(c) Other current assets 8(ii) 42315.56 46564.02 Total Tax Expenses / (Credit) (net) (16090.75) (4284.17)
(d) Assets classified as held for sale 13 105.75 105.75 XI. Profit / (Loss) for the year (30364.74) 20175.72
Total Current Assets 373633.76 440680.49 Other Comprehensive Income / (Loss)
Total Assets 674024.74 774714.38 Items that will not be reclassified to profit or loss
II. EQUITY AND LIABILITIES (i) Remeasurements of post employment benefit obligations 32 960.43 810.01
1 Equity (ii) Changes in fair value of FVOCI equity instruments 1247.69 (3203.39)
(a) Equity share capital 14(i) 6657.37 6471.91 (iii) Share of other comprehensive income of investments accounted for using (43.59) 20.28
(b) Other equity 14(ii) 203078.56 231120.65 the equity method
Equity attributable to Owners 209735.93 237592.56 (iv) Income tax relating to these items (475.19) 111.75
Non-controlling interests 8192.30 8847.81 1689.34 (2261.35)
Total Equity 217928.23 246440.37 Items that will be reclassified to profit or loss
2 Liabilities (i) Gains and losses arising from translating the financial statements of 192.03 (1106.00)
Non-current liabilities foreign operations
(a) Financial liabilities (ii) Share of other comprehensive income of investments accounted for using (72.38) (208.86)
(i) Borrowings 15(i) 117553.27 38694.09 the equity method
(ii) Other financial liabilities 16(i) 36391.91 54704.04 (iii) Income tax relating to these items - -
(b) Deferred tax liabilities 28 1041.81 2480.09 119.65 (1314.86)
(c) Other non-current liabilities 17(i) 4199.62 4917.24 Total Other Comprehensive Income / (Loss) for the year (net of tax) 1808.99 (3576.21)
Total Non Current Liabilities 159186.61 100795.46 Total Comprehensive Income / (Loss) for the year (28555.75) 16599.51
Current liabilities Profit / (Loss) attributable to:
(a) Financial Liabilities Owners (29703.86) 19612.92
(i) Borrowings 15(ii) 71863.56 178555.53 Non-controlling interests (660.88) 562.80
(ii) Trade payables (30364.74) 20175.72
Total outstanding dues of micro enterprises and small enterprises 12555.55 1743.62 Other Comprehensive Income / (Loss) attributable to:
Total outstanding dues of creditors other than micro enterprises 18 103829.42 138811.85 Owners 1803.62 (3563.41)
and small enterprises Non-controlling interests 5.37 (12.80)
(iii) Other financial liabilities 16(ii) 67379.70 76799.41 1808.99 (3576.21)
(b) Other current liabilities 17(ii) 34016.74 24225.49 Total Comprehensive Income / (Loss) attributable to:
(c) Provisions 19 7166.45 7118.70 Owners (27900.24) 16049.51
Non-controlling interests (655.51) 550.00
(d) Current tax liabilities (net) 98.48 223.95 (28555.75) 16599.51
Total Current Liabilities 296909.90 427478.55 Earnings per equity share of ` 10 each: 31
Total Liabilities 456096.51 528274.01 (1) Basic (`) (44.63) 31.44
Total Equity and Liabilities 674024.74 774714.38 (44.63) 31.16
The accompanying notes are an integral part of these consolidated financial statements.
(2) Diluted (`)
The accompanying notes are an integral part of these consolidated financial statements.
This is the Consolidated Balance Sheet referred to in our report of even date.
This is the Consolidated Statement of Profit and Loss referred to in our report of even date.
For and on behalf of Board of Directors For and on behalf of Board of Directors
For Walker Chandiok & Co LLP Amit Agarwal Gautam Hari Singhania For Walker Chandiok & Co LLP Amit Agarwal Gautam Hari Singhania
Chartered Accountants Chief Financial Officer Chairman and Managing Director Chartered Accountants Chief Financial Officer Chairman and Managing Director
Firm’s Registration Number : 001076N/N500013 DIN:00020088 Firm’s Registration Number : 001076N/N500013 DIN:00020088
Adi P. Sethna Thomas Fernandes Adi P. Sethna Thomas Fernandes
Partner Company Secretary Partner Company Secretary
Membership no. 108840 Membership no. 108840
Mumbai, 6th May, 2021 Mumbai, 6th May, 2021 Mumbai, 6th May, 2021 Mumbai, 6th May, 2021

204 Strengthening the core Raymond Limited | Annual Report 2020-21 205
 Financial Statements

Consolidated Cash Flow Statement Consolidated Cash Flow Statement

for the year ended 31st March, 2021 for the year ended 31st March, 2021

(` in lakhs) (` in lakhs)

Year ended Year ended Year ended Year ended

31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
CASH FLOW FROM OPERATING ACTIVITIES: CASH FLOW FROM FINANCING ACTIVITIES:
Profit/(loss) before exceptional items and tax (46455.49) 12081.56 Dividend (including unclaimed dividend) paid (9.11) (1838.18)
Adjustments for: Dividend distribution tax paid - (378.51)
Share in (Profit) / Loss of Associates and Joint ventures 947.99 (15160.65) Finance costs paid (24382.01) (25971.56)
Bad Debts, advances, claims and deposits written off 354.11 542.89 Proceed from issue of equity shares and 0.01% Compulsorily Convertible Preference Shares - 35000.00
Write back of provision for doubtful debts (333.70) (327.26) Proceeds from non-current borrowings 93668.33 39435.17
Provision/(reversal) towards slow moving and non moving inventory 1264.67 3788.92 Finance costs paid on lease obligations (3827.71) (5056.12)
Provision for doubtful debts, advances and incentive receivable 336.86 1179.86 Repayment of lease obligations (4869.29) (10919.90)
Depreciation and amortisation 31418.28 33979.89 Repayment of non-current borrowings (20720.73) (48646.49)
Apportioned income from government grants (734.33) (851.12) (Repayment of) / Proceeds from current borrowings (net) (106691.97) 5389.10
Net loss on disposal of property, plant and equipment 1565.29 57.93 Net cash (used in) financing activities - [C] (66832.49) (12986.49)
Net gain on sale / fair valuation of investments (2464.35) 136.18
Provision for incentives and interest subsidy receivable 2068.43 - CHANGE IN CURRENCY FLUCTUATION RESERVE ARISING ON CONSOLIDATION - [D] 192.03 (1106.00)
Impairment of property, plant and equipment (net) 473.96 - Net increase / (decrease) in cash and cash equivalents - [A+B+C+D] 9984.38 11262.73
Finance costs 27603.90 30272.50
Interest income (4947.18) (6099.24)
Dividend income (15.90) (47.04) Add: Cash and cash equivalents at beginning of the year (net) 13247.22 1984.49
Employee stock option expenses 43.61 60.21 Cash and cash equivalents at end of the year (net) 23231.60 13247.22
Gain on extinguishment of lease liabilities (net) (3415.49) (255.00)
COVID-19 related lease concessions (4674.67) - Cash and cash equivalents above comprises of the following
Excess provision written back (2099.44) (786.10) Cash and cash equivalents (Refer note 11) 23357.17 13319.12
Operating profit before working capital changes 936.55 58573.53 Less:- Overdrawn bank balances [Refer note 16(ii)] (125.57) (71.90)
Adjustments for: Net cash and cash equivalents 23231.60 13247.22
Increase/(decrease) in trade and other receivables 22810.49 (6161.77)
The accompanying notes are an integral part of these consolidated financial statements
Increase/(decrease) in inventories 55464.66 (29924.98)
Increase/(decrease) in trade and other payables and provisions (11349.59) 20543.49 Note:
Cash generated from operations before Exceptional items 67862.11 43030.27 1. The cash flow statement has been prepared under the indirect method as set out in Indian Accounting Standard (Ind AS) 7,
Exceptional items (net) - (14.00) ‘Statement of Cash Flows’
Cash generated from operations 67862.11 43016.27
This is Consolidated Cash Flow Statement referred to in our report of even date.
Direct taxes (paid) / refunds (net) 2321.20 (3970.97)
Net cash generated from operating activities - [A] 70183.31 39045.30
For and on behalf of Board of Directors

CASH FLOW FROM INVESTING ACTIVITIES:

For Walker Chandiok & Co LLP Amit Agarwal Gautam Hari Singhania
Purchase of property, plant and equipment/ intangible assets including Capital Work-in- (2059.71) (20985.71)
Chartered Accountants Chief Financial Officer Chairman and Managing Director
Progress and intangible assets under development
Firm’s Registration Number : 001076N/N500013 DIN:00020088
Sale proceeds from disposal of property, plant and equipment 1896.22 1734.46
Purchase of non-current investments (57.16) -
Adi P. Sethna Thomas Fernandes
Investment in Joint Venture (250.00) - Partner Company Secretary
Loans given to Joint Venture (net) (750.00) (2500.00) Membership no. 108840
Repayment of loans given to Joint Venture (net) - 750.00
Mumbai, 6th May, 2021 Mumbai, 6th May, 2021
Sale proceeds of non-current investments - 7128.20
Fixed deposits with banks (9765.54) (12014.68)
Sale of current investments (net) 12679.08 6186.02
Interest income received 4732.74 5965.15
Dividend income received 15.90 46.48
Net cash generated from / (used in) investing activities - [B] 6441.53 (13690.08)

206 Strengthening the core Raymond Limited | Annual Report 2020-21 207
 Financial Statements

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2021

Note :- 1 - STATEMENT OF SIGNIFICANT ACCOUNTING (b) Principles of consolidation and equity accounting

(` in lakhs)
Total

8297.81 197539.16
562.80 20175.72
(12.80) (3576.21)

16599.51

60.21
(5838.00)

(2219.94)
12500.00
22166.17
(838.65)

-
8847.81 239968.46
(660.88) (30364.74)
1808.99

(655.51) (28555.75)

43.61
(185.46)
8192.30 211270.86
POLICIES AND PRACTICES (i) Subsidiaries
1(i) Raymond Limited (‘RL’ / the ‘Company’ or the ‘Holding Subsidiaries are all entities over which the Group has

Non
equity Controlling
Interest

550.00

-
-

-
-
-
-

5.37

-
-
Company’) and its subsidiaries (the Holding Company and control. The Group controls an entity when the Group
its subsidiaries together referred to as the ‘Group’) and is exposed to, or has rights to, variable returns from
its associates and joint ventures mainly deals in Textiles, its involvement with the entity and has the ability
Total

- 189241.35
- 19612.92
- (3563.41)

- 16049.51

60.21
- (5838.00)

- (2219.94)
185.46 12500.00
- 22166.17
- (838.65)

-
185.46 231120.65
- (29703.86)
- 1803.62

- (27900.24)

43.61
(185.46) (185.46)
- 203078.56
Lifestyle, Branded apparel, Engineering, FMCG, Auto to affect those returns through its power to direct
components, etc. The Group and its associates and joint the relevant activities of the entity. Subsidiaries are
ventures have its wide network of operations in local as well fully consolidated from the date on which control is
Instruments
classifed as
Equity
0.01%
Compulsorily
Convertible
Preference
Shares (CCPS),
fully paid-up

-
as in foreign markets. The Group and its associates and transferred to the Group. They are deconsolidated
joint ventures sells its products through multiple channels from the date that control ceases.
including wholesale, franchisee, retail etc. The Holding

Chairman and Managing Director

Other Reserve

Equity
instruments
reserve through Other
Comprehensive
Income

5312.92
-
(2831.94)

(2831.94)

-
-

-
-
-
-

-
2480.98
-
1104.63

1104.63

-
-
3585.61
Company had commenced activities to develop part of its The acquisition method of accounting is used to
land for residential / commercial purpose a few years back. account for business combinations by the Group.

(a) Basis of preparation

Gautam Hari Singhania

The Group combines the financial statements of the
Share Retained Retained Retained Currency
earning fluctuation

(1246.73)
-
(1106.00)

(1106.00)

-
-

-
-
-
-

-
(2352.73)
-
192.03

192.03

-
-
(2160.70)
(i) Compliance with Ind AS Holding Company and its subsidiaries line by line
(` in lakhs)
Amount
6138.08
333.83
6471.91
185.46
6657.37

These consolidated financial statements (‘financial adding together like items of assets, liabilities, equity,
statements’) have been prepared in accordance with income and expenses. Intercompany transactions,

DIN:00020088
Associates in Jointly
controlled
entities

(7214.31)
(2098.95)
(149.85)

(2248.80)

-
-

-
-
-
-

-
(9463.11)
(2595.48)
(143.93)

(2739.41)

-
-
103.82 22184.36 30445.96 (12202.52)
the Indian Accounting Standards (hereinafter referred balances and unrealised gains on transactions
to as the ‘Ind AS’) as notified by Ministry of Corporate between Group companies are eliminated. Unrealised
Consolidated Statement of Changes in Equity

Affairs pursuant to Section 133 of the Companies losses are also eliminated unless the transaction
Based Earnings earning in

- 53359.86 12388.28
- 4452.27 17259.60
(38.73)

5015.38 17220.87

-
-

-
-
-
(838.65)

-
60.21 50317.30 28770.50
- (28755.87) 1647.49
27.96

1675.45

-
-
Act, 2013 (‘Act’) read with the Companies (Indian provides evidence of an impairment of the transferred

For and on behalf of Board of Directors

Accounting standards) Rules, 2015, as amended, and asset. Accounting policies of subsidiaries have been
563.11

-
- (5838.00)

- (2219.94)
-
-
-

622.93

- (28132.94)

-
-
other relevant provisions of the Act. changed where necessary to ensure consistency with
the policies adopted by the Group.
The accounting policies are applied consistently to
Payments
Reserve

60.21

-
-
-

43.61
- all the periods presented in the financial statements. Non-controlling interests in the results and equity of

This is the Consolidated Statement of Changes in Equity referred to in our report of even date.
The financial statements of the Group have been subsidiaries are shown separately in the consolidated

Mumbai, 6th May, 2021

Chief Financial Officer
The accompanying notes are an integral part of these consolidated financial statements.
Legal
Reserve Premium Redemption Redemption Reserves reserve

7.22
-
-

-
-

-
-
-
-

-
7.22
-
-

-
-
7.22
consolidated using uniform accounting policies. statement of profit and loss, consolidated statement
Reserves and Surplus

Company Secretary
Thomas Fernandes
of changes in equity and consolidated balance sheet
(ii) Historical cost convention respectively."
Amit Agarwal
Capital Debenture General

7500.00 100313.63
-
-

-
-

-
-
-
-

(7500.00) 7500.00
- 107813.63
-
-

-
-
- 107813.63

The financial statements have been prepared on a

historical cost basis, except for the following: (ii) Associates
Reserve

-
-

-
-

-
-
-
-

-
-

-
-

Associates are all entities over which the Group

1) certain financial assets and liabilities that are has significant influence but not control or joint
measured at fair value; control. This is generally the case where the Group
Reserve

1919.51
-
-

-
-

-
-
-
-

-
1919.51
-
-

-
-
1919.51

holds between 20% and 50% of the voting rights.

2) assets held for sale - measured at the lower of Investments in associates are accounted for using
Add:- Conversion of CCPS to equity shares

carrying amount or fair value less costs to sell; the equity method of accounting , after initially being
Firm’s Registration Number : 001076N/N500013
Capital Securities

3614.55 13286.42
-
-

recognised at cost.
-
-

-
- 12314.54
- 22166.17
-

-
3614.55 47767.13
-
-

-
-
3614.55 47767.13

3) defined benefit plans - plan assets measured at

fair value; (iii) Joint ventures
for the year ended 31st March, 2021

-
-

-
-

-
-

-
-

Investments in joint ventures are accounted for using

(iii) Current non-current classification the equity method , after initially being recognised at
Add:- Issue of new shares

For Walker Chandiok & Co LLP

Transitional adjustment of Ind AS 116 [Refer

scheme of amalgamation and arrangement

All assets and liabilities have been classified as cost in the consolidated balance sheet.
As at 31st March, 2020

As at 31st March, 2021

Total Comprehensive Income / (Loss) for

Equity Share Capital

Total Comprehensive Income/ (Loss) for

Other Comprehensive Income/ (Loss) for

Other Comprehensive Income/ (Loss) for

current or non-current based on the Group’s normal

As at 1st April, 2019

Adjustment pursuant the Composite

Conversion of CCPS to equity shares

Membership no. 108840

operating cycle for each of its businesses, as per the (iv) Equity Method
Chartered Accountants
Employee Stock Option Expenses

Dividends (including Tax thereon)

Employee Stock Option Expenses

Mumbai, 6th May, 2021

Balance as at 31st March, 2019

Balance as at 31st March, 2020

Balance as at 31st March, 2021

criteria set out in the Schedule III to the Act. Under the equity method of accounting, the
Other Equity

Transfer to General Reserve

investments are initially recognised at cost and

Profit / (Loss) for the year

Profit / (Loss) for the year

(Refer notes 4 and 37)
Issue of equity shares

(iv) Rounding of amounts adjusted thereafter to recognise the Group’s share of

Adi P. Sethna

All amounts disclosed in the financial statements and the post-acquisition profits or losses of the investee
Issue of CCPS

notes have been rounded off to the nearest lakhs as in statement of profit and loss, and the Group’s share
note 43(a)]

Partner
the year

the year
the year

the year

per the requirement of Schedule III, unless otherwise of other comprehensive income of the investee in
A.

B.

stated. other comprehensive income. Dividends received

208 Strengthening the core Raymond Limited | Annual Report 2020-21 209
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

or receivable from associates and joint ventures are asset is derecognised when replaced. All other repairs and Group as a lessee
(e) Investment properties
recognised as a reduction in the carrying amount of maintenance are charged to the Statement of Profit and At lease commencement date, the Group recognises a
Property that is held for long-term rental yields or for
the investment Loss during the reporting period in which they are incurred. right-of-use assets and a lease liabilities on the balance
capital appreciation or both, and that is not occupied by
sheet. The right-of-use asset is measured at cost, which is
the Group, is classified as investment property. Investment
When the Group’s share of losses in an equity- Depreciation methods, estimated useful lives and made up of the initial measurement of the lease liabilities,
property is measured at its cost, including related
accounted investment equals or exceeds its interest in residual value any initial direct costs incurred by the Group and any lease
transaction costs and where applicable borrowing costs less
the entity, including any other unsecured long-term payments made in advance of the lease commencement
depreciation and impairment if any.
receivables, the Group does not recognise further Depreciation on Factory Buildings, specific non factory date.
losses, unless it has incurred obligations or made building, Plant and Equipment, Aircrafts, is provided as per
Depreciation on building is provided over it's useful life
payments on behalf of the other entity. Such further the Straight Line Method and in case of other assets as per The Group depreciates the right-of-use assets on a
using the written down value method.
losses are disclosed as part of Current Liabilities. the Written Down Value Method, over the estimated useful straight-line basis from the lease commencement date
lives of assets. Leasehold land is amortised over period of to the earlier of the end of the useful life of the right-of-
(f) Intangible assets
Unrealised gains on transactions between the Group lease. Leasehold improvements are amortised over the use assets or the end of the lease term. The Group also
Intangible assets acquired separately are carried at cost less
and its associates and joint ventures are eliminated period of lease or estimated useful life which ever is lower. assesses the right-of-use assets for impairment when such
accumulated amortisation and accumulated impairment
to the extent of the Group’s interest in these entities. indicators exist.
losses. Cost of a non-monetary asset acquired in exchange
Unrealised losses are also eliminated unless the The Group depreciates its property, plant and equipment
of another non-monetary asset is measured at fair value.
transaction provides evidence of an impairment of (PPE) over the useful life in the manner prescribed in At the commencement date of lease, the Group measures
Intangible assets are amortised on a straight line basis over
the asset transferred. Accounting policies of equity Schedule II to the Act. The Group believes that useful life the lease liabilities at the present value of the lease
their estimated useful lives.
accounted investees have been changed where of assets are same as those prescribed in Schedule II to payments to be made over the lease term, discounted
necessary to ensure consistency with the policies the Act, except for plant and equipment and aircraft for using the interest rate implicit in the lease if that rate is
Goodwill
adopted by the Group which, based on technical evaluation, useful life has been readily available or the Group’s incremental borrowing rate.
Goodwill on acquisitions of subsidiaries is included
estimated to be different from that prescribed in Schedule The Group cannot readily determine the interest rate
in intangible assets. Goodwill is not amortised but is
The carrying amount of equity accounted investments II of the Act. implicit in the lease, therefore, it uses its incremental
tested for impairment annually, or more frequently if
are tested for impairment in accordance with the borrowing rate (IBR) to measure lease liabilities.
events or changes in circumstances indicate that it might
policy described in note 1(k) below. Useful life considered for calculation of depreciation for
be impaired, and is carried at cost less accumulated
various assets class are as follows- Lease payments included in the measurement of the
impairment losses.
(c) Use of estimates and judgments lease liability are made up of fixed payments (including
The estimates and judgements used in the preparation Asset Class Useful Life in substance, fixed), and payments arising from options
Amortisation and Impairment method
of the consolidated financial statements are continuously Factory Building 30 years reasonably certain to be exercised. Subsequent to initial
The Group amortizes computer software using the straight-
evaluated by the Group and are based on historical Non- Factory Building 60 years measurement, the liability will be reduced for payments
line method over the period of 3 years. Transferable
experience and various other assumptions and factors Continuous Process Plant 20 years made and increased for interest expenses. It is remeasured
development rights (TDR), received as consideration
(including expectations of future events) that the Group (Plant and Equipment) to reflect any reassessment or modification.
against compulsory acquisition of land of Holding
believes to be reasonable under the existing circumstances. Other Plant and Equipment 7-24 years
Company, are tested for impairment till the time the TDR
Differences between actual results and estimates are Furniture and Fixtures 10 years When the lease liability is remeasured, the corresponding
is consumed in the property constructed / developed, post
recognised in the period in which the results are known/ Office Equipment 5 years adjustment is reflected in the right-of-use asset or
which the carrying value of TDR will form part of the cost of
materialised. Vehicles 8 years Statement of profit and loss, as the case may be.
such property.
Boat and water equipments 13 years
The said estimates are based on the facts and events, that Aircraft / Helicopter 11 years - 20 years The Group has elected to account for short-term leases and
Gains and losses on disposals are determined by
existed as at the reporting date, or that occurred after that leases of low-value assets using the exemption given under
comparing proceeds with carrying amount. These are
date but provide additional evidence about conditions Ind AS 116, Leases. Instead of recognising a right-of-use
The residual values are not more than 5% of the original included in the Consolidated Statement of Profit and Loss.
existing as at the reporting date. asset and lease liability, the payments in relation to these
cost of the asset. The assets residual values and useful lives
are recognised as an expense in profit or loss on a straight-
are reviewed, and adjusted if appropriate, at the end of (g) Lease
(d) Property, plant and equipment line basis over the lease term or on another systematic
each reporting period. The Group assesses at contract inception whether a
Freehold land is carried at historical cost. All other items basis if that basis is more representative of the pattern of
contract is, or contains, a lease. That is, if the contract
of property, plant and equipment are stated at historical the Group’s benefit.
In case of pre-owned assets, the useful life is estimated on conveys the right to control the use of an identified asset
cost less depreciation and impairment, if any. Historical
a case to case basis. for a period of time in exchange for consideration.
cost includes expenditure that is directly attributable to the Group as a lessor
To assess whether a contract conveys the right to control
acquisition of the items. Leases for which the Group is a lessor classified as finance
Depreciation on additions / deletions is calculated pro-rata the use of an identified asset, the Group assesses whether:
or operating lease
from the month of such addition / deletion, as the case (i) the contract involves the use of an identified asset (ii) the
Subsequent costs are included in the asset's carrying
maybe. Group has substantially all of the economic benefits from
amount or recognised as a separate asset, as appropriate, Lease income from operating leases where the Group
use of the asset through the period of the lease and (iii) the
only when it is probable that future economic benefits is a lessor is recognised in income on a straight-
Gains and losses on disposals are determined by Group has the right to direct the use of the asset."
associated with the item will flow to the Group and the line basis over the lease term unless the receipts are
comparing proceeds with carrying amount. These are
cost of the item can be measured reliably. The carrying structured to increase in line with expected general
included in the Statement of Profit and Loss.
amount of any component accounted for as a separate inflation to compensate for the excepted inflationary cost

210 Strengthening the core Raymond Limited | Annual Report 2020-21 211
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

increases. The respective leased assets are included in the For assets measured at fair value, gains and losses basis. The impairment methodology applied depends in fair value recognised in the Consolidated Statement of
Consolidated Balance Sheet based on their nature." will either be recorded in the Profit and Loss or other on whether there has been a significant increase in Profit and Loss in the period when they arise.
comprehensive income. For investments in debt credit risk.
(h) Cash and Cash Equivalents instruments, this will depend on the business model (n) Segment Reporting:
For the purpose of presentation in the statement of in which the investment is held. For investments in (iv) Income recognition Operating segments are reported in a manner consistent
cash flows, cash and cash equivalents includes cash on equity instruments, this will depend on whether the  Interest income with the internal reporting provided to the chief executive
hand, bank overdraft, deposits held at call with financial Group has made an irrevocable election at the time of Interest income from debt instruments is recognised officer, the chief financial officer and the chairman and
institutions, other short-term highly liquid investments initial recognition to account for the equity investment using the effective interest rate method. managing director, all of them constitute as chief operating
with original maturities of three months or less that are at fair value through other comprehensive income. decision maker ('CODM').
readily convertible to known amounts of cash and which are Dividends
subject to an insignificant risk of changes in value. (ii) Measurement Dividends are recognised in the Consolidated (o) Borrowings
At initial recognition, the Group measures a financial Statement of Profit and Loss only when the right to Borrowings are initially recognised at net of transaction
(i) Inventories asset at its fair value. Transaction costs of financial receive payment is established. costs incurred and measured at amortised cost. Any
Inventories of Raw Materials, Work-in-Progress, Stores and assets carried at fair value through Profit and Loss are difference between the proceeds (net of transaction
spares, Finished Goods, Stock-in-trade and Property under expensed in the Consolidated Statement of Profit and (k) Impairment of non-financial assets costs) and the redemption amount is recognised in the
development are stated 'at cost or net realisable value, Loss. Goodwill and intangible assets that have an indefinite Consolidated Statement of Profit and Loss over the period
whichever is lower'. Goods-in-Transit are stated 'at cost'. useful life are not subject to amortisation and are tested of the borrowings using the effective interest method.
Cost comprise all cost of purchase, cost of conversion and Debt instruments: annually for impairment, or more frequently if events or
other costs incurred in bringing the inventories to their Subsequent measurement of debt instruments changes in circumstances indicate that they might be Preference shares, which are mandatorily redeemable on
present location and condition. Cost formulae used are depends on the Group's business model for impaired. Other assets are tested for impairment whenever a specific date are classified as liabilities. The dividend
'First-in-First-out', 'Weighted Average cost' or 'Specific managing the asset and the cash flow characteristics events or changes in circumstances indicate that the on these preference shares is recognised in Consolidated
identification', as applicable. Due allowance is estimated of the asset. The Group classifies its debt instruments carrying amount may not be recoverable. An impairment Statement of Profit and Loss as finance costs.
and made for defective and obsolete items, wherever into following categories: loss is recognised for the amount by which the asset's
necessary. carrying amount exceeds its recoverable amount. The (p) Borrowing costs
(a) Amortised cost: Assets that are held for collection recoverable amount is the higher of an asset's fair value Interest and other borrowing costs attributable to
Property under development comprises cost of land, of contractual cash flows where those cash flows less costs of disposal and value in use. For the purpose of qualifying assets are capitalised. Other interest and
rates & taxes, construction costs, overheads and expenses represent solely payments of principal and assessing impairment, assets are grouped at the lowest borrowing costs are charged to Consolidated Statement of
incidental to the project undertaken by the Group. interest are measured at amortised cost. Interest levels for which there are separately identifiable cash Profit and Loss.
Costs towards development of property are charged to income from these financial assets is included inflows which are largely independent of the cash inflows
Consolidated statement of profit and loss proportionate to in other income using the effective interest rate from other assets or group of assets (cash-generating (q) Provisions and contingent liabilities
area sold and when corresponding revenue is recognised. method. units). Assets other than goodwill that suffered an Provisions are recognised when the Group has a present
impairment are reviewed for possible reversal of the legal or constructive obligation as a result of past events,
All the costs incurred on unfinished / finished jobs, but (b) Fair value through profit and loss: Assets that impairment at the end of each reporting period. it is probable that an outflow of resources will be required
not invoiced and dispatched, under conversion contracts, do not meet the criteria for amortised cost are to settle the obligation and the amount can be reliably
are carried forward as "Accumulated Costs on Conversion measured at fair value through Profit and Loss. (l) Non-current assets held for sale estimated. Provisions are not recognised for future
Contracts", at lower of cost and net realisable value. Interest income from these financial assets is Non-current assets are classified as held for sale if their operating losses.
included in other income. carrying amount will be recovered principally through a
The inventories resulting from intra-group transactions sale transaction rather than through continuing use and Provisions are measured at the present value of
have been stated at cost after deducting unrealised profit Equity instruments: a sale is considered highly probable. They are measured management’s best estimate of the expenditure required
on such transactions. The Group subsequently measures all equity at the lower of their carrying amount and fair value less to settle the present obligation at the end of the reporting
investments at fair value. Where the Group's costs to sell, except for assets such as deferred tax assets, period. The discount rate used to determine the present
( j) Investments and other financial assets management has elected to present fair value assets arising from employee benefits, financial assets and value is a pre tax rate that reflects current market
(i) Classification gains and losses on equity investments in other contractual rights under insurance contracts, which are assessments of the time value of money and the risks
The Group classifies its financial assets in the following comprehensive income, there is no subsequent specifically exempt from this requirement. specific to the liability. The increase in the provision due to
measurement categories: reclassification of fair value gains and losses to the the passage of time is recognised as interest expense.
Statement of Profit and Loss. Dividends from such Non-current assets are not depreciated or amortised while
(1) those to be measured subsequently at fair value investments are recognised in the Consolidated they are classified as held for sale. Contingent Liabilities are disclosed in respect of possible
(either through other comprehensive income, or Statement of Profit and Loss as other income when obligations that arise from past events but their existence
through Profit and Loss), and the Group's right to receive payments is established. (m) Derivative financial instruments will be confirmed by the occurrence or non occurrence
Derivative financial instruments such as forward contracts, of one or more uncertain future events not wholly within
(2) those measured at amortised cost. (iii) Impairment of financial assets option contracts and cross currency swaps, to hedge its the control of the Group or where any present obligation
The Group measures the expected credit loss foreign currency risks are initially recognised at fair value cannot be measured in terms of future outflow of resources
The classification depends on the Group's business associated with its assets based on historical trend, on the date a derivative contract is entered into and are or where a reliable estimate of the obligation cannot be
model for managing the financial assets and the industry practices and the business environment in subsequently re-measured at their fair value with changes made.
contractual terms of the cash flows. which the entity operates or any other appropriate

212 Strengthening the core Raymond Limited | Annual Report 2020-21 213
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

A contingent asset is disclosed, where an inflow of 3. The Group’s performance does not create an asset (ii) Other long-term employee benefit obligations Defined Contribution Plans
economic benefits is probable. The Group shall not with an alternative use to the Group and an entity The liabilities for earned leave and sick leave that are Defined Contribution Plans such as Provident Fund
recognize a contingent asset unless the recovery is virtually has an enforceable right to payment for performance not expected to be settled wholly within 12 months etc., are charged to the Consolidated Statement
certain. completed to date. are measured as the present value of expected of Profit and Loss as incurred. Further for certain
future payments to be made in respect of services employees, the monthly contribution for Provident
(r) Revenue recognition For performance obligations where one of the above provided by employees up to the end of the reporting Fund is made to a Trust administered by the Group.
The Group derives revenues primarily from sale of conditions are not met, revenue is recognised at the point period using the projected unit credit method. The The interest payable by the Trust is notified by the
manufactured goods, traded goods and related services. in time at which the performance obligation is satisfied. benefits are discounted using the discount rates for Government. The Group has an obligation to make
The Group has also engaged in real estate property Government Securities (G-Sec) at the end of the good the shortfall, if any.
development. Revenue from sale of products and services are recognised reporting period that have terms approximating to
at the time of satisfaction of performance obligation, the terms of the related obligation. Remeasurements Termination benefits
Revenue is recognized on satisfaction of performance except Revenue from real estate property development as a result of experience adjustments and changes Termination benefits are payable when employment
obligation upon transfer of control of promised products where in revenue is recognised over the time from the in actuarial assumptions are recognised in the is terminated by the Group before the normal
or services to customers in an amount that reflects the financial year in which the agreement to sell is executed. Consolidated Statement of Profit and Loss. retirement date, or when an employee accepts
consideration we expect to receive in exchange for those The period over which revenue is recognised is based voluntary redundancy in exchange for these benefits.
products or services. on right to payment for performance completed. In (iii) Post-employment obligations The Group recognises termination benefits at the
determining whether an entity has right to payment, the The Group operates the following post-employment earlier of the following dates: (a) when the Group can
Revenue is measured based on the transaction price, which entity shall consider whether it would have an enforceable schemes: no longer withdraw the offer of those benefits; and (b)
is the consideration, adjusted to discounts, incentives and right to demand or retain payment for performance when the Group recognises costs for a restructuring
returns, etc., if any. completed to date if the contract were to be terminated (a) defined benefit plans such as gratuity and that is within the scope of Ind AS 37 and involves
before completion for reasons other than entity’s failure to pension; and the payment of terminations benefits. In the case of
The Group operates a loyalty programme for the customers perform as per the terms of the contract. an offer made to encourage voluntary redundancy,
and franchisees of the Group for the sale of goods. The (b) defined contribution plans such as provident the termination benefits are measured based on the
customers accumulate points for purchases made which The revenue recognition of Real estate property under fund. number of employees expected to accept the offer.
entitles them to discount on future purchases. A contract development requires forecasts to be made of total Benefits falling due more than 12 months after the
liability for the award points is recognized at the time of the budgeted costs with the outcomes of underlying Pension and Gratuity obligations end of the reporting period are discounted to present
sale. Revenue is recognized when the points are redeemed construction contracts, which further require assessments The liability or asset recognised in the Consolidated value.
or on expiry. The expenditure of loyalty programme is and judgements to be made on changes in work scopes Balance Sheet in respect of defined benefit pension
netted-off to revenue. and other payments to the extent they are probable and and gratuity plans is the present value of the defined (t) Foreign currency transactions
they are capable of being reliably measured. However, benefit obligation at the end of the reporting period (i) Functional and presentation currency
The Group recognises provision for sales return, based on where the total project cost is estimated to exceed less the fair value of plan assets. The defined benefit The financial statements are presented in Indian rupee
the historical results, measured on net basis of the margin total revenues from the project, the loss is recognized obligation is calculated annually by actuaries using (INR), which is Group's functional and presentation
of the sale. Therefore, a refund liability, included in other immediately in the Statement of Profit and Loss. the projected unit credit method. currency.
current liabilities, are recognized for the products expected
to be returned. Revenue in excess of invoicing are classified as contract The present value of the defined benefit obligation (ii) Transactions and balances
asset while invoicing in excess of revenues are classified as is determined by discounting the estimated future Transactions in foreign currencies are recognised
The Group does not expect to have any contracts where contract liabilities. cash outflows by reference to market yields at the end at the prevailing exchange rates on the transaction
the period between the transfer of the promised goods of the reporting period on government bonds that dates. Realised gains and losses on settlement of
or services to the customer and payment by the customer Other operating revenue - Export incentives have terms approximating to the terms of the related foreign currency transactions are recognised in the
exceeds one year. As a consequence, it does not adjust any Export Incentives under various schemes are accounted in obligation. Consolidated Statement of Profit and Loss.
of the transaction prices for the time value of money. the year of export.
The net interest cost is calculated by applying the Monetary foreign currency assets and liabilities at the
The Group satisfies a performance obligation and (s) Employee benefits discount rate to the net balance of the defined benefit year-end are translated at the year-end exchange
recognises revenue over time, if one of the following criteria (i) Short-term obligations obligation and the fair value of plan assets. This rates and the resultant exchange differences are
is met: Liabilities for wages and salaries, including non- cost is included in employee benefit expense in the recognised in the Consolidated Statement of Profit
monetary benefits that are expected to be settled Consolidated Statement of Profit and Loss. and Loss.
1. The customer simultaneously receives and consumes wholly within 12 months after the end of the period Non-monetary assets and liabilities that are measured
the benefits provided by the Group’s performance as in which the employees render the related service are Remeasurement gains and losses arising from in terms of historical cost in foreign currencies are not
the Group performs; or recognised in respect of employees’ services up to the experience adjustments and changes in actuarial retranslated.
end of the reporting period and are measured at the assumptions are recognised in the period in which
2. The Group’s performance creates or enhances an amounts expected to be paid when the liabilities are they occur, directly in other comprehensive income. (iii) Group Companies
asset that the customer controls as the asset is created settled. They are included in retained earnings in the The results and financial position of foreign operations
or enhanced; or Consolidated Statement of Changes in Equity and in that have a functional currency different from
the Consolidated Balance Sheet. the presentation currency are translated into the
presentation currency as follows:

214 Strengthening the core Raymond Limited | Annual Report 2020-21 215
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

• assets and liabilities are translated at the closing a net basis, or to realize the asset and settle the liability (x) Manufacturing and Operating Expenses and Costs than those originally assessed. Detailed information about
rate at the date of that balance sheet simultaneously. towards development of property each of these estimates and judgements is included in
The Group discloses separately manufacturing and relevant notes together with information about the basis
• income and expenses are translated at Current and deferred tax is recognised in the Consolidated operating expenses and costs towards development of of calculation for each affected line item in the financial
average exchange rates (unless this is not a Statement of Profit and Loss, except to the extent that it property which are directly linked to respective activities, as statements.
reasonable approximation of the cumulative relates to items recognised in other comprehensive income part of ‘Other expenses’.
effect of the rates prevailing on the transaction or directly in equity. In this case, the tax is also recognised The areas involving critical estimates or judgement are:
dates, in which case income and expenses are in other comprehensive income or directly in equity, (y) Exceptional items
translated at the dates of the transactions), On respectively When items of income and expense within statement of (i) Carrying value of exposure in Raymond Uco Denim
Consolidation, exchange differences arising from profit and loss from ordinary activities are of such size, Private Limited - refer note 4
the translation of any net investment in foreign Minimum Alternate Tax credit is recognised as deferred nature or incidence that their disclosure is relevant to
entities are recognised in other comprehensive tax asset only when and to the extent there is convincing explain the performance of the enterprise for the period, (ii) Revenue from real estate project under development
income and all resulting exchange differences evidence that the Group will pay normal income tax during the nature and amount of such material items are disclosed – [Refer Note 1 (i) (r)]
are recognised in other comprehensive income. the specified period. Such asset is reviewed at each Balance separately as exceptional items.
Sheet date and the carrying amount of the MAT credit asset (iii) Inventory write down - refer note 9
(u) Income tax is written down to the extent there is no longer a convincing (z) Standards issued but not effective
The income tax expense or credit for the period is the tax evidence to the effect that the Group will pay normal There are no standards that are issued but not yet effective (iv) Estimation of current tax expenses, current tax
payable on the current period's taxable income based on income tax during the specified period. on 31st March, 2021. payable and recognition of deferred tax assets for
the applicable income tax rate adjusted by changes in carried forward tax losses - refer note 28
deferred tax assets and liabilities attributable to temporary (v) Earnings Per Share 1(ii) : Critical estimates and judgements -
differences and to unused tax losses. Basic earnings per share The preparation of consolidated financial statements (v) Probable outcome of matters included under
Basic earnings per share is calculated by dividing: requires the use of accounting estimates which Contingent Liabilities - refer note 30
The current income tax expense is calculated on the basis by definition will seldom equal the actual results.
of the tax laws enacted or substantively enacted at the end - the profit attributable to owners, Management also need to exercise judgement in applying (vi) Estimation of Defined benefit obligation - refer note
of the reporting period in the countries where the Holding the Group's accounting policies. 32
Company and its subsidiaries, associates and joint ventures - by the weighted average number of equity shares
operate and generate taxable income. Group periodically outstanding during the financial year, adjusted for This note provides an overview of the areas that involved (vii) Estimated useful life of PPE and intangible assets -
evaluates positions taken in tax returns with respect to bonus elements in equity shares issued during the a higher degree of judgement or complexity, and items refer notes 2(a) and 3
situations in which applicable tax regulation is subject to year and excluding treasury shares. which are more likely  to be materially adjusted due to
interpretation. It establishes provisions where appropriate estimates and assumptions turning out to be different (viii) Estimated Fair value of unlisted securities - refer note
on the basis of amounts expected to be paid to the tax Diluted earnings per share 36
authorities. Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share to take into (ix) Estimated goodwill impairment - refer note 3
Deferred income tax is provided in full, using the liability account:
method on temporary differences arising between the tax (x) Leases – Estimating the incremental borrowing rate
bases of assets and liabilities and their carrying amount in - the after income tax effect of interest and other -refer note no 1 (i) (g)
the financial statement. Deferred income tax is determined financing costs associated with dilutive potential
using tax rates (and laws) that have been enacted or equity shares, and
substantially enacted by the end of the reporting period
and are excepted to apply when the related deferred - the weighted average number of additional equity
income tax asset is realized or the deferred income tax shares that would have been outstanding assuming
liability is settled. the conversion of all dilutive potential equity shares.

Deferred tax assets are recognised for all deductible (w) Government Grants
temporary differences and unused tax losses only if it is Grants from the government are recognised at their fair
probable that future taxable amounts will be available to value where there is reasonable assurance that the grant
utilise those temporary differences and losses. will be received and the Group will comply with all attached
conditions.
Deferred tax assets and liabilities are offset when there
is a legally enforceable right to offset current tax assets Government grants relating to the purchase of property,
and liabilities and when the deferred tax balances relate plant and equipment are included in non-current liabilities
to the same taxation authority. Current tax assets and as deferred income and are credited to Consolidated
tax liabilities are off set where the Group has a legally Statement of Profit and Loss on a straight - line basis over
enforceable right to offset and intends either to settle on the expected lives of related assets and presented within
other income.

216 Strengthening the core Raymond Limited | Annual Report 2020-21 217
218
Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021

Note :- 2 (a)- Property, plant and equipment

(` in Lakhs)
Land Buildings Right to Use Assets Leasehold Plant & Computers Furniture Vehicles Office Boats and Aircraft Unrealised Total
Freehold Leasehold Leasehold Leasehold improvements equipments and equipments water Profit
premises land fixtures equipments
Gross carrying amount
Balance as at 1st April, 2019 16707.93 1395.46 69393.13 - - 9557.89 131950.71 1037.05 16107.51 2566.30 2249.97 2026.35 5684.39 (832.66) 257844.03
Transition impact on account of adoption of - - - 53169.67 - - - - - - - - - - 53169.67
Ind As 116 ‘Lease [Refer note 43(a)]
Reclassified on account of adoption of Ind - (1395.46) - - 1395.46 - - - - - - - - - -
AS 116 ‘Leases’ [Refer Note 43(a)]
Additions 147.66 - 8465.42 6854.12 - 517.12 10991.19 332.17 3309.40 1920.95 393.81 9.20 - - 32941.04
Disposals [Refer note (iii) below] 0.03 - 221.5 921.45 107.46 350.71 116.79 67.56 76.30 11.01 12.05 - 3620.28 - 5505.14
Balance as at 31st March, 2020 16855.56 - 77637.05 59102.34 1288.00 9724.30 142825.11 1301.66 19340.61 4476.24 2631.73 2035.55 2064.11 (832.66) 338449.60
Additions - - 497.87 3896.45 - 145.60 2,564.63 20.73 258.58 338.08 42.11 - - - 7764.05
Disposals 0.97 - 1336.49 18054.68 - 2732.27 1161.38 7.34 605.10 106.53 255.01 - - - 24544.93
Balance as at 31st March, 2021 16854.59 - 76798.43 44658.95 1288.00 7137.63 144228.36 1315.05 18994.09 4707.79 2418.83 2035.55 2064.11 (832.66) 321668.72
Accumulated depreciation and
amortisation
Balance as at 1st April, 2019 - 65.31 6587.66 - - 5253.53 40536.91 814.54 6306.62 1238.62 1495.27 1412.88 2812.67 (763.63) 65760.38
Reclassified on account of adoption of Ind - (65.31) - - 65.31 - - - - - - - - - -
AS 116 ‘Leases’ [Refer Note 43(a)]
Additions - - 2436.08 13108.92 9.98 1689.77 11600.35 281.64 3157.18 688.96 383.67 188.96 218.18 (16.75) 33746.94
Disposals - - 19.78 34.42 4.83 325.55 66.93 50.71 71.64 3.42 8.72 - 2555.72 - 3141.72
Balance as at 31st March, 2020 - - 9003.96 13074.50 70.46 6617.75 52070.33 1045.47 9392.16 1924.16 1870.22 1601.84 475.13 (780.38) 96365.60
Additions - - 2810.76 11744.83 3.75 1140.19 11301.86 159.77 2738.70 760.66 249.08 37.06 116.08 (4.19) 31058.55
Disposals - - 318.56 5794.63 - 2106.02 659.10 6.97 464.36 15.89 224.47 - - - 9875.16
Impairment of Assets - - - - - 455.68 18.28 - - - - - - - 473.96
Balance as at 31st March, 2021 - - 11496.16 18739.54 74.21 6107.60 62731.37 1198.27 11666.50 2668.93 1894.83 1638.90 591.21 (784.57) 118022.95
Net carrying amount
Balance as at 31st March, 2020 16855.56 - 68633.09 46027.84 1217.54 3106.55 90754.78 256.19 9948.45 2552.08 761.51 433.71 1588.98 (52.28) 242084.00
Balance as at 31st March, 2021 16854.59 - 65302.27 25919.41 1213.79 1030.03 81496.99 116.78 7327.59 2038.86 524.00 396.65 1472.90 (48.09) 203645.77
i) Refer note 29 for information on property, plant and equipment pledged as security

ii) For disclosure of contractual commitments for the acquisition of property, plant and equipment Refer note 30(iii).

iii) Disposals during the year ended 31st March, 2020 include cost of Holding Company’s freehold land at Thane, surrendered to Thane Municipal Corporation for the purpose of
recreational ground, in exchange of development rights. [Refer Note 27b(i)]

iv) On 6 November 2007, the Company had entered into four separate tri-partite agreements with Pashmina Holdings Limited and each of the four sub-lessees of residential units in
JK House (being Dr. Vijaypat Singhania, Mr. Gautam Hari Singhania, Mr. Akshaypat Singhania and Ms. Veenadevi  Singhania along with Mr. Anant Singhania), who are considered to
be related parties and said agreements were not acted upon. The said tri-partite agreements have been rejected by the shareholders of the Company at its meeting dated 5th June
2017. Dr. Vijaypat Singhania, Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania have in an earlier year, initiated the arbitration proceedings
against the Company in order to secure the specific performance of the tri-partite agreements.

v) Silver Spark Apparel Limited, a wholly owned subsidiary company had entered into an agreement with one of the customers in the USA for sales of Make to Measure products
through their retail stores and for that the subsidiary company had incurred ` 650 lakhs as capital expenditure towards stores fit out and computers. However due to non-
performance of business as per projections, uncertainty of the business in near future and based on input received, possibility of re-launch of Make to Measure business is not
there due to Covid-19 impact, hence the management has decided for creation of provision of ` 473.96 lakhs (WDV of capital expenditure) as impairment.

Note :- 2 (b)- Capital work-in-progress

31st March, 2020 3525.29
31st March, 2021 1622.97

Strengthening the core

Notes:
Disposals
Disposals

Disposals
Additions
Additions

Additions
Additions
Gross Block
Financial Statements

Net carrying amount

Balance as at 1st April, 2019
Balance as at 1st April, 2019

Accumulated Amortisation

Balance as at 31st March, 2021

Balance as at 31st March, 2020
Balance as at 31st March, 2020
Balance as at 31st March, 2020

Balance as at 31st March, 2021

Balance as at 31st March, 2021
Disposals [Refer note (ii) below]
for the year ended 31st March, 2021

Raymond Limited | Annual Report 2020-21

Note :- 3 Intangible assets and goodwill

and is recognised in the Consolidated Statement of Profit and Loss.

in “Other income” in the Consolidated Statement of Profit and Loss

Computer software

662.48
882.42
232.95
529.93
860.35
784.95

762.99
0.11
0.11

139.79
1645.41

1122.72
-
359.73
1785.20
-
Notes to the Consolidated Financial Statements

Total

662.48
882.42
232.95
529.93
860.35
784.95

762.99
0.11
1645.41
0.11

1122.72
-
359.73
1785.20
-
139.79

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
(i) The Group assesses at each balance sheet date whether there is any indication that goodwill may be impaired. If any such indication exists, the Group

SSAL has divested its entire stake in its wholly owned subsidiary viz. Dress Master Apparel Private Limited and the Group accounted for gain of ` 375 Lakhs
(ii) During the year ended 31 March 2021, pursuant to the Share Purchase Agreement entered between Silver Spark Apparel Limited (SSAL) and the buyers,
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
Goodwill
(` in Lakhs)

101.37
1150.18
-
-
-
1150.18

-
-
1150.18
-

-
-
-
101.37
1048.81
-

219
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note:-4- Investments accounted for using equity method (Non-current) Note:-5 (ii) Investments (Current)
(` in Lakhs) (` in Lakhs)

Particulars As at As at Particulars No. of Units As at No. of Units As at

31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Investment in associates Quoted
Unquoted Fair value through profit and loss
P.T. Jaykay Files Indonesia (39,200 equity shares of Indon.Rp. 4,150 = US$ 10 each) 1453.07 1482.36 Investment in equity shares 1738.53 1364.30
Radha Krshna Films Limited (2,500,000 equity shares of ` 10 each, fully paid up) 250.00 250.00 1738.53 1364.30
Less: Provision for diminution in value of investment (250.00) (250.00)
Unquoted
- -
Fair value through profit and loss
J.K. Investo Trade (India) Limited^ 25134.71 23280.66
(3,489,878 equity shares of ` 10 each, fully paid up) Investment in mutual funds
Ray Global Consumer Trading Limited ^ 4326.26 4467.51 Aditya Birla Sun Life Cash Plus - Growth - Direct Plan (Units of - - 736084.10 2352.23
[3,487,378 equity shares (31 March 2020: Nil) ` 10 each, fully paid up] ` 100 each)
Investment in joint venture UTI Liquid Cash Plan - Direct Growth Plan (Units of ` 1000 each) - - 55068.24 1790.51
Unquoted Kotak Liquid - Direct Plan Growth (Units of ` 1000 each) 6163.33 256.33 55961.46 2245.50
Raymond UCO Denim Private Limited [14,667,179 equity shares (31 March 2020: 12,167,179 3558.04 6047.45 HDFC Liquid Fund- Direct Plan Growth Option (Units of ` 1000 each) 50084.74 2026.19 51211.38 2000.63
equity shares) of ` 10 each, fully paid up] [Refer note 17(ii)] $ - - 54112.95 2138.76
HSBC Cash Fund- Growth Direct Plan (Units of ` 1000 each)
Total 34472.08 35277.98
SBI MF - Magnum Insta Cash Fund (Units of ` 1000 each) 1670.28 29.47 1670.27 27.98
Refer note 37 for details of interest in other entities
SBI Liquid fund direct growth (Units of ` 1000 each) 3200.59 103.11 - -
^ During the year ended 31st March, 2020, the Mumbai Bench of National Company Law Tribunal (“NCLT”) has vide its order dated 07th February, 2020
UTI Treasury Advantage Fund Growth Plan 5412.55 143.17 5412.55 134.47
approved the Composite Scheme of Amalgamation and Arrangement between J. K. Helene Curtis Limited (JKHC), J. K. Investo Trade (India) Limited (JKIT),
Raymond Consumer Care Private Limited (RCCPL), Ray Global Consumer Trading Limited (RGCTL) and Ray Universal Trading Limited (RUTL) and their respective UTI Money Market Fund - Institutional Plan - Direct Plan - Growth 54300.35 1300.59 61574.36 1396.36
shareholders (‘the scheme’). Pursuant to the scheme, RCCPL has been amalgamated with JKIT and FMCG business of JKHC has been transferred to JKIT. The UTI-Overnight Fund - Direct Growth Plan - - 7354.30 201.07
combined FMCG business has then been transferred to and vested in RUTL. In consideration for the transfer and vesting of the combined FMCG Business
UBS (LUX) Money Market Plan 82.00 1021.88 82.00 1277.68
Undertaking in RUTL, RGCTL during the current year has issued shares to all the shareholders of JKIT. Refer note 37.
Tata Liquid Fund Direct Plant - Growth (Units of ` 1000 each) 62406.26 2026.73 71541.44 2240.67
$ During the year ended 31st March, 2020, pursuant to approval from National Company Law Tribunal (NCLT), to the JV company, Raymond UCO Denim Private
Limited (RUDPL) towards reduction of its preference share capital, the investment of the Group in preference share capital of RUDPL having a carrying value HDFC Liquid Fund - Regular Plan - Growth (Units of ` 1000 each) - - 1812.67 70.40
of ` 8700 lakhs was settled for an aggregate consideration of ` 10 lakhs. Accordingly, the balance amount of ` 8690 lakhs representing reduction in preference IDFC Cash Fund Growth (Direct Plan) (Units of ` 1000 each) - - 47080.75 1130.80
share capital has been treated as deemed cost of ‘Interest in equity investments in RUDPL’. Further, the Group has also recognized deferred tax assets (DTA)
Mirae Asset Cash Management Fund - Direct Plan - Growth - - 27263.57 571.06
amounting to ` 4795.57 lakhs towards tax losses on account of the aforesaid reduction during the year ended 31st March 2020. Refer notes 28 and 37(5)(II).
(Units of ` 1000 each)
Note:-5 (i) Investments (Non-current) ICICI Prudential Liquid Fund - Direct Plan - Growth (Units of ` 698456.60 2128.46 797793.79 2343.77
(` in Lakhs) 100 each)
Particulars As at As at
9035.93 19921.89
31st March, 2021 31st March, 2020 Total 10774.46 21286.187
Aggregate amount of quoted investments and market value thereof 1738.53 1364.30
Unquoted
Aggregate amount of unquoted investments 9035.93 19921.89
Fair value through profit and loss
Aggregate amount of impairment in the value of investments - -
Investment in equity shares 14.65 14.33
Refer note 36 for Fair Value Measurements
Investment in venture capital funds 733.97 380.57
Investment in certificate of deposits 0.36 0.36
Note 6 (i) - Loans (Non-current)
748.98 395.26 (` in Lakhs)
Quoted
Particulars As at As at
Fair value through other comprehensive income
31st March, 2021 31st March, 2020
Investment in equity shares 30.86 11.38
Unquoted Unsecured, considered good
Fair value through other comprehensive income Loan to related party (Refer note 33)# 1500.00 750.00
Investment in equity shares 4014.01 2785.81 Loans to employees - 4.53
4044.87 2797.19 Loans which have significant increase in credit risk - -
Total 4793.85 3192.45 Loans - credit impaired - -
Aggregate amount of quoted investments 30.86 11.38 Total 1500.00 754.53
Aggregate market value of quoted investments 30.86 11.38 Refer note 35 for information about credit risk and market risk of loans
#
A private company in which director of the Company is a director
Aggregate amount of unquoted investments 4762.99 3181.07
Aggregate amount of impairment in the value of investments # 30.53 30.53
Refer note 36 for Fair Value measurements
#
The Group has invested in non trade investments aggregating ` 30.53 lakhs which have already been fully provided in the books.

220 Strengthening the core Raymond Limited | Annual Report 2020-21 221
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 6 (ii) - Loans (Current) Note 8 (ii) - Other current assets

(` in Lakhs) (` in Lakhs)

Particulars As at As at Particulars As at As at
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Unsecured, considered good Export benefit receivables 1488.79 4369.60
Loans to related parties (Refer note 33) # 1000.00 1000.00 Interest subsidy receivables 950.33 1038.54
Loans to employees - 66.34 Claims receivable 343.36 174.21
Loans which have significant increase in credit risk - - Advances to suppliers 5524.69 5914.47
Loans - credit impaired - - Balances with government authorities 30289.34 30047.96
Total 1000.00 1066.34 Prepaid expenses 1302.49 845.33
Refer note 35 for information about credit risk and market risk of loans Advances recoverable in kind for value to be received 834.00 1049.84
Others 1582.56 569.46
Note 7 (i) - Other financial assets (Non-current) Contract assets - unbilled receivables [Refer note 1(i)(r)] - 2554.61
(` in Lakhs) Total 42315.56 46564.02
Particulars As at As at
31st March, 2021 31st March, 2020 Note 9 - Inventories
(` in Lakhs)
Unsecured, considered good
Security deposits 6678.69 9655.93 Particulars As at As at
31st March, 2021 31st March, 2020
Margin money deposits with banks @ 850.63 470.90
Long-term deposits with banks @ 11.18 3045.16 a. Raw materials 15511.07 19282.17
Advances recoverable in cash 181.06 137.53 In transit 2819.30 4257.58
Total 7721.56 13309.52 18330.37 23539.75
@
Held as lien by bank against bank guarantees and overdraft facility. b. Work-in-progress 16911.95 21362.17
16911.95 21362.17
Note 7 (ii) - Other financial assets (Current) c. Finished goods 37489.76 52186.59
(` in Lakhs) 37489.76 52186.59
Particulars As at As at d. Stock-in-trade 52842.92 89055.54
31st March, 2021 31st March, 2020 In transit 693.76 512.80
Unsecured, considered good 53536.68 89568.34
Receivable from related parties (Refer note 33) # 1335.72 1,212.69 e. Property under development [Refer note 27(b)] 31320.04 26382.91
Interest receivable 395.97 181.53 31320.04 26382.91
Claims receivable 2.20 12.22 f. Stores and spares 4929.37 5345.27
Advances and deposits recoverable 2842.34 1386.09 In transit 145.74 408.24
Derivative financial instruments 35.18 0.32 5075.11 5753.51
Others 426.27 39.04 g. Accumulated cost on conversion contracts 720.30 1320.27
Total 5037.68 2831.89 720.30 1320.27
Total 163384.21 220113.54
#
includes ` 1275.49 lakhs (` 1187.10 lakhs as at 31st March, 2020) due from a private company in which director of the Company is a director.
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 ` 16514.98 lakhs (as at 31st March, 2020 : ` 15250.31 lakhs). These write down were recognised as an expense during the year
Note 8 (i) - Other non-current assets and included in ‘Changes in inventories of finished goods, work-in-progress, stock-in-trade and property under development’ in Consolidated Statement of
(` in Lakhs) Profit and Loss.
Particulars As at As at
31st March, 2021 31st March, 2020
Capital advances 235.60 434.61
CVD Receivable [Refer note 39(c)] 2257.44 2257.44
Less: Provision for CVD Receivable (2257.44) (2257.44)
Subsidy receivable from Government [Net of provision of ` 261 Lakhs (31st March, 2020 : ` Nil)] 1206.54 1467.54
Deposits with government authorities 5583.19 5720.08
Prepaid expenses 758.88 277.90
Others 400.45 2.38
Total 8184.66 7902.51

222 Strengthening the core Raymond Limited | Annual Report 2020-21 223
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 10 - Trade receivables (Current) Note 13- Asset classified as held for sale
(` in Lakhs) (` in Lakhs)

Particulars As at As at Particulars As at As at
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Considered good Freehold land 35.47 35.47
Secured Buildings 70.28 70.28
Related parties - - Total 105.75 105.75
Other parties 7822.80 7651.76
Unsecured J K Files (India) Limited, a subsidiary had closed its plant at Kolkata during the year ended 31 March 2018, pursuant to which the
Related parties 4380.21 7457.47 subsidiary is in process of sale its land and building at Kolkata which has been classified as asset held for sale. The land and building are
carried at book value in accordance with ‘Ind AS 105 - Non current asset held for sale and discontinued operations’ being lower than the
Other parties 83600.54 100839.04
fair value less cost to sell.
Considered doubtful
Related parties - - Subsequent to the balance sheet date, the subsidiary has partially completed the government clearance process to execute the sale.
Other parties 3294.60 3291.44
Less: Allowance for doubtful debts (3294.60) (3291.44) Note 14 (i) - Share capital
Trade receivables which have significant increase in credit risk - -
Trade receivables - credit impaired - - Particulars As at As at
Total 95803.55 115948.27 31st March, 2021 31st March, 2020
Refer note 35 for information about credit risk and market risk of trade receivables
Authorised
Refer note 33 for related party disclosures 90,000,000 (As at 31st March, 2020: 90,000,000) equity shares of ` 10 each 9000.00 10000.00
Trade receivables include ` 1875.30 lakhs (31st March, 2020 ` 2341.78 lakhs) for which credit risk is retained by the Company under a 10,000,000 (As at 31st March, 2020: 10,000,000) preference shares of ` 10 each 1000.00 -
factoring arrangement and are net of ` 16877.71 lakhs (31st March, 2020 ` 21076.01 lakhs) de-recognised (along with corresponding Issued, Subscribed & Paid up
liability) on transfer ‘without recourse’. The Group retains interest liability upto an agreed date on the entire amount, the costs for which 6657.37 6471.91
66,573,771 (As at 31st March,2020 : 64,719,132) equity shares of ` 10 each fully paid- up
are recognised as part of finance costs.
Total 6657.37 6471.91
The trade receivables includes ` 2498.83 lakhs (31st March, 2020 ` Nil) receivables against which bills are discounted. Under this
arrangement, the Holding Company has transferred the relevant receivables to the banks in exchange for cash and is prevented from Note 14 (a ) Reconciliation of number of equity shares
selling or pledging the receivables. However, the Holding Company has retained late payment and credit risk. The Holding Company (` in Lakhs)
therefore continues to recognize the transferred assets in there entirety in its balance sheet. The amount repayable under the bills
Particulars As at 31st March, 2021 As at 31st March, 2020
discounted is presented as current borrowings.
No. of Shares held Amount No. of Shares held Amount
Note 11 - Cash and cash equivalents (` in lakhs) (` in lakhs)
(` in Lakhs)
Shares at beginning of the year 64719132 6471.91 61380854 6138.08
Particulars As at As at Issue of equity shares pursuant to preferential allotment* - - 3338278 333.83
31st March, 2021 31st March, 2020
Issue of equity shares pursuant to conversion of CCPS** 1854599 185.46 - -
Cash on hand 1339.89 47.35 Shares at the end of the year 66573731 6657.37 64719132 6471.91
Cheques, drafts on hand - 11.91
*During the year ended 31st March 2020, the Holding Company had allotted 3,338,278 equity Shares of face value ` 10 each, at a price of ` 674 per share
Balances with banks 22017.28 13259.86
(including share premium of ` 664 per share), on preferential basis, to J.K. Investo Trade (India) Limited, a promotor group company.
Total 23357.17 13319.12
**During the current year, the Holding Company has allotted 18,54,599 Equity Shares of face value ` 10 each pursuant to conversion of 18,54,599 0.01%
Cash and cash equivalents considered for Consolidated Cash Flow Statement Compulsorily Convertible Preference Shares of face value ` 10 each.
(` in Lakhs)

Particulars As at As at
Note 14 (b) Rights, preferences and restrictions attached to shares
31st March, 2021 31st March, 2020 Equity shares: The Holding 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
Total Cash and cash equivalents 23357.17 13319.12 Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the
Less:- Overdrawn bank balances (refer note 16 (ii)) (125.57) (71.90) remaining assets of the Holding Company after distribution of all preferential amounts, in proportion to their shareholding.
Total 23231.60 13247.22

Note 12- Bank Balances other than cash and cash equivalents Note 14 (c) Details of equity shares held by shareholders holding more than 5% of the aggregate shares in
the Holding Company
Particulars As at As at Name of the Shareholder As at 31st March, 2021 As at 31st March, 2020
31st March, 2021 31st March, 2020
Unclaimed dividends and unclaimed matured debenture -Earmarked balances with banks 140.46 150.24 No. of Shares held % of Holding No. of Shares held % of Holding
Term deposits # 30327.40 13273.90 J.K. Investors (Bombay) Limited 18930793 28.44 18710514 28.91
Margin money deposits with banks @ 1387.52 6021.23
J. K. Investo Trade (India) Limited 8157087 12.25 6141104 9.49
Total 31855.38 19445.37
J.K.Helene Curtis Limited 3592050 5.4 3592050 5.55
@
held as lien by bank against letter of credit, bank guarantee and overdraft facility.
#
Held as lien by bank against over draft facility amounting to ` Nil(` 3,034.27 lakhs as at 31st March, 2020)

224 Strengthening the core Raymond Limited | Annual Report 2020-21 225
 Notes to the Consolidated Financial Statements

226
for the year ended 31st March, 2021

Note 14 (ii) - Other Equity

(` in Lakhs)
Reserves and Surplus Other Reserve Instruments Total Non Total
classifed as equity Controlling
Equity Interest
Capital Securities Capital Debenture General Legal Share Retained Retained Retained Currency Equity 0.01%
Reserve Premium Redemption Redemption Reserves reserve Based Earnings earning in earning fluctuation instruments Compulsorily
Reserve Reserve Payments Associates in Jointly reserve through Other Convertible
Reserve controlled Comprehensive Preference
entities Income Shares (CCPS),
fully paid-up
Balance as at 31st March, 2019 3614.55 13286.42 1919.51 7500.00 100313.63 7.22 - 53359.86 12388.28 (7214.31) (1246.73) 5312.92 - 189241.35 8297.81 197539.16
Profit / (Loss) for the year - - - - - - - 4452.27 17259.60 (2098.95) - - - 19612.92 562.80 20175.72
Other Comprehensive Income / (Loss) - - - - - - - 563.11 (38.73) (149.85) (1106.00) (2831.94) - (3563.41) (12.80) (3576.21)
for the year
Total Comprehensive Income / (Loss) for the year - - - - - - - 5015.38 17220.87 (2248.80) (1106.00) (2831.94) - 16049.51 550.00 16599.51
Employee Stock Option Expenses - - - - - - 60.21 - - - - - - 60.21 - 60.21
Transitional adjustment of Ind AS 116 - - - - - - - (5838.00) - - - - - (5838.00) - (5838.00)
[Refer note 43(a)]
Dividends (including Tax thereon) - - - - - - - (2219.94) - - - - - (2219.94) - (2219.94)
Issue of CCPS - 12314.54 - - - - - - - - - - 185.46 12500.00 - 12500.00
Issue of equity shares - 22166.17 - - - - - - - - - - - 22166.17 - 22166.17
Adjustment pursuant the Composite scheme of - - - - - - - - (838.65) - - - - (838.65) - (838.65)
amalgamation and arrangement (Refer notes 4
and 37)
Transfer to General Reserve - - - (7500.00) 7500.00 - - - - - - - - - - -
Balance as at 31st March, 2020 3614.55 47767.13 1919.51 - 107813.63 7.22 60.21 50317.30 28770.50 (9463.11) (2352.73) 2480.98 185.46 231120.65 8847.81 239968.46
Profit / (Loss) for the year - - - - - - - (28755.87) 1647.49 (2595.48) - - - (29703.86) (660.88) (30364.74)
Other Comprehensive Income / (Loss) for the year - - - - - - - 622.93 27.96 (143.93) 192.03 1104.63 - 1803.62 5.37 1808.99
Total Comprehensive Income / (Loss) for the year - - - - - - - (28132.94) 1675.45 (2739.41) 192.03 1104.63 - (27900.24) (655.51) (28555.75)
Employee Stock Option Expenses - - - - - - 43.61 - - - - - - 43.61 - 43.61
Conversion of CCPS to equity shares - - - - - - - - - - - - (185.46) (185.46) - (185.46)
Balance as at 31st March, 2021 3614.55 47767.13 1919.51 - 107813.63 7.22 103.82 22184.36 30445.96 (12202.52) (2160.70) 3585.61 - 203078.56 8192.30 211270.86
Capital Reserve
Capital reserve is utilised in accordance with provision of the Act.
Securities premium
Securities premium is created due to premium on issue of shares and is utilised in accordance with the provisions of the Act.
Capital Redemption Reserve
Represent reserve created during buy back of equity shares and it is a non-distributable reserve.
Debenture Redemption Reserve
The Group is required to create a debenture redemption reserve out of the profits which is available for 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 provisions of the local laws.
Share Options Outstanding Account
The Share Options outstanding Account is used to recognise the grant date fair value of options issued to employees under ‘Ring Plus Aqua Limited - Employee
Stock Option Scheme 2019’ [Refer Note 39(b)(ii)].

Strengthening the core

c)
b)

(i)

Secured

Total (B)
Total (A)
Particulars
allotment*

Unsecured

Total (A) +(B)

(b) Debentures
Preference shares:
Financial Statements

Name of the Shareholder

(a) Term loans from banks

Balance at the end of the year
Note 14 (ii) - Other Equity

J. K. Investo Trade (India) Limited

(a) Deferred sales tax liabilities

Preference Shares of face value ` 10 each.
for the year ended 31st March, 2021

Raymond Limited | Annual Report 2020-21

Balance at the beginning of the year

Note 15 (i) - Borrowings (Non-current)

Refer to note 35 for management of liquidity risk.

be paid dividend on a non-cumulative basis;
Issue of equity shares pursuant to conversion of CCPS**
(CCPS) of ` 10 each, fully paid-up pursuant to preferential
Issue of 0.01% Compulsorily Convertible Preference Shares

Refer to note 29 for assets pledged as security against borrowings.

or before the expiry of 18 months from the date of allotment.

-
No. of Shares held
Rights, preferences and restrictions attached to preference shares
-
1854599

-
No of shares

(1854599)

As at 31st March, 2021

(ii) have voting rights as prescribed under provisions of Companies Act, 2013. and;
As at 31st March, 2021

-
% of Holding
-
185.46

-
Amount

(185.46)
a) Reconciliation of preference shares outstanding at the beginning and at the end of the year

share premium of ` 664 per share), on preferential basis, to J.K. Investo Trade (India) Limited, a promotor group Company.
Notes to the Consolidated Financial Statements

69527.34

117543.58
48016.24

117553.27
9.69
9.69

2020: ` 25707.97 lakhs) have been grouped under “Current maturities of non-current borrowings” [Refer Note 16(ii)]
31st March, 2021
As at
1854599
No. of Shares held
No of shares

1854599
-

1854599

The Holding Company had one class of preference shares having a par value of ` 10 per share. Each preference share shall:

As at 31st March, 2020

As at 31st March, 2020

38658.56
Amount

35.53
38658.56
-

38694.09
35.53

The above total is net of instalments falling due within a year in respect of all the above Loans aggregating ` 18169.30 lakhs (31st March,
31st March, 2020
As at
% of Holding
100.00
(iii) not be redeemed but shall be compulsorily convertible into 1 equity share of ` 10 each in one or more tranches, at any time on
185.46
-

185.46

Details of preference shares held by shareholders holding more than 5% of the aggregate shares in the Holding Company

(` in lakhs)
*During the year ended 31st March 2020, the Company had allotted 18,54,599 equity Shares of face value ` 10 each, at a price of ` 674 per share (including
(` in lakhs)

**The Holding Company has allotted 18,54,599 Equity Shares of face value ` 10 each pursuant to conversion of 18,54,599 0.01% Compulsorily Convertible

227
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 15 (i) - Borrowings (Non-current) Nature of Security and terms of repayment for non-current secured borrowings of subsidiaries:
Nature of Security and terms of repayment for non-current secured borrowings of Holding Company: Loan Amounting to ` 24475.99 lakhs (31 March, 2020: ` Repayable in specified dates / installment (monthly, quarterly, half
23397.96 lakhs) in subsidiaries secured by hypothecation yearly). Interest rate from 2.68% p.a. to 11.05% p.a. *
Nature of Security Terms of Repayment
charge over assets of the respective subsidiary company.
i Term loan from bank, balance outstanding amounting to Repayable in 20 quarterly instalment starting from June 2019 and Terms of repayment for non-current unsecured borrowings
` 566.40 lakhs (31st March, 2020: ` 755.20 lakhs) is secured last installment due in March 2024. Rate of interest 8.20% p.a. as of Holding Company:
by first charge by way of hypothecation over movable fixed at year end. (31st March, 2020 : 9.25% p.a.)
Borrowings Terms of Repayment
assets including capital work in progress, both present and
future, acquired out of the said loans, located at Chindwara Term loans from banks
and first charge by way of hypothecation over insurance ` Nil (31st March, 2020 : ` 1,250.00 lakhs) Repaid in February 2021. Rate of interest 7.60% p.a.as at date of
policies of the above movable fixed assets. repayment (31st March, 2020 : 8.75% p.a.)
ii Term loan from bank, balance outstanding amounting to Repayable in 9 quarterly installment starting from September ` Nil (31st March, 2020 : ` 2,000.00 lakhs) Repaid in February 2021. Rate of interest 9.10% p.a.as at date of
` 2,625 lakhs (31st March, 2020 : ` 5,812.50 lakhs) is secured 2019 and last instalment due in September 2021. Rate of interest repayment (31st March , 2020 : 9.10% p.a.)
by first charge by way of hypothecation over movable fixed 8.45% p.a. as at year end (31st March, 2020 : 9.50% p.a.)
assets including capital work in progress, both present and Privately Placed Non-Convertible Debentures (Face Value of ` 10 lakhs each) of Holding Company
future, located at Chindwara and first charge by way of Balance outstanding amounting to ` 6,500 lakhs (31st March, Repayable in May 2023. Rate of interest 9.50% p.a. (31st March,
hypothecation over insurance policies of the above movable 2020 : ` Nil) is secured by hypothecation by way of pari 2020 : Nil)
fixed assets. passu charge on the Company’s movable properties (except
iii Term loan from bank, balance outstanding amounting to ` Repayable in 12 quarterly instalment starting from June 2020 and current assets) including its movable plant & machinery,
14,000 lakhs (31st March, 2020 : ` 20,000 lakhs) is secured by last instalment due in March, 2023. Rate of interest 8.70% p.a. as machinery spares, tools & accessories and other movables,
first pari passu charge by way of mortgage on immovable at year end. (31st March, 2020 : 9.25% p.a.) both present and future, located at Jalgaon Plant.
fixed assets situated at Vapi Plant and first pari pasu charge Balance outstanding amounting to ` 8,000 lakhs (31st March, Repayable in June 2023. Rate of interest 8.80% p.a. (31st March,
by way of hypothecation on movable fixed assets situated at 2020 : ` Nil) is secured by hypothecation by way of pari passu 2020 : Nil)
Vapi Plant (Both Present and Future). charge of the Company’s movable properties (except current
iv Term loan from bank, balance outstanding amounting to Repayable in 8 quarterly instalment starting from December assets) including its movable plant & machinery, machinery
` 7,176 lakhs (31st March, 2020 : ` 7,176 lakhs) is secured by 2021 and last installment due in September 2023. Rate of interest spares, tools & accessories and other movables, both present
hypothecation by way of first pari passu charge on entire 8.52%.p.a. as at year end. (31st March, 2020 : 9.30% p.a.) and future, located at Jalgaon Plant.
assets both movable (including current asset and receivables Balance outstanding amounting to ` 10,000 lakhs (31st Repayable in October 2023. Rate of interest 8.85% p.a. (31st
and trust and retention account / escrow account / debt March, 2020 : ` Nil) is secured by pari passu charge by way of March, 2020 : Nil)
service reserve account / any other bank account) and an equitable mortgage in relation to leasehold rights in the
immovable property relating to the project (Both Present piece and parcel of land along with the standing structure
and Future) situated at Thane. thereon, admeasuring 404,851.27 square meters situated
v Term loan from bank, balance outstanding amounting to Repaid in December 2020. Rate of interest 9.20% p.a. as on date of at Village Kharitaigaon, Chindwara and piece and parcel of
` Nil (31st March, 2020: ` 4,050 lakhs) is secured by exclusive repayment. (31st March, 2020 : 9.95% p.a.) land admeasuring 71,960 square meters situated at Village
charge on movable fixed assets, both present and future, Lodhikheda, Chindwara, together with all present and future
located at Vapi Plant. assets, receivables and fixtures standing thereon and all
vi Term loan from bank, balance outstanding amounting things attached thereto.
` 5,000 Lakhs repayable in 18 quarterly instalment starting from
to ` 10,000.00 lakhs (31st March, 2020: ` Nil) Secured by September 2022 and last installment due in December 2026. Balance outstanding amounting to ` 4,000 lakhs (31st March, Repayable in November 2023. Rate of interest 8.85% p.a. (31st
equitable mortgage on land admeasuring 9,800 square ` 5,000 Lakhs repayable in 18 quarterly instalment starting from 2020 : ` Nil) is secured by pari passu charge by way of an March, 2020 : Nil)
meters situated at Village Mehrun, Jalgaon and land October 2022 and last installment due in January 2027. Rate of equitable mortgage in relation to leasehold rights in the
admeasuring 151,430 square meters situated in the interest 9.00% p.a. as at year end. piece and parcel of land along with the standing structure
additional Jalgaon Industrial Area within the limits of Village thereon, admeasuring 404,851.27 square meters situated
Mehrun, Jalgaon, along with entire structure constructed / to at Village Kharitaigaon, Chindwara and piece and parcel of
be constructed thereon. land admeasuring 71,960 square meters situated at Village
vii Term loan from bank, balance outstanding amounting to Repayable in 16 quarterly installment starting from June 2022 and Lodhikheda, Chindwara, together with all present and future
` 30,000 lakhs (31st March, 2020: ` Nil) is secured by first last installment due in March 2026. Rate of interest 8.50% p.a. as assets, receivables and fixtures standing thereon and all
ranking exclusive mortgage over piece and parcel of land at year end. things attached thereto.
or ground admeasuring 62,051.23 square meters situated Balance outstanding amounting to ` 20,000.00 lakhs (31st Repayable in four equal annual instalments starting from February
at Village Panchpakhadi, Thane, together with all buildings March, 2020 : ` Nil) is secured by first ranking exclusive 2028 and last installment due in February 2031. Rate of interest
and structures constructed/erected thereon and/or to be mortgage on piece or parcel of land admeasuring 49,708.34 9.00% p.a. (31st March, 2020 : Nil)
constructed/erected thereon. square meters situated at Village Panchpakhadi, Thane,
together with all buildings, erections, godowns and
construction erected and standing or attached to the
aforesaid land, both present and future.
Subsidiaries
Interest free deferred sales tax payment liabilities ` 9.69 Repayable in specified installments. Last installment due in May
lakhs (31st March, 2020: ` 35.53 lakhs) 2021.
Amount of ` 1630.51 lakhs (31st March , 2020: ` 4.07 lakhs) related to deferred expense towards processing charges is netted of against
loan.
The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in note 29.

228 Strengthening the core Raymond Limited | Annual Report 2020-21 229
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 15 (ii)- Borrowings (Current) Note 17 (i) - Other non-current liabilities

(` in lakhs) (` in lakhs)

Particulars As at As at Particulars As at As at
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Secured Government grants* 4191.17 4917.24
Working capital loans Others 8.45 -
(a) Working capital loans repayable on demand (includes export packing credit and short term 51124.69 114769.44 Total 4199.62 4917.24
loans)
(b) Acceptance 1463.31 800.00 Note 17 (ii) - Other current liabilities
(` in lakhs)
(c) Bill discounting 2498.83 -
Total (A) 55086.83 115569.44 Particulars As at As at
Unsecured 31st March, 2021 31st March, 2020
(a) Working capital loans repayable on demand (include short term loans) 11880.98 55,505.32 Advance from customers 5468.05 7178.13
(b) Commercial papers 2497.29 7480.77 Statutory dues 3176.33 3854.53
[Maximum balance outstanding during the year ` 10000 lakhs lakhs (year ended 31st March, Government grants * 829.43 837.69
2020 : ` 53000 lakhs)] Advance against capital assets 1324.98 1322.00
(c) Acceptance 1398.46 - Others 1266.24 1505.95
(d) Loans from related parties 1000.00 - Contract liabilities [Refer note 1(i)(r)]
Total (B) 16776.73 62986.09 - Customer loyalty programme 763.32 1408.96
Total (A+B) 71863.56 178555.53 - Contract liabilities 20522.43 6363.33
Refer note 29 for assets pledged as security against borrowings and note 35 for financial risk management. - Refund liabilities 665.96 1754.90
Total 34016.74 24225.49
Note 16 (i) - Other financial liabilities (Non-current) * Refer note 39(a)
(` in lakhs)

Particulars As at As at Note:- 18 -Trade payables (Current)

31st March, 2021 31st March, 2020 (` in lakhs)

Lease Liabilities 23602.19 41914.32 Particulars As at As at

Liability towards capital goods 12789.72 12789.72 31st March, 2021 31st March, 2020
Total 36391.91 54704.04 Dues of micro and small enterprises 12555.55 1743.62
Dues of creditors other than micro and small enterprises 96775.50 128497.30
Refer note 35 for financial risk management
Amounts due to related parties (Refer note 33) 7053.92 10314.55
Total 116384.97 140555.47
Note 16 (ii) - Other financial liabilities (Current)
(` in lakhs) Note 19 - Provisions (Current)
(` in lakhs)
Particulars As at As at
31st March, 2021 31st March, 2020 Particulars As at As at
Current maturities of non-current borrowings [Refer note 15(i)] 18169.30 25707.97 31st March, 2021 31st March, 2020
Current maturities of lease liabilities 10087.14 12674.13 Current
Interest accrued but not due on borrowings 2019.90 989.85 Provision for employee benefits 6581.45 6533.70
Interest accrued and due on borrowings 100.74 199.53 Provisions for litigation/ dispute (Refer note below) 585.00 585.00
Total Provisions 7166.45 7118.70
Deposits from dealers and agents 20014.51 20312.34
Unclaimed dividends * 139.88 148.98 Movement in provisions for litigation / dispute
Unclaimed interest accrued on debentures - 0.69 Provision for tax
Overdrawn bank balances 125.57 71.90 litigation / dispute
Salary and wages payable 15471.96 13817.65 Balance as at 1st April, 2019 585.00
Mark to market loss on derivative financial instrument (net) 37.25 1021.75 Provision recognised during the year -
Amount utilised / reclassified during the year -
Liability towards capital goods 317.89 471.54
Amount reversed during the year -
Other payables 895.56 1383.08 Balance as at 31st March, 2020 585.00
Total 67379.70 76799.41 Provision recognised during the year -
Refer note 35 for financial risk management Amount utilised / reclassified during the year -
Amount reversed during the year -
* There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies Act, 2013 as at 31st March, 2021.
Balance as at 31st March, 2021 585.00
Provision for litigation / dispute represents disputed liability of the Holding Company towards excise duty on post removal of goods from
place of manufacture that are expected to materialise.

230 Strengthening the core Raymond Limited | Annual Report 2020-21 231
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 20 - Revenue from operations Reconcilition of Revenue from operations

(` in lakhs)
(` in lakhs)
Particulars Year ended Year ended
Particulars Year ended Year ended
31st March, 2021 31st March, 2020
31st March, 2021 31st March, 2020
Contract price 375486.64 701871.39
Sale of products
Less:-
(i) Manufactured goods 202570.07 317012.33
Sales returns 17530.39 29169.89
(ii) Stock-in-trade 112704.56 283715.50 Customer loyalty programme 377.67 2920.80
Revenue from real estate project under development 14105.69 17615.74 Bonus and incentives 12792.77 20751.13
Sale of services Others 139.03 792.86
(i) Job work 9809.29 18161.10 Total Revenue from operations 344646.78 648236.71
(ii) Income from Loyalty participation program 251.46 1,969.23 Significant changes in contract asset and contract liabilities balances are as follows:
(iii) Others 1098.80 1155.73 (` in lakhs)
Other operating revenues Particulars Year ended Year ended
(i) Export incentives, etc. 1824.86 5613.40 31st March, 2021 31st March, 2020
(ii) Process waste sale 2184.52 2868.75 Contract Assets
(iii) Others 97.53 124.93 Opening Balance 2554.61 680.00
Total 344646.78 648236.71 Closing balance - 2554.61
Group Revenue based on segment comprises of During the year ` 2,554.61 lakhs (31st March, 2020 ` 6,511.33 lakhs) was invoiced/recognised as revenue.
(` in lakhs) (` in lakhs)
Particulars Year ended Year ended Particulars Year ended Year ended
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Textile 157160.70 291668.68 Contract Liabilities
Shirting 25782.34 62182.33 Opening balance 5930.59 -
Apparel 45657.49 161864.93 Less: Revenue recognised that was included in the contract liabilities at the beginning of the 5930.59 -
Garmenting 54907.67 84324.27 year
Tools & Hardware 34425.55 37566.14 Add: Invoiced during the year (excluding revenue recognized during the year) 19258.12 5930.59
Auto Components 19731.59 20822.85 Closing balance 19258.12 5930.59
Real Estate and Development of property 14105.69 17615.74
Unsatisfied performance obligations on long term real estate contracts
Others 843.34 1175.54
Inter Segment revenue (7967.59) (28983.77) Revenue is recognized upon transfer of control of products or services to customers.
Total Revenue from operations 344646.78 648236.71 Long term contracts entered into by the Holding Company as on 31st March, 2021 is ` 121,179.71 lakhs [31st March, 2020 : ` 92,615.88
lakhs] pertaining to real estate development projects. The unsatisfied performance obligation relating to these contracts aggregates to
Group Revenue based on Geography
` 86,472.32 lakhs [31st March, 2020 : ` 72,459.80 lakhs] as at year end.
(` in lakhs)
The management of the Company expects that 60.23 % of the unsatisfied performance obligation amounting to ` 52,082.22 lakhs [31st
Particulars Year ended Year ended
31st March, 2021 31st March, 2020 March, 2020 : ` 23,501.06 lakhs] pertaining to these long term contracts will be recognised as revenue during the next reporting period
with balance in future reporting periods thereafter.
India 269131.58 539860.97
Rest of World 75515.20 108375.74 Note 21 - Other Income
Total Revenue from operations 344646.78 648236.71 (` in lakhs)

Revenue based on timing of recognition Particulars Year ended Year ended

(` in lakhs) 31st March, 2021 31st March, 2020

Particulars Year ended Year ended Interest income 4947.18 6099.24

31st March, 2021 31st March, 2020 Dividend income 15.90 47.04
Rental income 104.76 122.00
Revenue recognition at a point in time 330541.09 630620.97
Net gain on sale / fair valuation of investments * 2464.35 -
Revenue recognition over period of time 14105.69 17615.74 Apportioned income from government grants [Refer note 39(a)] 734.33 851.12
Total Revenue from operations 344646.78 648236.71 Gain on foreign currency transactions and translations (net) 487.11 -
Excess provision written back 2099.44 786.10
Gain on extinguishment of lease liabilities (net) 3415.49 255.00
Covid-19 related lease concessions [Refer note 43(a)] 4674.67 -
Other non-operating income 1193.22 1432.30
Total 20136.45 9592.80
* Adjusted for fair value loss amounting to ` 1281.52 lakhs for the year ended 31 March 2021.

232 Strengthening the core Raymond Limited | Annual Report 2020-21 233
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 22 - Cost of materials consumed Note 26 - Depreciation and amortisation

(` in lakhs) (` in lakhs)

Particulars Year ended Year ended Particulars Year ended Year ended
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Opening stock 19282.17 16273.58 Depreciation on property, plant and equipment 31058.55 33746.94
Add: Purchases 65102.43 126795.90 Amortisation on intangible assets 359.73 232.95
Less : Sales / transferred to stock-in-trade (196.78) (150.64) Total 31418.28 33979.89
Less : Closing stock (15511.07) (19282.17)
Total 68676.75 123636.67
Note 27(a) - Manufacturing and operating costs
(` in lakhs)
Note 23 -Changes in inventories of finished goods, stock-in-trade, work-in-progress and property under Particulars Year ended Year ended
development 31st March, 2021 31st March, 2020
(` in lakhs)
Consumption of stores and spares 15169.73 27545.76
Particulars Year ended Year ended Power and fuel 10938.77 18803.93
31st March, 2021 31st March, 2020
Job work charges 7853.59 18824.79
Opening stock: Repairs to buildings 408.38 1019.54
Finished goods 52186.59 41192.28 Repairs to machinery 1481.18 2918.75
Work-in-progress 21362.17 22866.70 Other manufacturing and operating expenses 5762.88 8283.32
Stock-in-trade 89055.54 81378.28 Total 41614.53 77396.09
Accumulated cost on conversion contracts 1320.27 1002.41
Note 27(b) - Costs towards development of property
Property under development 26382.91 18728.75 (` in lakhs)
Total opening stock 190307.48 165168.42
Particulars Year ended Year ended
31st March, 2021 31st March, 2020
Closing stock:
Finished goods 37489.76 52186.59 Development charges, Approval costs 1159.60 8539.90
Work-in-progress 16911.95 21362.17 Development rights [Refer (i) below] - 3,824.02
Stock-in-trade 52842.92 89055.54 Construction cost 11923.74 5,357.87
Accumulated cost on conversion contracts 720.30 1320.27 Design, Architect and other consultancy charges 187.78 792.85
Property under development 31320.04 26382.91 Total 13271.12 18514.64
Total closing stock 139284.97 190307.48 (i) Represents fair value of development rights received as non-monetary compensation towards surrender of land to Thane Municipal Corporation for
Total 51022.51 (25139.06) Recreational Ground as per development regulations applicable.

Note 24 - Employee benefits

(` in lakhs)

Particulars Year ended Year ended

31st March, 2021 31st March, 2020
Salaries, wages and bonus 59194.29 87827.05
Contributions to provident and other funds 3942.80 4885.30
Employee Stock Option Plan expenses [Refer note 39(b)(ii)] 43.61 60.21
Gratuity (Refer note 32) 1477.71 1458.43
Staff welfare expenses 2697.27 5401.18
Total 67355.68 99632.17

Note 25 - Finance costs

(` in lakhs)

Particulars Year ended Year ended

31st March, 2021 31st March, 2020
Interest expense on debentures and term loans * 6983.07 6159.13
Interest expense - others 16731.60 18925.49
Interest on lease liability [Refer note 43(a)] 3850.95 5055.38
Other borrowing costs 38.28 132.50
Total 27603.90 30272.50
*Net of interest subsidy under TUF Scheme Nil (year ended 31st March,2020 : ` 17.72 lakhs).

234 Strengthening the core Raymond Limited | Annual Report 2020-21 235
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 27(c) - Other Expenses B) A reconciliation between the statutory income tax rate applicable to the Group and the effective income tax rate is as
(` in lakhs) follows :
(` in Lakhs)
Particulars Year ended Year ended
31st March, 2021 31st March, 2020 Particulars Year ended Year ended
31st March, 2021 31st March, 2020
Rent 542.00 2043.53
Reconciliation of effective tax rate
Insurance 1219.20 1986.91
Profit before tax (46455.49) 15891.55
Repairs and maintenance - others 3525.75 5474.71
Enacted income tax rate in India 34.944% 34.944%
Rates and taxes 1048.45 1954.46
Tax amount at the enacted income tax rate (16233.41) 5553.14
Advertisement 4845.94 21074.67
Add / (deduct) impact of -
Commission to selling agents 10304.12 18679.47
Tax on share of Associates and Joint ventures 331.23 (5297.13)
Legal and professional charges 5893.39 9632.64
Loss of subsidiaries on which Deferred tax assets are not recognised 242.90 1030.20
Travelling expenses 2407.16 7963.30
Difference in tax rates for certain entities of the Group (513.89) (530.34)
Information technology support services 1317.01 1955.45
Expenses not allowable for tax purposes 122.93 358.01
Electricity expenses 1418.21 2723.75
Income exempt from Income taxes (118.55) (239.31)
Security charges 1519.28 2537.56
Capital Loss on reduction of preference share capital investment (Refer note 4) - (4795.57)
Freight, octroi, etc. 5470.47 7194.93
Accelerated capital gains on real estate business 136.87 372.86
Bad debts, advances, claims and deposits written off [net of provision for doubtful receivables 20.41 215.63
` 333.70 lakhs (31 March 2020: ` 327.26 lakhs] Remeasurement of deferred tax assets and Liabilities (51.62) -
Provision for doubtful debts, advances and export incentive receivable 336.86 1179.86 Capital gains (Differential tax rate) - (720.33)
Sales promotion expenses 1034.90 2896.81 Change in tax rates [Refer note (ii) below] - (210.42)
Director’s sitting fees 89.10 182.90 Others (7.21) 194.72
Commission to non executive directors - 15.75 Total Tax Expenses / (Credit) (net) (16090.75) (4284.17)
Provision for incentives and interest subsidy receivable 2068.43 - Notes :
(i) The effective tax rate is (34.64%) [2019-20: (26.95%)]
Loss on foreign currency transactions and translations (net) - 658.82
(ii) During the year ended 31st March, 2020, pursuant to the introduction of the Section 115BAA of the Income-tax Act, 1961 inserted by the Taxation Laws
Net loss on sale / fair valuation of investments * - 136.18 (Amendment) Ordinance, 2019, certain companies within the Group had elected to exercise the option to adopt the new tax rates.
Net loss on disposal of property, plant and equipment 1565.29 57.93
C) The movement in deferred tax assets and liabilities during the year ended March 31, 2020 and March 31, 2021:
Impairment of fixed assets 473.96 - (` in Lakhs)
Outsourced support services 6675.87 12198.67
Expenditure incurred for corporate social responsibility 445.52 323.00 Movement during the year As at Adjustment Credit/(charge) Credit/(charge) As at Credit/(charge) Credit/(charge) As at
ended March 31, 2020 and 1st April, 2019 through in Consolidated in Other 31st March, in Consolidated in Other 31st March,
Miscellaneous expenses 12464.15 20013.28 March 31,2021 reserves Statement of Comprehensive 2020 Statement of Comprehensive 2021
Total 64685.47 121100.21 Profit and Loss Income Profit and Loss Income
Deferred tax assets/(liabilities)
* Adjusted for fair value loss amounting to ` Nil (31st March, 2020 of ` 1458.04 lakhs).
Provision for post retirement 2312.11 - 205.01 2.38 2519.50 (7.06) (397.19) 2115.25
Legal and Professional fees include: Year ended Year ended benefits
31st March, 2021 31st March, 2020 Provision for doubtful debts 891.96 - 194.39 - 1086.35 64.10 - 1150.45
and advances
Auditors’ remuneration (of the Parent) and expenses
Depreciation (7552.11) - 526.06 - (7026.05) 1006.59 - (6019.46)
As auditor 64.00 89.50
VRS paid 824.97 - (397.31) - 427.66 (228.03) - 199.63
Other services 29.00 16.50
Unabsorbed Losses & 1094.84 - 7184.09 - 8278.93 19165.64 - 27444.57
Reimbursement of expenses 1.22 3.84 Depreciation
Provisions 352.36 - - - 352.36 - - 352.36
Note 28: Income Taxes Indexation benefit on 1515.14 - (366.89) - 1148.25 (84.84) - 1063.41
A) Tax expense / (credit) recognised in the Consolidated Statement of Profit and Loss conversion of land into stock
(` in lakhs) in trade
DTA on Unrealised profits on 1239.25 - (145.83) - 1093.42 (363.96) - 729.46
Particulars Year ended Year ended inter companies stock
31st March, 2021 31st March, 2020
Adjustment on account of Ind - 2569.21 334.76 - 2903.97 (961.57) - 1942.40
Current tax As 116 transition
Expense for the year 952.49 3546.32 Fair value gains/losses and 202.66 470.79 473.48 317.02 1463.95 (1559.72) (133.13) (228.90)
Others
Total current tax 952.49 3546.32
Total (A) 881.18 3040.00 8007.76 319.40 12248.34 17031.15 (530.32) 28749.17
Deferred tax
Mat Credit Entitlements 3472.03 - (177.27) 3294.76 12.09 - 3306.85
Origination and reversal of temporary difference (17043.24) (7620.07)
Total (B) 3472.03 - (177.27) - 3294.76 12.09 - 3306.85
Change in tax rates - (210.42) Total ( A+ B ) 4353.21 3040.00 7830.49 319.40 15543.10 17043.24 (530.32) 32056.02
Total deferred income tax expense/(credit) (17043.24) (7830.49)
Total Tax Expenses / (Credit) (net) (16090.75) (4284.17)

236 Strengthening the core Raymond Limited | Annual Report 2020-21 237
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Details of Deferred Tax Assets* Note 29 : Assets pledged as securities.

(` in Lakhs)
The carrying amounts of assets pledged as security for current and non-current borrowings are:
Particulars As at As at (` in Lakhs)
31st March, 2021 31st March, 2020
As at As at
(a) Deferred Tax Liability on account of: 31st March, 2021 31st March, 2020
Depreciation 3473.97 693.88 Current Assets
3473.97 693.88 Financial assets 116285.50 127406.81
(b) Deferred Tax Asset on account of : Non-financial assets 182831.58 239909.46
Provision for post retirement benefits 1320.73 1428.76 Total Current Assets 299117.08 367316.27
Provision for doubtful debts and advances and Incentives 1068.44 614.67
VRS paid 199.63 427.66 Non Current Assets
Mat Credit Entitlements 3301.91 1787.82 Financial assets 553.91 3207.81
Unabsorbed Losses & Depreciation 27342.67 7942.73 Non-financial assets 105262.17 103145.64
DTA on Unrealised profits on inter companies stock 729.46 1093.42 Total non-current assets 105816.08 106353.45
Indexation benefit on conversion of land into stock in trade 1063.41 1148.25 Total assets 404933.16 473669.72
DTA on Ind AS 116 transition 1942.40 2903.97
* Total assets disclosed above represents values after consolidation adjustments due to elimination of inter-company receivables.
Fair value gains/losses and Others (396.85) 1369.79
36571.80 18717.07 Note 30: Contingent liabilities and commitments (to the extent not provided for)
33097.83 18023.19
(` in Lakhs)
* Represents aggregate for entities having net deferred tax assets
As at As at
Details of Deferred Tax Liability* 31st March, 2021 31st March, 2020
(` in Lakhs)
i) Contingent liabilities
Particulars As at As at
31st March, 2021 31st March, 2020 (a) Claims against the Group not acknowledged as debts in respect of past disputed 343.59 339.00
liabilities of the Cement and Steel Divisions divested during the year 2000-01 and
(a) Deferred Tax Liability on account of: Denim Division divested during the year 2006-07 (interest thereon not ascertainable
Depreciation 2545.49 6332.17 at present).
2545.49 6332.17 (b) Claims against the Group not acknowledged as debts.(interest thereon not
(b) Deferred Tax Asset on account of : ascertainable at present).
Provision for post retirement benefits 794.52 1090.74 Sales Tax 2310.22 2974.51
Provision for doubtful debts and advances’ 82.01 471.68 Compensation for Premises 1714.05 1665.95
Unabsorbed Losses & Depreciation 101.90 336.20 Electricity duty 673.31 673.31
MAT Credit entitlement 4.94 1506.94 Water Charges 213.93 213.93
Fair value gains/losses and Others 520.31 446.52 Other Matters (service tax, labour laws, Civil matters and interest claims) 764.17 392.30
1503.68 3852.08 (c) Disputed demand in respect of Income-tax etc. (interest thereon not ascertainable at 4512.69 4512.69
1041.81 2480.09 present.)
Net Deferred Tax Asset 32056.02 15543.10 (d) Disputed Excise/Customs Duties. 2789.71 2789.71
(e) Liability on account of jute packaging obligation upto 30th June, 1997, in respect Amount not determinable
* Represents aggregate for entities having net deferred tax liability
of the Group’s erstwhile Cement Division, under the Jute Packaging Materials
Note: Ring Plus Aqua Limited (A step down subsidiary of Raymond Limited) has accumulated long term capital loss of ` 1302.63 lakhs (Previous year ` 1,403.14 (Compulsory use in packing Commodities) Act, 1987.
lakhs) under the Income Tax Act. In view of, uncertainty over the entity’s ability to utilise such losses in the foreseeable future, the entity has not recognised (f) Group’s liabilities/obligations pertaining to the period upto the date of transfer of the Amount not determinable
deferred tax asset against such losses. Group’s erstwhile Steel, Cement, Carded Woollen and Denim Divisions in respect of
Significant Estimates which the Group has given undertaking to the acquirers.
The Group has recognised deferred tax assets on carried forward tax losses and unabsorbed depreciation incurred by certain subsidiary (g) The Honourable Supreme Court, has passed a decision on 28th February, 2019 in Amount not determinable
companies in current and earlier years. Based on future business projections, the Group is reasonably certain that respective subsidiaries relation to inclusion of certain allowances within the scope of “Basic wages” for
would be able to generate adequate taxable income to ensure utilization of carried forward tax losses and unabsorbed depreciation. the purpose of determining contribution to provident fund under the Employees’
Further, in calculating the tax expense for the current year and earlier years, the Group had disallowed certain expenditure pertaining to Provident Funds & Miscellaneous Provisions Act, 1952. The Company, based on legal
exempt income based on historical tax assessments. These matters are pending with tax authorities. advice, is awaiting further clarifications in this matter in order to reasonably assess
the impact on its financial statements, if any. Accordingly, the applicability of the
judgement to the Company, with respect to the period and the nature of allowances
to be covered, and resultant impact on the past provident fund liability, cannot be
reasonably ascertained, at present.

238 Strengthening the core Raymond Limited | Annual Report 2020-21 239
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

(` in Lakhs) Note 32 (a) : Details of Employee benefits obligations

I. Details of Defined Contribution Plan
As at As at The Group has certain defined contribution plan. Contributions are made to provident fund, ESIC, super annuation, etc. for
31st March, 2021 31st March, 2020 employees as per regulations. The contributions are made to registered provident fund administered by the government. The
(h) Claim in relation to tenancy rights over a portion of the Holding Company’s Land Amount not determinable obligation of the Group is limited to the amount contributed and it has no further contractual nor any constructive obligation. The
at Thane has been filed in the District Court, Thane, which the Holding Company expense recognised during the year towards defined contribution plan is ` 3302.43 lakhs (Previous year ` 4129.39 lakhs) in the
believes, has no jurisdiction to adjudicate such matters. All the Revenue Courts Consolidated Statement of Profit and Loss for the year ended 31st March, 2021 under defined contribution plan.
(Tahsildar, Sub-divisional Officer and Maharashtra revenue tribunal order), that have II. Details of Defined Benefit Plan
jurisdiction to adjudicate such matters, have already passed orders in favour of the i. Gratuity :- The Group provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who
Holding Company. The Holding Company has been legally advised that they have a are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/
good case on law and merits. termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the
(i) Also refer notes 2(a)(iv) and 40 for other disputes number of years of service. The gratuity plan is a funded plan and the Group makes contributions to recognised funds in India.
( j) Share in the contingent liabilities of associate companies and joint venture 1997.40 2068.50 Pension benefits:- The Holding Company operates defined benefit pension plan which provide benefits to some of its
ii. 
It is not practicable for the Group to estimate the timing of cash outflows, if any, in employees in the form of a guaranteed level of pension payable for certain year after retirement. The level of benefits provided
respect of the above pending resolution of respective proceedings. The Group does depends on members’ length of service and their salary in the final years leading up to retirement.
not expect any reimbursement in respect of the above contingent liabilities. iii. Provident fund:- In case of certain employees, the Provident Fund contribution is made to a trust administered by the Holding
(ii) Contingent assets Company. In terms of the guidance note issued by the institute of Actuaries of India, the actuary has provided a valuation of
(a) Refer note 37(5)(i) for contingent assets as at 31st March, 2020 Provident Fund liability based on the assumptions listed above and determined that there is no shortfall as at 31st March, 2021.
(iii) Commitments iv. Employee benefit schemes recognised in the Consolidated Financial Statements as per actuarial valuation as at 31 March 2021
(a) Capital commitments and 31 March 2020 are as follows:
Capital expenditure contracted for at the end of the reporting period but not A. Amount recognised in the Consolidated Balance Sheet
recognised as liabilities is as follows: (` in Lakhs)
Property, plant and equipment 559.74 1719.56 Gratuity Provident Fund
Less: Capital advances 261.29 632.48 As at As at As at As at
Net Capital commitments 298.45 1087.08 31 March, 2021 31 March, 2020 31 March, 2021 31 March, 2020
(b) Other commitments Present value of defined benefit obligations 16865.94 16870.64 22681.82 24172.19
Future export obligation/commitment under import of capital goods at concessional 45966.62 36313.82 Fair value of plan assets* 15473.64 15562.33 24991.40 24172.19
rate of customs duty
Deficit/Surplus of funded plans (2309.58) -
(c) Capital Commitments related to joint venture and associates
Defined benefit obligation net of plan assets 1392.30 1308.31 - -
Property, plant and equipment 125.81 119.01
* Defined benefit plan are funded.
Less: Capital advances 44.54 42.98
Net capital commitments 81.27 76.03 B.I Movement in plan assets and obligations- Gratuity
(d) Other commitments related to joint venture and associates (` in Lakhs)
Future export obligations/commitments under import of capital goods at 2718.85 4736.41 2021 2020
concessional rate of customs duty
Plan Assets Obligations Net Plan Assets Obligations Net
Note No. 31 Earnings per share
(` in Lakhs) Balance as at 1st April 15562.33 16870.64 1308.31 14261.83 15757.52 1495.69
Current service cost - 1391.09 1391.09 - 1369.38 1369.38
Year ended Year ended
Interest cost on obligation - 1142.66 1142.66 - 1179.68 1179.68
31st March, 2021 31st March, 2020
Interest income on plan assets 1056.04 - (1056.04) 1090.63 - (1090.63)
Earnings per share has been computed as under: Actuarial (gain)/loss arising - - - - - -
Profit for the year attributable to equity shareholders (29703.86) 19612.92 from changes in demographic
Weighted average number of equity shares outstanding - Basic 66558488 62384162 assumptions
Adjustment for conversion of 0.01% Compulsorily Convertible Preference Shares to equity shares - 557393 Actuarial (gain)/loss arising - (680.71) (680.71) - (754.52) (754.52)
Weighted average number of equity shares outstanding - Diluted 66558488 62941555 from changes in financial
(44.63) 31.44 assumptions
Basic Earnings / (Loss) Per Share (` ) (Face value of ` 10 per share)
Actuarial (gain)/loss arising - 43.14 43.14 - 145.66 145.66
Diluted Earnings / (Loss) Per Share (` ) (Face value of ` 10 per share) (44.63) 31.16
from experience adjustments
Return on plan assets 319.93 - (319.93) 196.95 - (196.95)
excluding interest income
Employer contributions 332.08 - (332.08) 779.28 - (779.28)
Benefit payments (1796.74) (1900.88) (104.14) (766.36) (827.08) (60.72)
Assets / liabilities transferred - - - - - -
in/ acquisitions
Past service cost - - - - - -
Balance as at 31st March 15473.64 16865.94 1392.30 15562.33 16870.64 1308.31

240 Strengthening the core Raymond Limited | Annual Report 2020-21 241
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

B.II Movement in plan assets and obligations- Provident Fund E. The Major categories of Plan assets are as follows:
(` in Lakhs) (` in Lakhs)

2021 2020 Gratuity

As at As at
Plan Assets Plan liabilities Net Plan Assets Plan liabilities Net 31st March, 2021 31st March, 2020
Balance As at 1st April 24172.19 24172.19 - 21164.63 21164.63 - Quoted
Current service cost - 639.66 639.66 - 773.10 773.10 Government Debt Instruments - -
Opening reserves & surplus - (2119.11) (2119.11) Other Debt Instruments - -
regrouped
Others - -
Employee contributions 1428.21 1428.21 - 1525.56 1525.56 -
Unquoted
Interest cost - 1700.11 1700.11 - 1659.59 1659.59
Insurer managed fund 15337.09 15394.73
Interest income 1700.11 - (1700.11) 1659.59 - (1659.59)
Other debt instruments 110.46 154.96
Actuarial (gain)/loss arising - - - - - -
Others 26.09 12.64
from changes in demographic
assumptions Total 15473.64 15562.33
Actuarial (gain)/loss arising - - - - - - (` in Lakhs)
from changes in financial Provident Fund
assumptions
As at As at
Actuarial (gain)/loss arising - - - - 49.40 49.40 31st March, 2021 31st March, 2020
from experience adjustments
Return on plan assets 190.47 - (190.47) 49.40 - (49.40) Quoted
excluding interest income Government Debt Instruments 14418.25 13191.94
Liabilities assumed/ asset (188.15) (188.15) - 47.08 47.08 - Other Debt Instruments 9202.38 9260.59
acquired on divestiture (net) Others
Employer contributions 639.66 - (639.66) 773.10 - (773.10) Quoted 988.08 859.02
Benefit payments (2951.09) (2951.09) - (1047.17) (1047.17) - Unquoted 382.69 860.64
Balance as at 31st March 24991.40 22681.82 (2309.58) 24172.19 24172.19 - Total 24991.40 24172.19
C. Defined Benefit obligations and employer contributions 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
Gratuity Provident Fund sheet, assumptions under Ind AS 19 are set by reference to market conditions at the valuation date
2021 2020 2021 2020 The significant actuarial assumptions were as follows:
The weighted average duration of the defined benefit obligations 8-17 years 8-17 years 12.82 12.82 Gratuity Provident Fund
The Group expects to contribute around ` 1549.45 lakhs in financial year 2021-22 ( 2020-21 ` 2,093.52 lakhs) to the funded plans for gratuity.
As at As at As at As at
D. Amount recognised in Consolidated Statement of Profit and Loss and Other Comprehensive income 31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
(` in Lakhs)
Financial Assumptions
Gratuity Provident Fund
Discount rate 6.25% to 7.00% 6.43% to 6.85% 6.82% 6.85%
Year ended Year ended Year ended Year ended
Salary Escalation Rate # 0% - 7.5% 0%-7.50% 8.50% 0%-7.50%
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Employee benefits: Demographic Assumptions
Mortality in Service : Indian Assured Lives Mortality (2006-08) Ultimate table Mortality in Retirement : LIC Buy-out Annuity
Current service cost 1,391.09 1369.38 639.66 773.10
Past service cost - - - - G. Sensitivity
Finance cost/(income) net 86.62 89.05 - - The sensitivity of the overall plan liabilities to changes in the weighted key assumptions are:
(` in Lakhs)
Expense/(Gain) recognised in the Consolidated Statement 1477.71 1458.43 639.66 773.10
of Profit and loss Gratuity 2021 2020
Remeasurements of the net defined benefits :
Change in Increase / (decrease) Increase / (decrease) Increase / (decrease) Increase / (decrease)
Actuarial (gains)/losses arising from changes in demographic - -
assumption in liability in liability in liability in liability
assumptions
Actuarial (gains)/losses arising from changes in financial (680.71) (754.52) Discount rate +1%/-1% (1395.73) 1730.40 (1490.10) 1734.84
assumptions Salary Escalation Rate # +1%/-1% 1087.58 (971.13) 1097.81 (953.15)
Experience (gains)/losses 43.14 145.66 The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumptions occurring
Return on plan assets excluding amounts included in net (319.93) (196.95) 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
interest (income)/cost while holding all other assumptions constant. When calculating the sensitivity to the assumption, the same method used to calculate
Expense/(Gain) recognised in Other Comprehensive Income (957.50) (805.81) 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.

242 Strengthening the core Raymond Limited | Annual Report 2020-21 243
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

H. The defined benefit obligations shall mature after the end of reporting period is as follows: D. Amount recognised in Other Comprehensive Income / (Loss)
(` in Lakhs) (` in Lakhs)

Defined benefit obligation Year ended Year ended

31st March, 2021 31st March, 2020
2021 2020
Remeasurement of the net defined benefit liability:
1st year 1104.61 1280.61 Actuarial (gain)/loss arising from changes in demographic assumptions (0.65) -
2nd year 666.34 886.73 Actuarial (gain)/loss arising from changes in financial assumptions 0.19 (1.30)
3rd year 904.30 888.21 Actuarial (gain)/loss arising from experience adjustments (2.47) (2.90)
4th year 992.46 1022.42 Expense/(Gain) recognized in Other Comprehensive Income / (Loss) (2.93) (4.20)
5th year 1156.78 1254.19
E. Assumptions
Thereafter 29216.55 29534.96
With the objective of presenting the plan assets and plan liabilities of the defined benefits plans at their fair value on the balance
I. Risk Exposure - Asset Volatility sheet, assumptions under Ind AS 19 are set by reference to market conditions at the valuation date
The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this
The significant actuarial assumptions were as follows:
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 As at As at
securities. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit. 31st March, 2021 31st March, 2020
Financial Assumptions
Note 32(b): Details of Defined Plan - Pension Fund Discount rate 6.82% 6.85%
The amounts recognised in the balance sheet and the movements in the defined obligation for the years are as follows: Salary escalation rate 0%-7.50% 0%-7.50%
The defined benefit obligations shall mature after the end of reporting period is as follows:
A. Amount recognised in the Consolidated Balance Sheet
(` in Lakhs)
(` in Lakhs)
Pension Defined benefit obligation

As at As at 2021 2020
31st March, 2021 31st March, 2020
2021 - -
Present value of defined benefit obligations 36.70 35.54
2022 - 1.83
B. Movement in Defined Benefit Obligation - Plan Liabilities Pension 2023 - 1.80
(` in Lakhs) 2024 - -
2021 2020 2025 2.02 -
2026 5.99 1.97
As at 1st April 35.54 35.49
Thereafter 73.98 74.45
Current service cost 1.66 1.53
Interest cost 2.43 2.72 Demographic Assumptions
Actuarial (gain)/loss arising from changes in demographic assumptions (0.65) - Mortality in Service : Indian Assured Lives Mortality (2006-08) Ultimate table Mortality in Retirement : LIC Buy-out Annuity
Actuarial (gain)/loss arising from changes in financial assumptions 0.19 (1.30)
Actuarial (gain)/loss arising from experience adjustments (2.47) (2.90)
As at 31st March 36.70 35.54
C. Amount recognised in Consolidated Statement of Profit and Loss and Other Comprehensive Income
(` in Lakhs)

Year ended Year ended

31st March, 2021 31st March, 2020
Employee benefits:
Current service cost 1.66 1.53
Total 1.66 ‘1.53
Finance cost/(income) 2.43 2.72
Expense/(Gain) recognized in Consolidated Statement of Profit and Loss 4.09 ‘4.25

244 Strengthening the core Raymond Limited | Annual Report 2020-21 245


246
(f) Trust
(b) Associates

taken place):
(a) Joint Ventures:

Mr. I D Agarwal
1. Relationships:

Mr. Pradeep Guha

Mr. Surya Kant Gupta
Mr. Shiv Surinder Kumar
P. T. Jaykay Files, Indonesia

Radha Krshna Films Limited

MOB Mondellin SAS, France

J.K. Helene Curtis Limited, India
for the year ended 31st March, 2021

Jeke Consumer Products Limited

J.K. Investors (Bombay) Limited, India
Singhania Education Services Limited
J.K. Investo Trade (India) Limited, India

Raymond Limited Employees Gratuity Fund

Raymond Limited Employees Provident Fund
Ms. Mukeeta Jhaveri (w.e.f. 01st August, 2019)
Mr. Dinesh Kumar Lal (w.e.f. 01st August, 2019)
Mr. Ashish Kapadia (w.e.f. 26th November, 2019)
Mr. Akshaykumar Chudasama (upto 1st November, 2019)
Note 33: Related Party Disclosures under IND AS 24

Ray Global Consumer Products Limited (w.e.f. 12 January 2021)

Dr. Vijaypat Singhania (Relative of Mr. Gautam Hari Singhania)

M/s Shardul Amarchand Mangaldas & Co. (upto 1st November, 2019)
J.K. Helene Curtis International FZE (Liquidated w.e.f 20th January 2020)

(c) Other Significant influence (with whom transactions have taken place):
Ray Global Consumer (Enterprises) Products Limited (w.e.f. 2 February 2021)
Raymond UCO Denim Private Limited (India) and its Subsidiaries and Joint Venture

(d) Key Management Personnel and relatives (with whom transactions have taken place) :
Mr. Gautam Hari Singhania - Chairman and Managing Director - Key Management Personnel

Ms. Nawaz Gautam Singhania (Relative of Mr. Gautam Hari Singhania and Non executive director)
Notes to the Consolidated Financial Statements

Raymond Consumer Care Limited (Formerly known as Ray Universal Trading Limited) (w.e.f. 01st April, 2019)
Ray Global Consumer Trading Limited (Formerly known as Ray Global Consumer Trading Private Ltd) (w.e.f. 01st April, 2019)

(e) Non executive directors and enterprises over which they are able to exercise significant influence (with whom transactions have

Strengthening the core

Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021

2. Transactions carried out with related parties referred in 1 above, in ordinary course of business:
(` in Lakhs)
Nature of transactions Related Parties
Financial Statements

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
31st 31st 31st 31st 31st 31st 31st 31st 31st 31st 31st 31st
March’2021 March’2020 March’2021 March’2020 March’2021 March’2020 March’2021 March’2020 March’2021 March’2020 March’2021 March’2020
Purchases:
Goods and Materials 2.30 25.54 263.42 676.39 13750.97 40813.32 - - - - - -
Raymond Limited | Annual Report 2020-21

Sales:
Goods and Materials - 25.73 173.86 108.99 8371.47 26269.79 - - - - - -
Rent and other service charges - - - - 15.00 - - - - - - -
Job Work Charges 6443.10 9846.83 - - - - - - - - - -
Expenses:
Rent and other service charges 660.00 660.00 - - 31.03 64.66 92.75 84.00 - - - -
Job Work Charges - - - - 165.10 1285.70 - - - - - -
Commission to selling agents - - - - 430.75 723.88 - - - - - -
Employee benefits expense * - - - - - - 771.26 989.50 - - - -
Interest paid - - - - 53.00 41.25 - - - - - -
Directors Sitting Fees and commision - - - - - - 8.70 26.00 36.75 95.95 - -
Other reimbursement - 1.99 - - 54.98 1.75 - - - - - -
Deputation of staff 6.74 4.55 5.80 - - - - - - - - -
Legal and Professional Charges - - - - - - - - 37.50 58.12 - -
Contribution to provident fund trust - Employer’s - - - - - - - - - - 639.66 773.10
Contribution
Others:
Contribution to Gratuity fund trust- Employees Contribution - - - - - - - - - - - 600.00
Income:
Rent, corporate facility and other service charges 20.64 20.64 229.40 306.00 6.00 - - - - - - -
Interest Income 212.56 351.86 - - - - - - - - - -
Royalty Income 4.98 11.83
Other Receipts:
Deputation of staff 59.55 108.75 12.07 635.90 46.73 81.44 - - - - - -
Other reimbursement 68.21 66.45 111.79 129.44 67.18 7.47 - - - - - -
Finance
Loans given 750.00 2500.00 - - - - - - - - - -
Loans repaid - 750.00 - - - - - - - - - -
Loans taken - - - - 1000.00 - - - - - - -
Redemption of preference shares (Refer note 4) - 10.00 - - - - - - - - - -
Investments
Deemed equity investment on reduction - 8690.00 - - - - - - - - - -
of preference share capital (Refer note 4)
Conversion of Investment in J.K. Investo - - - 169.58 - - - - - - - -
Trade (India) Limited into Ray Global
Consumer Trading Limited (Refer notes 4 and 37)
Investments in equity shares 250.00 - - - - - - - - - - -
Conversion of CCPS to equity shares - 185.46 - - - - - - - - -
Proceeds from issue of shares - - 35000.00 - - - - - - - -
[Refer notes 14(i) & 14(ii)]

*Compensation to Key Management Personnel (Executive Director) from the Holding Company (` in Lakhs)

Nature of benefits Year ended Year ended

31st March’2021 31st March’2020
Short- term employee benefits 719.69 922.58
Post- employment benefits 51.57 66.92
247

Total compensation # 771.26 989.50

# This aforesaid amount does not includes amount in respect of gratuity and leave entitlement as the same is not determinable.
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 33: Related Party Disclosures under IND AS 24 (` in Lakhs)

3 Balances with related parties referred in 1 above, in ordinary course of business: Year ended Year ended
(` in Lakhs) 31st March, 2021 31st March, 2020
Nature of transactions Related Parties
Job Work Charges
Referred in 1(a) above Referred in 1(b) above Referred in 1(c) above Referred in 1(d) above
J.K. Investors (Bombay) Limited 165.10 1285.70
As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st Commission to selling agents
March, March, March, March, March, March, March, March,
J.K. Investors (Bombay) Limited 430.75 723.88
2021 2020 2021 2020 2021 2020 2021 2020
Interest paid
Outstandings: J.K. Investors (Bombay) Limited 53.00 41.25
Payable 25.01 9.23 457.65 305.03 7571.26 10000.29 151.18 169.25 Employee benefits expense
Receivable & Loans # 4721.45 3081.29 1094.54 947.22 2399.94 6391.65 - - Mr. Gautam Hari Singhania 771.26 989.50
Agency Deposits Payable - - - - 448.48 411.38 - - Directors Fees and commission to Executive and Non Executive Directors
Property Deposits Receivable 1.00 1.00 - 39.04 7.88 - 24.75 28.00 Mr. Gautam Hari Singhania 5.45 15.50
Property Deposits Payable 1.00 1.00 - - 3.00 - - - Mrs. Nawaz Gautam Singhania 3.25 10.50
Also refer notes 2(a)(iv), 38(b), 39(b) and 40 Mr. I D Agarwal 16.50 33.70
#The amount receivable from PT JayKay Files, Indonesia and its subsidiaries is ` 384.44 lakhs (` 384.44 lakhs as at 31 March 2020) has been provided. Mr. Pradeep Guha 10.50 25.50
Mr. Dinesh Kumar Lal 3.25 8.50
(` in Lakhs)
Mr. Akshaykumar Chudasama - 8.25
Nature of transactions Referred in 1(e) above Mr.Shiv Surinder Kumar 3.50 12.00
As at As at Mrs. Mukeeta Jhaveri 3.00 6.00
31st March, 2021 31st March, 2020 Mr. Ashish Kapadia - 2.00
Legal and Professional Charges
Outstanding Payable
M/s Shardul Amarchand Mangaldas and Co. - 58.12
Non Executive directors - 29.98
Mr. Surya Kant Gupta 37.50 -
Equity (or equity like) investments by the Holding Company and equity (or equity like) infusion into the Holding Company are not considered for disclosure as
these are not considered “outstanding” exposure. Refer note 4 and 14(i) & 14(ii) for the same. Contribution to provident fund trust
Raymond Limited Employees Provident Fund 639.66 773.10
(4) Disclosure in respect of material transactions with related parties during the year Others
(` in Lakhs) Raymond Limited Employees Gratuity Fund - 600.00
Year ended Year ended Other reimbursements
31st March, 2021 31st March, 2020 Raymond UCO Denim Private Limited - 1.99
Purchases: J.K. Investors (Bombay) Limited 54.98 1.75
Goods and Materials Deputation of Staff
Raymond UCO Denim Private Limited 2.30 25.54 Raymond UCO Denim Private Limited 6.74 4.55
J.K. Investors (Bombay) Limited 13558.75 40813.32 Raymond Consumer Care Limited 5.80 -
Ray Universal Trading Limited - 676.39 Income :
J.K. Helene Curtis Limited 259.06 - Rent & other service charges
Raymond Consumer Care Private Limited 4.36 - Raymond UCO Denim Private Limited 20.64 20.64
MOB Mondellin SAS, France 192.22 277.30 Raymond Consumer Care Limited 183.99 207.68
Sales: J.K. Helene Curtis Limited 45.41 -
Goods and Materials J.K. Investo Trade (India) Limited - 98.32
Raymond UCO Denim Private Limited - 25.73 J K Investors (Bombay) Limited 6.00 -
Raymond Consumer Care Limited 173.86 108.99 Interest Income
J.K. Investors (Bombay) Limited 8371.47 26269.79 Raymond UCO Denim Private Limited 212.41 351.86
Rent and other service charges Ray Global Consumer Trading Limited 0.15 -
Singhania Education Services Limited 9.00 - Royalty Income
J.K. Investors (Bombay) Limited 6.00 - Raymond Consumer Care Limited 4.98 11.83
Job Work Charges J K Helene Curtis Limited
Raymond UCO Denim Private Limited 6443.10 9846.83 Other Receipts
Expenses: Deputation of staff
Rent and other service charges Raymond UCO Denim Private Limited 59.55 108.75
Dr. Vijaypat Singhania 92.75 84.00 Raymond Consumer Care Limited 12.07 635.90
J.K. Investors (Bombay) Limited 31.03 64.66 J.K. Investors (Bombay) Limited 46.73 81.44
Raymond UCO Denim Private Limited 660.00 660.00

248 Strengthening the core Raymond Limited | Annual Report 2020-21 249
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

(` in Lakhs) (` in Lakhs)

Year ended Year ended Outstandings: As at Year ended

31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Other reimbursements J.K. Helene Curtis Limited 2.04 -
Raymond UCO Denim Private Limited 68.21 66.45 Raymond Consumer Care Private Limited 135.01 -
Raymond Consumer Care Limited 103.71 100.54 J.K. Investors (Bombay) Limited 2211.92 6350.27
J.K. Helene Curtis Limited 1.86 - P. T. Jaykay Files, Indonesia 303.97 384.44
J.K. Investo Trade (India) Limited 6.22 28.69 MOB Mondellin SAS, France 57.37 72.31
J.K. Investors (Bombay) Limited 67.18 7.47 Other receivable
Singhania Education Services Limited 7.50 - J.K. Helene Curtis Limited 208.63 -
P. T. Jaykay Files, Indonesia - 0.21
Raymond UCO Denim Private Limited 1338.53 -
Finance
Raymond Consumer Care Limited 361.17 395.94
Loans given
J.K. Investo Trade (India) Limited - 81.08
Raymond UCO Denim Private Limited 750.00 2500.00
J.K. Investors (Bombay) Limited 130.65 41.38
Loans repaid
P. T. Jaykay Files, Indonesia 83.72 83.72
Raymond UCO Denim Private Limited - 750.00
Loans received Agency Deposits payable
J.K. Investors (Bombay) Limited, India 1000.00 - J.K. Investors (Bombay) Limited 448.48 411.38
Redemption of preference shares Property Deposit payable
Raymond UCO Denim Private Limited - 10.00 J K Investors (Bombay) Limited 3.00 -
Investments Raymond UCO Denim Private Limited 1.00 1.00
Deemed equity investment on reduction of preference share capital Property Deposit receivable
Raymond UCO Denim Private Limited - 8690.00 Singhania Education Services Limited 7.88 -
Conversion of Investment in J.K. Investo Trade (India) Limited into Ray Global Consumer Raymond UCO Denim Private Limited 1.00 1.00
Trading Limited Dr. Vijaypat Singhania 24.75 28.00
Ray Global Consumer Trading Limited - 169.58 J.K. Investo Trade (India) Limited - 39.04
Conversion of CCPS to equity shares
J.K. Investo Trade (India) Limited 185.46 - Note :- 34 Segment Information
Investments in equity shares Operating Segments:
Raymond UCO Denim Private Limited 250.00 - a) Textile : Branded fabric
Proceeds from Issue of shares b) Shirting : Shirting fabric (B to B)
J.K. Investo Trade (India) Limited [Refer notes 14(i) & 14(ii)] - 35000.00
c) Apparel: Branded readymade garments
(` in Lakhs) d) Garmenting : Garment manufacturing
Outstandings: As at Year ended e) Tools and Hardware
31st March, 2021 31st March, 2020
f) Auto components
Payable
Raymond UCO Denim Private Limited 24.87 9.23 g) Real estate development
Raymond Consumer Care Limited 28.48 282.87 h) Others : Non scheduled airline operations
J.K. Helene Curtis Limited 429.17 -
J.K. Investors (Bombay) Limited 7571.26 10000.29 Identification of segments:
The chief operational decision maker monitors the operating results of its business segment separately for the purpose of making
J.K. Investo Trade (India) Limited - 22.16
decision about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is
Ray Global Consumer Trading Limited 0.14 -
measured consistently with profit or loss in the financial statements. Operating segment have been identified on the basis of nature of
Mr. Gautam Hari Singhania 151.18 166.25 products and other quantitative criteria specified in the Ind AS 108.
Other Non executive and Independent Directors (Payable) -
Ms. Nawaz Gautam Singhania - 3.00 Segment revenue and results:
The expenses and income which are not directly attributable to any business segment are shown as unallocable expenditure (net of
Mr. Pradeep Guha - 3.00
allocable income).
Mr. I D Agarwal - 3.00
Mr.Shiv Surinder Kumar - 3.00 Segment assets and Liabilities:
Ms. Mukeeta Jhaveri - 2.00 Segment assets include all operating assets used by the operating segment and mainly consist of property, plant and equipment, trade
Mr. Akshaykumar Chudasama - 18.98 receivables, inventories 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.
Receivable
Raymond UCO Denim Private Limited 3372.92 3081.29 Inter segment transfer:
Raymond Consumer Care Limited - 2.04 Inter segment revenues are recognised at sales price. The same is based on market price and business risks. Profit or loss on inter
Ray Global Consumer Trading Limited 10.00 segment transfer are eliminated at the group level.

250 Strengthening the core Raymond Limited | Annual Report 2020-21 251
 Financial Statements

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2021

(b) Summary of Segment Revenue and Segment assets

- 344646.78 648236.71
-
(7966.79) (28983.77) 344646.78 648236.71
31714.47

(9576.42)
(23776.11) (25217.14)
3809.99
4284.17
15160.65

20175.72

3861.44 (21136.55) (20685.38) 477918.11 589544.93

35277.98
- 161634.55 149891.47
3861.44 (21136.55) (20685.38) 674024.74 774714.38
667.38 (28615.65) (26231.33) 227570.34 264953.70
207585.67 242957.59
20362.72
667.38 (28615.65) (26231.33) 456096.51 528274.01

16270.89
3233.66
19504.55

29632.91
4346.98
33979.89

-
-
Previous
year

(` in Lakhs)
Total

- Particulars India Rest of the world Total

(4.84) (15028.65)

(6702.74)

-
16090.75
(947.99)

(30364.74)

34472.08

20940.50

1913.60
191.47
2105.07

27365.56
4052.72
31418.28

-
-
Current
year

Current Previous Current Previous Current Previous

year Year year Year year Year
(7966.79) (28983.77)

-
-
-

-
-
-

-
-
Previous
year
Elimination

Segment Revenue * 269131.58 539860.97 75515.20 108375.74 344646.78 648236.71

Carrying cost of segment assets** 443758.43 550484.57 34159.68 39060.35 477918.11 589544.93
-

90.14

-
-
-

-
-
-

-
-
Current
year

Carrying cost of segment Non Current assets**@ 158107.09 196940.38 6935.02 7861.03 165042.11 204801.41
Additions to Property, plant and equipments 2264.69 16114.88 134.54 156.01 2399.23 16270.89
1175.54
-
1175.54
(1064.49)

4.13
-
4.13

484.82
-
484.82

-
-
including Intangible Assets**
Previous
year
Others

* Based on location of Customers

843.34
-
843.34
(1098.75)

3415.50

3415.50
551.25

551.25

-
-
0.00

378.43
-
378.43

-
-
(a) Summary of segment Information as at and for the year ended 31st March,2021 and 31st March,2020 is as follows:

Current
year

** Based on location of Assets

@ Excluding Financial Assets, Investments accounted for using equity method and deferred tax asset.
17615.74

17615.74
986.98

43200.32

43200.32
9127.00

9127.00

761.19
-
761.19

291.37

291.37

-
-
Previous
year

Note:
Real Estate

Considering the nature of businesses in which the Group operates, the Group deals with various customers across multiple geographies. Consequently, none
14105.69

14105.69
1931.47

61776.91

61776.91
26601.33

26601.33

55.15
-
55.15

289.27

289.27

-
-
Current
year

of the customer contribute materially to the revenue of the Group.

Note :- 35 Financial risk management objectives and policies

20822.85
-
20822.85
2525.97

15967.47

15967.47
5182.35

5182.35

1665.47
-
1665.47

1001.15
-
1001.15

-
-
Notes to the Consolidated Financial Statements

Auto Components
Previous
year

The Group’s financial risk management is an integral part of how to plan and execute its business strategies. The Group’s 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
19731.59
-
19731.59
2724.97

17257.40

17257.40
7148.42

7148.42

374.69
-
374.69

1086.73
-
1086.73

-
-
Current
year

listed below:

(a) Market Risk:-

37562.34
3.80
37566.14
2647.43

22537.31

22537.31
11664.43

11664.43

570.08
-
570.08

909.45
-
909.45

-
-
Previous
year

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
Tools & Hardware

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
34421.75
3.80
34425.55
3342.57

18744.93

18744.93
12088.98

12351.61

197.98
-
197.98

971.50
-
971.50

-
-
Current
year

all market risk sensitive financial instruments including investments and deposits , foreign currency receivables, payables and loans
and borrowings.
77273.64
7050.63
84324.27
842.42

65371.50

65371.50
27168.39

27168.39

3048.00
-
3048.00

2351.08
-
2351.08

-
-
Previous
year

The Group manages market risk through treasury department, which evaluates and exercises independent control over the entire
Garmenting

process of market risk management. The treasury department recommend risk management objectives and policies, which
53395.61
1512.06
54907.67
(595.57)

49293.41

49293.41
24328.96

24328.96

728.89
-
728.89

2452.80
-
2452.80

-
- are approved by Senior Management and the Audit Committee. The activities of this department include management of cash
Current
year

resources, implementing hedging strategies for foreign currency exposures, borrowing strategies and ensuring compliance with
market risk limits and policies.
45656.69 161701.60
163.33
45656.69 161864.93
4501.65 (23581.37) (10781.01)

71563.58 105716.39 158264.63

71563.58 105716.39 158264.63

75796.15 105639.86

75796.15 105639.86

921.06
-
921.06

10175.18
-
10175.18

-
-
Previous
year

(a) (i) Market Risk- Interest rate risk.

Apparel

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes
0.00

117.48
-
117.48

8429.47
-
8429.47

-
-
Current
year

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.
55840.13
6342.20
62182.33

18883.78

18883.78

1278.24
-
1278.24

4010.48
-
4010.48

-
-
Previous
year

Exposure to interest rate risk related to borrowings with floating rate of interest.
Shirting

(` in Lakhs)
22778.94
3003.40
25782.34
(3592.10)

59263.32

59263.32
14729.69

14729.69

107.88
-
107.88

3973.06
-
3973.06

-
-
Current
year

Particulars As at As at
31 March, 2021 31 March, 2020
153713.17 276244.87
15423.81
157160.70 291668.68
32060.36

183586.80 229464.06

183586.80 229464.06
94941.21 112851.84

94941.21 112851.84

8022.72
-
8022.72

10409.38
-
10409.38

-
-
Previous
year
for the year ended 31st March, 2021

Borrowings bearing floating rate of interest 152990.66 230951.41

Textile

3447.53

5749.99

Interest rate sensitivity

331.53
-
331.53

9784.30
-
9784.30

-
-
Current
year

A change of 50 bps in interest rates would have following Impact on profit before tax
(` in Lakhs)
Unallocated depreciation and amortisation
Investment in Associate and Joint Venture

Total Significant Non Cash Expenditure

Segment depreciation and amortisation
Share in Profit / (Loss) in Associates and

Particulars 2020-2021 2019-20

Exceptional Items (Net) (Refer note 45)
Unallocated income/(expenses) (Net)

Other Segment Significant Non Cash

Total depreciation and amortisation
Significant Non Cash Expenditure:

Unallocated non cash expenditure

Depreciation and Amortisation:

50 bp increase- decrease in profits * 764.95 1154.76

Unallocated capital expenditure
Segment capital expenditure
Finance costs (unallocable)

50 bp decrease- Increase in profits * 764.95 1154.76

Total capital expenditure
Inter-Segment Revenue

Tax expense / (credit)

Capital Expenditure

* Sensitivity is calculated based on the assumption that amount outstanding as at reporting dates were utilised for the whole financial year.
Segment Liabilities
Other Information:
Segment Revenue

Unallocated assets
External Revenue

Segment Assets
Segment Result

Total Liabilities
Total Revenue

(a) (ii) Market Risk- Foreign currency risk.

Joint Venture
Add / (Less):

Expenditure
Total Assets
Particulars

Borrowings
Net Profit

The Group operates internationally and portion of the business is transacted in several currencies and consequently the group
Others

is exposed to foreign exchange risk through its sales and services in overseas and purchases from overseas suppliers in various

252 Strengthening the core Raymond Limited | Annual Report 2020-21 253
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

foreign currencies. Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and (a) (iii) Market Risk- Price Risk
services in the respective currencies.
The Group evaluates exchange rate exposure arising from foreign currency transactions and the group follows established risk (a) Exposure
management policies, including the use of derivatives like foreign exchange forward contracts to hedge exposure to foreign The group’s exposure to equity securities price risk arises from investments held by the Group and classified in the balance sheet
currency risk. either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity
Details of Hedged and Unhedged Foreign Currency Receivable and Payable securities, the group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.
(Foreign Currency in Lakhs) The majority of the Group’s equity investments are publicly traded and are listed in the Bombay Stock Exchange (BSE).

Particulars As at 31 March, 2021 As at 31 March, 2020 (b) Sensitivity

USD EURO GBP AUD Others USD EURO GBP AUD Others The table below summarises the impact of increases/decreases of the index on the group’s equity and profit for the year. The
Trade Receivables 141.16 37.69 9.24 - 374.94 186.15 58.69 39.77 - 278.35 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.
Less: Foreign currency forward 66.18 10.61 9.04 - - 58.87 29.11 39.34 - -
contracts (Sell) (` in Lakhs)
Unhedged Receivable 74.98 27.08 0.20 - 374.94 127.28 29.58 0.43 - 278.35
Impact on Profit before tax

Trade Payable and borrowings 117.19 20.85 1.11 90.81 62.32 90.26 60.81 0.48 225.30 201.94 As at As at
Less: Foreign currency forward 7.10 0.28 - 90.81 - - - - 225.30 - 31st March 2021 31st March 2020
contracts (Buy) BSE Sensex 30- Increase 5% 126.42 130.94
Unhedged Payable 110.09 20.57 1.11 - 62.32 90.26 60.81 0.48 - 201.94 BSE Sensex 30- Decrease 5% (126.42) (130.94)
A details of foreign exchange forward contracts outstanding as at reporting date Above referred sensitivity pertains to quoted equity investment. Profit for the year would increase/ (decrease) as a result of gains/losses
(Foreign Currency in Lakhs) on equity securities as at fair value through profit and loss.
Foreign currency As at 31st March, 2021 As at 31st March, 2020 (b) Credit risk
Sell Contract Buy Contract Sell Contract Buy Contract 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
USD 66.18 7.10 58.87 -
and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
EURO 18.70 0.28 30.91 -
GBP 9.04 - 39.34 - 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 on-going basis through out each reporting period. To assess whether there is a significant increase in credit risk
AUD - 90.81 - 338.01
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
Others - - - - recognition. It considers reasonable and supportive forwarding-looking information such as:
A details of foreign exchange forward contracts outstanding as at reporting date i) Actual or expected significant adverse changes in business,
(` in Lakhs)
ii) Actual or expected significant changes in the operating results of the counterparty,
Foreign currency As at 31st March, 2021 As at 31st March, 2020
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its
Sell Contract Buy Contract Sell Contract Buy Contract obligations,

USD 4838.09 519.05 4436.88 - iv) Significant increase in credit risk on other financial instruments of the same counterparty,
EURO 1603.44 24.01 2568.00 - v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or
GBP 912.21 - 3661.41 - credit enhancements .
AUD - 5067.06 - 15611.77 Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a
Others - - - - 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.
Foreign Currency Risk Sensitivity
A change of 5% in Foreign currency would have following Impact on profit before tax Assets in the nature of Investment, security deposits, loans and advances are measured using 12 months expected credit
(` in Lakhs) 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.
Particulars As at 31st March, 2021 As at 31st March, 2020
Financial Assets for which loss allowances is measured using the Expected credit Losses (ECL)
5% Increase 5% decrease 5% Increase 5% decrease
USD (128.34) 128.34 128.07 (128.07)
EURO 27.91 (27.91) (121.19) 121.19
GBP (4.58) 4.58 (0.23) 0.23
AUD - - - -
Others 10.32 (10.32) 2.37 (2.37)
Increase / (decrease) in profit or loss (94.70) 94.70 9.03 (9.03)

254 Strengthening the core Raymond Limited | Annual Report 2020-21 255
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

The Ageing analysis of Account receivables has been considered from the date the invoice falls due Maturity patterns of borrowings and leases
(` in Lakhs)
(` in Lakhs)
Particulars As at 31 March, 2021 As at 31 March, 2020
Particulars As at As at
31st March 2021 31st March 2020 0-1 years 1-5 years beyond 5 Total 0-1 years 1-5 years beyond 5 Total
years years
Not due 36400.30 47922.56
Long term borrowings (Including 18169.30 95666.53 21886.74 135722.57 25707.97 38694.09 - 64402.06
0-3 months 21081.22 34034.53 current maturity of long term
3-6 months 6392.46 23722.48 debt)
6 months to 12 months 10184.35 6692.20 Short term borrowings 71863.56 - - 71863.56 178555.53 - - 178555.53
beyond 12 months 21745.22 3576.43 Total 90032.86 95666.53 21886.74 207586.13 204263.50 38694.09 - 242957.59
Total 95803.55 115948.19
The following table summarizes the changes in loss allowances measured using life time expected credit loss model Particulars As at 31 March, 2021 As at 31 March, 2020
(` in Lakhs)
0-1 years 1-5 years beyond 5 Total 0-1 years 1-5 years beyond 5 Total
Particulars As at As at years years
31st March 2021 31st March 2020 Lease liabilities 10087.14 22815.02 787.17 33689.33 12674.13 33212.28 8702.31 54588.72
Opening provision 3291.44 2438.84 Total 10087.14 22815.02 787.17 33689.33 12674.13 33212.28 8702.31 54588.72
Add:- Additional provision made 336.86 1179.86
Less:- Provision utilised against bad debts (333.70) (327.26) Note:- 36 Fair Value measurements
Closing provisions 3294.60 3291.44 Financial Instrument by category and hierarchy

No Significant changes in estimation techniques or assumptions were made during the year. 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.
(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 following methods and assumptions were used to estimate the fair values:
The group’s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and
1. Fair value of current assets which incudes loans given, cash and cash equivalents , other bank balances and other financial assets
policies related such risk are overseen by senior management. Management monitors the group’s net liquidity position through
approximate their carrying amounts largely due to short term maturities of these instruments.
rolling forecasts on the basis of expected cash flows.
2. Financial instruments with fixed and variable interest rates are evaluated by the Group based on parameters such as interest rates
Maturity patterns of other Financial Liabilities- other than borrowings and lease obligation and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses
(` in Lakhs)
of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
As at 31 March, 2021 0-3 months 3-6 months 6 months to beyond 12 Total
12 months months The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Trade Payable 102395.45 9806.09 4183.43 - 116384.97 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Payable related to Capital goods (Current and Non current) 317.89 - - 12789.72 13107.61
Level 2: Other techniques for which major inputs which have a significant effect on the recorded fair value are observable, either directly
Other Financial liability (Current and Non Current) 36107.92 492.52 1611.08 593.85 38805.37
or indirectly.
Total 138821.26 10298.61 5794.51 13383.57 168297.95
Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market
(` in Lakhs)
data (Unobservable input data).
As at 31 March, 2020 0-3 months 3-6 months 6 months to beyond 12 Total
12 months months
Trade Payable 126571.28 10125.65 3858.54 - 140555.47
Payable related to Capital goods (Current and Non current) 378.55 90.17 2.82 12,789.72 13261.26
Other Financial liability (Current and Non Current) 34778.44 1120.67 2046.66 - 37945.77
Total 161728.27 11336.49 5908.02 12789.72 191762.50

256 Strengthening the core Raymond Limited | Annual Report 2020-21 257
 Notes to the Consolidated Financial Statements

258
for the year ended 31st March, 2021

Financial Assets and Liabilities as at 31st March’2021 based on Fair value Hierarchy
(` In lakhs)
Financial Assets and Liabilities as Total Amount Routed through Profit and Loss Routed through OCI Carried at amortised cost
at 31st March, 2021 Non Current Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Current

Financial Assets
Investments
- Equity instruments 4059.52 1738.53 5798.05 1738.53 - 14.64 1753.17 30.86 4014.01 - 4044.87 - - - -
- Bonds and debentures - - - - - - - - - - - - - - -
- Mutual funds - 9035.93 9035.93 9035.93 - 9035.93 - - - - - - - -
- Venture capital fund 733.97 - 733.97 - - 733.98 733.98 - - - - - - - -
- Government Securities 0.36 - 0.36 - - - - - - - - - 0.26 0.10 0.36
4793.85 10774.46 15568.31 10774.46 - 748.62 11523.08 30.86 4014.01 - 4044.87 - 0.26 0.10 0.36
Other Assets
-Loans given 1500.00 1000.00 2500.00 - - - - - - - - - - 2500.00 2500.00
-Other Financial Assets 7721.56 5037.68 12759.24 - - - - - - - - - 12759.24 12759.24
-Trade receivable - 95803.55 95803.55 - - - - - - - - - - 95803.55 95803.55
-Cash and Cash equivalent - 23357.17 23357.17 - - - - - - - - - - 23357.17 23357.17
-Other Bank Balance - 31855.38 31855.38 - - - - - - - - - - 31855.38 31855.38
14015.41 167828.24 181843.65 10774.46 - 748.62 11523.08 30.86 4014.01 - 4044.87 -0.01 0.26 166275.44 166275.69
Financial Liabilities
-Borrowings 117553.27 90032.86 207586.13 - - - - - - - - - - 207586.13 207586.13
-Other Financial Liabilities# 36391.91 49210.40 85602.31 - - - - - - - - - - 85602.31 85602.31
-Trade Payables - 116384.97 116384.97 - - - - - - - - - - 116384.97 116384.97
153945.18 255628.23 409573.41 - - - - - - - - - - 409573.41 409573.41

(` In lakhs)
Financial Assets and Liabilities as Total Amount Routed through Profit and Loss Routed through OCI Carried at amortised cost
at 31st March, 2020 Non Current Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Current
Financial Assets
Investments
- Equity instruments 2811.52 1364.30 4175.82 1364.30 - 14.33 1378.63 11.38 2785.81 - 2797.19 - - - -
- Bonds and debentures - - - - - - - - - - - - - - -
- Mutual funds - 19921.89 19921.89 19921.89 - - 19921.89 - - - - - - - -
- Venture capital fund 380.57 - 380.57 - - 380.57 380.57 - - - - - - - -
- Government Securities 0.36 - 0.36 - - - - - - - - - 0.26 0.10 0.36
3192.45 21286.19 24478.64 21286.19 - 394.90 21681.09 11.38 2785.81 - 2797.19 - 0.26 0.10 0.36
Other Assets
-Loans given 754.53 1066.34 1820.87 - - - - - - - - - - 1820.87 1820.87
-Other Financial Assets 13309.52 2831.89 16141.41 - - - - - - - - - - 16141.41 16141.41
-Trade receivable - 115948.27 115948.27 - - - - - - - - - - 115948.27 115948.27
-Cash and Cash equivalent - 13319.12 13319.12 - - - - - - - - - - 13319.12 13319.12
-Other Bank Balance - 19445.37 19445.37 - - - - - - - - - - 19445.37 19445.37
17256.50 173897.18 191153.68 21286.19 - 394.90 21681.09 11.38 2785.81 - 2797.19 0.00 0.26 166675.14 166675.40
Financial Liabilities
-Borrowings 38694.09 204263.50 242957.59 - - - - - - - - - - 242957.59 242957.59
-Other Financial Liabilities# 54704.04 51091.44 105795.48 - - - - - - - - - - 105795.48 105795.48
-Trade Payables - 140555.47 140555.47 - - - - - - - - - - 140555.47 140555.47
93398.13 395910.41 489308.54 - - - - - - - - - - 489308.54 489308.54
#Includes overdrawn bank balances
All above amounts are net of provision for impairment.

Strengthening the core

Less:-
Disposals

Disposals
Add/ less:-
Acquisitions

Acquisitions

the fair value

-Borrowings
- Investment
Financial Assets

-Lease liabilities
-Security deposits

Financial Liabilities
Financial Statements

Significant Estimates
- Certificate deposits

each reporting period.

for the year ended 31st March, 2021

Raymond Limited | Annual Report 2020-21

Opening Balance as at 01st April’2019

Closing balance as at 31st March’2020

Closing balance as at 31st March’2021

Gain/(Losses) recognised in statement of profit or loss

Gain/(Losses) recognised in statement of profit or loss

Approach as applicable in respect of its investment in various entities.

Movement of Financial assets fair valued and classified in Level -3

6678.69
-

6679.05
0.36

207586.13

207586.13
33689.33
Carrying amount

Valuation techniques used for Fair valuations of Financial assets which are fair valued
As at 31st March’2021
Fair Value of Non current Financial Assets and Liabilities carrying at amortised Cost

6678.69
-

6679.05
0.36

207586.13

207586.13
33689.33
Fair Value
733.97
525.91
fund*
Venture capital

(114.56)
-

380.57
(30.78)

555.75
(310.22)
107.87

Level 1:- Financial assets categorised in Level 1, are fair valued based on market data as at reporting date.
Notes to the Consolidated Financial Statements

9655.93
-

9656.29
0.36

242957.59

242957.59
54588.45
Carrying amount
14.64
-
11.82
Others

0.03
14.33
2.51
-

0.28
-

As at 31st March’2020

Approach (EV/EBITDA multiple) for its core business and based on Market Approach (Market Price, PECV multiple), Net Assets Value
judgement to select from variety of methods and make assumptions that are mainly based on market conditions existing at the end of
The fair value of financial instruments that are not traded in active market is determined by using valuation techniques. The Group uses
The carrying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, loans, other
been further invested into various companies. Company has considered the fair value on the basis of the valuation report provided by venture capital fund.

9655.93
-

9656.29
0.36

242957.59

242957.59
54588.45
Fair Value

current financial assets, current borrowings, trade payables, other current financial liabilities are considered to be approximately equal to
748.61

Level 2:- The fair valuation of investment in J K Investors (Bombay) Limited has been done by an independent valuation firm using Market
537.73
Total

(114.56)
0.00

394.90
(28.27)

556.03
(310.22)
107.90

*The Holding Company has invested in Kotak India Growth Fund, Nepean Long Term Opportunities Fund and JM Financial India Fund II and these funds have

(` in Lakhs)
(` in Lakhs)

259
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note 37 : Interest in Other Entities Name Country of Activities Proportion of Ownership of

(1) The Consolidated Financial Statements present the Consolidated Accounts of Raymond Limited with its following Subsidiaries, Joint Incorporation Interest
Ventures (and its subsidiaries and Joint Ventures), Associates (and it’s Subsidiaries and Joint Ventures) :
As on 31st As on 31st
Name Country of Activities Proportion of Ownership of March 2021 March 2020
Incorporation Interest
UCO Testatura S.r.l. Romania
As on 31st As on 31st UCO Raymond Denim Holding NV Belgium
March 2021 March 2020
C. Associates and their Subsidiary and Joint
A. Subsidiaries Venture : (Effective Holding)
Indian Subsidiaries: (a) P.T. Jaykay Files Indonesia * Indonesia $ Tools and Hardware 39.20% 39.20%
(a) Raymond Apparel Limited India Apparel 100% 100% (b) J.K Investo Trade ( India) Limited (and its FMCG 47.66% 47.66%
(b) Pashmina Holdings Limited India Others 100% 100% subsidiaries and Joint Ventures)
(c) Everblue Apparel Limited India Garmenting 100% 100% J.K. Helene Curtis Limited India + 47.66% 47.66%
(d) J K Files (India) Limited India Tools and Hardware 100% 100% J.K. Helene Curtis International FZE United Arab “* 47.66% 47.66%
(e) Colorplus Realty Limited (Formerly, Colorplus India * Others 100% 100% (Liquidated w.e.f 20th January 2020) Emirates
Fashions Limited) (c ) Ray Global Consumer Trading Ltd and its India FMCG 47.66% 47.66%
(f) Silver Spark Apparel Limited India Garmenting 100% 100% subsidiaries (Formerly known as Ray Global
Consumer Trading Private Ltd) (w.e.f. 01st
(g) Celebrations Apparel Limited India Garmenting 100% 100%
April, 2019)
(h) Scissors Engineering Products Limited India Auto Components 100% 100%
Raymond Consumer Care Limited India 47.66% 47.66%
(i) Ring Plus Aqua Limited India $ Auto Components 89.07% 89.07% (Formerly known as Ray Universal
( j) JK Talabot Limited India # Tools and Hardware 90% 90% Trading Limited) (w.e.f. 01st April, 2019)
(k) Raymond Woollen Outerwear Limited India Textile 99.54% 99.54% Ray Global Consumer Products Limited India
(l) Raymond Luxury Cottons Limited India Shirting 75.69% 75.69% (w.e.f. 12 January 2021)
(m) Dress Master Apparel Private Limited (upto 1 India @ Garmenting 100% 100% Ray Global Consumer (Enterprises) India #
December 2020) Products Limited (w.e.f. 2 February 2021)
(n) Raymond Lifestyle Limited (w.e.f 14th India Textile, Apparel, Shirting and 100% 100.00% (d) Radha Krshna Films Limited India Entertainment 25.38% 25.38%
November, 2019) Garmenting $ Includes 15.20% equity shares held by Jaykayorg AG
* Held by Raymond Apparel Limited + 100% Subsidiary of J K Investo Trade ( India) Limited
$ Held by Scissors Engineering Products Limited ^ 50% Joint Venture of J K Investo Trade (India) Limited (upto 11th September, 2018)
# Held by J K Files (India) Limited 100% Subsidary of J K Investo Trade (India) Limited (w.e.f 12th September,2018) .
@ Held by Silver Spark Apparel Limited Merged with J.K. Investo Trade (India) Limited w.e.f 01st April 2019.
Foreign Subsidiaries : # 100% Subsidiary of Ray Global Consumer Products Limited
(a) Jaykayorg AG Switzerland * Textile 100% 100% * Financial year ends on 31st December
(b) Raymond (Europe) Limited United * Garmenting 100% 100% “ 100% Subsidiary of J K Helene Curtis Limited
Kingdom
(c) R&A Logistics Inc. United States + Garmenting 100% 100% (2) Details of Summarised Financial Information , Summarised Performance and other details of joint venture and associates
of America i) Investment in joint venture
(d) Raymond Lifestyle International DMCC United Arab Garmenting 0% 0% Country of Percentage of
(liquidated w.e.f. 8th November,2019) Emirates Incorporation Ownership interest
(e) Silver Spark Middle East FZE United Arab ^* Garmenting 100% 100% As at As at
Emirates 31st March, 2021 31st March, 2020
(f) Silver Spark Apparel Ethiopia Plc. Ethiopia @* Garmenting 100% 100% Raymond UCO Denim Pvt. Ltd. India 50% 50%
(g) Raymond Lifestyle (Bangladesh) Private Bangladesh ! Garmenting 100% 100%
Limited (w.e.f 30th January, 2020) ii) Investment in associates
+ Held by Silver Spark Apparel Limited Country of Percentage of
* Financial year ends on 31st December Incorporation Ownership interest
^ Held by Silver Spark Apparel Limited As at As at
@ Held by Silver Spark Middle East FZE 31st March, 2021 31st March, 2020
! Financial year ends on 30th June 1) J.K. Investo Trade (India) Limited India 47.66% 47.66%
B. Joint Ventures and Jointly controlled entities 2) Raymond Global Consumer Trading Limited India 47.66% 47.66%
Raymond UCO Denim Private Limited (and its India Denim 50% 50% 3) P. T. Jaykay Files Indonesia Indonesia 39.20% 39.20%
subsidiaries and Joint Ventures) 4) Radha Krshna Films Limited India 25.38% 25.38%
[RUDPL]
UCO Fabrics Inc. And its Subsidiaries United States
of America

260 Strengthening the core Raymond Limited | Annual Report 2020-21 261
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Summarised Financial Information of joint venture and associates (4) Reconciliation of profit and loss/ other comprehensive income (OCI) considered for consolidated financial statements
Joint venture Associates to profit and loss/ OCI as per financial statements / consolidated financial statements of joint venture and associates
(` in Lakhs)
Raymond Uco Denim Private J K Investo Trade (India) Ray Global Consumer Other Associates
Limited Limited Trading Limited Joint venture Associates
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, Year ended 31st Year ended 31st Year ended 31st Year ended 31st
2021 2020 2021 2020 2021 2020 2021 2020 March, 2021 March, 2020 March, 2021 March, 2020
(A) Non Current Assets 33656.96 37521.39 44842.89 26079.23 5270.71 6184.53 1381.53 1458.69 Profit/ (loss) as per entity’s financial statements (2595.48) (1736.57) 1693.43 17207.10
(B) Current Assets Add/ (less) : Consolidation adjustment
i) Cash and cash equivalent 1226.67 1576.88 2486.83 30.09 2862.20 2056.43 534.22 269.36 (i) Dividend distributed - - - (91.44)
ii) Others 41528.95 49097.95 36.40 1032.45 18893.83 17920.73 3461.31 3734.27 (ii) others - (361.58) (45.95) 143.14
Total Current Assets 42755.62 50674.83 2523.23 1062.54 21756.03 19977.16 3995.53 4003.63
Net Profit / (loss) as per consolidated financial (2595.48) (2098.15) 1647.49 17258.79
Total Assets (A+B) 76412.58 88196.22 47366.12 27141.77 27026.74 26161.69 5377.06 5462.32
statements
(A) Non Current Liabilities
OCI as per entity’s financial statements (134.38) (149.85) 7702.74 (27351.43)
i) Financial Liabilities 10073.61 5309.31 - - 823.01 1140.57 - -
ii) Non Financial Liabilities 2084.92 2429.57 - 7.51 1949.06 1799.25 54.01 - Add/ (less) : Consolidation adjustment
Total Non Current Liabilities 12158.53 7738.88 - 7.51 2772.07 2939.82 54.01 - (i) Fair valuation** - - (7674.78) 27312.70
(B) Current Liabilities (ii) others 9.55 - - -
i) Financial Liabilities 55470.79 66486.08 907.14 919.07 10893.08 11046.95 763.52 912.76 OCI as per consolidated financial statements (143.93) (149.85) 27.96 (38.73)
ii) Non Financial Liabilities 1657.48 1876.36 562.18 274.75 4188.13 2800.80 852.66 767.97
Total Current Liabilities 57128.27 68362.44 1469.32 1193.82 15081.21 13847.75 1616.18 1680.73
Total Liabilities (A+B) 69286.80 76101.32 1469.32 1201.33 17853.28 16787.57 1670.19 1680.73 (5) Movement of Investment using equity method
Net Assets / (Liabilities) 7125.78 12094.90 45896.80 25940.44 9173.46 9374.12 3706.87 3781.59 (I) Interest in associates
Summarised Performance of joint venture and associates (` in Lakhs)

Joint Venture Associates As at As at

Raymond Uco Denim J K Investo Trade (India) Ray Global Consumer Other Associates 31st March’2021 31st March’2020
Private Limited Limited Trading Limited (a) P T Jaykay Files Indonesia
2020-2021 2019-2020 2020-2021 2019-2020 2020-2021 2019-2020 2020-2021 2019-2020 Interest as at 1st April 1482.36 1428.92
Revenue 60006.86 91717.97 66.41 240.84 41359.80 59518.74 2491.50 3596.41 Add:- Share of profit / (loss) for the year (67.62) 88.24
Profit/(Loss) before Tax (5200.37) (3473.14) 4618.77 43427.46 (232.93) 2023.97 (224.03) 306.26 Add:- Share of OCI for the year 38.33 (34.80)
Tax Expense - - 740.47 8835.18 (49.14) 697.53 (51.53) 81.16 Balance as at 31st March 1453.07 1482.36
Profit/(Loss) after Tax (5200.37) (3473.14) 3878.30 34592.28 (183.79) 1326.44 (172.50) 225.10 (b) J K Investo Trade (India) Limited
Other comprehensive Income - (268.75) (299.70) 16078.06 (57307.39) (16.87) (8.24) 97.78 (88.78) Interest as at 1st April 23280.66 11420.19
gain/(loss) Add:- Share of profit / (loss) for the year [Refer note (i) below] 1848.32 16538.38
Total comprehensive Income - gain/ (5469.12) (3772.84) 19956.36 (22715.11) (200.66) 1318.20 (74.72) 136.32 Add:- Share of OCI for the year (2.33) -
(loss) Less:- Adjustment pursuant the Composite scheme of - (4508.33)
Depreciation and Amortisation 4035.77 4099.06 0.04 0.20 969.91 997.93 - - amalgamation and arrangement [Refer note 4 and 14(ii)]
Interest Income 39.68 269.40 19.45 1.86 121.43 86.05 - - Less:- Cancellation of investment in Ray Global Consumer Trading Limited pursuant the - (169.58)
Interest Expense 3256.79 4246.83 - - 207.27 404.25 3.07 3.15 Composite scheme of amalgamation and arrangement (Refer note 4)
Refer note 30 for contingency and commitments of joint venture and associates Add:- Others 8.06 -
Balance as at 31st March 25134.71 23280.66
(3) Reconciliation of net assets considered for consolidated financial statements to net assets as per financial statements /
(c) Ray Global Consumer Trading Limited
consolidated financial statements of joint venture and associates
(` in Lakhs) Interest as at 01st April 4467.51 -
Add:- Share Capital Suspense Account (Refer note 4) - 169.58
Joint venture Associates
Add:- Adjustment pursuant the Composite scheme of - 3669.68
As at As at As at As at amalgamation and arrangement [Refer note 4 and 14(ii)]
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020 Add:- Share of profit / (loss) for the year (133.21) 632.18
Add:- Share of OCI for the year (8.04) (3.93)
Net assets as per entity’s financial statements 3558.04 6047.45 27696.07 18313.31
Balance as at 31st March 4326.26 4467.51
Add/ (less) : Consolidation adjustment
Total Interest in Associates 30914.04 29230.54
(i) Fair value of Investment** - - 3512.74 11211.99
(ii) Deferred tax on preference shares - - - - Group’s share of profits for the year ended 31st March 2020 include ` 16,703 lakhs recognised on sale of land and building by J K Investo
(iii) Dividend distributed - - (294.77) (294.77) Trade (India) Limited at Panchpakhadi, Thane vide ‘Indenture of Conveyance’ (the ‘deed’) entered into between J K Investo Trade (India)
Limited, Elpis Ventures Private Limited and Kleio Developers Private Limited dated 12 December, 2019 for a consideration of ` 65000 lakhs
Net assets per consolidated financial statements 3558.04 6047.45 30914.04 29230.53
(net of contingent consideration of ` 5000 lakhs). During the year ended 31 March 2021, J K Investo Trade (India) Limited has recognised
** Elimination of fair value gain on parents equity shares held by one of entity in the Group. contingent consideration on the aforesaid sale on fulfillment of conditions applicable. Accordingly, Group’s share of profits for the year
ended 31 March 2021 includes surplus on sale of land of ` 1,701 lakhs (net of tax).

262 Strengthening the core Raymond Limited | Annual Report 2020-21 263
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

(II) Interest in Joint Ventures (` in lakhs)

(` in Lakhs) Cash Non-current Current Lease Interest Total
and cash borrowings borrowings Liabilities (payable) /
As at As at
equivalents receivable
31st March’2021 31st March’2020
(net of Bank (Net of interest
(a) Raymond Uco Denim Private Limited Overdrafts) subsidy)
Interest as at 1st April 6047.45 (394.55) Net debt as at 1st April 2019 1984.49 (73613.31) (173166.43) - 561.64 (244233.61)
Add:- Share of profit / (loss) for the year (2595.48) (2098.15) Adjustment on transition to Ind AS 116 [refer - - - (59873.00) - (59873.00)
Add:- Share of OCI for the year (143.93) (149.85) note 43(a)]
Add:- Reduction of preference shares/ fresh equity 250.00 8690.00 Cash flows 11262.73 9211.25 (5389.10) 10919.00 - 26003.88
Balance as at 31st March 3558.04 6047.45 Non cash movement: Acquisitions/disposals - - - (5634.45) - (5634.45)
Total Interest in Joint Ventures 3558.04 6047.45 Finance costs recognised - - - (5056.00) (25216.50) (30272.50)
Finance costs paid - - - 5056.00 25971.56 31027.56
Net debt as at 31st March 2020 13247.22 (64402.06) (178555.53) (54588.45) 1316.70 (282982.12)
Note: -38 Capital Management
Cash flows 9984.38 (72947.60) 106691.97 4869.29 - 48598.04
(a) Risk Management
T he Group aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns Non cash movement: Acquisitions/disposals - - - 16053.07 (22.95) 16030.12
to its shareholders. Finance costs recognised - - - (3850.95) (23752.95) (27603.90)
Finance costs paid - - - 3827.71 24382.01 28209.72
The capital structure of the Group is based on management’s judgement of the appropriate balance of key elements in order to
Transaction costs netted off / writeoff of interest - 1,627.09 - - (1886.58) (259.49)
meet its strategic and day-to-day needs. Management considers the amount of capital in proportion to risk and manage the capital
subsidy receivable
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 Net debt as at 31st March 2021 23231.60 (135722.57) (71863.56) (33689.33) 36.23 (218007.63)
issue new shares.
Note: -39 (a) Government Grants
The Group policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors Capital Subsidy: The Group is entitled to subsidy, on its investment in the property plant and equipment, on fulfilment of the conditions
and market confidence and to sustain future development and growth of its business. The Group will take appropriate steps in stated in those Scheme. The subsidy being Government Grant is accounted as stated in the Accounting policy on Government Grant
order to maintain, or if necessary adjust, its capital structure. [Refer note 1 (i)(w)].

(b) Dividend Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at zero duty subject to an export
 nder the terms of major borrowing facilities, the group is required to comply with certain terms and conditions attached with these
U obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG
facility and the Group has complied with these terms and conditions throughout the reporting period. scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant (Refer note 1).
The Government Grant mentioned above represents unamortised amount of the subsidy referred to above, with the corresponding
31st March, 2021 31st March, 2020 adjustment to the carrying amount of property, plant and equipment disclosed in note 17 (i) and 17 (ii).
Equity shares (Face value of ` 10 each)
Final dividend for the year ended 31 March 2020 of ` Nil (31 March 2019 – ` 3) - 1841.43 Note: -39 (b) Employee Stock Option plan
(i) Raymond Apparel Limited, the wholly owned subsidiary of the Holding Company, has granted Nil Stock Options to its eligible
0.01% Compulsorily Convertible Preference Shares (Face value of ` 10 each)* 0.00 0.00
employees and employees of the Holding Company during the year ended 31 March 2021, in accordance with the Raymond
Dividend for the year ended 31st March, 2021 of ` 0.0001 (31st March, 2020 - ` 0.001) per Apparel Limited Employees Stock Options Plan 2018 (“RAL ESOP 2018”) with the vesting period as provided in the Award
fully paid share Agreement with each Employee. The holder of each option is eligible for one fully paid equity share of the subsidiary company of
* Amount is less than ` 1000 the face value of ` 10 each on payment of ` 10 per option. The fair value of option determined on the date of grant is ` 1570 based
(c) Loan covenants on the comparable companies multiple method. RAL ESOP 2018 is in the process of finalisation, in view of that the Disclosure in
 ank loans availed by the Holding Company contain certain debt covenants which are required to be complied with. As of the
B terms of Rule 12 of Companies (Share Capital and Debentures) Rules, 2014 of the Companies Act, 2013 is annexed here below
reporting date, the Holding Company is not in compliance with certain performance linked financial covenants. The Holding
Company is trying to ensure compliance with the covenants as soon as possible. The banks have not levied any interest/penalty Particulars Year ended Year ended
towards above matter, nor have they communicated any intention to recall the loans or make them repayable immediately, in view 31st March, 2021 31st March, 2020
of the above matter. Number of options outstanding on Beginning of the year 33692 33692
(d) Net debt reconciliation Options granted during the year Nil Nil
(` in lakhs) Options vested during the year Nil Nil
Particulars As at As at
Options exercised during thye year Nil Nil
31st March, 2021 31st March, 2020 Options lapsed during the year 25971 Nil
Exercise price ` 10 ` 10
Cash and cash equivalents (net of Bank Overdrafts) 23231.60 13247.22
Variation of terms of options None None
Non- current borrowings (135722.57) (64402.06)
Money realised by exercise of Option Nil Nil
Current borrowings (71863.56) (178555.53)
Total number of options in force at the end of the year 7721 33692
Lease Liabilities (33689.33) (54588.45)
Interest (payable) / receivable (net of interest subsidy) 36.23 1316.70 (ii) Ring Plus Aqua Limited, subsidiary of Scissors Engineering Products Limited has instituted Ring Plus Aqua Limited - Employee
Stock Option Scheme 2019 (RPAL ESOP 2019), pursuant to the approval of the shareholders at their Extra Ordinary General
Net Debt (218007.63) (282982.12)
Meeting held on 1st March, 2019. The Option Plan is designed to provide incentives to employees for long term value creation.
Participation in the plan is at the board’s discretion and no individual has a contractual right to participate in the plan or to receive
any guaranteed benefits. Once vested, the options remain exercisable for a period of one year. Options are granted under the plan

264 Strengthening the core Raymond Limited | Annual Report 2020-21 265
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

for no consideration and carry no dividend or voting rights. When exercisable, each option is convertible into one equity share of RLCL had received a notice dated 23rd November 2015 notifying that CH has filed a Petition against them before the Hon’ble Company
face value ` 10 per share. Under RPAL ESOP 2019, the Group has granted 111,947 stock options for fair value of option determined Law Board (“CLB”), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The
on the date of grant. 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
Fair Value of options granted : were transferred to the National Company Law Tribunal (“NCLT”), Mumbai bench and currently, the matter is pending before the said
The fair value at grant date is determined using the Black Scholes Model which takes into account the exercise price, the term of the forum. RLCL has filed a Miscellaneous Application on January 29, 2019 seeking part vacation of the order dated November 26, 2015. The
option, the share price at the grant date and expected price volatility of the underlying share, the expected dividend yield and the NCLT, Mumbai Bench had allowed the mentioning application filed by the Company and had directed that the main company petition
risk free interest rate for the term of the option. along with the application for vacating the stay be listed for hearing. The NCLT had directed for the matter to be heard on 22 April, 2021.
The options are granted for no consideration and vest as per vesting period mentioned below. However, due to the restricted functioning of the NCLT on account of the ongoing Covid-19 pandemic, the matter was not taken up on 26
April, 2021 and the matter stands adjourned to 12 July, 2021.
The details of the Scheme are as under :
Note: 41 Discontinued operation
Date of grant 26 April 2019 Subsidiary of RUDPL ( Joint Venture of group), UCO Fabrics Inc. (UFI), had discontinued its operations in 2008. The disclosures with
Number of options granted 111947 respect to these discontinuing operations are as under:
Exercise price per option ` 10.00 (` in Lakhs)
Vesting period Over a period of 4 years from the date of grant as under : Subsidiaries of Raymond Uco Denim Private Limited
40% of Options at the end of Year 1
20% of Options at the end of Year 2 2020-21 2019-20
20% of Options at the end of Year 3
Group’s share of total Assets at the close of the year 4.65 2.32
20% of Options at the end of Year 4
Exercise period One year from the date of vesting Note: 42
Expected Terms 5.9 years The Board of Directors of the Company at its meeting held on 7 November 2019 had approved the Composite Scheme of Arrangement
Share Price at grant date 277 (“Scheme”) which comprise of amalgamation of Raymond Apparel Limited (wholly owned subsidiary of Company) and Scissors
Expected Price volatility of the Company’s Shares 48% Engineering Products Limited (wholly owned subsidiary of Company) with the Company and then Demerger of the lifestyle business
Expected dividend yield 0% undertaking into Raymond Lifestyle Limited on a going concern basis. The Appointed Date is 1 April 2020. The Scheme will be effective
Risk-Free interest rate 7.67% upon receipt of such approvals as may be statutorily required including that of Mumbai Bench of the National Company Law Tribunal
(“NCLT”). Pending receipt of final approval, no adjustments have been made in the books of account and in the accompanying results.
The total expenses arising from share-based payments transactions recognised in consolidated profit or loss as part of employee
benefits expense are as follows : Note: -43 (a) Ind AS 116, ‘Leases’
(` in Lakhs) The following is the summary of practical expedients elected on initial application as at 1st April, 2019:
Particulars Year ended Year ended (a) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date;
31st March, 2021 31st March, 2020 (b) The Group had elected not to apply Ind AS 116 to leases previously accounted for as an operating leases, with a remaining lease
Employee Stock Option Plan expenses 43.61 60.21 term of less than 12 months and not recognise right-of-use assets but to account for the lease expense on a straight-line basis over
the remaining lease term;
Note: -39 (c) CVD Receivables (c) Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application;
Imported garments were fully exempted from payment of CVD under Notification No. 30/2004- C.E. dated 09.07.2004, subject to the (d) Applied the practical expedient by not reassessing whether a contract is, or contains, a lease at the date of initial application.
condition that no CENVAT Credit has been availed on the inputs or on capital goods. However, during the relevant period (FY 11 to FY Instead applied the standards only to contracts that were previously identified as leases under Ind AS 17;
14), there was a dispute between the importers and the Customs Department regarding the applicability of the said benefit and the
(e) Used hindsight in determining the lease term where the contract contained options to extend or terminate the lease.
fulfillment of the aforesaid condition. The Customs Department had taken a view that the condition of “where NO CENVAT credit has
been availed on the inputs by suppliers” was not applicable on the imported goods and accordingly, the importers were not eligible for The maturity analysis of lease liabilities are disclosed in note 35 (c)
the benefit of the said Notification. Basis the above notification, Raymond Apparel Limited had paid CVD under protest amounting to The weighted average incremental borrowing rate applied to lease liabilities as at 1st April 2019 was 8.5%
` 2257.44 Lakhs and expensed out, during the period from 2011 to 2015.
The difference between the lease commitments recorded, as of 31st March 2019, under Ind AS 17 and the value of the lease
However, Raymond Apparel Limited had filed refund applications of CVD paid under protest, amounting to ` 2257.44 Lakhs, basis the liabilities as of 1st April, 2019, was on account of use of practical hindsight in determining the lease term, where the contract
order passed by the Hon’ble Supreme Court of India in the case of M/s. SRF Ltd. vs Commissioner of Customs, Chennai reported at 2015 contained options to extend or terminate the lease in measuring the lease liability in accordance with Ind AS 116 and discounting
(318) E.L.T. 607 (SC) on 26.03.2015 interpreted Condition No. 20 of Notification No. 06/2002-CE (Sl. No. 122). The Hon’ble Supreme Court the lease liabilities to the present value under Ind AS 116.
held that importers of goods could claim benefit of such notification at the time of import for exemption from payment of CVD. The Group has recognised ` 542 lakhs (31 March 2020: ` 2043.53 lakhs) as rent expenses during the year which pertains to short-
Basis as above, Raymond Apparel Limited has brought the said amount in the books of account as “Claim Receivables” and created a term leases / low value assets [Refer note 27 (c)]
provision for an equivalent amount, as prudent practice. The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the
obligations related to lease liabilities as and when they fall due.
Note: -40 The Group’s lease asset primarily consist of leases for land (reclassified) and for buildings (premises) for retail stores and
During the earlier years, the Holding Company invested an amount of ` 6168 lakhs during the financial year ended 31st March 2016 warehouses having various lease terms. The Group has adopted Ind AS 116, “Leases”, effective 1 April 2019, using modified
and ` 2000 lakhs during the financial year ended 31 March 2015 by subscription to the  rights issue of equity shares of Raymond Luxury retrospective approach. The Group has discounted lease payments using the incremental borrowing rate as at 1 April 2019 for
Cottons Limited (RLCL) a subsidiary of the Holding Company, enhancing the Holding Company’s shareholding from 62% to 75.69% in the measuring lease liabilities at ` 59873 lakhs and accordingly recognised right-of-use assets at ` 50980 lakhs (before adjusting
financial year 2015-16 and from 55% to 62% in the financial year 2014-15.
prepaid lease rent) by adjusting retained earnings by ` 5838 lakhs (net of tax), as at the aforesaid date.
In the year 2012-13, Cottonificio Honegger S.p.A (‘CH’), Italy, the erstwhile JV partner with Raymond Limited through one of its joint The Ministry of Corporate Affairs vide notification dated 24 July 2020, issued an amendment to Ind AS 116, ‘Leases’, by inserting
venture company in India, Raymond Luxury Cotton Limited (RLCL) (formerly known as Raymond Zambaiti Limited), had submitted
a practical expedient w.r.t “Covid-19-Related Rent Concessions” effective from the period beginning on or after 01 April 2020.
request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as
Pursuant to the amendment, the Group has opted to apply the practical expedient by accounting for the rent concessions
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 ` 1122.24 lakhs. In the year 2013 - 14, RLCL had put up its claim of receivable from CH of ` 1122.24 lakhs before the amounting to ` 4674.67 lakhs (including unconditional rent concessions for periods after 31 March 2021) during the year ended 31
Judicial Commissioner of the Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with March 2021, in “Other income” in the Consolidated Statement of Profit and Loss. The rent concessions are recognised in the period
Cottonificio Honegger S.p.A (‘CH’), Italy, the Judicial Commissioner of the Composition (“the Commissioner”) appointed by the Court of in which formal consents have been received. Accordingly, leases for which formal consents are received on or after 1 April 2021,
Bergamo, Italy, has declared RLCL as unsecured creditor for the amount outstanding from ‘CH’. Further ‘CH’ had also sought permission concessions will be recognised during the respective periods.
from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

266 Strengthening the core Raymond Limited | Annual Report 2020-21 267
 Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements
for the year ended 31st March, 2021 for the year ended 31st March, 2021

Note :- 44 (a) Note :- 44 (b)

For Disclosures mandated by Schedule III of Companies Act 2013, by way of additional information, refer below: For Disclosures mandated by Schedule III of Companies Act 2013, by way of additional information, refer below:
(` in Lakhs) (` in Lakhs)
Name of the Entities 2019-2020
Name of the Entities 2020-2021 Net Assets i.e. total Share in Profit /(Loss) Share in Other Share in Total
Net Assets i.e. total Share in Profit /(Loss) Share in Other Share in Total assets minus total Comprehensive Income / Comprehensive Income /
assets minus total Comprehensive Income / Comprehensive Income / liabilities (Loss) (Loss)
liabilities (Loss) (Loss) As a % of Amount As a % of Amount As a % of other Amount As a % of total Amount
As a % of Amount As a % of Amount As a % of other Amount As a % of total Amount consolidated consolidated Comprehensive Comprehensive
consolidated consolidated Comprehensive Comprehensive net assets Profit Income Income
net assets Profit Income Income Parent:
Parent: Raymond Limited 72.34% 178277.37 48.09% 9431.62 13.69% 487.76 61.80% 9919.38
Raymond Limited 76.59% 166900.80 39.89% (11849.12) (26.20%) 472.55 40.78% (11376.57) Subsidiary:
Subsidiary: - Indian
- Indian Celebrations Apparel Limited 0.16% 404.68 (1.18%) (231.91) 0.23% 8.23 (1.39%) (223.68)
Celebrations Apparel Limited 0.20% 441.46 (0.12%) 36.78 (0.01%) 0.13 (0.13%) 36.91 Colorplus Realty Limited (0.02%) (44.17) (0.07%) (14.47) - - (0.09%) (14.47)
Colorplus Realty Limited (0.03%) (59.54) 0.05% (15.37) - - 0.06% (15.37) Everblue Apparel Limited 0.47% 1153.92 0.05% 10.46 1.70% 60.65 0.44% 71.11
Everblue Apparel Limited 0.58% 1271.13 (0.18%) 53.10 (3.55%) 64.11 (0.42%) 117.21 J.K. Files (India) Limited 2.53% 6242.01 6.28% 1231.74 0.95% 33.90 7.89% 1265.64
J.K. Files (India) Limited 3.93% 8558.71 (8.24%) 2448.70 7.32% (132.00) (8.30%) 2316.70 J.K. Talabot Limited 1.07% 2627.51 1.17% 229.86 (0.07%) (2.60) 1.42% 227.26
J.K. Talabot Limited 1.24% 2698.15 (0.37%) 108.83 2.12% (38.19) (0.25%) 70.64 Pashmina Holdings Limited 0.53% 1316.07 0.19% 38.19 (0.40%) (14.43) 0.15% 23.76
Pashmina Holdings Limited 0.62% 1349.24 (0.05%) 13.68 (1.08%) 19.49 (0.12%) 33.17 Raymond Apparel Limited 5.95% 14660.63 (42.84%) (8402.22) (78.99%) (2814.75) (69.89%) (11216.97)
Raymond Apparel Limited (1.02%) (2217.18) 60.70% (18031.45) (62.58%) 1128.77 60.58% (16902.68) Raymond Woollen Outerwear Limited 0.06% 138.15 0.07% 13.30 - - 0.08% 13.30
Raymond Woollen Outerwear Limited 0.07% 150.19 (0.04%) 12.04 - - (0.04%) 12.04 * Scissors Engineering Products Limited 5.37% 13234.68 9.16% 1796.24 0.22% 7.71 11.24% 1803.95
* Scissors Engineering Products Limited 7.11% 15486.12 (7.57%) 2249.33 2.33% (42.07) (7.91%) 2207.26 ** Silver Spark Apparel Limited 4.09% 10067.83 (6.82%) (1338.36) (40.86%) (1455.86) (17.41%) (2794.22)
** Silver Spark Apparel Limited 4.28% 9331.67 4.11% (1220.89) (26.88%) 484.73 2.64% (736.16) Raymond Luxury Cottons Limited 11.92% 29380.08 7.20% 1412.57 (1.54%) (55.04) 8.46% 1357.53
Raymond Luxury Cottons Limited 11.75% 25598.81 12.86% (3819.07) (2.10%) 37.80 13.55% (3781.27) Raymond Lifestyle Limited 0.00% 5.00 - - - - - -
Raymond Lifestyle Limited 0.00% 5.00 - - - - - - - Foreign
- Foreign Raymond Lifestyle International DMCC 0.00% 2.01 0.72% 140.75 (0.06%) (2.05) 0.86% 138.70
Raymond Lifestyle International DMCC 0.00% 2.01 0.00% - 0.00% - 0.00% - (Liquidated w.e.f. 8th November, 2019)
(Liquidated w.e.f. 8th November, 2019) Raymond (Europe) Limited 0.27% 660.60 0.10% 19.41 2.23% 79.36 0.62% 98.77
Raymond (Europe) Limited 0.25% 536.63 0.27% (79.27) 2.49% (44.82) 0.44% (124.09) Jaykayorg AG 1.14% 2819.03 0.05% 11.96 7.82% 278.79 1.82% 290.75
Jaykayorg AG 1.26% 2750.62 0.14% (43.74) 1.37% (24.67) 0.26% (68.41) Raymond Lifestyle (Bangladesh) Private 0.01% 22.53 (0.12%) (21.04) 0.02% 0.70 (0.12%) (20.34)
Raymond Lifestyle (Bangladesh) Private 0.01% 15.23 0.01% (6.43) 0.05% (0.87) 0.04% (7.30) Limited (w.e.f. 30th January, 2020)
Limited (w.e.f. 30th January, 2020) Subtotal 260967.93 4328.10 (3387.63) 940.47
Subtotal 232819.05 (30142.88) 1924.96 (28217.92) Intercompany Elimination and Consolidation (23.80%) (58653.35) 3.50% 686.97 - - 4.28% 686.97
Intercompany Elimination and Consolidation (26.41%) (57555.20) (2.44%) 726.13 - - (2.60%) 726.13 Adjustments
Adjustments Total 202314.58 5015.07 (3387.63) 1627.44
Total 175263.85 (29416.75) 1924.96 (27491.79) Non-Controlling Interest in subsidiaries 3.59% 8847.81 (2.87%) (562.80) 0.36% 12.80 (3.43%) (550.00)
Non Controlling Interest in subsidiaries 3.76% 8192.30 (2.22%) 660.88 0.30% (5.37) (2.35%) 655.51 Associates ( Investment as per Equity method):
Associates ( Investment as per Equity Indian
method): J K Investo Trade (India) Limited # 9.45% 23280.66 84.32% 16538.38 - - 103.05% 16538.38
Indian Ray Global Consumer Trading Limited 1.81% 4467.51 3.22% 632.18 (0.11%) (3.93) 3.91% 628.25
J K Investo Trade (India) Limited # 11.53% 25134.71 (6.22%) 1848.32 0.00 (2.33) (6.62%) 1845.99 (w.e.f 01st April,2019) #"
Ray Global Consumer Trading Limited # 1.99% 4326.26 0.45% (133.21) 0.45% (8.04) 0.51% (141.26) Radha Krshna Films Limited - - - - - - - -
Radha Krshna Films Limited - - - - - - - - - Foreign
- Foreign P T Jaykay Files Indonesia # 0.60% 1482.36 0.45% 88.24 (0.98%) (34.80) 0.33% 53.44
P T Jaykay Files Indonesia # 0.67% 1453.07 0.23% (67.62) (2.13%) 38.33 0.10% (29.29) Joint Ventures (Investment as per Equity
Joint Ventures (Investment as per Equity method):
method): Raymond UCO Denim Private Limited # 2.45% 6047.45 (10.70%) (2098.15) (4.21%) (149.85) (14.01%) (2248.00)
Raymond UCO Denim Private Limited # 1.63% 3558.04 8.74% (2595.48) 7.98% (143.93) 9.82% (2739.41) Grand Total 100.00% 246440.37 100.00% 19612.92 100.00% (3563.41) 100.00% 16049.51
Grand Total 100.00% 217928.23 100.00% (29703.86) 100.00% 1803.62 100.00% (27900.24) * Figures for Scissors Engineering Products Limited are figures after consolidation with its subsidiary viz. Ring Plus Aqua Limited.
* Figures for Scissors Engineering Products Limited are figures after consolidation with its subsidiary viz. Ring Plus Aqua Limited. ** Figures for Silver Spark Apparel Limited are figures after consolidation with its subsidiaries viz. Dress Master Apparel Private Limited, Silver Spark Middle
** Figures for Silver Spark Apparel Limited are figures after consolidation with its subsidiaries viz. Dress Master Apparel Private Limited (upto 1 December East FZE, Silver Spark Apparel Ethiopia Plc and and R&A Logistics Inc.
2020), Silver Spark Middle East FZE, Silver Spark Apparel Ethiopia Plc and and R&A Logistics Inc. # Numbers are based on group which includes subsidiaries, joint venture and associates.
# Numbers are based on group which includes subsidiaries, joint venture and associates. FZE, Silver Spark Apparel Ethiopia Plc and and R&A Logistics Inc.
# Numbers are based on group which includes subsidiaries, joint venture and associates.

268 Strengthening the core Raymond Limited | Annual Report 2020-21 269
270
Total

Partner
Particulars

Note:-47
Note - 46

Adi P. Sethna

Mumbai, 6th May, 2021

Chartered Accountants

Membership no. 108840

to in our report of even date.
(a) VRS/ Termination payments

For Walker Chandiok & Co LLP

for the year ended 31st March, 2021

Firm’s Registration Number : 001076N/N500013

This is the summary of the significant accounting
policies and other explanatory information referred
closely monitoring the situation as it evolves in the future.
Note: -45 Exceptional items - gain/(loss), (net)

Amit Agarwal
(b) Gain on exchange of land surrendered in lieu of development rights

Thomas Fernandes
Company Secretary
Chief Financial Officer

Mumbai, 6th May, 2021

The Financial Statements were authorised for issue by the directors on 06th May 2021.

For and on behalf of Board of Directors

Notes to the Consolidated Financial Statements

DIN:00020088
-

-
-
31st March, 2021
Year ended

Gautam Hari Singhania

In March 2020, the World Health Organisation declared COVID-19 a global pandemic. Consequent to this, Government of India

Chairman and Managing Director

these consolidated financial statements, to determine the impact on their revenue from operations and estimation of sales related
declared a nation-wide lockdown from 24th March 2020. Subsequently, the nation-wide lockdown was lifted by the Government of

its associates and joint ventures witnessed significant improvement in its operations during the second half of the year, the entities

restructuring exercise. The Group, its associates and joint ventures do not anticipate any major challenge in the ability to continue as
on the business operations and have considered all relevant internal and external information available up to the date of approval of

going concern or meeting its financial obligations. As the situation is unprecedented, the Group, its associates and joint ventures are
India, but regional lockdowns continue to be implemented in areas with significant number of COVID-19 cases. Although, the Group,

other intangible assets, investments, inventories, trade receivables, deferred tax assets and input tax credit receivables. The impact of
operations on a continuing basis. Accordingly, the Group, its associates and joint ventures have assessed the impact of this pandemic
remain watchful of the potential impact of COVID-19 pandemic, particularly the current “second wave”, on resuming normal business

in line with the guidelines issued by the Government authorities, take steps to strengthen its liquidity position and further explore cost
expenses over the foreseeable future and the recoverability and carrying value of certain assets such as property, plant and equipment,
3809.99
3823.99

prepare consolidated financial statements of the Group, its associates and joint ventures, which may differ from impact considered as at
31st March, 2020
Year ended

Covid-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to
(14.00)

the date of approval of these consolidated financials results. The Group, its associates and joint ventures continues its business activities,

Strengthening the core

(` in Lakhs)

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
SI Name of the Subsidiary Reporting period Reporting currency Share Reserves Total Total Investments Turnover Profit Provision Profit % of
No. for the subsidiary and Exchange rate as capital & surplus assets Liabilities before for after shareholding
concerned, if on the last date of the taxation taxation taxation
different from the relevant Financial year
Financial Statements

holding company’s in the case of foreign

reporting period subsidiaries.
1 Celebration Apparel Limited 271.00 170.46 552.39 110.93 - 40.40 46.17 9.40 36.77 100%
2 Colorplus Fashions Limited 100.00 (159.54) 0.29 59.83 - - (15.37) - (15.37) 100%
3 Everblue Apparel Limited 1150.00 121.44 4906.86 3635.42 - 6607.98 (31.65) (84.75) 53.10 100%
4 J.K.Files (India) Limited 3074.07 5486.69 22313.08 13752.31 724.89 34807.94 3290.28 841.67 2448.61 100%
5 J.K. Talabot Limited 805.44 1892.87 3070.56 372.25 143.17 2019.04 144.31 35.68 108.63 90.00%
Raymond Limited | Annual Report 2020-21

6 Pashmina Holdings Limited 74.00 1275.24 1350.74 1.50 419.78 - 14.55 0.87 13.68 100%
7 Raymond Apparel Limited 248.32 (2488.71) 130458.41 132698.80 4014.12 43764.31 (27657.39) (9626.11) (18031.28) 100%
8 Raymond Woollen Outerwear Limited 194.00 (43.81) 150.37 0.18 0.30 - 12.04 - 12.04 99.54%
9 Scissors Engineering Products Limited* 1813.14 13689.46 24088.45 8585.85 1309.20 19731.59 2855.31 605.99 2249.32 100%
10 Silver Spark Apparel Limited^ 896.43 8442.83 48458.41 39119.15 - 46665.61 (1640.75) (206.59) (1434.16) 100%
11 Raymond (Europe) Limited # 31.12.2020 GBP 1 = INR 99.81 0.03 536.60 2882.40 2345.77 - 4129.05 (93.86) (14.59) (79.27) 100%
12 Jaykay Org AG # 31.12.2020 CHF 1 = INR 82.92 0.98 2749.64 2752.55 1.93 1021.88 88.47 (43.74) - (43.74) 100%
13 Raymond Lifestyle (Bangladesh) Private limited # 30.06.2020 1 Takka = INR 0.88 42.87 (27.64) 43.26 28.03 - - (6.43) - (6.43) 100%
14 Raymond Lifestyle Limited 5.00 (0.11) 4.89 - - - (0.06) - (0.06) 100%
15 Raymond Luxury Cottons Limited 16868.00 8739.76 62495.21 36887.45 - 25782.34 (5838.57) (2019.50) (3819.07) 75.69%
Notes:-
* Figures for Scissors Engineering Products Limited are figures after consolidation with its subsidiary Ring Plus Aqua Limited.
^ Figures for Silver Spark Apparel Limited are figures after consolidation with its subsidiaries Dress Master Apparel Private Limited, Silver Spark Middle East FZE , Silver Spark Apparel Ethiopia Plc and R&A
Logistics Limited.
#
Share capital, Reserves & Surplus, Total Assets, Total Liabilities and Investments are translated at year end exchange rate : Pound Sterling = ` 110.73, Swiss Francs = ` 77.54, DHS = 19.90, Bangldesh Takka
= 0.85 and Turnover, Profit before taxation, Provision for taxation and Profit after taxation are translated at annual average exchange rate of Pound Sterling = ` 97.20, Swiss Francs = ` 80.56, DHS = 20.20,
Bangladesh Takka = 0.88
Part “B”: Associates and Joint Ventures
SR Name of Associates/Joint Ventures Latest audited Shares of Associate/Joint Ventures held by the Description Reason why the Networth attributable Profit / Loss for the year
No. Balance Sheet company on the year end of how there associate/joint to Shareholding as
Date is significant venture is not per latest audited
influence consolidated Balance Sheet

No. Amount of Extend of Considered in Not

Investment in Holding Consolidation Considered in
Associates/Joint % Consolidation
Venture
1 Raymond UCO Denim Private Limited 31.03.2021 14667179 13360.79 50% N.A. N.A. 3558.04 (2595.48) -
2 J.K.Investo Trade (India) Limited 31.03.2021 3489878 156.54 47.66% N.A. N.A. 25134.71 1848.32 (45.95)
3 PT Jaykay Files Indonesia 31.12.2020 39200 134.71 39.20% N.A. N.A. 1453.07 (67.62) -
4 Ray Global Consumer Trading Limited 31.03.2021 3487378 169.58 47.66% N.A. N.A. 4326.26 (133.21) -

For and on behalf of Board of Directors

Amit Agarwal Gautam Hari Singhania
Chief Financial Officer Chairman and Managing Director
DIN:00020088
Thomas Fernandes
Company Secretary
Mumbai, 6th May, 2021
271
Ten Year Highlights
Corporate Information
(` in Lakh)

*2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12
INCOME
Sales and Other Income 189148 331464 344052 313679 295095 291056 277160 227654 212559 195903 Board of Directors Management Executives Bankers / Financial
% Increase / (Decrease) (42.94) (3.66) 9.68 6.30 1.39 5.01 21.75 7.10 8.50 24.57 Gautam Hari Singhania Gautam Hari Singhania Institutions
Gross Profit before interest and 13871 38307 40196 33461 28776 35190 35334 33253 26531 32840 Chairman and Managing Director Chairman and Managing Director Axis Bank
depreciation
Bank of India
As % of Sales and Other Income 7.33 11.56 11.68 10.67 9.75 12.09 12.75 14.61 12.48 16.76 Nawaz Gautam Singhania Amit Agarwal
Bank of Maharashtra
Net Profit/(Loss) after Tax (11,849) 9432 7382 9807 3383 8209 10000 8812 (4784) 5635 Non-Executive Director Group CFO
Canara Bank
ASSETS EMPLOYED
Net Fixed Assets 110233 125141 111780 112219 85948 77904 77882 83150 97916 98377
I D Agarwal S L Pokharna Catholic Syrian Bank
Investments 55323 64799 70518 80413 83638 83445 70868 77018 74485 77730 Independent Director President – Corporate Commercial Central Bank of India
Net Current Assets 117835 111383 77596 28321 45389 65490 57044 56299 42047 43870 HDFC Bank
Pradeep Guha K A Narayan
Total 283391 301323 259894 220953 214975 226839 205793 216467 214448 219976 ICICI Bank
Independent Director President – Human Resources
% Increase/(Decrease) (5.95) 15.94 17.62 2.78 (5.23) 10.23 (4.93) 0.94 (2.51) (4.00) IDBI Bank Limited
EQUITY FUNDS AND EARNINGS Shiv Surinder Kumar S. Ganeshkumar Indian Bank
Shareholders’ Funds: Independent Director Chief Operating Officer – Indian Overseas Bank
Shareholders’ Investments 2404 2219 1885 1885 1885 1885 1885 1885 1885 1885 Lifestyle Business Life Insurance Corporation
Bonus Shares 4253 4253 4253 4253 4253 4253 4253 4253 4253 4253
Mukeeta Jhaveri
Standard Chartered Bank
Reserves 160243 171805 130743 125568 116266 117706 110638 103940 96958 104292 Independent Director Balasubramanian V
State Bank of India
Total 166901 178277 136881 131706 122404 123844 116776 110078 103096 110430 Chief Executive Officer –
Dinesh Lal SVC Co. Operative Bank
Contribution to Country’s Exchequer 2090 7343 9917 13063 7545 6814 5958 5808 4856 5753 Auto Components
Independent Director
Per Equity Share of ` 10:
Hemant Lakhotiya Statutory Auditors
Book Value 250.70 275.46 223.00 214.60 199.40 201.80 190.20 179.30 168.00 179.90 Ashish Kapadia
Chief Executive Officer – Messrs Walker Chandiok &
Earnings (17.80) 15.12 12.03 15.98 5.51 13.37 16.30 14.40 (7.80) 9.20 Independent Director
Tools & Hardware Co. LLP
Dividend Nil Nil 3.00 3.00 1.25 3.00 3.00 2.00 1.00 2.50
S K Gupta
* Figures are stated as per the Annual Report of 2020-21 Harmohan H Sahni
Non-Executive Director Internal & Operational
Chief Executive Officer – Realty
Auditors
(from June 01, 2021)
Chief Financial Officer Mahajan & Aibara Chartered
Amit Agarwal Arvind Mathur Accountants LLP
Chief Executive Officer –
Director – Secretarial & Denim Cost Auditors
Company Secretary R. Nanabhoy & Co.
Sudhir Langer
Thomas Fernandes
Chief Executive Officer –
Secretarial Auditor
FMCG
Website Robert Pavrey & Associates
www.raymond.in
Registered Office
Corporate Identification Plot No. 156 / H. No. 2,
Number (CIN) Village Zadgaon,
L17117MH1925PLC001208 Ratnagiri – 415 612, Maharashtra

Registrar & Share Transfer

Agent
Link Intime India Private Limited
C – 101, 247 Park, LBS Marg,
Vikhroli (West), Mumbai – 400 083,
Maharashtra

272 Strengthening the core