Contingent liabilities not provided for in respect of:
a) Claims against the Company (excluding those, liability whereof is
not ascertainable), not acknowledgedas debts:
i) Demand for excess rent Rs.7,98,48,488 (Previous Year Rs.7,89,48,488)
by National Textile Corporation Limited (NTC).
The Bombay High Court vide its order dated 15.07.2009, has stayed the
proceedings initiated by the Estate Officer of NTC till the final
disposal of the petition filed by the Company.
ii) Demand of Thane District Central Co-operative Bank Limited for
recovery of loan outstanding from ex-workmen Rs. 17,50,000 (Previous
Year Rs.17,50,000) against which equivalent amount of Bank guarantee
has been provided by the Company.
iii) Other matter spending for disposal in Bombay High Court
Rs.5,88,734 (Previous YearRs.5,88,734)
b) Disputed Income-tax / Wealth tax / Custom Duty demands under appeal
excluding interest liability, if any, as may arise on conclusion of the
i) Demand of disputed Wealth-tax Rs.43,04,480 (Previous Year
Rs.43,04,480). ii) Demand of disputed Income-tax Rs.3,49,58,777
(Previous YearRs.3,49,58,777). iii) Custom Duty matters estimated at
Rs.4,00,000 (Previous Year Rs.4,00,000).
c) Interest on certain intercorporate deposits Rs.1,10,70,000 (Previous
2. In terms of acquisition proceedings initiated by Thane Municipal
Corporation, about 6827.35 sq. meters (previous year 6827.35 sq.
meters) of the Companys land at Thane costing Rs.29,127 (Previous Year
Rs.29,127) was acquired for the purpose of widening of municipal roads.
Necessary accounting effect for the same and for the compensation to be
received there against, in cash or in kind, will be given in the year
in which the compensation amount is finally settled.
3. Conveyancing of Wadala leasehold land, sold in earlier years, in
favour of M/s. Kalpak Development Corporation (purchaser)/ultimate
acquirers is still pending in respect of part of the property.
4. There are no Micro, Small and Medium Enterprises to whom the
Company owes dues as at 31st March, 2010. This disclosure, takes into
account, only those creditors who have responded to the enquiries made
by the Company for the purpose of determining its creditors who are
Micro and Small Enterprises as defined under Micro, Small and Medium
Enterprises Development Act, 2006. This has been relied upon by the
5. RELATED PARTY DISCLOSURES
1. (a) Parties where control exists
(i) Wholly owned subsidiary J.K. Helene Curtis Limited
(ii) Parties under common central
Raymond Limited J.K. Investors (Bombay) Limited
Raymond Apparel Limited Ring Plus Aqua Limited
Pashmina Holdings Limited Scissors Engineering Products Limited
Everblue Apparel Limited R & A Logistics Inc., USA
Jaykayorg AG Raymond Zambaiti Private Limited
J.K. (England) Limited Raymond UCO Denim Private Limited
Regency Texteis Portuguesa,
Limited GAS Apparel Pvt. Ltd.
J.K. Files (India) Limited
(Hindustan UCO Fabrics Inc.
Files Limited) UCO Sportswear International
JK Talabot Limited UCO Testatura
Colorplus Fashions Limited UCO Raymond Denim Holding NV
Silver Spark Apparel Limited Rayves Automotive Textiles Co.
Celebrations Apparel Limited Rose Engineered Products India
P.T. Jakay Files Indonesia
Silver Soaps Private Limited
Radha Krshna Films Limited
Raymond Woollen Outerwear Ltd.
Note : During the year transactions were entered into only with Raymond
(b) Associates / Joint Ventures
and others J.K. Ansell Limited
(c) Key Managerial Personnel Shri R.K. Ganeriwala
Note: Related parities are as identified by the Company and relied upon
by the Auditors.
6. Loans and advances include Rs.Nil (Previous Year Rs.10,500) given
to employees at concessional rate of interest of 5% per annum.
7 Maximum amount outstanding during the year Rs.NIL (Previous Year
8. Deferred Tax Assets:
As a matter of prudence, the management has not recognised deferred tax
assets in respect of carried forward business losses of Rs.11,26,906
(Previous year Rs.11,26,906).
9. Previous years figures have been regrouped/rearranged/recasted,
wherever necessary, to conform to the current years presentation.