Dear Members,
Your Board of Directors are pleased to present the Seventh Annual
Report on the business and operations of the Company together with the Audited Financial
Statements for the financial year ended March 31,2025 (year under review).
1. CORPORATE OVERVIEW AND GENERAL INFORMATION
The Company, originally incorporated in 2018, underwent significant
strategic restructuring between 2020 and 2024 to streamline its business operations and
unlock shareholder value.
In 2020, the Fast Moving Consumer Goods (FMCG) business of J K Helene
Curtis Limited was demerged and transferred into the Company. Simultaneously, Raymond
Consumer Care Private Limited (formerly JK Ansell Private Limited), which held the sexual
wellness manufacturing business, was amalgamated with the Company. This amalgamation
consolidated various consumer-focused ventures under the Company.
A pivotal strategic decision was executed in April 2023, when the FMCG
business was divested to Godrej Consumer Products Limited through a slump sale, realizing
a consideration of Rs. 2,825 Crore. This transaction allowed the Company to sharpen its
focus on core competencies.
Building on this strategic realignment, the fiscal year 202425
witnessed a significant transformation. The Company's name was change from Raymond
Consumer Care Limited to Raymond Lifestyle Limited. Simultaneously, the objects of the
Company were amended to formally include the business of Textile and Apparel
manufacturing, along with related ancillary activities, reflecting a clear shift in the
strategic direction.
Further solidifying this transformation, the Hon'ble National
Company Law Tribunal (NCLT'), Mumbai Bench, approved the Composite Scheme of
Arrangement (Scheme') between Raymond Limited (RL'), Ray Global
Consumer Trading Limited (RGCTL') and the Company on June 21, 2024. Pursuant to
this Scheme, the entire lifestyle business of Raymond Limited was demerged and transferred
to the Company, effective from June 30, 2024. The Company got listed on Stock Exchanges
w.e.f. September 5, 2024.
As a result of these comprehensive corporate actions, Raymond Lifestyle
Limited now stands as a leading Fashion and Retail Company. The Company encompasses iconic
men's fashion brands and leverages a vast retail network to offer a diverse range of
fashion products and services, including branded textiles and apparel across formal,
casual and ethnic wear segments.
This demerger of the core Lifestyle Business from Raymond Limited
represents an affirmative step towards simplifying the Group structure and is designed to
unlock the full potential of the Lifestyle Business through a newly listed entity,
leveraging its existing strengths in Branded Textile, Branded Apparel and Garmenting. The
Company remains committed to building capacities for enhanced performance and delivery
across all its verticals.
2. FINANCIAL SUMMARY AND STATE OF COMPANY AFFAIRS
A summary of your Company's financial results for the Financial
Year 2024-25 is as under:
Rs. in Lakh
Particulars |
Standalone |
Consolidated |
|
March 31, 2025 |
March 31, 2024 |
March 31,2025 |
March 31, 2024 |
Revenue from operations |
4,68,128 |
5,07,359 |
6,17,674 |
6,53,541 |
Operating Profit / (Loss) |
5,745 |
52,971 |
12,229 |
64,898 |
Tax Expenses / Credit (Incl. Deferred Tax) |
(417) |
(12,822) |
(2,182) |
(16,027) |
Profit after Tax |
(900) |
39,230 |
3,819 |
47,952 |
The Standalone Gross Revenue from operations for FY 2024-25 was Rs.
4,681.28 Crore (Previous Year: Rs. 5,073.59 Crore). The Operating Profit stood at Rs.
57.45 Crore as against Rs. 529.71 Crore in the Previous Year. The Loss for the year stood
at Rs. 9.00 Crore against a Profit of Rs. 392.30 Crore reported in the Previous Year.
The Consolidated Gross Revenue from operations for FY 2024-25 was Rs.
6,176.74 Crore (Previous Year: Rs. 6,535.41 Crore). The Consolidated Operating Profit
stood at Rs. 122.29 Crore (Previous Year: Rs. 648.98 Crore). The Consolidated Profit after
tax stood at Rs. 38.19 Crore (Previous Year: Rs. 479.52 Crore).
The Standalone Segment Revenue from operations for FY 2024-25 (a)
Textile: Branded Fabric was Rs. 727 Crore (Previous Year: Rs. 920 Crore).
3. MATERIAL EVENTS DURING THE YEAR UNDER REVIEW
1) Scheme of Demerger of Lifestyle Business of
Raymond Limited into the Company
During the year under review, the Hon'ble National Company Law
Tribunal, Mumbai Bench, vide its Order dated June 21,2024, approved the Composite Scheme
of Arrangement between Raymond Limited, Raymond Lifestyle Limited (formerly known as
Raymond Consumer Care Limited), Ray Global Consumer Trading Limited and their respective
shareholders and Creditors (the Scheme). The Appointed Date for the Scheme was
April 1, 2023. The Effective Date for the Scheme was June 30, 2024.
2) Change in Name of the Company
During the year under review, the name of the Company was changed from
Raymond Consumer Care Limited to Raymond Lifestyle Limited effective May 02, 2024.
3) Change in Share Capital
a. Authorised Share Capital:
In terms of the Scheme, the Authorised Share Capital of the Company was
increased from Rs. 3,03,00,000 consisting of 1,51,50,000 Equity Shares of Rs. 2/- each to
Rs. 13,43,00,000 divided into 6,71,50,000 Equity Shares of Rs. 2/- each.
b. Paid-up Share Capital:
i. In terms of the Scheme, 1,49,00,000 Equity Shares of Rs. 2/- each
amounting to Rs. 2,98,00,000 held by the erstwhile holding company Ray Global Consumer
Trading Limited was canceled resulting into reduction on Share Capital.
ii. Upon Demerger of the Lifestyle undertaking from Raymond Limited to
Raymond Lifestyle Limited (formerly known as Raymond Consumer Care Limited), the Company
had issued 5,32,58,985 Equity Shares to the shareholders of Raymond Limited. Further,
consequent to the amalgamation of Ray Global Consumer Trading Limited into Raymond
Lifestyle Limited, the Company issued 76,64,644 Equity Shares of Rs. 2/- each to the
shareholders of Ray Global Consumer Trading and had also canceled 1,49,00,000 Equity
Shares held by Ray Global Consumer Trading Limited in the Company.
iii. As on March 31, 2025, the paid-up equity share capital of the
Company is Rs. 12,18,47,258 consisting of 6,09,23,629 Equity Shares having face value of
Rs. 2/- each.
The Company does not have any outstanding paid-up preference share
capital.
During the year under review, the Company has not issued any shares
with differential voting rights nor granted any stock options or sweat equity or warrants.
As on March 31, 2025, none of the Directors of the Company hold
instruments convertible into Equity Shares of the Company.
There is no instance where the Company failed to implement any
corporate action within the specified time limit.
4) Listing at BSE Limited and National Stock
Exchange of India Limited:
In terms of the Scheme, the Company was listed on BSE Limited and
National Stock Exchange of India Limited effective September 05, 2024.
4. DIVIDEND AND RESERVES
In view of losses, no dividend has been recommended by the Board of
Directors for the year under review.
5. DEBT SECURITIES & CREDIT RATING
During the year under review, your Company has not issued any new
listed Debt Securities.
Pursuant to the Composite Scheme of Arrangement, 1000, 7.6% Secured,
Listed, Rated, Redeemable, Nonconvertible Debentures (Series A') of the face
value of Rs. 10,00,000/- each for cash at par, aggregating to Rs. 100 Crore (Rupees One
Hundred Crore only) and 2000, 9% Secured Listed Rated Redeemable Non-Convertible
Debentures (Series B) of the face value of T10,00,000/- each for cash at par,
aggregating to Rs. 200 Crore (Rupees Two Hundred Crore only) issued on Private Placement
basis by Raymond Limited stands transferred to the Company. In accordance with the
repayment schedule, Non-Convertible Debentures (NCDs) issued and transferred
under Series A were redeemed by the Company during the year under review.
The details of listed NCD's outstanding as on March 31, 2025 are
as under:
Series |
Date of allotment |
Amount (^ in Crore) |
Coupon |
Redemption date/ Schedule |
Credit Rating at the time of NCD issue |
Series B |
February 10, 2021 |
200 |
9.00% p.a. |
Equal Instalments on February 09, 2028;
February 09, 2029; February 09, 2030; February 09, 2031 |
CARE AA |
Total |
|
200 |
- |
- |
- |
Axis Trustee Services Limited has been appointed as the Trustee for the
aforesaid NCD's.
6. FINANCIAL STATEMENTS
Your Company has consistently applied applicable accounting policies
during the year under review. Management evaluates all recently issued or revised
accounting standards on an ongoing basis. The Company discloses consolidated and
standalone financial results on a quarterly basis which are subject to limited review and
publishes consolidated and standalone audited financial results on an annual basis. There
were no revisions made to the financial statements during the year under review.
The Consolidated Financial Statements of the Company are prepared in
accordance with the applicable Indian Accounting Standards (Ind-AS) as
issued by the Institute of Chartered Accountants of India and forms an integral part of
this Report.
Pursuant to Section 129(3) of the Companies Act, 2013 (Act)
read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing
salient features of the financial statements of Subsidiaries/Associate Companies/Joint
Ventures is given in Form AOC-1 and forms an integral part of this Report.
7. RELATED PARTY TRANSACTIONS
The Company undertakes Related Party Transactions with its subsidiaries
and group companies engaged in manufacture and trading of textiles, branded apparel and
garmenting business.
The Audit Committee approves all the Related Party Transactions in
compliance with the provisions of the Act and Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing
Regulations). Omnibus approval is obtained on a yearly basis for transactions
which are repetitive in nature. Transactions entered into pursuant to omnibus approval are
verified by the Corporate Risk Assurance Department and details of all Related Party
Transactions are placed before the Audit Committee and the Board for review and approval/
noting on a quarterly basis.
All transactions entered with related parties during the year under
review were on arm's length basis and not material in nature and thus a disclosure in
Form AOC-2 in terms of Section 134 of the Act is not required. There were no material
Related Party Transactions during the year under review with the Promoters, Directors or
Key Managerial Personnel.
Details of all Related Party Transactions are mentioned in the notes to
financial statements forming part of the Annual Report. The Company has developed a robust
framework through Standard Operating Procedures for the purpose of identification and
monitoring of such related party transactions.
The Company has put in place a mechanism for certifying the Related
Party Transactions statements placed before the Audit Committee and the Board of Directors
from an independent chartered accountant firm. The firm reviews that the Related Party
Transactions are at arm's length and in the ordinary course of business and a
certificate to that effect is placed before the Audit Committee and Board of Directors at
quarterly meetings.
The Board of Directors have formulated a Policy on dealing with Related
Party Transactions. The said policy was amended on January 30, 2025.
The updated policy is available on the website of the Company and can
be accessed at the link https:// raymondlifestyle.com/uploads/Related-Party-
Transaction-Policy2.pdf
None of the Directors has any pecuniary relationship or transactions
vis-a-vis the Company except remuneration, profit-based commission and sitting fees.
8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
BY THE COMPANY
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Act are given in the notes to financial statements
forming part of the Annual Report.
9. PERFORMANCE OF SUBSIDIARIES
The separate audited financial statements in respect of each of the
subsidiaries shall be kept open for inspection at the Registered Office of the Company.
The Company will also make available these documents upon request by any Member of the
Company interested in obtaining the same. The separate audited financial statements in
respect of each of the subsidiaries are also available on the website of the Company at
https://raymondlifestyle. com/disclosures/sub annual reports.
The performance in brief for the major subsidiary companies is given
hereunder:
Domestic subsidiaries:
Raymond Luxury Cottons Limited (RLCL):
RLCL manufactures high value fine cotton and linen shirting for both
domestic and international customers. The revenue from operations of RLCL for FY 2024-25
was at Rs. 799.66 Crore (Previous Year: Rs. 830.07 Crore). The Profit after tax was Rs.
36.87 Crore (Previous Year: Rs. 22.27 Crore).
Silver Spark Apparel Limited (SSAL):
SSAL has a reputed overseas clientele for formal suits, jackets and
trousers and the export order book led to a strong sales growth performance. The revenue
from operations of the Company at Standalone level is Rs. 873.14 Crore (Previous Year: Rs.
821.89 Crore). The Company incurred a loss for year of Rs. 994 Crore (Previous Year:
Profit of Rs. 46.73 Crore). On a Consolidated level, the revenue from operations of the
Company stood at Rs. 1024.65 crore (Previous Year: Rs. 1,018.99 Crore). The Profit after
tax was Rs. 16.42 Crore (Previous year Profit of Rs. 59.60 Crore) for the year under
review.
Celebrations Apparel Limited (CAL):
The Gross Revenue of CAL for FY 2024-25 stood at Rs. 1.03 Crore
(Previous Year: 1.03 Crore). CAL earned a Profit after tax of Rs. 0.63 Crore (Previous
Year: Profit of Rs. 0.64 Crore).
Ray Global Consumer Products Limited (RGCPL):
RGCPL a wholly owned subsidiary of Raymond Lifestyle Limited, has
incurred a Loss of Rs. 0.003 Crore. (Previous Year Loss: Rs. 0.0005 Crore).
Overseas subsidiaries:
Jaykayorg AG (Jaykay):
Jaykay has recorded a profit of CHF 11355 (equivalent to Rs. 0.12
Crore) for the year ended December 31, 2024 [Previous Year: Profit of CHF 28,570
(equivalent to T0.21 Crore)].
Raymond (Europe) Limited (REL):
REL has recorded a Profit of GBP 42637 (equivalent to Rs.
0.44 Crore) for the year ended December 31, 2024 [Previous Year: Profit of GBP 63,628
(equivalent to T0.65 Crore.
R & A Logistics INC, USA (RALI):
RALI is a wholly owned subsidiary of the Silver Spark Apparel Limited.
RALI recorded a Profit of USD 6,74,831(equivaLent to Rs. 5.71 Crore) [Previous Year:
Profit of USD 15,64,460 (equivalent to Rs. 12.95 Crore)] for the year ended March 31,2025.
Silver Spark Middle East (FZE) (SSME):
SSME is the wholly owned subsidiary of Silver Spark Apparel Limited
incorporated in Sharjah Airport Free Zone (SAIFZONE), Sharjah, UAE. SSME is engaged in
Investment, trading of Apparel and related products for Asia and US customers. The Gross
Revenue of SSME for
FY 2024-25 stood at Rs. 212.11 Crore (Previous Year: Rs. 181.20 Crore).
SSME registered a Profit of Rs. 11.11 Crore (Previous Year: Profit Rs. 16.34 Crore).
Silver Spark Apparel Ethiopia PLC
(SSAEP):
SSAEP is a step-down subsidiary of Silver Spark Apparel Limited in
Ethiopia. SSAEP is a wholly owned subsidiary of Silver Spark Middle East (FZE).
SSAEP is engaged in the manufacturing of formal suits, jackets, trousers and vest coats.
The Gross Revenue of SSAE for FY 2024-25 stood at Rs. 68.51 Crore (Previous Year: Rs.
50.53 Crore). SSAE registered a Profit of Rs. 14.56 Crore (Previous Year: Loss of Rs.
14.08 Crore).
Raymond America Apparel INC (RAAI'):
RAAI is a wholly owned subsidiary of the Silver Spark Apparel Limited.
RAAI is a newly incorporated entity in New Jersey, which was acquired last year by the
Company, and it is yet to commence business operations.
10. MATERIAL SUBSIDIARY
Considering the criteria mentioned in Regulation 16 of the SEBI Listing
Regulations, none of the subsidiaries qualifies as a Material Subsidiary of the Company
for FY 2024-25.
The Board of Directors of the Company has approved a Policy for
determining material subsidiaries which is in line with the requirements of SEBI Listing
Regulations. The said policy was amended on January 30, 2025. The Policy has been uploaded
on the website of the Company at https://
raymondlifestyle.com/uploads/Material-Subsidiary- Poiicy2.pdf
11. DIRECTORS & KEY MANAGERIAL PERSONNEL
ALL Independent Directors of the Company have given declarations that
they meet the criteria of independence as laid down under Section 149(6) of the Act and
Regulation 16( 1)(b) of the SEBI Listing Regulations. In terms of Regulation 25(8) of the
SEBI Listing Regulations, Independent Directors have confirmed that they are not aware of
any circumstances or situation which exists or may be reasonabLy anticipated that couLd
impair or impact their ability to discharge their duties.
ALL the Directors have also affirmed that they have complied with the
Company's Code of Business Conduct & Ethics. In terms of requirements of the SEBI
Listing Regulations, the Board has identified core skills, expertise and competencies of
the Directors in the context of the Company's businesses, which are detailed in the
Report on Corporate Governance.
Further, in terms of Section 150 of the Act read with Rule 6 of the
Companies (Appointment and Qualification of Directors) Rules, 2014, Independent Directors
of the Company have confirmed that they have registered themseLves with the databank
maintained by the Indian Institute of Corporate Affairs. The Independent Directors who
were required to clear the online proficiency selfassessment test have passed the test.
In the opinion of the Board, ail the Independent Directors fulfil the
conditions of independence, are independent of the management, possess the requisite
integrity, experience, expertise, proficiency and qualifications to the satisfaction of
the Board of Directors. The details of remuneration paid to the members of the Board and
its Committees are provided in the Report on Corporate Governance.
As per the provisions of Section 203 of the Act, following are the Key
Managerial Personnel of the Company as on the date of this Report:
1. Mr. Gautam Hari Singhania - Executive Chairman and Managing Director
(w.e.f. September 1,2024);
2. Mr. Sameer Shah* - Chief Financial Officer (w.e.f. July 1,2024); and
3. Mrs. Priti Alkari - Company Secretary and Compliance Officer.
* Mr. Sameer Shah has tendered his resignation as Chief Financial
Officer on May 03, 2025 effective from July 31,2025.
During the year under review, the Board of the Company was
reconstituted as under:
1. Mrs Nawaz Gautam Singhania (DIN: 00863174) ceased to be Director
w.e.f April 25, 2024 pursuant to Section 169 of the Companies Act, 2013.
2. Mr. Dinesh Lal (DIN: 00037142), Mr. Girish Chandra Chaturvedi (DIN:
00110996), Mr. Veneet Nayar (DIN:02007846) and Mrs. Anisha Motwani (DIN: 0694349) were
appointed as Independent Directors w.e.f July 9, 2024.
3. Mr. Debjit Rudra (DIN: 01393433) ceased to be Executive Director
& CEO w.e.f July 9, 2024
4. Mrs. Rashmi Mundada (DIN: 08086902) ceased to be Independent
Director w.e.f July 16, 2024.
5. Mr. Rajiv Sharma (DIN: 10748015) was appointed as Non-Executive
Non-Independent Director w.e.f August 24, 2024. He was redesignated as Non-Executive
Independent Director w.e.f November 1, 2024.
6. Mr. Ravindra Dhariwal (DIN:00003922) was redesignated from
Non-Executive Independent Director to Non-Executive Non-Independent Director w.e.f
November 1, 2024 and ceased to be director w.e.f April 11,2025.
7. Mr. Sunil Kataria was appointed as Managing Director w.e.f July
1,2024 and ceased to be Director / Managing Director w.e.f March 31,2025.
8. Mr. Gautam Hari Singhania (DIN: 06863609) was appointed as Executive
Chairman and Managing Director w.e.f September 1, 2024.
12. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, the Board of Directors, to the
best of their knowledge and ability, confirms that:
a) in the preparation of the Annual Accounts for the year ended March
31, 2025, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
b) the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as at March 31,2025
and of the loss of the Company for the year ended on that date;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) the Directors had laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and were
operating effectively; and
f) the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
13. ANNUAL PERFORMANCE EVALUATION
Your Company believes that the process of performance evaluation at the
Board level is pivotal to its Board Engagement and Effectiveness. The Nomination and
Remuneration Policy of the Company empowers the Board to formulate a process for effective
evaluation of the performance of individual Directors, Committees of the Board and the
Board as a whole pursuant to the provisions of the Act and Regulation 17 and Part D of
Schedule II to the SEBI Listing Regulations.
The Board has carried out the annual performance evaluation of its own
performance, Board Committees and the Directors individually. A structured questionnaire
was prepared after taking into consideration inputs received from the Directors, covering
various aspects of the Board's functioning such as adequacy of the composition of the
Board and its Committees, Board culture, execution and performance of specified duties,
obligations and governance.
A separate exercise was carried out to evaluate the performance of
individual Directors, who were evaluated on parameters such as level of engagement and
contribution, independence of judgement, safeguarding the interest of the Company and its
minority shareholders etc.
The Independent Directors of the Company met on March 21,2025, without
the presence of Non-Independent Directors and members of the management to review the
performance of Non-Independent Directors and the Board of Directors as a whole; review the
performance of the Executive Chairman & Managing Director of the Company and to assess
the quality, quantity and timeliness of flow of information between the management and the
Board of Directors. The performance evaluation of the Independent Directors was also
carried out by the entire Board.
The Directors expressed their satisfaction with the evaluation process.
Dedicated time was reserved for Board feedback on the Agenda. Board
interaction between meetings was stepped up through Board calls on various topics.
Specific items were also added in the Board agenda from a governance perspective.
14. NOMINATION, REMUNERATION AND BOARD DIVERSITY POLICY
The Board of Directors have framed a Nomination, Remuneration and Board
Diversity policy which lays down a framework in relation to remuneration of Directors, Key
Managerial Personnel and Senior Management of the Company.
The Policy broadly lays down the guiding principles, philosophy and the
basis for payment of remuneration to Executive and Non-executive Directors (by way of
sitting fees and commission), Key Managerial Personnel, Senior Management and payment of
remuneration to other employees.
The Board Directors approved various policies to align with the
provisions of SEBI Listing Regulations on July 17, 2024.
The Nomination, Remuneration and Board Diversity Policy is available on
the website of the Company viz. https://raymondlifestyle.com/uploads/Nomination-
Remuneration-&-Board-Diversity-Policy.pdf
The policy also provides the criteria for determining qualifications,
positive attributes and Independence of Director and criteria for appointment and removal
of Directors, Key Managerial Personnel / Senior Management and performance evaluation
which are considered by the Nomination and Remuneration Committee and the Board of
Directors.
The Policy sets out a framework that assures fair and optimum
remuneration to the Directors, Key Managerial Personnel, Senior Management Personnel and
other employees such that the Company's business strategies, values, key priorities
and goals are in harmony with their aspirations. The policy lays emphasis on the
importance of diversity within the Board encourages diversity of thought, experience,
background, knowledge, ethnicity, perspective, age and gender are considered at the time
of appointment.
The Nomination, Remuneration and Board Diversity policy is directed
towards rewarding performance, based on achievement of goals. It is aimed at attracting
and retaining high calibre talent.
15. MEETINGS OF THE BOARD AND IT'S COMMITTEES
The Board/Committee meetings are pre-scheduled and a tentative annual
calendar of the meetings is circulated to the Directors well in advance to help them plan
their schedules and ensure meaningful participation. Only in the case of special and
urgent business, should the need arise, the Board's approval is taken by passing
resolutions through circulation, as permitted by law, which are noted in the subsequent
Board meeting. In certain special circumstances, the meetings of the Board are called at a
shorter notice to deliberate on business items which require urgent attention of the
Board. The Company has complied with Secretarial Standards - I issued by the Institute of
Company Secretaries of India on the Meetings of the Board of Directors.
The Board met 7 (seven) times during the year under review and have
accepted all recommendations made by various committees.
The details of the number of meetings of the Board held during the
Financial Year 2024-25 and the attendance of Directors forms part of the Report on
Corporate Governance.
16. COMMITTEES OF THE BOARD
The Board of Directors has the following Committees as on March
31,2025:
a) Audit Committee
b) Nomination and Remuneration Committee
c) Stakeholders' Relationship Committee
d) Corporate Social Responsibility Committee
e) Risk Management Committee
f) Environmental Social and Governance (ESG) Committee
g) Investment and Finance Committee
h) Information and Technology Committee
The details of the Committees of the Board along with their
composition, number of meetings and attendance at the meetings are provided in the
Corporate Governance Report forming part of the Annual Report FY 2024-25.
17. AUDITORS & REPORTS OF THE AUDITORS
a) Statutory Auditor:
M/s. Walker Chandiok & Co. LLP, Chartered Accountants (ICAI FRN
001076N/N500013) (an affiliate of Grant Thornton network) were appointed as Statutory
Auditors of the Company for a period of five consecutive years at the Annual General
Meeting (AGM) of the Members held on May 27, 2024 to hold office for five years from the
conclusion of the 6th AGM of the Company till the conclusion of the 11th AGM at a
remuneration mutually agreed upon by the Board of Directors and the Statutory Auditors.
The Statutory Auditors' Report forms part of the Annual Report.
The Statutory Auditor's report does not contain any qualification, reservation or
adverse remark for the year under review. There was no instance of fraud during the year
under review, which required the Statutory Auditors to report to the Audit Committee and /
or Board under Section 143(12) of Act and Rules framed thereunder.
As per the requirements of the Section 148 of the Act read with the
Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your Company
is required to maintain cost records for Rubber Products-Male Contraceptives (Condoms) and
such accounts are accordingly prepared and records are maintained therein. The Cost Audit
Report for the year ended March 31, 2024 was filed with the Central Government within the
prescribed time limit.
The Company wishes to report that during the financial year 2024-25,
the demerger and transfer of the lifestyle business from Raymond Limited was concluded.
This strategic realignment has brought the Company within the purview of Section 148 of
the Companies Act, 2013, read in conjunction with the Companies (Cost Records and Audit)
Rules, 2014, regarding the maintenance of cost records and conducting cost audits of
Textile units. The Company is fully committed to ensuring compliance with these
regulations.
The Board of Directors, on the recommendation of Audit Committee, has
re-appointed M/s. R. Nanabhoy & Co., Cost Accountants, (Firm Registration Number:
000010) as Cost Auditor to audit the cost accounts of the Company for the FY 2024-25 for
it's Textile units situated at Chhindwara, Jalgaon & Vapi and manufacturing unit
of Rubber Products-Male Contraceptives (Condoms) situated at Chhatrapati Sambhajinagar. As
required under the Act, a resolution seeking member's approval for the remuneration
payable to the Cost Auditor forms part of the Notice convening the Annual General Meeting
for their ratification.
c) Secretarial Auditor:
According to provisions of Section 204 of the Act and rules made
thereunder, the Company has appointed M/s. DM and Associates Company Secretaries LLP (Firm
Registration No. L2017MH003500) to undertake the Secretarial Audit of the Company for the
FY 2024-25, based on consent received from M/s. DM and Associates Company Secretaries LLP.
The Secretarial Audit Report is annexed as Annexure A' and forms an
integral part of this Report.
Pursuant to the SEBI (Listing Obligations and Disclosure Requirements)
(Third Amendment) Regulations, 2024, effective December 13, 2024, and in accordance with
Regulation 24A of SEBI Listing Regulations, a listed entity is now required to appoint a
Secretarial Audit firm for a maximum of two terms of five consecutive years, subject to
shareholder approval at the Annual General Meeting.
In compliance with these amended provisions and based on the
recommendation of the Audit Committee, the Board of Directors, at its meeting held on May
12, 2025, has recommended and approved the appointment of M/s. DM & Associates
Company Secretaries LLP, ('DM & Associates') (ICSI Firm
Registration No. L2017MH003500), as the Secretarial Auditors of the Company. This
appointment is for a period of five years, commencing from the financial year 2025-26 upto
the financial year 2029-30. The resolution for their appointment will be placed before the
members for their approval at the ensuing Annual General Meeting.
Pursuant to Regulation 24A of SEBI Listing Regulations read with SEBI
Circular No. CIR/CFD/ CMD1/27/2019 dated February 08, 2019, the Annual Secretarial
Compliance Report of the Company form part of this Report and is also uploaded on the
website of the Company i.e. https://raymondlifestyle. com/uploads/Annual Secretarial
Compliance Report-May 29 2025.pdf
The Secretarial Audit Report and Secretarial Compliance Report for the
financial year 2024-25 contains one observation which is self-explanatory and no further
explanation /justification is required from management.
18. INTERNAL FINANCIAL CONTROL SYSTEMS, ITS
ADEQUACY AND RISK MANAGEMENT
Internal Financial Control and Risk management are integral to the
Company's strategy and for the achievement of the long-term goals. Our success as an
organisation depends on our ability to identify and leverage the opportunities while
managing the risks. In the opinion of the Board, the Company has robust internal financial
controls which are adequate and effective during the year under review.
Your Company has an effective internal control and risk-mitigation
system, which is constantly assessed and strengthened with new/revised standard operating
procedures. The Company's internal control system is commensurate with its size,
scale and complexities of operations. M/s. Ernst & Young LLP, Chartered Accountants
were the internal auditors of the Company for the FY 2024-25.
Business risks and mitigation plans are reviewed and the internal audit
processes include evaluation of all critical and high risk areas. Critical functions are
reviewed rigorously and the reports are shared with the Management for timely corrective
actions, if any. The major focus of internal audit is to review business risks, test and
review controls, assess business processes besides benchmarking controls with best
practices in the industry.
The Audit Committee of the Board of Directors actively review the
adequacy and effectiveness of the internal control systems and are also apprised of the
internal audit findings and corrective actions. The Audit Committee suggests improvements
and utilizes the reports generated from a Management Information System integral to the
control mechanism. The Audit Committee and Risk Management Committee of the Board of
Directors, Statutory Auditors and Business Heads are periodically apprised of the internal
audit findings and corrective actions.
The Company endeavours to continually sharpen its risk management
systems and processes in line with a rapidly changing business environment. During the
year under review, there were no risks which in the opinion of the Board threaten the
existence of the Company. However, some of the risks which may pose challenges are set out
in the Management Discussion and Analysis which forms part of this Annual Report.
The Company had identified a ransomware infection within their network
that resulted in the encryption of critical user data and disrupted the operations for a
brief period. The threat actor infiltrated the network via VPN using compromised
credentials associated with a local VPN user from February 11, 2025 to February 16, 2025.
The Company immediately involved external experts and isolated the infected
infrastructure. The Company promptly took steps to contain and remediate the impact of the
incident.
19. VIGIL MECHANISM / WHISTLE BLOWER POLICY
Your Company is focused to ensure that ethics continue to be the
bedrock of its corporate operations. It is committed to conducting its business in
accordance with the highest standards of professionalism and ethical conduct in line with
the best governance practices.
In order to strengthen the whistle blower mechanism and to protect the
identity of whistle blower, the Company has appointed M/s. KPMG Advisory Services Private
Limited to handle complaints received by the Company.
The Company has a Whistle blower Policy in compliance with the
provisions of Section 177(10) of the Act and Regulation 22 of the SEBI Listing
Regulations.
During the year under review, the policy was modified to make it more
comprehensive and adequate to deal with issues and to align it with current market
practices.
The Policy also provides adequate protection to the Directors,
employees and business associates who report unethical practices and irregularities. The
Policy provides details for direct access to the Chairman of the Audit Committee. Any
incidents that are reported are investigated and suitable action is taken in line with the
Whistle Blower Policy.
The Whistle Blower Policy has been appropriately communicated within
the Company across all levels and is available on the website of the Company at https://
raymondlifestyle.com/uploads/Whistle-Blower-Policy.pdf
The Company affirms that no personnel has been denied access to the
Audit Committee.
20. CORPORATE SOCIAL RESPONSIBILITY (CSR)
In accordance with the provisions of the Act read with Rules made
thereunder, the Company was required to make CSR contribution for the FY 2024-25.
The Report on CSR activities as required under the Companies (CSR
Policy) Rules, 2014 along with the brief outline of the CSR policy is annexed as Annexure
B' and forms an integral part of this Report. The Company's CSR Policy
has been uploaded on the website of the Company at https://
raymondlifestyle.com/uploads/Corporate-Social- Responsibility-Policy.pdf For details
regarding the CSR Committee, please refer to the Corporate Governance Report, which is a
part of this report.
21. ENVIRONMENT, HEALTH & SAFETY AND
SUSTAINABILITY
The Company is conscious of the importance of environmentally clean and
safe operations. The Company's policy requires conduct of operations in such a manner
so as to ensure safety of all concerned, compliances of environmental regulations and
preservation of natural resources.
The Company is intensifying its sustainability efforts, addressing ESG
challenges like water management, renewable energy integration, and governance. Following
achievements such as Zero Liquid Discharge (ZLD) at Chhindwara and significant rainwater
harvesting at Vapi, the company has set 2030 targets. These targets include a 15%
reduction in Scope 1 and 2 GHG emissions from a 2024-25 baseline, 25% renewable energy
adoption, elimination of waste to landfill, full ZLD at Chhindwara, single-digit employee
turnover, zero workplace fatalities, 40% female representation, and 100% independent
directors on all committees. Progress includes a fully operational ZLD plant at
Chhindwara, 75% wastewater recycling at Kolhapur, and a 640 kW rooftop solar installation
at Vapi. Energy efficiency improvements and a reclaimed-packaging program are also in
place, with hazardous waste managed per MPCB and ZDHC guidelines. These initiatives
highlight Raymond Lifestyle's dedication to its ESG objectives.
22. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION & REDRESSAL) ACT 2013
In compliance of provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act) and
Rules framed thereunder, the Company has formulated and implemented a policy on
prevention, prohibition and redressal of complaints related to sexual harassment of women
at the workplace.
The Company is committed to providing a safe and conducive work
environment to all its employees and associates. All women employees whether permanent,
temporary or contractual are covered under the above policy. The said policy has been
uploaded on the internal portal of the Company for information of all employees. An
Internal Complaints Committee (ICC) has been set up in compliance with the POSH Act.
Details of complaints received during the year under review under POSH Act are as under:
a. number of complaints filed during the year : Nil
b. number of complaints disposed of during the year : Nil
c. number of complaints pending as on end of the financial year : Nil
d. number of complaints pending for more than ninety days: Nil
23. EMPLOYEE STOCK OPTION SCHEMES (ESOP
Scheme)
The Board of Directors, at its meeting held on May 12, 2025, approved
the Raymond Lifestyle Employees Stock Option Plan 2025 (the ESOP
Scheme). The Company will seek the approval of its members for the ESOP Scheme
at the ensuing Annual General Meeting.
This ESOP Scheme has been formulated in line with the Composite Scheme
of Arrangement between Raymond Limited, Raymond Lifestyle Limited, and Ray Global Consumer
Trading Limited. The Composite Scheme stipulated that option holders under the Raymond
ESOP Scheme 2023 would be entitled to benefits no less favourable than those available to
ESOP holders of Raymond Limited.
To ensure this continuity of benefit for eligible employees, the
Raymond Lifestyle Employees Stock Option Plan 2025 has been designed to mirror the Raymond
ESOP Scheme 2023. Under the proposed ESOP Scheme, existing option holders of the Raymond
ESOP Scheme 2023 will receive benefits commensurate with the exchange ratio determined
under the Composite Scheme of Arrangement. Specifically, for every 5 options held in
Raymond Limited, 4 options of Raymond Lifestyle Limited will be granted to the eligible
employees. Furthermore, the exercise price of these new options will be suitably adjusted
to maintain the same level of benefit entitlement for the option holders.
24. HUMAN RESOURCES AND INDUSTRIAL RELATIONS
The Human Resources function is akin to the backbone of the Company and
has fuelled Raymond Lifestyle Limited's turnaround by working as a strategic partner
to the business. The technical and quality demands of the industry combined with our own
vision to expand significantly over the next few years have ensured that we build an
agile, engaged, and energized work force.
At Raymond Lifestyle Limited, we continue to retain focus on our core
values of Trust and Customer Satisfaction and also ensure employee satisfaction at the
same time. Raymond Leadership Competencies of 'Passion for Results', 'Deliver
Superior Results Consistently', 'Demonstrate a Sense of Urgency' and 'Demand
Accountability and Task Ownership' helps your Company to achieve its core objectives
of building organizational capability, skill enhancement and enhancing competencies.
Various employee-centric interventions like employee- friendly
policies, mental health initiatives and organisational development through leadership
coaching helps the employees create value and achieve a sense of satisfaction in what they
do. The employees are motivated through various skill-development, engagement and
voluntary programs. Your company ensures that employees are aligned with the
organizational culture and values whilst never losing sight of our business objectives.
Technical and safety training programmes are given periodically to workers.
The Company has a robust performance evaluation process through which
individual goals are aligned to organizational goals so that the individuals and the
organisation grow in tandem.
During the year under review, the Industrial relations remained
generally cordial.
25. QUALITY AND ACCOLADES
Your Company continues to win awards year-afteryear, reiterating its
credible market position. Some awards received during FY 2024-25 by the Company, its
subsidiaries are as given below:
Proximity Based Marketing by E4M Indian Digital Marketing Awards
to Ethnix by Raymond.
The Great Indian Plant Champion by TransformMedia to Textile
plant, Amravati
Innovator in Procurement - 13th Edition Procurement Excellence
Summit & Awards 2025 by UBS Forums.
Preparatory Team - Par Excellence Award by National Convention
on Quality Concepts.
Strategic Vendor of the Year Award by Tailored Brands, Inc, New
York.
Gold awards at the 9th edition of ADGULLY by Digixx Summit &
Awards.
ET Now recognition for Best organisations for women 2025 by
Economic Times.
Retail Icon of the Year at the 9th Edition of the Future of
Retail & E-Commerce Summit 2025 by UBS Forums.
India Tax Icon at the 2nd Great Indian Tax Leaders Summit &
Awards 2025 by Transformance.
Best Digital Marketing Professional by BW Marketing World.
Diversity & Inclusion Learning Initiative by ETHR Future
Skills Awards 2025, Economic Times.
Excellence in Cost Management by Institute of Cost Accountants
of India.
Most Preferred Workplace 2025 by Marksmen Daily.
Swachhata Award 2025 by SD Foundation, Arogya Bharati, and
Jalgaon Municipal Corporation.
Most Trusted Partner by Fashion Factory.
30 - Top Most Retail Minds by ASIA - AFRICA - GCC Retail &
Shopping Centre (Congress & Awards).
Most Trusted Tailored Menswear Brand by TRA's Brand Trust
Report.
26. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report on the operations of the
Company, as required under the SEBI Listing Regulations is provided in a separate section
and forms an integral part of this Report.
27. CORPORATE GOVERNANCE REPORT
As per Regulation 34(3) read with Schedule V of the SEBI Listing
Regulations, a separate section on corporate governance practices followed by the Company,
together with a certificate from the Company's Auditors confirming compliance forms
an integral part of this Report.
28. ANNUAL RETURN
Pursuant to Section 134(3)(a) and Section 92(3) of the Act read with
Companies (Management and Administration) Rules, 2014, the Annual Return of the Company in
Form MGT-7 has been placed on the website of the Company and can be accessed at the
following link: https://raymondlifestyle.com/disclosures/sub annual reports
29. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT
Your Company realizes the importance of being transparent and
accountable as an organization, which in turn, helps in strengthening the trust that
stakeholders' have placed in the Company. We consider disclosure practice as a strong
tool to share strategic developments, business performance and the overall value generated
for various stakeholder groups over a period of time. In compliance with Regulation 34 of
SEBI Listing Regulations, the Business Responsibility and Sustainability Report
(BRSR) is annexed as Annexure C' and forms an integral part
of the Director's Report.
30. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
A detailed disclosure with regard to the IEPF related activities
undertaken by your Company during the year under review forms part of the Report on
Corporate Governance.
31. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS
No significant and material order has been passed by the regulators,
courts, tribunals impacting the going concern status and Company's operations in
future. The Stock Exchanges had levied penalty on the Company for non-compliance with
certain provisions of SEBI Listing Regulations, details of which are given in the Annual
Secretarial Compliance Report for FY 2024-25.
32. STATUTORY INFORMATION AND OTHER DISCLOSURES
(a) The information on conservation of energy, technology absorption
and foreign exchange earnings and outgo pursuant to Section 134(3)(m) of the Act, read
with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is annexed as Annexure
D' and forms an integral part of this Report.
(b) The Disclosure required under Section 197(12) of the Act read with
the Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, is annexed as Annexure E' and forms an integral part of
this Report.
(c) A statement comprising the names of top 10 employees in terms of
remuneration drawn and every person employed throughout the year, who were in receipt of
remuneration in terms of Rule 5(2) and Rule 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure F' and
forms an integral part of this annual report. The said Annexure is not being sent along
with this annual report to the members of the Company in line with the provisions of
Section 136 of the Act. Members who are interested in obtaining these particulars may
write to the Company Secretary at the Registered Office of the Company or send an email at
secretarial.lifestyle@raymond.in. The aforesaid Annexure is also available for inspection
by Members at the Registered Office of the Company, 21 days before and up to the date of
the ensuing Annual General Meeting during the business hours on working days.
None of the employees listed in the said Annexure is a relative of any
Director of the Company. None of the employees hold (by himself/herself or along with
his/her spouse and dependent children) more than two percent of the Equity Shares of the
Company.
(d) The Company has not accepted any deposits, within the meaning of
Section 73 of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014 as
amended.
(e) The Company has complied with the provisions of Maternity Benefit
Act, 1961 during the year under review.
(f) No application has been made under the Insolvency and Bankruptcy
Code. The requirement to disclose the details of application made or any proceeding
pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along
with their status as at the end of the financial year is not applicable.
(g) The requirement to disclose the details of difference between
amount of the valuation done at the time of onetime settlement and the valuation done
while taking loan from the Banks or Financial Institutions along with the reasons thereof,
is not applicable.
33. COMPLIANCE WITH SECRETARIAL STANDARDS
During the year under review, the Company has complied with the
applicable Secretarial Standards issued by The Institute of Company Secretaries of India.
34. CAUTIONARY STATEMENT
Statements in this Directors' Report and Management Discussion and
Analysis Report describing the Company's objectives, projections, estimates,
expectations or predictions may be forward-looking statements within the
meaning of applicable securities laws and regulations. Actual results could differ
materially from those expressed or implied. Important factors that could make difference
to the Company's operations include raw material availability and its prices,
cyclical demand and pricing in the Company's principal markets, changes in Government
regulations, Tax regimes, economic developments within India and the countries in which
the Company conducts business and other ancillary factors.
35. ACKNOWLEDGEMENT
Your Director wish to place on record deep appreciation, for the
contribution made by the employees at all levels for their hard work, commitment and
dedication towards the Company. Their enthusiasm and untiring efforts have enabled to the
Company to scale new heights.
Your Director thank the Government of India, the State Governments and
various regulatory authorities for their co-operation and support to facilitate ease in
doing business.
Your Director also wish to thank its customers, business associates,
distributors, channel partners, suppliers, investors and bankers for their continued
support and faith reposed in the Company.
For and on behalf of the Board of
Directors of |
|
|
Raymond Lifestyle Limited |
|
Gautam Hari Singhania |
|
Executive Chairman |
Mumbai, May 12, 2025 |
DIN:00020088 |