To,

The Members

RAYMOND REALTY LIMITED

(Formerly known as Raymond Lifestyle Limited)

Your Directors take pleasure in presenting the Fifth Annual Report together with
Audited Financial Statements for the financial year ended on March 31, 2024.


1. FINANCIAL SUMMARY

The revenue from operations of the Company at Standalone level for FY 2023-24 was Nil
(Previous Year: Nil) and the Company incurred a Loss after tax of Rs. 34.58 Lakhs
(Previous Year Loss after tax: Rs. 91.65 Lakhs). On a Consolidated level, the revenue from
operations of the Company stood at Rs. 348.01 Lakhs (Previous Year: Nil) and the Company
incurred a loss after tax of Rs. 4430.42 Lakhs (Previous year Loss of Rs. 416.15 Lakhs)
for the year under review.


2. DIVIDEND

No dividend has been recommended for the financial year ended March 31, 2024.


3. RESERVES

Your Company has not transferred any amount to the General Reserves of the Company.


4. CHANGE IN NAME OF THE COMPANY

The name of your Company was changed from 'Raymond Lifestyle Limited' to 'Raymond
Realty Limited' with effect from January 5, 2024. The objects of the Company were altered
from 'Lifestyle Business' to 'Realty Business' and the new CIN of the Company is
U41000MH2019PLC332934.


5. STATUTORY AUDITORS

Chaturvedi & Shah LLP, Chartered Accountants, (FRN/Membership No: 101720W/W100355)
were appointed as Statutory Auditors of the Company at the Annual General Meeting held on
June 13, 2022, for a term of five years commencing from the conclusion of third Annual
General Meeting of the Company till the conclusion of the eight Annual General Meeting of
the Company.

There were no qualifications, reservations, adverse remarks made by the Auditors in
their report for the financial year ended March 31, 2024.


6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has adequate internal control and risk-mitigation system, which is
constantly strengthened with new / revised standard operating procedures.


7. SHARE CAPITAL

The paid-up equity Share Capital as on March 31, 2024 is Rs 15,00,000/- divided into
1,50,000 equity shares of Rs 10/- each. During the year under review, the Company has not
issued shares with differential voting rights nor granted stock options nor sweat equity.


8. SUBSIDIARY COMPANIES 

Ten X Realty Limited

Ten X Realty Limited ('Ten X') is a wholly owned subsidiary of the Company incorporated
on December 24, 2021, which is engaged in real estate business. The revenue from
operations of Ten X for FY 2023-2024 was Nil (previous year: Nil) and the loss after tax
stood at Rs. 4371.57 Lakhs (Previous Year: Loss after tax of Rs. 324.28 Lakhs).


Rayzone Property Services Private Limited

Rayzone Property Services Limited (‘Rayzone') is a wholly-owned subsidiary of the
Company incorporated on November 11, 2022, which is engaged in the business of facility
management services. The revenue from operations of Rayzone for FY 2023-2024 was Rs 348.01
Lakhs (Previous Year: Nil) and the loss after tax stood at Rs. 23.92 Lakhs (Previous Year
Loss of Rs. 0.21 Lakhs).


Ten X Realty East limited

Ten X Realty East Limited ('Ten X East') is a wholly owned subsidiary of the Company
incorporated on December 20, 2023, which is engaged in real estate business. The revenue
from operations of Ten X East for FY 2023-2024 was Nil and the loss after tax stood at Rs.
0.18 Lakhs.


Ten X Realty West limited

Ten X Realty West Limited ('Ten X West') is a wholly owned subsidiary of the Company
incorporated on January 3, 2024, which is engaged in real estate business. The revenue
from operations of the Company for FY 2023-2024 was Nil and the loss after tax stood at
Rs. 0.17 Lakhs.

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rules made thereunder,
a statement containing salient features of the financial statements of
Subsidiaries/Associate Companies/Joint Ventures of the Company is given in Form AOC-1 and
forms an integral part of this report.


9. PUBLIC DEPOSITS

During the under review, the Company has not accepted any public deposits under Section
73 of the Companies Act, 2013.


10. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The details of Loans, Guarantees or Investments covered under the provisions of Section
186 of the Companies Act, 2013, if any, forms part of the Notes to the Financial
Statements.


11. DIRECTORS

The Board of Directors of the Company at its meeting held on January 25, 2024,
appointed Shri Sandeep Maheshwari (DIN:08254851) as Additional Director (Non-Executive
Category) of the Company. Shri Harishkumar Chatterjee resigned as Non-Executive Director
of the Company with effect from the close of business hours of January 31, 2024.

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the
Company's Articles of Association, Shri Jatin Khanna, Director, retires by rotation at the
forthcoming Annual General Meeting (‘AGM') and being eligible, offers himself for
re-appointment.

Profile of Director being appointed/re-appointed at the ensuing AGM, as required by
Secretarial Standard- 2 on General Meetings, is given in the notice of the ensuing AGM.
The above appointment/re-appointment forms part of the notice of the ensuing AGM and the
resolution is recommended for members' approval.

Your Board presently consists of following Directors:


  

    
S. No. Name of the Director
    
Designation
  
  

    
1 Shri K. A. Narayan
    
Non-Executive Director
  
  

    
2 Shri Sandeep Maheshwari
    
Non-Executive Director
  
  

    
3 Shri Jatin Khanna
    
Non-Executive Director
  


During the year, Five Board Meetings were held as under, and attendance of Board
Members is given below:


  

    

    

    

    
Date of Board Meeting
    

  
  

    
Sr No.
    
Name of Director
    
May 05, 2023
    
August 09, 2023
    
November 01, 2023
    
November 30, 2023
    
January 25, 2024
  
  

    
1
    
Shri K. A. Narayan
    

    

    

    

    

  
  

    
2
    
Shri Harishkumar Chatterjee (upto January 31, 2024)
    

    

    

    

    

  
  

    
3
    
Shri Jatin Khanna
    

    

    

    

    

  
  

    
4
    
Shri Sandeep Maheshwari (w.e.f January 25, 2024)
    
NA
    
NA
    
NA
    
NA
    
(present as invitee)
  



12. COMPLIANCE WITH SECRETARIAL STANDARDS

In terms of Section 118(10) of the Companies Act, 2013, the Company has complied with
the Secretarial Standards issued by the Institute of Company Secretaries of India and
approved by Central Government with respect to Meetings of the Board of Directors and
General Meetings.


13. RELATED PARTY TRANSACTIONS

During the financial year, all transactions entered into with Related Parties, if any,
as defined under the Companies Act, 2013 were in the ordinary course of business and on an
arm's length pricing basis and do not attract the provisions of Section 188 of the
Companies Act, 2013.


14. RISK MANAGEMENT

The Company has adequate risk management measures which are implemented, developed,
assessed, reviewed and strengthened from time to time.


15. REPORTING OF FRAUDS

There was no instance of fraud during the year under review which required the
Statutory Auditors to report to the Board under Section 143(12) of the Companies Act, 2013
and the Rules framed thereunder.


16. DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors make the following statements in terms of
Section 134(3)(c) of the Companies Act, 2013:

a. that in the preparation of the annual accounts for the year ended March 31, 2024,
the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;

b. that the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company as at March 31, 2024 and
of the loss of the Company for the year ended on that date;

c. that 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. that the Directors have prepared the annual accounts on a going concern basis; and

e. that the Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws were in place and were adequate and operating
effectively.


17. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO

As the Company had no manufacturing activities during the period under review, the
details as prescribed under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8
of the Companies (Accounts) Rules, 2014, on conservation of energy, technology absorption
and foreign exchange earnings and outgo is not applicable to the Company.


18. ANNUAL RETURN

As per Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013 and
relevant Rules, as amended from time to time, every company is required to place a copy of
the annual return on the website of the Company, if any, and the web-link of such annual
return shall be disclosed in the Board's report. Since the Company does not have a
website, the said provision is not applicable to the Company.


19. PARTICULARS OF EMPLOYEES

The provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of
employees of the Company for the year ended March 31, 2024 is not applicable.


20. MATERIAL CHANGES AND COMMITMENTS

Pursuant to the provisions of Section 134(3)(l) of the Companies Act, 2013, there are
no material changes or commitments affecting the financial position of the Company which
have occurred between the end of the financial year and the date of this Report.


21. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION- PROHIBITION
& REDRESSAL) ACT, 2013

Since the Company does not have the required number of employees on its payroll, the
disclosure under the above act is not applicable.


22. SIGNIFICANT OR MATERIAL ORDERS

There are no significant or material orders passed by the Regulators / Courts which
would impact the going concern status of the Company and its future operations.


23. DISCLOSURES

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.

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.


24. RESIDUARY DISCLOSURES

During the year under review:

i. the Company has not issued equity shares with differential rights as to dividend,
voting or otherwise. Hence, disclosure under Rule 4(4) of the Companies (Share Capital and
Debentures) Rules, 2014 is not applicable;

ii. the Company has not issued sweat equity shares to its employees. Hence, disclosure
under Rule 8(13) of the Companies (Share Capital and Debentures) Rules, 2014 is not
applicable;

iii. provisions of Section 135 of the Companies Act, 2013 ('Act') is not applicable to
the Company, hence disclosure under section 134(3)(o) of the Act is not applicable;

iv. Company does not have any Independent Directors, hence disclosure under section
134(3)(d) of the Act is not applicable;

v. Company does not fall under provisions of 178 of the Act, hence disclosure under
section 134(3)(e) of the Act is not applicable;

vi. Company does not fall under provisions of Rule 8(4) of the Companies (Accounts)
Rules, 2014, hence disclosure under section 134(3)(p) of the Act is not applicable;

vii. the provisions of Section 125(2) of the Act, do not apply as there was no
unclaimed dividend in the previous years.

viii. Company was not required to maintain the cost records and requirement of cost
audit as prescribed under the provisions of Section 148(1) of the Act were not applicable
for the business activities carried out by the Company.


25. ACKNOWLEDGEMENT

The Directors extend their grateful appreciation for the co-operation, support and
valuable guidance received from banks, government and other statutory authorities.


  

    

    
For and on behalf of the Board of Directors of
  
  

    

    
RAYMOND REALTY LIMITED
  
  

    

    
(FORMERLY KNOWN AS RAYMOND LIFESTYLE LIMITED)
  
  

    
Mumbai
    
SANDEEP MAHESHWARI
    
K.A. NARAYAN
  
  

    
April 26, 2024
    
DIRECTOR
    
DIRECTOR
  
  

    

    
DIN: 08254851
    
DIN:00950589