1. Wholly Owned Subsidiary of the Company in Dubai which will be engaged in Trading of Textile, Apparel and related products in Middle East and Africa. The Company will make investment up to US$ 5 million, in one or more tranches.

2. Wholly Owned Subsidiary (WOS) of Silver Spark Apparel (SSAL) in Sharjah which will invest to set up garmenting facility in Ethiopia, East Africa. (SSAL is in turn a 100% subsidiary of Raymond).