MIRA INFORM REPORT

Report Date :

16.08.2011

IDENTIFICATION DETAILS

Name :	RELIANCE COMMUNICATIONS LIMITED (w.e.f 03.06.2006)

Formerly Known As :	RELIANCE COMMUNICATION VENTURES LIMITED

Registered Office :	H Block, 1^st Floor, Dhirubhai Ambani, Knowledge City, Navi Mumbai – 400 710, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	15.07.2004

Com. Reg. No.:	11-147531

Paid-up Capital :	Rs.10320.100 millions

CIN No.: [Company Identification No.]	L45309MH2004PLC147531

TAN No.: [Tax Deduction & Collection Account No.]	MUMR16550C

PAN No.: [Permanent Account No.]	AACCR7832C

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Providing Telecommunication Services.

No. of Employees :	30974 (approximately)

RATING & COMMENTS

MIRA’s Rating :

B (40)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 200000000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a company of Reliance Anil Dhirubhai Ambani Group. It is a well established company having satisfactory track. There appears some losses recorded by the company in the current year i.e. 2010-11. however, networth appear to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. However, the company name is involved in the 29 spectrum scam. In view of this, the company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	H Block, 1^st Floor, Dhirubhai Ambani, Knowledge City, Navi Mumbai – 400 710, Maharashtra, India
Tel No. :	91-22- 30386010/ 6286/ 30373333
Fax No. :	91-22-30376622
Email :	hitesh.chawda@relianceada.com
Website :	www.rcom.co.in

Corporate Office :	Reliance Centre, 19, Walchand Hirachand Marg, Ballared Estate, Mumbai – 400 038, Maharashtra, India
Tel No. :	91-22-30327409
Fax No. :	91-22-30327896

Reliance BPO :	A Block 2^nd Floor, Dakc Kopar Khairane, Navi Mumbai 400710, Maharashtra, India

DIRECTORS

As on 31.03.2010

Name :	Mr. Anil D. Ambani
Designation :	Chairman

Name :	Mr. J. Ramachandran
Designation :	Director

Name :	Mr. S.P. Talwar
Designation :	Director

Name :	Mr. Deepak Shourie
Designation :	Director

Name :	Mr. A.K. Purwar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Hasit Shukla
Designation :	President, Company Secretary and Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9,845,089	0.48
Bodies Corporate	1,369,605,971	66.75
Any Others (Specify)	21,279,000	1.04
Any Other	21,279,000	1.04
Sub Total	1,400,730,060	68.27
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1,400,730,060	68.27
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13,728,504	0.67
Financial Institutions / Banks	5,425,624	0.26
Central Government / State Government(s)	984,655	0.05
Insurance Companies	163,894,196	7.99
Foreign Institutional Investors	173,535,438	8.46
Sub Total	357,568,417	17.43
(2) Non-Institutions
Bodies Corporate	35,920,114	1.75
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	222,032,614	10.82
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	20,564,473	1.00
Any Others (Specify)	15,068,780	0.73
NRIs/OCBs	15,068,780	0.73
Sub Total	293,585,981	14.31
Total Public shareholding (B)	651,154,398	31.73
Total (A)+(B)	2,051,884,458	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	12,142,423	-
Sub Total	12,142,423	-
Total (A)+(B)+(C)	2,064,026,881	-

BUSINESS DETAILS

Line of Business :	Providing Telecommunication Services.

GENERAL INFORMATION

No. of Employees :

30974 (approximately)

Bankers :

Not Available

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Debentures
11.20 % Secured, Redeemable, Non Convertible Debentures	30000.000	30000.000
Total	30000.000	30000.000

Note:

The Company had, on 2nd March, 2009, allotted, 3,000, 11.20% Secured Redeemable, Non Convertible Debentures (NCDs) of the face value of Rs.10.000 millions each. The issue is secured by a first pari passu charge on the whole of the movable fixed assets (excluding Land and Building thereon, Telecom Licences, Brand Name, Goodwill, Current Assets, Loans and Advances and Investments (referred to as “excluded assets”)), both present and future, including but not limited to all movable plant and machinery, furniture, fixtures, electrical systems, hardware, computer software, wiring, tools, meters, motor vehicles, office equipment and all other movables of whatsoever nature of the Company and of Reliance Telecom Limited, Reliance Infratel Limited (RITL) and Reliance Communications Infrastructure Limited. Further, in this regard, legal mortgage is also created on immovable property of RITL located at Dombivali (West) in favour of the Debenture Trustee for the benefit of NCDs Holder. Redemption shall be at par at the end of 10th year from the date of allotment thereof.

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Foreign Currency Loans from Bank (Repayable within one year Rs.23907.800 millions)	95882.600	89674.3000
Foreign Currency Convertible Bonds (FCCBs) (Repayable within one year Rs.Nil)	64595.500	70835.100
Rupee Loans from Banks (Repayable within one year Rs. Nil (Previous year Rs.Nil))	0.000	36000.000
Short Term Loans
From Banks
Foreign Currency Loans	23351.600	23629.200
Rupee Loans	18000.000	53000.000
Commercial Papers	12953.100	5897.500
Total	214782.800	279036.100


Banking Relations :	--

Auditors :
Name :	Chaturvedi and Shah Chartered Accountants B.S.R. and Company Chartered Accountants

Holding Company :	Reliance Innoventures Private Limited AAA Communication Private Limited (ceased to be the Holding Company w.e.f. 09th October, 2009)

Associates :	Mumbai Metro Transport Private Limited (w.e.f. 18th January, 2010) Warf Telecom International Private Limited

Subsidiaries (direct and step down subsidiaries) :	1 Reliance Communications Infrastructure Limited 2 Reliance Telecom Limited 3 Reliance Infocomm Infrastructure Private Limited 4 Reliance Digital Home Services Limited 5 Reliance WiMax Limited 6 Reliance Global IDC Limited 7 Reliance Webstore Limited 8 Campion Properties Limited 9 Reliance Mobile Limited (upto 23.03.2010) 10 Reliance Infratel Limited 11 Matrix Innovations Limited 12 Reliance Communications Investment and Leasing Limited 13 Netizen Rajasthan Limited 14 FLAG Access India Private Limited 15 Reliance Tech Services Private Limited 16 Reliance Big TV Limited 17 Reliance Globalcom B.V. 18 Gateway Net Trading Pte. Limited 19 Reliance Globalcom Limited 20 Reliance FLAG Pacific Holdings Limited 21 FLAG Pacific Limited 22 FLAG Telecom Singapore Pte. Limited 23 FLAG Telecom Development Limited 24 FLAG Telecom Development Services Company LLC 25 FLAGWEB Limited 26 FLAG Telecom Network Services Limited 27 Reliance FLAG Telecom Ireland Limited 28 FLAG Telecom Japan Limited 29 FLAG Telecom Servizi Italia SpA 30 FLAG Telecom Network USA Limited 31 FLAG Telecom Belgium Network SA 32 FLAG Telecom Espana Network SAU 33 FLAG Telecom Group Services Limited 34 FLAG Telecom Asia Limited 35 FLAG Telecom Deutschland GmbH 36 FLAG Telecom Nederland B.V. 37 FLAG Telecom Hellas AE 38 FLAG Atlantic UK Limited 39 Reliance FLAG Atlantic France SAS 40 FLAG Telecom Taiwan Services Limited 41 FLAG Holdings (Taiwan) Limited - Board Control 42 FLAG Telecom Taiwan Limited 43 FLAG Telecom Ireland Network Limited 44 Reliance Communications, Inc. 45 Reliance Communications International, Inc. 46 Reliance Communications Canada, Inc. 47 Bonn Investment, Inc. (formerly Reliance Netway, Inc.) 48 Reliance Communications (UK) Limited 49 Reliance Communications (Hong Kong) Limited 50 Reliance Infocom, Inc. 51 Reliance Communications (Singapore) Pte. Limited 52 Reliance Communications (New Zealand) Pte. Limited 53 Reliance Communications (Australia) Pty. Limited 54 Seoul Telenet, Inc. - Board Control 55 RCOM Malaysia SDN. BHD. 56 Reliance Telecom Infrastructure (Cyprus) Holdings Limited - Board Control 57 Lagerwood Investments Limited - Board Control 58 Reliance Globalcom (UK) Limited 59 Euronet Spain SA 60 Net Direct SA (Proprietary) Limited 61 Vanco (Shanghai) Co. Limited 62 Vanco ApS 63 Vanco (Asia Pacific) Pte. Limited 64 Vanco Australasia Pty. Limited 65 Vanco Benelux B.V. 66 Vanco B.V. 67 Vanco Deutschland GmbH 68 Vanco Epe 69 Vanco Sp Zoo 70 Vanco Euronet Sro 71 Vanco Global Limited 72 Vanco GmbH 73 Reliance Vanco Group Limited 74 Vanco Hong Kong Solutions Limited 75 Vanco International Limited 76 Vanco Japan KK 77 Vanco Net Direct Limited 78 Vanco Net Direct Limited, Ireland 79 Vanco NV 80 Vanco Row Limited 81 Vanco SAS 82 Vanco Solutions, Inc. 83 Vanco South America Ltda 84 Vanco Srl 85 Vanco Sweden AB 86 Vanco Switzerland AG 87 Vanco UK Limited 88 Vanco US LLC 89 VNO Direct Limited 90 WANcom GmbH 91 Anupam Global Soft (U) Limited 92 Reliance Globalcom Services, Inc. 93 Yipes Holdings, Inc. 94 YTV, Inc. 95 Yipes Systems, Inc. 96 Reliance WiMax World BVI 97 Reliance WiMax World B.V. 98 Reliance WiMax World Limited 99 Reliance WiMax World LLC 100 Reliance WiMax Congo-Brazzaville B.V. 101 Reliance WiMax Guinea B.V. 102 Access Guinea SARL 103 Interconnect Brazzaville S.A. 104 Reliance WiMax Sierra Leone B.V. 105 Equatorial Communications Limited 106 Reliance WiMax Cameroon B.V. 107 Equatorial Communications SARL 108 Reliance WiMax D.R.C. B.V. (w.e.f. 1st April, 2009) 109 Reliance WiMax Gambia B.V. (w.e.f. 21st April, 2009) 110 Reliance WiMax Mauritius B.V. (w.e.f. 1st April, 2009) 111 Reliance WiMax Mozambique B.V.(w.e.f. 21st April, 2009) 112 Reliance WiMax Niger B.V. (w.e.f. 1st April, 2009) 113 Reliance WiMax Zambia B. V. (w.e.f. 1st April, 2009) 114 Access Bissau LDA (w.e.f. 1st April, 2009) 115 Global Innovative Solutions Private Limited (w.e.f. 4th September, 2009) 116 Reliance Gateway Net Limited (upto 13th July, 2009)

Fellow Subsidiaries :	Reliance Capital Limited Reliance General Insurance Company Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity Share	Rs.5/- each	Rs.15000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2064026881	Equity Share	Rs.5/- each	Rs.10320.100 millions

Notes:

(1) Out of the above:

1,15,29,001 Equity Shares are held by the Holding Company, Reliance Innoventures Private Limited.

80,81,10,172 Equity Shares are held by AAA Communication Private Limited.

25,00,00,000 Equity Shares are held by AAA Industries Private Limited.

25,00,00,000 Equity Shares are held by ADA Enterprises and Ventures Private Limited.

(2) Equity Shares allotted in earlier years as fully paid up without payment being received in cash	Number of Shares
Pursuant to demerger of Telecom Undertaking of Reliance Industries Limited into the Company	1,22,31,30,422
Pursuant to the Scheme of Amalgamation and Arrangement involving group companies	82,14,84,568
	2,04,46,14,990

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10320.100	10320.100	10320.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		494668.800	506583.100	238080.200
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		504988.900	516903.200	248400.300
LOAN FUNDS
1] Secured Loans		30000.000	30000.000	9500.000
2] Unsecured Loans		214782.800	279036.100	193364.300
TOTAL BORROWING		244782.800	309036.100	202864.300
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		749771.700	825939.300	451264.600

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		306124.800	314077.700	168876.300
Capital work-in-progress		16835.200	36438.600	71175.600

INVESTMENT		318986.000	313647.500	138441.400
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2983.400	2531.400	2012.200
	Sundry Debtors	17386.300	14822.200	10932.100
	Cash & Bank Balances	821.800	5351.500	1926.600
	Other Current Assets	19287.200	19193.800	89921..400
	Loans & Advances	159580.700	213531.200	80360.600
Total Current Assets		200059.400	255430.100	185152.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18175.200	14895.400	47462.500
	Other Current Liabilities	870190.100	42919.500	24615.100
	Provisions	33868.400	35839.700	40304.000
Total Current Liabilities		922233.700	93654.600	112381.600
Net Current Assets		107825.700	161775.500	72771.300

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		749771.700	825939.300	451264.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Service Revenue and Other Operating Income	122906.100	136105.800	127064.300
		Other Income	2211.100	840.800	7202.200
		TOTAL (A)	125117.200	136946.600	134266.500

Less	EXPENSES
		Access Charges, Licence Fees and Network Expenses	90176.400	70547.400	80189.000
		Payments to and Provisions for Employees	6717.900	7583.600
		Provision for Commission to Non Executive Directors (net)	6.000	(38.000)
		Sales and General Administration Expenses	17310.100	22525.500
		Stamp Duty paid on Demerger	250.000	0.000
		Amortisation/ (Write back) of Compensation under Employee Stock Option Scheme	(66.500)	74.700
		Other Expenses	0.000	(34673.000)
		TOTAL (B)	114393.900	66020.200	80189.000

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10723.300	70926.400	5407.500

Less	FINANCIAL EXPENSES (D)		(10583.800)	3440.600	4451.700

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21307.100	67485.800	49625.800

Less/ Add	DEPRECIATION/ AMORTISATION (F)		15112.400	19335.100	23584.900

	PROFIT BEFORE TAX (E-F) (G)		6194.700	48150.700	26040.900

Less	TAX (H)		1405.400	124.000	176.400

	PROFIT AFTER TAX (G-H) (I)		4789.300	48026.700	25864.500

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5027.500	43002.400	NA

Less	APPROPRIATIONS
		Transferred to Debenture Redemption Reserve	749.600	69.800	NA
		Transferred to General Reserve III	400.000	84000.000	NA
		Proposed Dividend on Equity Shares	1754.400	0.000	NA
		Interim Dividend on Equity Shares	0.000	1651.200	NA
		Tax on Proposed/ Interim Dividend	291.400	280.600	NA
	BALANCE CARRIED TO THE B/S		3195.400	86001.600	NA

	EARNINGS IN FOREIGN CURRENCY
		Long Distance Operations	8490.500	13128.900	NA
		Interest and Other Income	0.900	806.500	NA
	TOTAL EARNINGS		8491.400	13935.400	NA

	IMPORTS
		Capital Goods	2693.700	26637.200	NA
		Stores & Spares	681.400	2397.600	NA
	TOTAL IMPORTS		3375.100	29034.800	NA

	Earnings Per Share (Rs.)		2.32	23.27	NA

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	31775.700	30815.300	29768.400	28938.300
Total Expenditure	30595.400	30847.600	31262.900	24305.600
PBIDT (Excl OI)	1180.300	(32.300)	(1494.500)	4632.700
Other Income	83.400	81.000	1804.400	2873.700
Operating Profit	1263.700	48.700	309.900	7506.400
Interest	2111.500	1105.600	0.000	(1435.900)
PBDT	(847.800)	(1056.900)	309.900	8942.300
Depreciation	4060.300	3707.800	3959.300	4215.200
Profit Before Tax	(4908.100)	(4764.700)	(3649.400)	4727.100
Tax	0.000	0.000	0.000	(1015.200)
Profit After Tax	(4908.100)	(4764.700)	(3649.400)	5742.300
Net Profit	(4908.100)	(4764.700)	(3649.400)	5742.300

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.83	35.07	19.26

Net Profit Margin (PBT/Sales)	(%)	5.04	35.38	20.49

Return on Total Assets (PBT/Total Assets}	(%)	1.22	8.45	7.36

Return on Investment (ROI) (PBT/Networth)		0.01	0.09	0.10

Debt Equity Ratio (Total Liability/Networth)		0.67	0.18	1.27

Current Ratio (Current Asset/Current Liability)		2.17	2.73	1.65

LOCAL AGENCY FURTHER INFORMATION

HISTORY:

Subject is the flagship Company of Reliance Anil Dhirubhai Ambani Group, India's third largest business house. The company is India's largest private sector information and communications company, with over 100 million subscribers. They have established a pan-India, high-capacity, integrated (wireless and wireline), convergent (voice, data and video) digital network, to offer services spanning the entire infocomm value chain. The company shares are listed on the National Stock Exchange and the Bombay Stock Exchange. The company offers the full value chain of wireless (CDMA and GSM), wireline, national long distance, international, voice, data, video, Direct-To-Home (DTH) and internet based communications services under various business units organized into three strategic customer-facing business segments; Wireless, Global and Broadband. These strategic business units are supported by passive infrastructure connected to nationwide backbone of Optic Fibre Network fully integrated network operation system and by the largest retail distribution and customer services facilities. The Company also owns through its subsidiaries, a global submarine cable network infrastructure and offers managed services, managed Ethernet and application delivery services. The company is India's first telecom service provider offering nationwide CDMA and GSM mobile services with digital voice clarity. Their mobile portal, R World, offers the widest range of mobile content spanning e-commerce, m-commerce entertainment, music, news, astrology, cricket, bollywood, maps, search, one-click set-up, access to email and social networking. The company offers the most comprehensive portfolio of enterprise voice, data, video, internet and IT infrastructure services catering to large, medium and small enterprises for their communications, networking and IT infrastructure needs. Their product portfolio includes national and international private leased circuits, broadband internet access, audio solutions including Centrex, toll free services, voice VPN, video conferencing , MPLS-VPN, remote access VPN, Global MPLS VPN managed internet data centre (IDC) services to name a few. The company operates nationwide Direct-to-Home satellite TV services under its wholly owned subsidiary, Reliance Big TV Limited (Big TV). They formed an alliance with Polycom Inc., the global leader in tele-presence, video and voice solutions, to introduce world's first wireless, high-resolution video and CD-quality audio, conferencing service along with simple-to-use content sharing capabilities - at a bandwidth speed of 256 kbps at any place. They own and operate the world's largest next generation IP enabled connectivity infrastructure, comprising over 2,77,000 kilometers of fibre optic cable systems in India, USA, Europe, Middle East and the Asia Pacific region. Subject was incorporated on July 15, 2004 as a private limited company with the name of Reliance Infrastructure Developers Private Limited In July 25, 2005, the company was converted into public limited company and the name was changed to Reliance Infrastructure Developers Limited During the year, the company altered the objects clause of the memorandum of association to carry on the business of telecommunication, infrastructure, telecommunication system, telecommunication network and telecommunication services. In August 3, 2005, they further changed their name to Reliance Communication Ventures Limited In August 11, 2005, the equity shares of the company were acquired by Reliance Industries Limited and thus the company became the wholly owned subsidiary of Reliance Industries Limited As per the scheme of arrangement, all the properties, investments, assets and liabilities related to Telecommunication Undertaking of Reliance Industries Limited was transferred and vested in the company on a going concern basis with effect from December 21, 2005. In March 6, 2006, the equity shares of the company were listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited In June 7, 2006, the name of the company was changed from Reliance Communication Ventures Limited to Reliance Communications Limited As a result of a Scheme of arrangement with Reliance Industries Limited, the company became the holding company of minority interests in the telecommunications companies formerly controlled by Reliance Industries Limited The company restructured the telecom businesses by realigning the economic ownership of various businesses into the company. Under a Scheme of Amalgamation and Arrangement which became effective from September 12, 2006, inter alia, Reliance Infocomm Limited, Ambani Enterprises Private Limited, Reliance Business Management Private Limited, Formax Commercial Private Limited, Reliance Communications Technologies Limited, Reliance Software Solutions Private Limited, Reliance Communications Solutions Private Limited and Panther Consultants Private Limited were amalgamated with the company and the and Network division of Reliance Communications Infrastructure Limited was de-merged to the company. Upon the Scheme of Amalgamation and Arrangement all the subsidiaries of erstwhile Reliance Infocomm Limited, Reliance Infocomm Infrastructure Private Limited, Reliable Internet Services Limited and Campion Properties Private Limited including the subsidiaries of Reliance Communications Infrastructure Limited, Reliance Telecom Limited and Flag Telecom Group Limited became the subsidiaries of the company. During the period 2006-07, Paradox Studios Limited, Reliance Digital World Limited and NIS Sparta Limited ceased to be subsidiaries of the company and Gateway Net Trading Pte Limited, Reliance Communications (Singapore) Pte Limited, Reliance Communications (Hong Kong) Limited, Reliance Communications (New Zealand) Pte Limited, Reliance Communication (Australia) Pty Limited RCOM Malaysia SDN BHD, Synergy Entrepreneur Solutions Private Limited and Reliance Next Generation Technology Private Limited became subsidiaries of the company. During the year 2007-08, Reliance Tech Services Private Limited, Reliance Big TV Limited, Yipes Holdings Inc, Reliance Globalcom Services Inc, Yipes Systems Inc, YTV Inc, Anupam Globalsoft (U) Limited, Lagerwood Investments Limited and Reliance Telecom Infrastructure (Cyprus) Holdings Limited became the subsidiaries of the company. While, Flag Projects Pte Limited, Alsign Holdings Pte Limited, Actaram Capital Pte Limited, Reliance Telephones Limited and Gateway Net Trading Pte Limited ceased to be subsidiaries of the company. As per the scheme of arrangement amongst the company, Reliance Telecom Limited (RTL) and Reliance Infratel Limited (RITL), the passive infrastructure of the Company and RTL was de-merged and vested into RITL, with effect from April 10, 2007. The group structure involving various subsidiaries of the company was reorganized during the year. Consequently, Reliance Infoinvestments Limited and Synergy Entrepreneur Solutions Private Limited amalgamated with Reliance Communications Infrastructure Limited with effect from July 23, 2007 and September 1, 2007 respectively and Reliable Internet Services Limited amalgamated with Reliance Telecom Limited with effect from September 29, 2007. FLAG Telecom USA Limited was merged with Yipes Holdings Inc. with effect from December 17, 2007. During the year, the company acquired Uganda-based company Anupam Globalsoft (U) Limited, holding Public Infrastructure Provider License and Public Service Provider License to offer Mobile, Fixed Line, Internet, National and International Long Distance services, in addition to WiMax and Wifi services, marking their entry in Uganda In April 2008, they also acquired controlling stake in Reliance WiMax World Limited (formerly eWave World Limited), a UK headquartered company focused on the rapidly developing market for wireless telephony services using the WiMAX technology standard. During the year 2008-09, the company launched GSM services in 14 service areas and commenced commercial operations. They received start-up spectrum to launch GSM services from Department of Telecommunications (DoT) under their existing Unified Access Service License (UASL) in 14 service areas. Reliance Big TV Limited, a wholly owned subsidiary of the company launched fully Digital Home Entertainment Direct To Home (DTH) Service on the most advanced MPEG 4 DTH Platform. During the year, Reliance Vanco Group Limited and their subsidiaries, Reliance WiMax World Limited and Gateway Net Trading Pte Limited became the subsidiaries of the company. While, FLAG Telecom France Network SAS, FLAG Telecom France Services EURL, FLAG Telecom Korea Limited and FLAG Telecom Espana SA ceased to be subsidiaries of the company. The company rolled out their fastest Wireless Internet service, 'Reliance Netconnect Broadband Plus', with a downlink speed of up to 3.1 Mbps. This makes Netconnect Broadband Plus best suited for video streaming, video surveillance, rich media content and superior Internet browsing. The company through their wholly owned subsidiary, Reliance Communications Infrastructure Limited, formed a joint venture with Krishak Bharati Cooperative Limited (Kribhco), a premier co-operative society with an unparalleled marketing network in rural India. The company made a tie up with Flytxt, a leading technology provider, for the implementation of an integrated carrier-class mobile marketing software platform called Neon on the RCOM Network. Also, they made a tie up with SAS for better business intelligence and analytics and AMDOCS for Customer Self Service systems. During the year 2009-10, Global Innovative Solutions Private Limited, Reliance WiMax D.R.C. B.V, Reliance WiMax Gambia B.V. Reliance WiMax Mauritius B.V., Reliance WiMax Mozambique B.V, Reliance WiMax Niger B.V., Reliance WiMax Zambia B.V., Access Bissau LDA became the subsidiaries of the company. While, Reliance Mobile Limited and Vanco (India) Private Limited ceased to be subsidiaries of the company. As per scheme of arrangement between the company and Reliance Infratel Limited, the Optic Fiber Undertaking of the company was de-merged and transferred to Reliance Infratel Limited with effect from April 1, 2008.Also, Reliance Gateway Net Limited, a wholly owned subsidiary of the company amalgamated with the company with effect from July 13, 2009. During the year, the company won the prestigious Global World Communication Awards 09, held in London. They also won this award in the Best Device Category where they participated with a new network device, developed with CISCO. The company was the only Indian company to win an award at WCA 09. The company received the Frost and Sullivan Market Share Leadership award for 'Data Center and Managed Services' category (FY 2009). They also received INFOCOMM - CMAI National Telecom Award for the 'Largest Telecom Network' category, presented by Secretary, DoT and Chairman, Telecom Commission. The company has joined the consortium of USD 400 million, 8,300 km, 17 Tbps design capacity Singapore - Hong Kong - Japan (SJC) cable system. The SJC cable system is expected to be completed by third quarter of 2011.

Financial Performance

During the year, the Company has earned income of Rs.125117.200 millions against Rs.136946.600 millions in the previous year. The Company earned Profit after tax of Rs.4789.300 millions compared to Rs.48026.700 millions in the previous year.

Business Operations

The Company operates on a pan-India basis and offers the full value chain of wireless (CDMA and GSM), wireline, national long distance, international, voice, data, video, Direct-To-Home (DTH) and internet based communications services under various business units organised into three strategic customer-facing business segments; Wireless, Global and Broadband. These strategic business units are supported by passive infrastructure connected to nationwide backbone of Optic Fibre Network fully integrated network operation system and by the largest retail distribution and customer services facilities. The Company also owns through its subsidiaries, a global submarine cable network infrastructure and offers managed services, managed Ethernet and application delivery services.

During the year, the Company had crossed the landmark of 100 million wireless customers. The Company ranks among top two wireless operators in the country. The momentous achievement has been attained within seven years of the Company’s first launching its pan-India mobile services in 2003, fastest ramp up of mobile customers in the world. With this landmark achievement, the Company becomes the 4th operator in the world to serve over 100 Million customers in a single country.

Subsidiary Companies

During the year, Global Innovative Solutions Private Limited, Reliance WiMax D.R.C. B.V, Reliance WiMax Gambia B.V. Reliance WiMax Mauritius B.V., Reliance WiMax Mozambique B.V, Reliance WiMax Niger B.V., Reliance WiMax Zambia B.V., Access Bissau LDA became the subsidiaries of the Company.

During the year, Reliance Mobile Limited and Vanco (India) Private Limited ceased to be subsidiaries of the Company.

In terms of the approval granted by the Central Government under Section 212(8) of the Companies Act, 1956, copies of the Balance Sheet, Profit and Loss Account, Report of the Board of Directors and Auditors of the subsidiaries have not been attached with the Balance Sheet of the Company. However, these documents will be made available upon request by any member of the Company. As directed by the Central Government, the financial data of the subsidiaries have been furnished under ‘Financial Information of Subsidiary Companies’, which forms part of the Annual Report. The annual accounts of the Company including that of subsidiaries will be kept for inspection by any member. Further, pursuant to Accounting Standard (AS) -21 prescribed under the Companies (Accounting Standards) Rules, 2006, Consolidated Financial Statements presented by the Company include financial information of subsidiary Companies.

Management Discussion and Analysis

Forward looking statements

Statements in this Management Discussion and Analysis of Financial Condition and Results of Operations of the Company describing the Company’s objectives, expectations or predictions may be forward looking within the meaning of applicable securities laws and regulations. Forward looking statements are based on certain assumptions and expectations of future events.

The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Company assumes no responsibility to publicly amend, modify or revise forward-looking statements, on the basis of any subsequent developments, information or events. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company’s operations include interconnect usage charges, determination of tariff and such other charges and levies by the regulatory authority, changes in government regulations, tax laws, economic developments within the country and such other factors globally.

The financial statements are prepared under historical cost convention, on accrual basis of accounting, and in accordance with the provisions of the Companies Act, 1956 (the Act) and comply with the Accounting Standards notified under Section 211(3C) of the Act read with the Companies (Accounting Standards) Rules, 2006. The management of Subject has used estimates and judgments relating to the financial statements on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner, the state of affairs and profits for the year.

Macro economics

The Indian economy registered buoyant growth in Financial Year 2009-10 after combating severe headwinds caused by the global financial crisis in the previous year. Having regained some of the growth momentum of the earlier 9 per cent plus era, it is now poised to cross the ‘double digit growth’ barrier. The challenge is to harness this quick economic recovery and focus on the development of rural infrastructure.

There are several factors that underpin the robust performance of the economy in recent times, and augur well for its long-term health. Apart from the impressive recovery in the industrial sector, there has been a significant revival in investment as well as private consumption demand. Favourable capital market conditions, together with improved business sentiment and capital inflows, have also been a cause for optimism. All this has been accompanied by a marked pick-up in corporate earnings and profits.

Given these macro indications, the GDP growth rate may well breach the 10 per cent mark in the near future.

Overall review

RCOM is India’s truly integrated and fully converged telecommunications service provider. They operate across the full spectrum of wireless, wireline, voice, data, video and internet communication services. They also have an extensive international presence through the provision of long distance voice, data and internet services and submarine cable network infrastructure globally. With a customer base of over 109 million (including over 2.5 million overseas retail customers and 2.4 million BigTV DTH customers), RCOM is the world’s 4th largest operator in terms of number of customers in a single country. Their corporate clientele includes 2,100 Indian and multinational corporations, and over 800 global, regional and domestic carriers. Their enterprise customers include 850 of the top 1000 enterprises in India.

RCOM is India’s first telecom service provider offering nationwide CDMA and GSM mobile services with digital voice clarity. Reliance Communications has established a pan-India, next generation, integrated (wireless and wireline), convergent (voice, data and video) digital network that is capable of supporting best-of-class services spanning the entire communications value chain, covering over 24,000 towns and 600,000 villages.

Their mobile portal, R World, offers the widest range of mobile content spanning e-commerce, m-commerce entertainment, music, news, astrology, cricket, bollywood, maps, search, one-click set-up, access to email and social networking. In short, it provides the full range of communication tools which once fell in the realm of the personal computer, at the price and convenience of a handset.

RCOM owns and operates the world’s largest next generation IP enabled connectivity infrastructure, comprising over 277,000 route kilometers of fibre optic cable systems in India, USA, Europe, Middle East and the Asia Pacific region. In India, they provide long distance business services including wholesale voice, bandwidth and infrastructure services. Globally, they provide carrier’s carrier voice, carrier’s carrier bandwidth, enterprise data and consumer voice services.

RCOM offers the most comprehensive portfolio of enterprise voice, data, video, internet and IT infrastructure services catering to large, medium and small enterprises for their communications, networking and IT infrastructure needs. Their product portfolio includes national and international private leased circuits, broadband internet access, audio solutions including Centrex, toll free services, voice VPN, video conferencing , MPLS-VPN, remote access VPN, Global MPLS VPN managed internet data centre (“IDC”) services to name a few. RCOM has the biggest Metro Ethernet network which is now available in 144 cities with about 35,000 Metro Devices in ring architecture thus enabling more than 1 million buildings to provide reliable and scalable bandwidth Metro Ethernet solutions.

RCOM operates nationwide Direct-to-Home satellite TV services under its wholly owned subsidiary, Reliance Big TV Limited (Big TV). Big TV uses state-of-the-art MPEG4 technology to deliver over 230 channels, including 32 exclusive movie channels, to its subscribers. They also deliver high definition content and Dolby digital voice quality to their viewers on this platform to create a highly personalised video experience.

New Initiatives

RCOM redefines industry benchmarks

Earlier this year, in a game changing move, Reliance broke through the clutter of myriad tariffs, with one single rate for all local and STD calls to any mobile or landline network, anytime, anywhere in India, without any conditions or restrictions. Reliance Communications has set a new industry standard, offering unbelievable, never-before prices in a simple and transparent manner.

The ‘Simply Reliance Plan’ offers three variants to meet the needs of customers with different calling patterns, namely, 50 paise per minute, 1 paise per second and Re.1 per call for duration of 3 minutes across pan India available to all customers, whether existing pre-paid and post-paid or new.

Alliance with Polycom Inc.

RCOM has formed an alliance with Polycom Inc., the global leader in tele-presence, video and voice solutions, to introduce world’s first wireless, high-resolution video and CD-quality audio, conferencing service along with simple-to-use content sharing capabilities – at a bandwidth speed of 256 kbps at any place. Using this service, events like live meetings, online education, medical procedures, family events, weddings, parties and ceremonies can be webcasted live by event managers on a pay-per-use basis with a feel real-time, face-to-face visual communication.

Alliance to continue leadership in mobile applications

With the emergence of smart phones and the increased use of mobile internet, the usage is driven by mobile application stores and mobile versions of the popular internet services. RCOM has strategic tie-ups and alliances with more than 350 technology and content partners, various leading M-commerce solutions providers.

M-commerce solution, an emerging area in the mobile space, offers a fast, secure, inter-operable and convenient platform to conclude payment transactions using Reliance Mobile. Reliance subscribers will now be able to transact in secured and Personal Identification Number (PIN) protected environment for insurance services, DTH recharges, movie tickets, books and periodicals, consumer goods, holiday packages as well as bus and train tickets using their Reliance Mobile connection. These services are also available on R World for all GSM customers.

Alliance with Microsoft

RCOM Enterprise Business partnered with Microsoft to combine the power of virtualisation technology and cloud computing and launched “Reliance Cloud Computing Services”. This is a hosted infrastructure service for their customers in India to access a variety of enterprise scale IT solutions, business applications and services like server hosting, data storage and archival, ERP and document management. There is a full suite of applications and services based on the cloud computing model. Microsoft’s virtualisation and management technologies has helped them in reducing the input costs involved in providing these services, thereby enabling Reliance to pass on the cost benefits to the customers.

Reliance Infratel Limited (RITL) new agreements signed

RITL, during the year, signed contracts with all major new and existing operators for providing passive Infrastructure which has been an effective strategy for their customers for cost savings and improved quality of service. Their customers now include the top five telecom operators as well as five new entrant operators.

RITL signed a large bulk IRU lease agreement with Aircel for providing ducts on pan India basis. Additionally, Aircel would take intermediate ‘stations’ for deployment of their electronics as an add-on co-location service. RITL will also be providing services for blowing the fiber for Aircel.

Reliance Globalcom new agreements signed

In the Carrier Data segment, they signed contracts of over Rs.5000.000 millions with their existing customer base. They continued to be the preferred service provider to leading global carriers, ISPs and content providers around the world.

In order to sustain their leadership in the global subsea network, they have joined the US$400 million, 8,300 km, 17 Tbps design capacity Singapore - Hong Kong - Japan (SJC) cable system consortium. The SJC cable system is expected to be completed by Q3 2011 and will give them the capability and reach to provide voice, internet and data services to their customers in the South East Asian markets of Indonesia, Singapore and the Philippines.

Last but not least, their Next Generation cable “Hawk” in the Mediterranean between Middle East and Europe remains on track for completion in 2010-11.

Reliance Globalcom retail expansion

The global calling card market is experiencing hyper-competition. They have been able to maintain their margins despite the introduction of disruptive tariffs by other Indian operators both in the US and UK markets. They have focused on delivering more value to their existing base of over 2 million Reliance Global Call customers through event-based campaigns. They have also expanded their network to Ireland, Spain, Austria, Belgium and Netherlands, taking the total number to 16 countries where Reliance Global Call is now present.

They are now engaging more closely with their customers in US, Canada, UK, Australia, New Zealand, Singapore, Malaysia and promoting their brand across local communities and events. This has been well received and will form the basis for the launch of their new services Reliance iCall and Reliance Mind Bridge.

Enterprise

In the Enterprise segment, they signed contracts of over Rs.5750.000 millions and added more than 80 new logos.

They continue to be preferred by large multinational companies to rollout and manage complex MPLS VPN networks in stiff competition with the Global top four.

They launched Enterprise Global Ethernet or (EGE) in 36 countries. Only a handful of other telcos can offer comparable Ethernet reach at one-stop. This product will help them in addressing the Ethernet services demand from enterprises outside the United States.

They launched a major brand building and advertising campaign in US and Europe. This campaign has further strengthened their market position as an agile, reliable and global service provider.

Industry Structure and Regulatory Developments

Industry Structure

Wireless

The Indian telecom sector continues to demonstrate strong growth in spite of sluggishness in the global economic environment. The total base of landline and wireless subscribers in India has grown to 621.28 million and the tele-density to 52.74 per cent as on 31st March, 2010. The annual growth of 44.58 per cent was primarily driven by rural expansion and the proliferation of affordable devices.

Wireless subscribers reached 584.32 million and wireless tele-density stood at 49.60 per cent.

The share of private sector in wireless connections touched 87.24 per cent as on 31st March 2010.

The year witnessed dramatic drop in telecom tariffs. With the launch of services by several new operators in the year, the total number of operators in the market now stands at 15.

The competition caused a further shift with operators focusing on increased value-added and data services to subscribers in the saturated urban markets.

Internet and Broadband

Internet subscribers in India grew moderately to 20.30 million and broadband subscribers to 8.75 million by 31st March, 2010.

Telecom Infrastructure

The demand for telecom infrastructure in India is driven both by the robust growth in the mobile industry as a whole and by the growth in usage in the new semi-urban and rural markets. The industry landscape has changed with the Government issuing over 120 licenses to new operators and the number of players going up from 5-6 per circle to 9-10 in most circles. These new operators have been allotted spectrum in about 18 to 20 circles and some of them have now got joint venture tie-ups with large global players thereby getting the necessary impetus to roll out their services. The roll-out of mobile services by these new players further increases the demand for telecom infrastructure. The telecom infrastructure industry will witness a further significant upside from the 3G /BWA auctions and the network rollout plans of the successful bidders.

The Industry now has about 300,000 towers, with ample opportunities for existing infrastructure providers to offer tower tenancies to new domestic and multinational operators.

Global

Their global business participates in diverse industry segments, viz., (i) global submarine capacity sales (ii) national long distance for voice and data (iii) international voice transit (iv) international retail voice (v) enterprise connectivity and managed services business. A market leader across different segments, they have the largest private submarine cable in the world and the largest NLD network in India. They rank amongst the top 25 largest international voice traffic carriers and have established a strong retail brand in the US. Their global business operates a service delivery platform for internet, data, voice and multimedia communications and is particularly strong in the fast-growing emerging markets of India, China and the Middle East. They have also achieved leadership positions in the developed markets of the US, UK, Western Europe, Australia and Singapore. They are uniquely positioned to provide complete end-to-end solution through their diverse best-in-class product range.

Infrastructure

Reliance Infratel Limited (RITL), their infrastructure subsidiary, signed contracts during the year with major new and existing operators for providing passive Infrastructure which has proved to be an effective strategy for their customers for cost savings and improved quality of service. Their customers now include the existing top five as well as five new incumbents out of the total of 15 operators in the market.

· Their total tenancy stands at 1.75 per tower, the highest in the Industry.

· lRITL now owns 190,000-Km optical fiber network, providing a more economical and better quality link for tenants compared to microwave.

· lRCOM’s current utilisation of tower slot assets is 40-50 per cent. This gives them significant potential for 3rd party tenants. It also complements their existing passive infrastructure and provides an integrated solution to tenants.

· As such, they offer their customers an extensive and diverse portfolio of well-positioned assets and they believe that their wide and expanding portfolio of tower sites puts them in a unique position to handle the needs of national, regional, local and emerging wireless service providers in India.

Segment Wise

Wireless Segment

Customer acquisition

During the year the Company added 29.78 million wireless customers (net additions), an increase of 40.98 per cent over the previous year. As on 31st March, 2010, the Company had 102.45 million wireless customers on its network. During the year, they reached out aggressively to rural areas on the back of a major network expansion that contributed substantially to their customer acquisition.

Revenues and profit

The revenues for the financial year ended 31st March, 2010 were Rs.166396.100 millions (US$ 3,686.22 million). The EBITDA during the same period was Rs.55831.200 millions (US$ 1236.85 million), while the EBIT (Earnings before Interest and Tax) was Rs.37549.600 millions (US$ 831.85 million).

Global Segment

Revenues and profit

The Revenues for the financial year ended 31st March, 2010 in this segment were Rs.83186.800 millions (US$ 1,842.86 million). While the EBITDA was Rs.16626.800 millions (US$ 368.21 million), the EBIT stood at was Rs.5540.400 millions (US$ 122.74 million).

Enterprise Broadband Segment

They maintained their position as the premium integrated solutions provider for Corporates in the Broadband segment. Their Enterprise Broadband business maintained its leadership in Centrex, Virtual Private Network and internet Data Centre products and One Office Duo (OOD) voice product.

The Company’s Enterprise Broadband segment continued to maintain its growth path and gained significantly during the year even in the midst of aggressive competition in data and voice but particularly the internet bandwidth segment. Of their current portfolio of more than 38 products, their Enterprise Broadband business has not only positioned a larger number of products with top corporates but also increased its share of wallet.

The new products launched during the year included Reverse ITFS, Managed WAN, EWAN, One Office Duo, Global MPLS, and Global Ethernet etc.

Their innovative services assurance model of “TechCheck” continued to gain further impetus during the year in providing pro-active feedback to subscribers on the service levels provided by the Company. Customers have rated their Broadband Products and Services at a high customer satisfaction and delight rating. Their CSAT (Customer Satisfaction) Score increased steadily.

Their Broadband’s Business IT Systems are ISO 27001:2005 Certified (an Information Security Management System Standard).

Wireline

Their Optical Fiber Cable backbone network of 190,000+ route-kms supports seamless last mile Broadband connectivity to over 1 million building across 44 cities.

Their Broadband Access network is one of the largest in the world, having approx. 38,000+ nodes currently.

Customer Base

Their customer acquisition kept momentum with the increase in network coverage during the year. Net additions during the year grew by more than 6 per cent. During the year, the Company acquired close to 85,000 customers, taking the total customer base to 1.47 million.

As the Company’s Broadband business is currently serving mainly enterprises, the revenue per line reflects the total portfolio of services and solutions being delivered to customers. Their revenue per line has remained well above industry averages, on account of their mainly enterprise customer base and their successful cross-sell of services to their customers.

Revenues and profit

The revenues for the financial year ended 31st March, 2010 were Rs.28385.500 millions (US$ 628.83 million). The EBITDA was Rs.11474.300 millions (US$ 254.19 million), while the EBIT (Earnings before Interest and Tax) was Rs.6813.900 millions (US$ 150.95 million).

Strategic Business Units:

Reliance Communications Infrastructure Limited (RCIL)

RCIL provide internet Data Centre (IDC) service facilities to house computer systems and associated components, such as telecommunications and secured storage systems to the user companies from their IDCs located in Mumbai, Bangalore, Hyderabad and Chennai. During the year, they commissioned 2 new IDCs at Chennai and Hyderabad respectively. With this, their IDC capacity has gone up more than 400,000 sq ft, making them the leader in this segment with an estimated market share of close to 60 per cent.

Operations

Revenues and operating expenses

RCIL earned total revenues of Rs.44188.900 millions (US$ 978.93 million) during the year as compared to Rs.40960.300 millions (US$ 807.58 million) for the previous year. RCIL incurred total operating expenses of Rs.40225.800 millions (US$ 891.13 million) as compared to Rs.34027.300 millions (US$ 670.89 million) in the previous year.

Outlook

New Horizons for future Growth

India’s telecom network is the third largest in the world. Telecommunication activities saw rapid growth in India and the efforts have been made from both governmental and non-governmental organisations to further improve the telecommunication infrastructure. The eventual goal is to foster the development and widespread use of modern telecommunication technologies that will serve all segments of India’s culturally diverse society, and to transform it into a country of technologically aware people. The launch of 3G services later this year is likely to reach a size of Rs.3449210.000 millions (US$ 76.92 billion) by 2012 at a growth rate of over 26 per cent.

Mission 200 million subscribers

They are extremely well placed to capitalise on the growth opportunities in the converged telecom market supported by their integrated infrastructure and strong focus on quality of services.

Their leadership and strength is supported by

· An upgraded and expanded next generation network based on state-of-the-art technology;

· A strong foray into the rapidly expanding rural market;

· A keen commitment to staying ahead of customer requirements;

· An international presence with owned submarine cable network and gateways;

· Introduction of innovative products and services;

· A sterling track record of growth and execution;

· A focus on optimisation of resources and on building human capital.

Wireless Business

3G Telecom services

The exponential growth of the telecom industry in India has led to the demand for better technology and the next level of service delivery. The advent of 3G services later in the year will add a new dimension to the market, giving them an excellent opportunity to cater their products to the high-value subscribers.

On the downside, the bulk of the subscriber growth in the industry is from low value customers, which is unlikely to translate into major revenue gains for operators. The entry of new players into an already highly competitive market has brought down the pricing, putting pressure on revenue growth.

The urban market in India is now highly saturated, with over 100 per cent penetration. An increasing part of the new subscriber growth is therefore coming from smaller towns/rural areas, with significantly lower revenue contribution. The dual SIM phenomenon is contributing approximately 30-35 per cent of net additions.

Notwithstanding all this, the Indian telecom industry continues to maintain a high growth trajectory. Thanks to the continued outstanding pace of growth, the overall wireless tele-density reached 49.6 per cent as of 31st March, 2010. The subscriber base for wireless services has increased to 584.32 million as on 31st March, 2010.

Most international developed markets have close to 100 per cent penetration and most comparable developing markets currently have penetration levels of 60 per cent – 70 per cent.

In other words, despite the recent upswing, the penetration of mobile services in India continues to be on the lower side, indicating the tremendous future potential for growth.

Value added Services (VAS)

The mobile value added services include, text or SMS, menu based services, downloading of music or ringtones, mobile TV, videos, streaming, sophisticated m-commerce applications etc.

With the introduction of 3G technology, and relative inexpensive feature rich handsets, there will be a marked shift in the structure of the VAS market, with non-SMS VAS services becoming a dominant contributor to revenue.

Global Business

They believe that their strategy to leverage their global terabit network together with leadership in Enterprise solutions is delivering a compelling value proposition to their customers. Their customers are endorsing their strategy through repeat and new business wins. Going forward, they expect continued growth in every segment of Reliance Globalcom’s business with the following initiatives:

Focus on managed solutions

They continue to enjoy success in retaining their enterprise customers and winning new logos in competitive bidding. As before, the key differentiators are: (i) an owned network connectivity to emerging markets; (ii) proven and trusted rollout expertise; (iii) own portfolio of products to meet enterprise customer needs; and (iv) low cost delivery and operations centre.

Going forward, they plan to continue expanding on this model and extend their successes in the US, Europe, Middle East and Asia.

Focus on global Ethernet

There is currently a strong global demand for Ethernet services and it remains a key area of focus for us. Their advantage in this segment lies in the fact that many of the financial market participants in advanced market of the U.S. are already on their network.

They plan to keep their competitive edge by investing in higher-than-industry-standard Service Level Agreements and maintaining capacity with owned metro, backhaul and building connectivity.

Ramp up collaboration service

They intend to leverage Reliance Global Call’s adaptable and extendable portal. The scalability and robustness of the portal makes it easier to manage the expanding customer database. They plan to introduce additional features such as ring back tones, content based services to Reliance Global Call customers.

Leverage existing global service platform and augment it with focused new builds

Their highly scalable global network and delivery platform is a key competitive advantage. They intend to leverage this strength to grow their customer base. They plan to target areas of high growth by expanding and deepening the geographic reach of their network and platform through focused new builds, at a low marginal cost.

Focus on customers in underserved emerging markets

They aim to exploit the growing demand from enterprises located in emerging markets for greater connectivity to North America and Europe; particularly in light of the off-shoring of IT and ITES from the developed economies to low-cost destinations.

Enterprise Broadband and Internet Data Centers (IDC)

They are positive about the revenue opportunities in the current financial year. Corporates have started talking about expansion plans and they are well placed to garner a big share of the new demand. Last year, in order to enhance their share in the market, they adopted a new strategy where they formed separate vertical teams to deliver higher value to their customers. This was very well received by their customers, and their vertical team registered some key wins. As a result, they are well poised to get higher revenues from this sector.

Recently, the Small and Medium Business market segment has evolved as a new focus area for them and they are working on expanding their customer base in this segment. They expect this segment to emerge as a growth engines for their business in the future. They are also creating new offerings specifically for the segment and are realigning their sales channels to increase their reach in the segment.

They have recently launched Cloud Computing Services in India on the Microsoft platform. This will offer ‘pay as you go’ enterprise class IT infrastructure, and also help in reducing the IT management hassles for SMBs. They also plan to expand the portfolio of their IDC-based services and products to be a one-stop shop for enterprise and SMB customers.

Telecom Infrastructure

They are leveraging their extensive capability to offer a wide range of services as an integrated service provider across the whole infrastructure value chain. Their aim is to provide a fast track solution to their clients, both for ongoing expansion of their existing telecom operators and the roll out plans of the new ones.

They have achieved unique position vis-à-vis other infrastructure providers with better quality tower infrastructure, carriage and transport infrastructure along with the unified approach as an integrated service provider.

RITL is best positioned to attract tenants for:

· High quality portfolio, capable of housing 4 tenants;

· With marginal Capex, tower tenant capacity of 4 can be enhanced up to 7 tenants.

Home/DTH Business

As Reliance Big TV moves into its 2nd full year of operations, they have launched the HD –DVR set top box across the top 100 Indian cities – the only DTH operator to offer the dual capability of HD / DVR. They plan to add 60 new channels including a rich bouquet of HD channels to the platform.

Reliance Big TV is also seeking to revamp the look and feel of the advanced MPEG4 platform through a new Graphical User Interface along with the added option of Hindi language.

Adequacy of internal control and Systems

The Company has built adequate systems of internal controls aimed at achieving efficiency in operations, optimum utilisation of restheirces, effective monitoring and compliance with all applicable laws.

The internal control mechanism comprises of a well-defined organisational structure, documented policy guidelines, pre-determined authority levels and processes commensurate with the level of responsibility.

The Management Audit Team undertakes extensive checks and reviews through external firms of chartered accountants, who provide independent and professional observations. The Audit Committee of the Board reviews major internal audit reports as well as the adequacy of internal controls.

Awards and Recognitions

During the year, they won the prestigious Global World Communication Awards 09, held in London. They have won this award in the Best Device Category where they participated with a new network device, developed with CISCO. Their competition in this category, at the final stage was with companies like Juniper and Etisalat. RCom was the only Indian company to win an award at WCA 09.

Reliance Communications’ has also won the Frost and Sullivan Market Share Leadership award for “Data Center and Managed Services” category (FY 2009).

Contingent Liabilities and Capital Commitment (As represented by the Management)

Particulars	31.03.2010 (Rs. in millions)
1. Estimated amount of contracts remaining to be executed on capital accounts (net of advances) and not provided for	2202.200
2. Disputed Liabilities in Appeal
- Sales Tax and VAT	520.500
- Excise and Service Tax	20.800
- Entry Tax and Octroi	15.500
- Other Litigations	3.000
3. Guarantees given by the Company on behalf of its Subsidiaries	25366.400
4. Guarantees given by the Company on behalf of other companies for business purpose	4619.900

FIXED ASSETS

Leasehold Land
Freehold Land
Buildings
Plant and Machinery
Furniture and Fixtures
Vehicles
Indefeasible Rights of Connectivity (IRC)
Software
Brand Licence
Telecom Licences

AUDITED FINANCIAL RESULTS (STANDALONE) FOR THE YEAR ENDED 31.03.2011

(Rs. in Millions)

Sl. No.	Particulars	For the year ended
		31.03.2011
		Audited
1	a) Net Income from Operations	119891.900
	b) Other Operating Income	1405.800
	Total Income	121297.700
2	Expenditure
	a) Access Charges	27590.500
	b) License Fee	9623.500
	c) Employee Cost	6080.800
	d) Passive Infrastructure Charges	36203.000
	e) Depreciation and Amortisation	15942.600
	f) Other Expenses	37581.000
	Total	133021.400
3	Profit/ (Loss) from Operations before Other Income Financial Charges and Exceptional Items (1 - 2)	(11723.700)
4	Other Income	4842.500
5	Amortisation of Compensation under Employee Stock Option Scheme	(67.300)
6	Profit/ (Loss) before Financial Charges and Exceptional Items (3 + 4 - 5)	(6813.900)
7	Financial Charges (Net)	1781.200
8	Profit/ (Loss) after Financial Charges but before Exceptional Items (6 - 7)	(8595.100)
9	Exceptional Items	-
10	Profit/ (Loss) from Ordinary Activities before Tax (8 - 9)	(8595.100)
11	Tax Expenses	(1015.200)
12	Profit/ (Loss) from Ordinary Activities after Tax (10 - 11)	(7579.900)
13	Extraordinary Items (net of tax expense)	-
14	Net Profit/ (Loss) for the period (12 - 13)	(7579.900)
15	Paid-up Equity Share Capital (Face Value of Rs.5 each)	10320.100
16	Reserves excluding Revaluation Reserve as per Balance Sheet of previous accounting year
17	Debenture Redemption Reserve	819.400
18	Earning per Share (EPS) (not annualised)
	i) Basic (Rs.)	(3.67)
	ii) Diluted (Rs.)	(3.67)
19	Debt Equity Ratio	0.65
20	Debt Service Coverage Ratio (DSCR)	0.03
21	Interest Service Coverage Ratio (ISCR)	1.15
22	Public Shareholding
	Number of Shares	663296821
	Percentage of Shareholding	32.14%
23	Promoters and Promoter Group Shareholding
	a) Pledged/ Encumbered
	- Number of Shares	Nil
	- Percentage of Shares (as a % of the total shareholding of Promoters and	NA
	- Percentage of Shares (as a % of the total Share Capital of the Company)	NA
	b) Non - encumbered
	- Number of Shares	1400730060
	- Percentage of Shares (as a % of the total shareholding of Promoters and	100.00%
	- Percentage of Shares (as a % of the total Share Capital of the Company)	67.86%

SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED

(Rs. in Millions)

Sl. No.	Particulars	For the year ended
		31.03.2011
		Audited
24	Segment Revenue
	a) Wireless	95481.800
	b) Global	45097.700
	c) Broadband	16523.300
	d) Others/ Unallocated	2848.400

	Total	159951.200
	Less: Inter segment revenue	33811.000

	Net Income from Operations	126140.200

25	Segment Results
	Profit/ (Loss) before Tax and Financial Charges from each segment
	a) Wireless	(3340.300)
	b) Global	(113.200)
	c) Broadband	1496.400
	d) Others/ Unallocated	(4924.100)
	Total	(6881.200)

	Less : Financial Charges (Net)	1781.200
	Less : Exceptional Items	-
	Less : Amortisation of Compensation under Employee Stock Option Scheme	(67.300)
	Add : Exceptional Items - Financial charges	-

	Total Profit/ (Loss) before Tax	(8595.100)

26	Capital Employed
	(Segment assets - Segment liabilities)
	a) Wireless	335718.100
	b) Global	8159.400
	c) Broadband	21755.900
	d) Others/ Unallocated	430338.600
	Total	795972.000

Notes

1. Figures of the previous year have been regrouped and reclassified, wherever required.

2. Pursuant to the Scheme of Amalgamation ("the Scheme") under Section 391 to 394 of the Companies Act, 1956 sanctioned by the Hon’ble High Court of Bombay vide Order dated 29.04.2011, with an Appointed Date being 01.04.2010, and filed with the Registrar of Companies (RoC) on 25.05.2011; Global Innovation Solutions Private Limited (“GISPL” or ‘the Transferor Company’), a Wholly Owned Subsidiary of the Company, has been amalgamated into the Company. Upon the Scheme becoming effective, all the assets and liabilities as appearing in the books of the respective transferor company as on the Appointed Date have been recorded at their respective book values by the respective transferee company.

3. The Board of Directors have recommended a dividend of Re. 0.50 per equity share of Rs. 5 each i.e. 10% for the financial year ended on 31st March, 2011, subject to the approval of the shareholders at the ensuing Annual General Meeting. Such declaration of dividend is in compliance with the Companies (Declaration of Dividend out of Reserves) Rules, 1975.

4. Formula used for the computation of ratios:

i) Debt Equity Ratio = Debt/ Equity;

ii) Debt Service Coverage Ratio (DSCR) = Earnings before interest, tax/ (Interest + Principal repayment);

iii) Interest Service Coverage Ratio (ISCR) = Earnings before interest, tax/ (Interest expense)

5. No complaint from Investors was pending for redressal at the beginning and end of the quarter. During the quarter, 25 complaints were received and all the complaints were resolved.

6. After review by the Audit Committee, the Board of Directors of the Company have approved the above results at their meeting held on 30.05.2011.

WEBSITE DETAILS:

RELIANCE GROUP:

Reliance – Anil Dhirubhai Ambani Group, an offshoot of the Reliance Group founded by Shri Dhirubhai H Ambani (1932-2002), ranks among India’s top three private sector business houses in terms of net worth. The group has business interests that range from telecommunications (Subject) to financial services (Reliance Capital Limited) and the generation and distribution of power (Reliance Infrastructure Limited).

Reliance – ADA Group’s flagship company, Reliance Communications, is India's largest private sector information and communications company, with over 100 million subscribers. It has established a pan-India, high-capacity, integrated (wireless and wireline), convergent (voice, data and video) digital network, to offer services spanning the entire infocomm value chain.

Other major group companies — Reliance Capital and Reliance Infrastructure — are widely acknowledged as the market leaders in their respective areas of operation.

CHAIRMAN’S PROFILE:

Anil D. Ambani

Regarded as one of the foremost corporate leaders of contemporary India, Shri Anil D Ambani, 50, is the chairman of all listed companies of the Reliance ADA Group, namely, Reliance Communications, Reliance Capital, Reliance Energy and Reliance Natural Resources limited.

He is also Chairman of the Board of Governors of Dhirubhai Ambani Institute of Information and Communication Technology, Gandhi Nagar, Gujarat.

Till recently, he also held the post of Vice Chairman and Managing Director of Reliance Industries Limited (RIL), India’s largest private sector enterprise.

Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer, and has been centrally involved in every aspect of the company's management.

He is credited with having pioneered a number of path-breaking financial innovations in the Indian capital markets. He spearheaded the country’s first forays into the overseas capital markets with international public offerings of global depositary receipts, convertibles and bonds. Starting in 1991, he directed Reliance Industries in its efforts to raise over US$ 2 billion. He also steered the 100-year Yankee bond issue for the company in January 1997.

He is a member of:

Wharton Board of Overseers, The Wharton School, USA

Central Advisory Committee, Central Electricity Regulatory Commission

Board of Governors, Indian Institute of Management, Ahmedabad

Board of Governors Indian Institute of Technology, Kanpur

In June 2004, he was elected for a six-year term as an independent member of the Rajya Sabha, Upper House of India’s Parliament a position he chose to resign voluntarily on March 25, 2006.

Awards and Achievements:

Conferred the ‘CEO of the Year 2004’ in the Platts Global Energy Awards

Rated as one of ‘India’s Most Admired CEOs’ for the sixth consecutive year in the Business Barons – TNS Mode opinion poll, 2004

Conferred ‘The Entrepreneur of the Decade Award’ by the Bombay Management Association, October 2002

Awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a global leader in many of its business areas, December 2001

Selected by Asiaweek magazine for its list of ‘Leaders of the Millennium in Business and Finance’ and was introduced as the only ‘new hero’ in Business and Finance from India, June 1999.

BUSINESS

India’s leading integrated telecom company Reliance Communications is the flagship company of the Anil Dhirubhai Ambani Group (ADAG) of companies. Listed on the National Stock Exchange and the Bombay Stock Exchange, it is India’s leading integrated telecommunication company with over 100 million customers.

Their business encompasses a complete range of telecom services covering mobile and fixed line telephony. It includes broadband, national and international long distance services and data services along with an exhaustive range of value-added services and applications. Their constant endeavour is to provide an enhanced customer experience and achieve customer satisfaction by upscaling the productivity of the enterprises and individuals they serve.

Reliance Mobile (formerly Reliance India Mobile), launched on 28 December 2002, coinciding with the joyous occasion of the late Dhirubhai Ambani’s 70th birthday, was among the initial initiatives of Reliance Communications. It marked the auspicious beginning of Dhirubhai’s dream of ushering in a digital revolution in India. Today, they can proudly claim that they were instrumental in harnessing the true power of information and communication, by bestowing it in the hands of the common man at affordable rates.

They endeavour to further extend their efforts beyond the traditional value chain by developing and deploying complete telecom solutions for the entire spectrum of society.

Wireless

Reliance Mobile

With over 100 million subscribers across India, Reliance Mobile is India’s largest mobile service brand. Reliance Mobile services now cover over 24,000 towns, 6 lakh villages, and still counting.

They have achieved many milestones in this short journey. In 2003, AC Nielsen voted Reliance Mobile (formerly Reliance India Mobile) as India’s Most Trusted Telecom Brand. In July 2003, it created a world record by adding one million subscribers in a matter of just 10 days through its ‘Monsoon Hungama’ offer.

What sets Reliance Mobile apart is the fact that nearly 90 per cent of their handsets are data-enabled, and can access hundreds of Java applications on Reliance Mobile World.

Reliance Mobile has ushered in a mobile revolution by offering advanced multimedia handsets to the common man at very affordable rates. This innovative low pricing has increased the number of mobile phone users and its result is clearly reflected in the meteoric rise in India’s tele-density over the past four years.

Their pan-India wireless network runs on CDMA2000 1x technology, which has superior voice and data capabilities compared to other cellular mobile technologies. CDMA2000 1x is more cost-effective as it utilises the scarce radio spectrum more efficiently than other technologies do. Enhanced voice clarity, superior data speed of up to 144 kbps and seamless migration to newer generations of mobile technologies are some of its key differentiators

R World

The R World suite of Reliance Mobile is a unique Java-based application. Its uniqueness lies in the fact that it enables complex Internet application to be introduced in mobile phones effectively and quickly. R World receives over 1.5 billion page views per month from Reliance Mobile users.

R World offers a wide array of applications that include hourly news updates, high quality headline video clips, downloadable multi-lingual ring tones, seasonal updates including festival specials, city and TV specials, exam results, astrology, mobile banking, bill payment.

With over 150 data applications offering varied services - unique to any wireless service in India - R World is truly a treasure house of knowledge, information, entertainment and commerce.

BOARD OF DIRECTORS:

Shri Anil D. Ambani

Regarded as one of the foremost corporate leaders of contemporary India, Shri Anil D. Ambani (50), the Chairman of all listed companies of the Reliance ADA Group, namely, Reliance Communications, Reliance Capital, Reliance Infrastructure, Reliance Natural Resources and Reliance Power. He is also the President of the Dhirubhai Ambani Institute of Information and Communication Technology, Gandhinagar, Gujarat. An MBA from the Wharton School of the University of Pennsylvania, Shri Ambani is credited with pioneering several pathbreaking financial innovations in the Indian capital markets. He spearheaded the country’s first forays into overseas capital markets with international public offerings of global depositary receipts, convertibles and bonds. Under his Chairmanship, the constituent companies of the Reliance ADA Group have raised nearly US$ 7 billion from global financial markets in a period of less than 3 years.

Shri Ambani has been associated with a number of prestigious academic institutions in India and abroad. He is currently a member of:

Wharton Board of Overseers, The Wharton School, USA

Board of Governors, Indian Institute of Management (IIM), Ahmedabad

Executive Board, Indian School of Business (ISB), Hyderabad.

In June 2004, Shri Ambani was elected as an Independent member of the Rajya Sabha – Upper House, Parliament of India, a position he chose to resign voluntarily on 29th March, 2006

Select Awards and Achievements

Awarded by Light Readings as the Person of the Year – 2008 for outstanding achievements in the communication industry.

Voted ‘the Businessman of the Year’ in a poll conducted by The Times of India – TNS, December, 2006.

Voted the ‘Best role model’ among business leaders in the biannual Mood of the Nation poll conducted by India Today magazine, August 2006.

Conferred ‘the CEO of the Year 2004’ in the Platts Global Energy Awards.

Conferred ‘The Entrepreneur of the Decade Award’ by the Bombay Management Association, October 2002.

Prof. J. Ramachandran

Prof. J. Ramachandran, Director (52) is the Chair Professor of Business Policy at the Indian Institute of Management, Bangalore. He is a qualified Chartered Accountant and Cost Accountant and has obtained his doctorate from the Indian Institute of Management, Ahmedabad. He is also a director of Reliance Communications Infrastructure Limited, Sasken Communication Technologies Limited, Redington (India) Limited, Bhoruka Power Corporation Limited, Indofil Organic Industries Limited, Tejas Networks Limited and Infotech Enterprises Limited.

Shri S. P. Talwar

Shri S. P. Talwar, Director (70) was a former Deputy Governor of Reserve Bank of India. He was also former Chairman-cum- Managing Director of Bank of Baroda, Union Bank of India and Oriental Bank of Commerce. He is graduate in Arts and Law. He is also qualified as CAIIB. He has vast experience in financial services
sector in the country.

He is also director of Crompton Greaves Limited, Reliance Communications Infrastructure Limited, Reliance General Insurance Company Limited, Reliance Infratel Limited, Videocon Industries Limited, Reliance Life Insurance Company Limited, Wall Street Finance Limited, AB Hotels Limited, Housing Development and Infrastructure Limited, Kalpataru Power Transmission Limited and Asian Oilfield Services Limited.

Shri S. P. Talwar is the Chairman of the Audit Committee of the Company, Videocon Industries Limited, Crompton Greaves Limited, Housing Development an Infrastructure Limited, Reliance Infratel Limited. He is member of Audit Committee of Reliance Life Insurance Company Limited, Reliance General Insurance Company
Limited and Reliance Communications Infrastructure Limited. He is also member of the Investors Grievances Committee of the Company.

Shri Deepak Shourie

Shri Deepak Shourie, Director (60) is Bachelor of Arts in Economics with Honours and has more than 39 years’ exposure with an emphasis on media, consumer goods, and corporate affairs. He is on the Board of Indian Broadcasting Foundation. He was the Executive Vice President and Managing Director of Discovery Communications of India.

Shri A. K. Purwar

Shri A. K. Purwar, Director (63) was the former Chairman and Managing Director of State Bank of India (SBI). He was also former Managing Director of State Bank of Patiala. He is graduated in Commerce and Diploma in Business Administration. Under his leadership, the State Bank of India had taken giant strides in technological innovations, all the 13800+ branches of the SBI were fully computerized by 2004.

He is also Director of Vardhman Textiles Limited, Jindal Steel and Power Limited, Deccan Infrastructure and Land Holdings Limited, Apollo Tyres Limited, Engineers India Limited, IL and FS Renewable Energy Limited and India Infoline Limited. Shri Purwar has been associated with a number of prestigious academic institutions, committees set up by various State and Central Governments and international institutions.

MILESTONES:

2009

January 1

RCOM launches pan India roll out of GSM

January 2

Reliance Mobile and Microsoft to launch fourth edition of National Digital Elocution Contest(NDEC) in India

January 8

RCOM ties up with Swanbaytech , UK to bring ad-funded videos on Reliance Mobile Phones

February 1

Reliance Mobile launches GSM service in Delhi

February 13

RCOM announces a record of five million news subscribers in January 2009

February 26

ICRA assigns LAAA rating to RCOM’s NCD Program and enhanced Bank Lines; existing rating reaffirmed.

RCOM ties up with FLYTXT, implements new mobile marketing platform

March 12

Reliance Communications launches Netconnect Broadband Plus- India’s fastest wireless internet service

March 13

Reliance Communications announces adding a record of 3.3 million wireless customers in February 2009

April 15

Reliance Communications clocks 11.3 million subscribers in January- March 2009

May 11

Reliance Mobile to go LIVE with all ICC World Cup T 20 matches on R World VAS Deck

May 26

RCOM shareholders approve scheme of arrangement of demerge of fiber optic division

May 30

Reliance BIG TV expands channel bouquet with ten new channels

June 8

Reliance BIG TV can get live in-stadia experience on interactive cricket

June 9

RCOM Infrastructure and KRIBHCO forge rural marketing joint venture

June 10

Reliance Mobile offers BlackBerry service for Rs. 299 per month

June 16

Reliance Mobile in alliance with Aaj Tak to offer video news alerts.

July 01

Alcatel Lucent, Reliance Communications Managed Network Services Joint Venture completes One year

July 02

Reliance BIG TV launches iStock India’s first portfolio tracking service on a DTH platform

July 22

Etisalat DB Telecom and Reliance Communications Announce A Long-Term Strategic Telecom Infrastructure Sharing Agreement

July 27

Reliance Mobile in pact with US-based Gameloft for Paris Hilton’s exclusive game

August 11

Good Response to Five PG Certificate Programs Offered By Reliance World and XLRI Jamshedpur

August 13

Reliance Communications Signs Strategic Tie-up With Kodiak Networks For Nationwide Roll-out Of Mobile Conferencing Service

August 18

Reliance Mobile introduces Antakshari service on GSM and CDMA networks

August 22

Reliance Mobile plans unique contest based on ICC Champions Trophy

August 25

RCOM targets rural customers with new services and sachet pricing for mobile Internet access

September 08

Department of Telecommunications allots 8055 series to Reliance Communications for Maharashtra and Goa

September 10

Reliance Mobile launches BIGMaps on GSM Network

September 18

Reliance Mobile introduces job-search service for blue-collar employment seekers

October 05

Reliance Communications redefines Telecom Industry benchmarks

October 08

Reliance Webstore signs strategic distribution agreement with Coolpad Communications

October 21

Reliance Mobile offers personalized Call Manager service on GSM network

November 3

Reliance Communications expands its ‘Simply Reliance’ Initiative

2008

January 12

Reliance Communications receives start-up GSM Spectrum.

January 16

Yahoo partners with Reliance Communications to provide Yahoo One Search for its CDMA and GSM customers.

January 31

RCOM's Q 3 net profit increases by 48.5% and revenues up by 29.8 %. Remains the most profitable telecom company in India.

February 4

Reliance Communications offers Lifetime Validity at Rs 199.

RCOM’s subsidiary Infratel files Draft Red Herring Prospectus with SEBI.

February 5

Reliance Mobile strengthens its religious content portfolio on mobile by tie-up with Sadhana TV.

February 14

RCOM in partnership with CanvasM, launches Mulitplayer Mobile Games.

February 19

HDFC Bank ties up with RCOM, turns every Reliance Mobile into a credit card.

February 27

Reliance Communications consolidates Global Telecom Business under ‘Business Globalcom’.
Reliance Communications forays into International Mobile Market with GSM licence in Uganda.

March 3

Reliance Communications drops prices of Internet data cards.

March 10

Reliance Communications announces ESOPs for over 20,000 employees.

March 20

Reliance Communications and HTC forge strategic alliance.

March 27

Corporation Bank launches banking services on Reliance Mobile World.

April 1

Reliance Communications forays into IT space, launches Reliance Technology Services Company.

April 9

RCOM launches educational portal on Reliance Mobile phones.

April 25

Reliance Globalcom unit Reliance Infocom BV, Netherlands acquires Global WiMAX Operator eWave World.

April 29

Reliance Communications announces unlimited free STD calls.

April 30

Reliance Globalcom launches Passport Global SIM.

RCOM's net profit up by 70.8% to Rs 54010.000 millions.

May 2

Reliance Communications’ net profit up by 70.8% to Rs.54010.000 millions (US$ 1,350 million), revenues higher by 31.8% to Rs.190680.000 millions (US$ 4,765 million) and EBIDTA increases by 43.3% to Rs.81990.000 millions (US$ 2049 million).

May 12

Reliance Communications and Alcatel form joint venture to offer Managed Network Services to telcos across the globe.

May 26

Reliance Globalcom acquires UK based VANCO Group Limited.

June 24

Reliance Globalcom, Stealth Communications forge strategic alliance to extend VOIP Network across 50 countries.

July 12

CA exam results on Reliance Mobile.

July 22

Reliance Communications Mobile subscriber base crosses 50 Million.

July 29

CA professional exam results on Reliance Mobile.

July 31

Reliance Communications (RCOM) announces its financial results for the first quarter ended June 30, 2008. Net profit up by 23.9% to Rs.15120.000 millions (US$ 352 million).

August 19

Reliance Communications Launches BIG TV DTH Service.

August 22

Reliance Mobile World Brings ‘Janmaashtami’ Celebrations.

September 16

Reliance Mobile Launches Prepaid Blackberry Services in India.

September 22

RCOM and BBC News Enter A Strategic Agreement For Mobile Content

September 26

Reliance Mobile Brings ‘Navratri’ and ‘Durga Pooja’ Celebrations

October 10

RCOM’s Festival Bonanza For Desktop and Laptop Computer Users

October 15

Reliance Mobile Offers A Lifetime of Attractive Call Rates

October 16

Reliance Mobile –ICC ODI Women’s Rankings Launched In Mumbai

October 20

BIG TV Gains 500,000 Subscribers Within Two Months Of Launch To Emerge As The Fastest Growing DTH Players In India

October 21

RCOM Joins Hands With Intel, Acer, Asus, HCL And Lenovo To Offer Free Laptop With Reliance Netconnect-Internet Data Cards.

October 23

RCOM-HTC Corporation Launch HTC Touch Diamond CDMA In India

November 04

RELIANCE MOBILE WORLD Launches ‘JEEVANSATHI on MOBILE’SERVICE

November 06

RCOM launches ‘Quick Search’ service on Reliance Mobile World.

November 11

Reliance BIG TV DTH Service clocks one million subscribers in 85 days.

November 18

RCOM Ties Up with ZMQ to develop mobile games based on UN’s themes.

December 19

Reliance Mobile launches Text News Service in Nine Regional Languages.

December 30

RCOM launches GSM service across India

2007

January 10

Reliance Communications adds a record 1.4 million subscribers in December ’06.

January 18

Reliance Communication launches unique "Simply 2030" plan on Reliance Hello.

January 25

Reliance Communications promotes Roger Waters music concert.

January 29

RCOM shareholders approve tower business demerger with a 99.99% overwhelming majority.

January 30

Overwhelming response to Reliance World’s national digital elocution competition.

January 30

Reliance joins Lenovo and Intel for ‘Internet on the Move’.

February 2

Reliance Communications’ market capitalisation tops Rs.1 lakh crore ( 1 trillion rupees or 24.39 billion US dollars) on Bombay Stock Exchange.

February 16

Reliance Communications offers best value on roaming.

February 26

Search jobs and classified ads from Reliance Mobile World - Reliance Communications ties up with Naukri.com.

March 6

Reliance Communications ushers in ‘Virtual Global Conference Network’.

March 7

DHIRUBHAI AMBANI – THE MAN I KNEW By KOKILABEN

Book on Founder Chairman launched.

March 8

Reliance Communications launches ‘Roam Jamaica’ on Reliance Mobile.

March 16

Reliance Mobile launches ' Suno Zee’.

March 19

Demerger of Passive Infrastructure division Reliance Communications and Reliance Telecom approved by the Bombay High Court.

March 21

Reliance World offers programme to help students ’Crack Admissions in Colleges Abroad’.

March 23

Govt’s Rural Telephone Scheme (RDEL)through Reliance Communications successfully closes by March 31,2007.

March 26

Booking train ticket from Reliance Mobile Phones becomes more easy now… with ITZ Cash Cards.

April 4

Reliance Communications unleashes the power of mobile advertising.

April 6

Reliance Communications acquires 1.2 million subscribers in March 2007.

April 11

Sunny days and nights for Reliance Mobile subscribers as

Reliance Communications ties up with SUN TV to offer video streaming of all SUN TV programs online 24x7.

April 11

Reliance World launches summer e-camp for school kids.

April 30

RCOM first listed Indian telecom company to reward shareholders.

May 2

A Classic Bonanza – Reliance Communications unveils handsets @ Rs 777.

May 9

RCOM bags West Bengal e-governance project.

May 10

Reliance sets a new record, one million classic handsets sold in just one

May 12

Reliance Communications slashes rate to US and Canada. It's now just Rs 1.99 per minute.

May 14

Reliance Communications launches Classic Colour Bonanza - Colour handsets @ Rs 1234.

May 17

RCOM kick starts world's fastest and largest rural infrastructure rollout on World Telecom Day.

May 18

Reliance Communications Launches Lifetime Validity Recharge @ Just Rs.499.

May 22

RCOM slashes roaming rates by as much as 70 percent.

May 25

Reliance Communications launches unlimited calling.

June 5

RCOM hosts seminar on ‘Emerging Trends in Mobile Applications Development’.

June 6

Reliance Communications adds 1.4 million new mobile subscribers in May2007.

June 6

Reliance Classic' Makes Music - FM Radio Phones Launched at just Rs.1888.

June 27

Reliance World, BIMTECH and Philadelphia University unveil executive program in retail management (EPRM).

June 28

Reliance Communications ties up with Cisco to launch Business Internet Services for SMEs in Pune.

July 4

Bengali movie ‘Anuranan’ on Reliance Mobile World.

July 7

RCOM and QUALCOMM Collaborate on CDMA2000 Expansion.

July 12

Reliance Communications awards Alcatel-Lucent a Next-Gen network expansion contract.

July 12

Reliance Communications awards Huawei all IP Next-Gen network expansion contract.

July 19

RCOM announces sale of equity stake in its Tower Company-Reliance Telecom Infrastructure Limited.

July 19

RCOM's AGM on Reliance Mobile World.

July 23

Reliance Communications launches Passport Calling Solutions.

July 25

RCOM join hands with Yatra.com for air and hotel bookings.

August 20

RCOM offers 'Live Mandi Prices' on Reliance Mobile World.

August 31

Reliance Communications , the official global partner for the first edition of ICC Twenty 20 World Cup Championship 2007 in South Africa unveils the coveted Trophy in Mumbai and announces Dhoni - Dhanadan Pack.

September 9

Reliance Communications launches money transfer on Reliance Mobile phones.

September 10

RCOM launches BlackBerry 8830 World Edition Smartphone.
'Bloomberg Professional' now on Reliance Mobile.

September 11

Reliance Communications ties up with Sulekha.com to offer local search on Reliance Mobile World.

September 18

Strategic partnership with Vanco.

October 3

Reliance Communications announces Classic Celebrations- Classic Handset sales top 10 million- Colour Handset @ Rs.999.

October 20

Reliance Communications to launch nationwide GSM Services under existing Unified Access Service Licences.

October 22

Reliance Communications brings 'Durgotsav Live' videocast on mobile.

November 7

Reliance Communications Launches 'Diwali Dhamaka'.

November 15

RCOM launches Rural Mobile Application Contest.

November 16

Fair and Lovely Scholarship on Reliance Mobile World is winner at the MMA awards, USA.

November 27

FLAG and GlassHouse ink landmark partnership.

December 11

Reliance Communications adjudged World’s Top CDMA Operator at the Global CDMA Industry Achievements Awards Fete.

December 20

Reliance Communications completes Yipes’ acquisition.

December 24

RCOM announces special offers for Christmas and New Year.

2006

January 01

Reliance Infocomm launches "One Nation, One Tariff" to enable Reliance IndiaMobile prepaid users to call anywhere in India at Re one per minute.

January 19

Reliance Demerger adds record Rs.550000.000 millions to shareholder wealth.

January 23

TIMES NOW launched on Reliance Mobile Phones, making it the world’s first TV channel to be launched on a mobile phone.

March 06

Reliance Communications Ventures Limited (RCVL), India's leading integrated telecommunications company, a member of the Reliance - Anil Dhirubhai Ambani group, lists on the Bombay Stock Exchange and National Stock Exchange.

March 21

Reliance Infocomm introduces R World in Hindi to become the world's first operator to offer mobile data services in more than one language on the same handset. This will make it possible for millions of Indians to access the popular R World with hundreds of every-day-use applications in the national language.

March 23

Reliance-Anil Dhirubhai Ambani Group signs up Indian cricket's whiz kid and heartthrob of millions Mahendra Singh Dhoni as the brand ambassador for Reliance Communications Ventures Limited

March 29

Reliance Infocomm becomes India’s first telecom operator to launch seamless inter-standard international roaming service - 1World.1Number, with single number on international CDMA and GSM networks.

April 27

Reliance Communications launches India’s first Talking Message Service (TMS) enabling its mobile users to send voice messages to not only other mobiles but also fixed wireless phones (FWP) and landlines.

June 22

Reliance Communications ties up with Disney to offer on Reliance Mobile World India's first 3D animation on mobile.

July 03

Reliance Communications launches 'Hello Capital Plan' to enable its subscribers in 19 state capitals to call each other at the local call rate of 40 paise per minute.

July 19

Reliance Communications slashes ILD rates by up to 66%.

August 7

T-Com signs contract with FLAG Telecom for Europe-US bandwidth.

September 5

Union Communications and IT Minister Thiru Dayanidhi Maran inaugurates Reliance Communications’ FALCON Cable System.

November 17

Reliance Communications launches Free Group Term Life Cover for its CDMA subscribers.

December 28

Reliance Communications’ FLAG Telecom announces FLAG Next Gen to cover 60 countries.

2005

January 04

Reliance introduces first e-recharge facility in CDMA in India.

January 24

Reliance IndiaMobile announces mega rural plan to cover 4 lakh villages and 65 crore Indians by December 2005.

June 26

Anil Ambani appointed Chairman of Reliance Infocomm.

July 30

Air Deccan and Reliance WebWorld join hands to offer air ticket booking facility at Reliance WebWorld .

August 11

XLRI's Post-Graduate Certificate programme in Logistics Supply Chain Management (PGCLSCM) launched on Reliance WebWorld's virtual classroom platform. first of its kind e-learning programme in India.

August 18

Reliance Infocomm rolls out international roaming facility across several countries to become the first Indian CDMA operator to offer its customers such a service.

September 06

Reliance Infocomm tied-up with the Bombay Stock Exchange to make available live stock quotes on its mobile phones.

September 15

Reliance Communications, UK launched Reliance IndiaCall service in England and Wales enabling callers to make high-quality calls to India from any landline or mobile phone at economical rates.

September 21

Apollo Hospital and Reliance Infocomm join hands to provide top class healthcare service to millions of Indians in over a hundred Indian cities.

October 13

Reliance WebWorld wins Frost and Sullivan Market Leadership Award for Video Conferencing services.

November 12

Reliance Infocomm hosts the 4th global CDMA Operators Summit.

November 22

Reliance Infocomm joins hands with Indian Airlines to offer India's first mobile booking of domestic airline ticket.

November 30

Reliance Infocomm introduces MOREbile, redefines customer rewarding with 33 % more talk time on prepaid recharges of Rs 315 denomination and above and much more.

December 12

Reliance Infocomm and China Telecom sign agreement for telecom services to provide direct telecommunication service, including a global hubbing service, to subscribers in the two countries.

2004

January 12

International wholesale telecommunications service provider, FLAG Telecom amalgamates with Reliance Gateway, a wholly owned subsidiary of Reliance Infocomm

February 9

Launches RIM Prepaid with attractive offer - For Rs 3500 get a Motorola C131 mobile phone and Rs 3240 worth of re- charge vouchers instantly and stay connected for 1 year.

February 17

Reliance subsidiary Flag Telecom announces FALCON Project - a major new Middle East Loop Terabits Submarine Cable System with links to Egypt and Hong Kong via India.

March 22

Reliance Infocomm launches multi-player gaming on RIM handsets - a first in India.

April 05

Reliance IndiaMobile introduces International Roaming facility to 172 countries, 300 networks.

April 23

Reliance Infocomm introduces first ever auction facility on Mobile phones through R World.

May 27

Reliance Infocomm receives the Most Promising Service Provider of the Year 2003 (Asia Pacific) award at the Asia Pacific Technology Awards instituted by Frost and Sullivan.

June 8

Reliance Infocomm introduces World Card - a Prepaid International calling card for affordable and convenient ISD calls from India.

July 29

Announces India's First MPLS Global VPN Solution in partnership with MCI.

August 5

Launches the first regional customer contact centre in Chennai.

September 6

Mukesh D. Ambani, Chairman, Reliance Infocomm, receives Voice and Data ‘Telecom Man of the Year’ award.

September 9

Introduces railway ticket booking from R World data applications suite of Reliance IndiaMobile.

October 12

Mukesh Ambani voted the world’s most influential telecom person by UK-based publication Total Telecom.

October 19

Reliance Infocomm bags the CDMA Development Group's 3G CDMA Industry Achievement Award for International Leadership.

2003

January 15

Introduces Dhirubhai Ambani pioneer offer for Reliance IndiaMobile service.

February 14

Launches Reliance WebWorld in top 16 cities.

March 31

Launches International Long Distance Services.

April 3

Commissions all backbone rings.

April 25

Introduces colour handsets.

May 1

Launches Reliance IndiaMobile Service commercially in top 92 cities with one million customers.

June 10

Launches India's first wireless Point of Sale (POS).

July 1

Introduces "Monsoon Hungama" Offer: Instant multimedia mobile phone and connection for just Rs 501.

Sets world record - acquires one million customers in 10 days.

July 3

Launches R Connect Internet connection cable.

Aug 26

Introduces Reliance IndiaPhone Fixed Wireless Phone and Terminal.

September 20

"Navratri" a data service in R-World posts a world record of 10 million downloads on the first day of the launch.

September 30

R World clocks a phenomenal 1 billion hits in 1 month.

October 6

Launches integrated broadband centre at Reliance WebWorld, Bangalore.

October 24

Deploys pilot of Home Netway in Mumbai.

October 30

Reliance becomes India's largest mobile service provider within 7 months of commercial launch.

November 3

Customer base touches 5 million.

November 12

Migrates to Unified License Regime.

November 16

Launches national roaming.

November 21

Launches international SMS to 159 countries.

December 19

Adds 4500th Contact Centre Executive.

Contact Centre becomes the largest such facility deployed by any single Indian Service Provider

2002

January 15

First Base Transceiver Station (BTS) made ‘Ready for Electronics’.

February 25

Obtains international long distance licence from Govt. of India.

December 22

Commissions 1st Optic Fibre backbone ring.

December 24

Establishes 1st Point of Interconnect (POI) in New Delhi.

December 27

Hon'ble Prime Minister of India, Atal Behari Vajpayee e-inaugurates Reliance Infocomm
Hon'ble Union Minister for Parliamentary Affairs, Information Technology and Communications, Pramod Mahajan, inaugurates NNOC.

2001

May 1

First Media Convergence Node made ‘Ready for Electronics’ at Jaipur.

2000

May 10

Optic fibre laying process commences in Gujarat, Andhra Pradesh and Maharashtra.

1999

The Dream, 1999

"Make a phone call cheaper than a postcard and you will usher in a revolutionary transformation in the lives of millions of Indians" - Dhirubhai Ambani

The Reality, November 15

Reliance Infocomm begins project planning.

PRESS RELEASE:

2G scam: CBI say Swan Telecom a front company of RCom

The Central Bureau of Investigation (CBI) Thursday told a special court here that Swan Telecom is a front company of Reliance Communications and began its arguments on framing charges against 14 accused named in the scandal involving allocation of second generation (2G) airwaves to telecom companies.

CBI Special Judge O.P. Saini began the process of arguments on framing of charges in the scandal, a day after dismissing the plea of former communications minister A. Raja opposing it

Beginning the arguments, Special Public Prosecutor U.U. Lalit, representing the CBI, said Swan was owned by the Reliance Communications which had 9.9 percent stake in the company at the time of applying for a licence.

Reliance Communications has consistently denied the charges.

The CBI charged Raja and his secretary R.K. Chandolia with favouring Swan Telecom and Unitech Wireless.

The CBI also claimed that telecom company Spice was more eligible than Swan Telecom and Unitech Wireless for airwaves allocation.

Lalit claimed that offences by the accused have been committed in relation to cut off dates for allocation, “first come first serve” policy, dual technology, eligibility norms and cheating of the government’s revenue department.

Lalit said that Raja had given an in-principle approval for grant of dual technology 2G spectrum (airwaves) licences to Reliance, Himachal Futuristic Communications Ltd. (HFCL) and Shyam Telelink 18.09.2007, a day before his ministry officially opened the scheme Sep 19 for the grant of licences.

“A day later as Tata Teleservices applied for the 2G spectrum licence Sept 19, the ministry deliberately sat over its plea,” said Lalit.

“On 19.09.2007, a press release for approval of dual technology was issued but a day earlier on Sep 18 itself, Raja granted in-principle approval for dual technology (licence) for Reliance, HFCL and Shyam Telelink,” Lalit added.

“On 19.09.2007, Tata Teleservices applied for dual technology spectrum but their application was not treated in a similar fashion. It was kept pending and deliberately so with a design,” he added.

Earlier in the day, the court allowed the Income-Tax (I-T)department to interrogate Raja in connection with the 2G scandal.

The court gave the go-ahead for the interrogation of Raja, Swan Telecom director Vinod Goenka, its promoter Shahid Usman Balwa and Reliance Group executives Gautam Doshi, Hari Nair and Surendra Pipara.

“The I-T department can interrogate all six July 27 to 29,” Saini said.

“The I-T department moved three separate applications seeking interrogation of Raja in connection with his family income,” said senior standing counsel for the I-T department Sanjeev Rajpal.

Balwa will be quizzed by the I-T official from Mumbai regarding his connection with Etisalat DB telecom.

Another application was moved on behalf of the additional commissioner of Income-Tax, Mumbai, to quiz Balwa, Goenka and three Reliance Group officials.

“Our applications have been allowed by the court and these six persons will be interrogated from July 27-29,” Rajpal said later.

The court July 18 allowed the CBI to interrogate afresh Raja, former telecom secretary Siddhartha Behura and Doshi in the lock up of Patiala House court complex for one hour each.

The CBI, in its first charge sheet April 2, accused Raja and eight others, including Balwa, Goenka, Doshi, Nair and Pipara as well as three companies, of causing a loss of Rs.309840.000 millions to the exchequer.

Charges of cheating, forgery, criminal conspiracy and corruption have been levelled against the accused, who are currently lodged in Tihar Jail. Other accused include DMK MP Kanimozhi

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.53
Euro	1	Rs.64.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		40

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

2983.400

17386.300

821.800

19287.200

159580.700

200059.400

870190.100

33868.400

922233.700

107825.700

3.83

5.04

1.22

0.01

0.67

2.17

Unit