1. Summary Information
|
|
|
Country |
|
|
Company Name |
RELIANCE INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Mukesh D.
Ambani |
|
Status |
Excellent |
Principal Name 2 |
Mr. Nikhil R.
Meswani |
|
|
|
Registration # |
-- |
|
Street Address |
3rd Floor, Maker Chambers IV, 222,
Nariman Point, Mumbai – 400021, |
||
|
Established Date |
08.05.1973 |
SIC Code |
-- |
|
Telephone# |
91-22-30325000 / 30327000 / 22785000 |
Business Style 1 |
Manufacturers and
Marketers of Fabrics, Polyester Filament Yarn, Polyester Staple Fibres, PTA |
|
Fax # |
91-22-22785111 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
23365 |
Product Name 2 |
-- |
|
Paid up capital |
32,733,700,000 |
Product Name 3 |
-- |
|
Shareholders |
Bodies Corporate - 40.42 |
Banking |
ABN AMRO Bank |
|
Public Limited Corp. |
-- |
Business Period |
39 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
Aa |
|
Related
Company |
|||
|
Relation
Subsidiaries
|
Country
India |
Company
Name |
Reliance Retail Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
617,164,500,000 |
Current Liabilities |
542,206,000,000 |
|
Inventories |
298,253,800,000 |
Long-term Liabilities |
673,966,800,000
|
|
Fixed Assets |
1,427,064,700,000 |
Other Liabilities |
115,618,000,000 |
|
Deferred Assets |
-- |
Total Liabilities |
1,331,790,800,000 |
|
Invest& other Assets |
504,711,000,000 |
Retained Earnings |
1,482,669,500,000 |
|
|
|
Net Worth |
1,515,403,200,000 |
|
Total Assets |
2,847,194,000,000 |
Total Liab. & Equity |
2,847,194,000,000 |
|
Total Assets (Previous Year) |
2,510,064,300,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
2,481,700,000,000 |
Net Profit |
202,863,000,000 |
|
Sales(Previous yr) |
1,924,610,200,000 |
Net Profit(Prev.yr) |
162,356,700,000 |
MIRA
INFORM REPORT
|
Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE INDUSTRIES LIMITED INDIAN PETROCHEMICAL CORPORATION LIMITED MERGE WITH RELIANCE
INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
3rd
Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400021, |
|
|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
08.05.1973 |
|
|
|
|
Com. Reg. No.: |
11-019786 |
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|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.32733.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17110MH1973PLC019786 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMRO9795C MUMR00462A |
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|
Legal Form : |
Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers and
Marketers of Fabrics, Polyester Filament Yarn, Polyester Staple Fibres, PTA,
LAB, Ethylene Glycol, PVC, PE, PP, Crude Oil, Gas, Norman Paraffin, Fibre
Fill, Ethylene, Propylene, Benzene, Xylene and Toluene. |
|
|
|
|
No. of
Employees: |
23365
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Large |
|
|
|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and a reputed company having excellent track. The group’s
activities span exploration and production of oil and gas refining and
marketing, petrochemicals (Polyester, polymers and intermediates), textiles
etc. it has emerged as one of country’s admired business houses. Directors are
reported to be experienced, respectable an The company can
be considered normal for business dealings at usual trade terms and
conditions. The company can
be regarded as a promising business partner in medium to long run. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Corporate
Office : |
3rd
Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-30325000 / 30327000 / 22785000 / 22785185 |
|
Fax No.: |
91-22-22785111 /
30322268 / 22785185 |
|
E-Mail : |
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Website : |
http://www.ril.com |
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Head Office : |
Undertaking Polymer Division, Fortune 2000, 5th Floor, C-3,
G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
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|
|
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Corporate
office : |
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|
Tel No. : |
91-22-30327000 |
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|
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|
Corporate
office : |
Reliance Corporate cart, SSC-AR, 3T,- 2nd Floor, Thane
Belapur Road, Navi Mumbai – 400701, Maharashtra, India |
|
|
|
|
Administrative
Office : |
Chitrakoot, 2nd
Floor, Shree Ram Mills Compound, Ganpatrao Kadam Marg, Worli, Mumbai – 400
013, |
|
Tel. No.: |
91-22-24962780 /
24981163 / 24981167 / 24981667-90 |
|
|
|
|
Factory : |
Gandhar Complex P. O. Dahej,
Bharuch - 392 130, Hazira Complex Village Mora, Nagothane Complex Patalganga
Complex B-4, Industrial
Area, Patalganga, Off Vadodara Complex P. O.
Petrochemicals, Vadodara - 391 346, Gadimoga Tallarevu
Mandal, East Godavari District, Gadimoga – 533463, Village Meghpar
/ Padana, Taluka Lalpur, Village Moti
Khavdi, Taluka Lalpur, |
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|
|
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Branch Office : |
Module 15/16, |
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Tel No. : |
91-22-30413483 |
|
Fax No. : |
91-22-30411077 |
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|
|
|
Refinery
Complex : |
Taluka Lalpur,
District |
|
|
|
|
Corporate |
Maker Chambers IV,
5th Floor, Nariman Point, Mumbai – 400021, |
|
Tel No. : |
91-22-22785568 /
22785585 / 22785000 |
|
Fax No. : |
91-22-22785185 |
|
Email : |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Mukesh D.
Ambani |
|
Designation : |
Chairman and Managing Director |
|
Date of
Appointment: |
31.07.2002 |
|
Qualification: |
Chemical Engineer from |
|
Other Directorship: |
1) Reliance Europe Limited 2) Reliance Infocomm Limited 3) Reliance Communications Infrastructure Limited 4) Chairman of Indian Petrochemicals Corporation Limited 5) Member of Shareholder’s/Investors Grievance Committee of the
Board. |
|
|
|
|
Name : |
Mr. Nikhil R.
Meswani |
|
Designation : |
Executive Director |
|
Appointment: |
Since 1990 |
|
Qualification: |
Chemical Engineer |
|
|
|
|
Name : |
Mr. Hital R.
Meswani |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Hardev Singh Kohli |
|
Designation : |
Executive Director |
|
Date of
Appointment: |
01.04. 2000 |
|
Experience: |
In implementing and operation of petrochemical complexes. |
|
|
|
|
Name : |
Mr. Ramiklal H.
Ambani |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Mansingh L.
Bhakta |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Yogendra P.
Trivedi |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Dr. Dharam Vir
Kapur |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Mahesh P.
Modi |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. S.
Venkitaramanan |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Prof. Ashok Mishra |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Prof. Dipak C Jain |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
|
Date of
Appointment : |
09.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod M. Ambani |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Kanga and Company |
|
Designation : |
Solicitors and Advocates |
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|
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Audit Committee
: |
Mr. Yogendra P.
Trivedi (Chairman) |
|
|
Mr. Mahesh P.
Modi |
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|
Dr. Raghunath A. Mashelkar |
|
|
|
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Corporate
Governance and Stakeholders' Interface Committee : |
Mr. Yogendra P.
Trivedi (Chairman) |
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|
Mr. Mahesh P.
Modi |
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|
Dr. Dharam Vir
Kapur |
|
|
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Employees Stock Compensation
Committee : |
Mr. Yogendra P.
Trivedi (Chairman) |
|
|
Mr. Mukesh D.
Ambani |
|
|
Mr. Mahesh P.
Modi |
|
|
Prof. Dipak C.
Jain |
|
|
|
|
Finance
Committee : |
Mr. Mukesh D.
Ambani (Chairman) |
|
|
Mr. Nikhil R.
Meswani |
|
|
Mr. Hital R.
Meswani |
|
|
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|
Health, Safety
and Environment
Committee : |
Mr. Hital R.
Meswani (Chairman) |
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|
Dr. Dharam Vir
Kapur |
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|
Mr. Pawan Kumar
Kapil |
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Remuneration
Committee : |
Mr. Mansingh L.
Bhakta (Chairman) |
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|
Mr. Yogendra P.
Trivedi |
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|
Dr. Dharam Vir Kapur |
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|
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Shareholders'/Investors' Grievance
Committee : |
Mr. Mansingh L.
Bhakta (Chairman) |
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|
Mr. Yogendra P.
Trivedi |
|
|
Mr. Nikhil R.
Meswani |
|
|
Mr. Hital R.
Meswani |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21,172,026 |
0.65 |
|
|
1,322,280,354 |
40.42 |
|
|
120,471,003 |
3.68 |
|
|
120,471,003 |
3.68 |
|
Sub Total |
1,463,923,383 |
44.75 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1,463,923,383 |
44.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
85,110,404 |
2.60 |
|
|
4,239,091 |
0.13 |
|
|
3,200,849 |
0.10 |
|
|
257,792,171 |
7.88 |
|
|
574,212,920 |
17.55 |
|
Sub Total |
924,555,435 |
28.26 |
|
|
|
|
|
|
171,768,432 |
5.25 |
|
|
|
|
|
|
|
|
|
|
365,184,063 |
11.16 |
|
|
27,772,227 |
0.85 |
|
|
|
|
|
|
205,237,004 |
6.27 |
|
|
22,814,616 |
0.70 |
|
|
4,124,789 |
0.13 |
|
|
171,883,624 |
5.25 |
|
Any Other |
6,413,975 |
0.20 |
|
Sub Total |
769,961,726 |
23.54 |
|
Total
Public shareholding (B) |
1,694,517,161 |
51.80 |
|
Total
(A)+(B) |
3,158,440,544 |
96.56 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
-- |
|
|
-- |
-- |
|
|
112,618,796 |
3.44 |
|
Sub Total |
112,618,796 |
3.44 |
|
Total (A)+(B)+(C) |
3,271,059,340 |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers and Marketers of Fabrics,
Polyester Filament Yarn, Polyester Staple Fibres, PTA, LAB, Ethylene Glycol,
PVC, PE, PP, Crude Oil, Gas, Norman Paraffin, Fibre Fill, Ethylene,
Propylene, Benzene, Xylene and Toluene. |
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Products : |
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Brand Names : |
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PRODUCTION STATUS (As on 31.03.2011):-
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
|
Refining of Crude
Oil |
|
N.A. |
60 |
|
Ethylene |
MT |
N.A. |
1883400 |
|
Propylene |
MT |
N.A. |
759800 |
|
Benzene |
MT |
N.A. |
730000 |
|
Toluene |
MT |
N.A. |
197000 |
|
Xylene |
MT |
N.A. |
165000 |
|
Hydro Cynic Acid ' |
MT |
3600 |
3600 |
|
Ethane Propane
Mix |
MT |
N.A. |
450000 |
|
Caustic Soda Lye
/ Flakes |
MT |
N.A. |
168000 |
|
Chlorine |
MT |
N.A. |
141200 |
|
Acrylonitrile |
MT |
N.A. |
41000 |
|
Linear Alkyl
Benzene |
MT |
N.A. |
182400 |
|
Butadiene and
Other C4s |
MT |
N.A. |
419000 |
|
Cyclohexane |
MT |
N.A. |
40000 |
|
Paraxylene |
MT |
N.A. |
1856000 |
|
Orthoxylene |
MT |
N.A. |
420000 |
|
Toluole |
MT |
N.A. |
180000 |
|
Poly Vinyl
Chloride |
MT |
N.A. |
625000 |
|
High / Linear
Low Density Poly Ethylene |
MT |
N.A. |
11175000 |
|
High Density
Polyethylene Pipes |
MT |
N.A. |
80000 |
|
Poly Butadiene
Rubber |
MT |
N.A. |
74000 |
|
Polypropylene |
MT |
N.A. |
2685200 |
|
Mono Ethylene
Glycol |
MT |
N.A. |
733400 |
|
Higher Ethylene
Glycol |
MT |
N.A. |
52080 |
|
Ethylene Oxide |
MT |
N.A. |
116000 |
|
Purified
Terephthalic Acid |
MT |
N.A. |
2050000 |
|
Polyester
Filament Yam / Polyester Chips |
MT |
N.A. |
822725+ |
|
Polyester Staple
Fibre / Acrylic Fibre / Chips |
MT |
N.A. |
741612 |
|
Poly Ethylene
Terephthalate |
MT |
N.A. |
290,000 |
|
Polyester Staple
Fibre Fill |
MT |
N.A. |
42,000 |
|
Man-made Fibre
Spun Yarn on worsted system |
Nos |
N.A. |
24,094 |
|
Man-made fibre
on cotton system (Spindles) |
Nos |
N.A. |
23,040 |
|
Man-made Fabrics
(Looms) |
Nos |
N.A. |
263 |
|
Knitting M/C |
Nos |
22 |
20 |
|
Solar
photovoltaic modules |
M.W |
N.A. |
30 |
PRODUCTION MEANT FOR
|
Products |
Unit |
2010-11 |
|
Crude Oil |
MT |
1306057 |
|
Gas |
BBTU |
564312 |
|
Petroleum Products |
‘000 MT |
51525 |
|
Ethylene |
MT |
27 |
|
Propylene |
MT |
6895 |
|
Benzene |
MT |
605200 |
|
Toluene |
MT |
102036 |
|
Caustic Soda lye / Flakes |
MT |
128631 |
|
Acrylonitrile |
MT |
37608 |
|
Linear Alkyl Benzene |
MT |
162667 |
|
Butadiene |
MT |
96158 |
|
Cyclohexane |
MT |
46195 |
|
Paraxylene |
MT |
486896 |
|
Orthoxylene |
MT |
399831 |
|
Poly Vinyl Chloride |
MT |
630780 |
|
Polyethylene |
MT |
970017 |
|
High Density Polyethylene Pipes
|
Mtrs. In lacs |
93 |
|
Poly Butadiene Rubber |
MT |
75261 |
|
Polypropylene |
MT |
2496099 |
|
Ethylene Glycol |
MT |
265244 |
|
Purified Terephthalic Acid |
MT |
622097 |
|
Polyester Filament Yarn |
MT |
810433 |
|
Polyester Staple Fibre |
MT |
631023 |
|
Poly Ethylene Terephthalate |
MT |
352668 |
|
Polyester Staple Fibre Fill |
MT |
69614 |
|
Fabrics |
Mtrs. in Lacs |
180 |
GENERAL INFORMATION
|
No. of
Employees : |
23365 (Approximately) |
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Bankers : |
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Facilities : |
1. Debentures referred to in A above to the extent of: a)
Rs. 22830.000 millions are secured by way of first mortgage / charge on the immovable
properties situated at Hazira Complex and at Jamnagar Complex (other than SEZ
unit) of the Company. b)
Rs. 50000.000 millions are secured by way of first mortgage / charge on the immovable
properties situated at Jamnagar Complex (other than SEZ unit) of the Company. c)
Rs. 19700.000 millions are secured by way of first mortgage / charge on all
the properties situated at Hazira Complex and at Patalganga Complex of the
Company. d) Rs.1103.400
millions are secured by way of first mortgage / charge on certain properties
situated at village Mouje Dhanot, District Kalol in the State of Gujarat and
on fixed assets situated at Hoshiarpur Complex of the Company. e)
Rs. 494.300 millions are secured by
way of first mortgage / charge on certain properties situated at Ahmadabad in
the State of Gujarat and on fixed assets situated at Nagpur Complex of the
Company. f)
Rs. 440.500 millions are secured by way of first mortgage / charge on certain
properties situated at Surat in the State of Gujarat and on fixed assets
situated at Allahabad Complex of the Company. g)
Rs. 510.000 millions are secured by way of first mortgage / charge on movable
and immovable properties situated at Thane in the State of Maharashtra and on
movable properties situated at Baulpur Complex of the Company. h)
Rs. 5000.000 millions are secured by way of first mortgage / charge on the
immovable properties situated at Jamnagar Complex (SEZ unit) of the Company. 2.
Debentures referred to in A above are redeemable at par, in one or more
installments, on various dates with the earliest redemption being on 17th
June, 2011 and the last being on 7th May, 2020. The debentures are redeemable
as follows: Rs. 6550.000 millions in financial year 2011-12, Rs. 30436.900
millions in financial year 2012-13, Rs. 44662.600 millions in financial year
2013-14, Rs. 4088.300 millions in financial year 2014-15, Rs. 1640.400
millions in financial year 2015-16, Rs. 1333.300 millions in financial year
2016-17, Rs. 1333.300 millions in financial year 2017-18, Rs. 5033.400
millions in financial year 2018-19 and Rs. 5000.000 millions in financial
year 2020-21. 3.
Working capital loans are secured by hypothecation of present and future
stock of raw materials, stock-in-process, finished goods, stores and spares
(not relating to plant and machinery), book debts, outstanding monies,
receivables, claims, bills, materials in transit, etc. save and except
receivables of Oil and Gas Division.
Note: Short term loan from banks include commercial
paper of Rs. NIL (Previous Year Rs. 5000.000 millions). Maximum balance outstanding
at any time during the year being Rs. 48250.000 millions (Previous Year Rs.
85000.000 millions). |
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|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
Chaturvedi and Shah Chartered
Accountants Rajendra and Company Chartered Accountants INTERNATIONAL
ACCOUNTANTS
Deloitte Haskins and Sells Chartered Accountants |
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|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
(amalgamated with Reliance
Corporate IT Park Limited w.e.f. 01.04.2010)
(amalgamated with Reliance
Corporate IT Park Limited w.e.f. 01.04.2010)
|
|
|
|
|
Enterprises Over
Which Key Manegerial Personnel are able to exercise Significantly influence :
|
|
CAPITAL STRUCTURE
As on 03.06.2011
Authorised
Capital : Rs 60000.000
millions
Issued,
Subscribed & Paid-up Capital : Rs. 32747.227 millions
As on 31.03.2011
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
100,00,00,000 |
Preference Shares
|
Rs.10/-each |
Rs.10000.000 Millions |
|
|
Total |
|
Rs.60000.000
Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3273374008 |
Equity Shares |
Rs.10/-each |
Rs.32733.700 Millions |
Note:
1. 210,85,63,630 Shares out of the issued and subscribed
share capital were allotted as Bonus Shares by
capitalization of Securities Premium and Reserves.
2. 65,25,91,982 Shares out of the issued and subscribed
share capital were allotted pursuant to the various Schemes of amalgamation without payments
being received in cash and includes 10,46,60,154 shares allotted to Petroleum
Trust.
3. 45,04,27,345 Shares out of the issued and subscribed
share capital were allotted on conversion / surrender of Debentures and Bonds, conversion of Term
Loans, exercise of warrants, against Global Depository Shares (GDS) and
re-issue of forfeited equity shares.
4. The Company has reserved issuance of 13,52,79,244 Equity
Shares of Rs. 10/- each for offering to eligible employees of the Company and
its subsidiaries under Employees Stock Option Scheme (ESOS). During the year,
the Company has granted 35,200 [Previous year NIL] Options to the eligible
employees which includes 16,000 options at a price of Rs. 995/- per option and
19,200 options at a price of Rs. 929/- per option plus all applicable taxes, as
may be levied in this regard on the Company. The options would vest over a
maximum period of 7 years or such other period as may be decided by the
Employees Stock Compensation Committee from the date of grant based on
specified criteria.
During the year, the Company has issued and allotted
29,99,648 equity shares to the eligible employees of the Company and its
Subsidiaries under ESOS.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
32733.700 |
32703.700 |
15735.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1482669.500 |
1339002.400 |
1247301.900 |
|
|
4] Equity Share Warrants |
0.000 |
0.000 |
692.500 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
1515403.200 |
1371706.100 |
1263729.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
105712.100 |
116705.000 |
106979.200 |
|
|
2] Unsecured Loans |
568254.700 |
508241.900 |
632065.600 |
|
|
TOTAL
BORROWING |
673966.800 |
624946.900 |
739044.800 |
|
|
DEFERRED TAX LIABILITY |
115618.000 |
109263.000 |
97263.000 |
|
|
|
|
|
|
|
TOTAL
|
2304988.000 |
2105916.000 |
2100037.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1427064.700 |
1532598.900 |
1003430.600 |
|
|
Capital work-in-progress |
128195.600 |
121388.200 |
690438.300 |
|
|
|
|
|
|
|
|
INVESTMENTS |
376515.400 |
232286.200 |
216064.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
298253.800 |
269816.200 |
148367.200 |
|
|
Sundry Debtors |
174419.400 |
116602.100 |
45713.800 |
|
|
Cash & Bank Balances |
271348.600 |
134626.500 |
221765.300 |
|
|
Other Current Assets |
1993.200 |
914.000 |
478.600 |
|
|
Loans & Advances |
169403.300 |
101832.200 |
130797.800 |
|
|
Total Current Assets |
915418.300 |
623791.000 |
547122.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
488461.200 |
360556.000 |
315790.900 |
|
|
Other Current Liabilities |
8110.000 |
7938.000 |
11119.100 |
|
|
Provisions |
45634.800 |
35654.300 |
30109.000 |
Total Current Liabilities
|
542206.000 |
404148.300 |
357019.000 |
|
|
Net Current Assets |
373212.300 |
219642.700 |
190103.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
2304988.000 |
2105916.000 |
2100037.500 |
|
PROFIT &
LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2481700.000 |
1924610.200 |
1418474.700 |
|
|
|
Other Income |
30517.100 |
24604.700 |
20598.800 |
|
|
|
TOTAL (A) |
2512217.100 |
1949214.900 |
1439073.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
14643.100 |
29958.200 |
22052.700 |
|
|
|
Manufacturing
and Other Expenses |
2118230.100 |
1628323.800 |
1167558.900 |
|
|
|
Increased / Decreased in Stocks |
(32430.500) |
(39478.900) |
(4275.600) |
|
|
|
TOTAL (B) |
2100442.700 |
1618803.100 |
1185336.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
411774.400 |
330411.800 |
253737.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23276.200 |
19972.100 |
17452.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
388498.200 |
310439.700 |
236285.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
136075.800 |
104965.300 |
51952.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
252422.400 |
205474.400 |
184332.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
49559.400 |
43117.700 |
31239.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
202863.000 |
162356.700 |
153093.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49994.500 |
53841.900 |
43632.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
160000.000 |
140000.000 |
117289.200 |
|
|
|
Debenture Redemption Reserve |
0.000 |
1895.000 |
3400.500 |
|
|
|
Interim Dividend on Equity Shares |
0.000 |
0.000 |
18970.500 |
|
|
|
Proposed Dividend on Equity Shares |
23849.900 |
20846.700 |
0.000 |
|
|
|
Tax on Dividend |
3869.000 |
3462.400 |
3224.000 |
|
|
BALANCE CARRIED
TO THE B/S |
65138.600 |
49994.500 |
53841.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value for Exports |
1405461.500 |
1026556.000 |
868275.200 |
|
|
|
Interest Earnings |
69.800 |
250.800 |
700.100 |
|
|
|
Other Earnings |
44.800 |
203.200 |
192.500 |
|
|
TOTAL EARNINGS |
1405576.100 |
1027010.000 |
869167.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1749143.900 |
1520830.500 |
1020729.300 |
|
|
|
Stores & Spares |
20505.000 |
14306.300 |
14078.000 |
|
|
|
Capital Goods |
5018.300 |
11902.200 |
65926.900 |
|
|
TOTAL IMPORTS |
1774667.200 |
1547039.000 |
1100734.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
62.00 |
49.65 |
48.63 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
31.12.2011 3rd
Quarter |
31.03.2012 4th
Quarter |
|
Type |
|
|
|
|
|
Net Sales |
810180.000 |
785690.000 |
851350.000 |
851850.000 |
|
Total Expenditure |
710920.000 |
687250.000 |
778500.000 |
7816190.000 |
|
PBIDT (Excl OI) |
99260.000 |
98440.000 |
72850.000 |
65630.000 |
|
Other Income |
10780.000 |
11020.000 |
17170.000 |
22950.000 |
|
Operating Profit |
110040.000 |
109460.000 |
90020.000 |
88580.000 |
|
Interest |
5450.000 |
6600.000 |
6940.000 |
7680.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
104590.000 |
102860.000 |
83080.000 |
80900.000 |
|
Depreciation |
31950.000 |
29690.000 |
25700.000 |
26590.000 |
|
Profit Before Tax |
72640.000 |
73170.000 |
57380.000 |
54310.000 |
|
Tax |
16030.000 |
16140.000 |
12980.000 |
11950.000 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
56610.000 |
57030.000 |
44400.000 |
42360.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
56610.000 |
57030.000 |
44400.000 |
42360.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.07 |
8.33 |
10.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.17 |
10.68 |
12.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
107.75 |
9.53 |
11.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.15 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80 |
0.75 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68 |
1.54 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
HISTORY
Subject is an India-based company. The company is
OVERVIEW
Value creation
through operating excellence and new Initiatives
In line with its aspirations of ongoing growth, Reliance is investing its
resources in core businesses across the integrated energy chain. It is also
taking an initiative of investing in new technologies and businesses that help
meet changing aspirations of millions of Indian consumers. These strategies and
initiatives are aimed to ensure that Reliance delivers long-term growth and
creates unprecedented value for its stakeholders.
Subject has an integrated business model that combines a long-term
perspective, with focus on operational excellence and disciplined approach towards
capital investment to deliver shareholder value. The Company has identified,
developed and executed projects while applying best practices that ensure
superior project returns across a range of scenarios. It has regularly
generated higher income from its productive capital base, as demonstrated by
superior returns on average capital employed. It has delivered industry-leading
financial and operating results that multiply long-term shareholder value.
RIL’s proven and tested business model, and superior cash flow served its
shareholders well in the Financial Year 2010 – 2011 (FY-11).
FY-11 was a strong year for its upstream oil and gas business. Subject
completed two years of operations of its KG-D6 production facility. It not only
delivered new supplies of crude oil and natural gas to the nation, but also
provided significant value for the Company and its shareholders. Production
from KG-D6 for FY-11 was 7.95 million barrels (MMBL) of crude oil, and 720
billion cubic feet (BCF) of natural gas - a growth of 97.6% and 41.7%
respectively.
In FY-11, Reliance entered into four Joint Ventures (JV) in the
In the downstream and chemical business, RIL maintained a long-term
strategic approach during the recent economic downturn. The Company maintained
operating rates upwards of 100% in the refining and petrochemicals business. It
processed 66.6 million metric tonnes (MMT) of crude, the highest ever, at its
·
175 based on revenues
·
100 based on profits
RIL - BP alliance
During the year, RIL and BP announced a strategic partnership in the oil
and gas business. This partnership comprises BP taking 30 per cent stake in 23
oil and gas production sharing contracts that Reliance operates in
BP will pay RIL an aggregate consideration of $ 7.2 billion, and
completion adjustments, for the interests to be acquired in the 23 production
sharing contracts in
Completion of the transaction is subject to Indian regulatory approvals
and other customary conditions. RIL has applied to local regulatory authorities
and the Government of India for necessary approvals for this partnership.
Shale gas joint
ventures
The growing importance of
During the year, the Company took a significant step by entering into
partnerships in the
RIL, through its subsidiary, Reliance Eagleford Upstream Holding LP, has
entered into a joint venture with the USA based Pioneer Natural Resources Company,
Irving, Texas, under which Reliance acquired a 45% interest in Pioneer’s core
Eagle Ford shale acreage position. The acreage will support the drilling of
over 1,750 wells with a net resource potential to the joint venture of nearly
10 TCFe (4.5 TCFe net to Reliance).
RIL, through its subsidiary, Reliance Marcellus II LLC, has entered into
a joint venture with the USA based Carrizo Oil and Gas Inc., under which
Reliance acquired 60% interest in Marcellus Shale acreage in central and
northeast Pennsylvania. The acreage will support the drilling of approximately
1,000 wells with a net resource potential of nearly 3.4 TCFe (2.0 TCFe net to
Reliance).
Joint venture for
Butyl Rubber production in
During the year, RIL and
Spearheading the
knowledge revolution
During the year, RIL acquired a 95% stake in Infotel Broadband Services
Limited, which emerged as a successful bidder in all the 22 circles of the
auction for Broadband Wireless Access (BWA) spectrum conducted by the
Department of Telecommunication, Government of India. RIL has invested Rs. 4201.64
millions by way of subscription to equity capital issued by Infotel Broadband.
RIL sees the broadband opportunity as a new frontier of knowledge
economy in which it is confident of taking leadership position and providing
Continuing success
in exploration and production
This was yet another successful period for RIL’s oil and gas exploration
and production business. The Company made five oil discoveries in the on-land
exploratory block CB–ONN–2003/1 (CB-10 A and B) in the Cambay basin, awarded
under the NELP-V round of exploration bidding. These discoveries are
significant as this play fairway is expected to open more oil pool areas, leading
to better hydrocarbon potential within the block. The block covers an area of
635 sq. km. in two parts, viz. Part A and Part B. RIL holds 100% participating
interest (PI) in the block
The Company also made a gas discovery in the exploration block KG-DWN-2003/1
(KG-V-D3) of NELP-V. The deepwater block KG-DWN-2003/1 is located in the
Krishna basin, about 45 km. off the coast in the
(DGH), Government of
·
Dhirubhai-47 in Well AF1 in CB-10 block
·
Dhirubhai-48 in Well AJ1 in CB-10 block
·
Dhirubhai-49 in Well AT1 in CB-10 block
·
Dhirubhai-50 in Well AN1 in CB-10 block
·
Dhirubhai-51 in Well AR1 in CB-10 block
·
Dhirubhai-52 in Well W1 in KG-V-D3 block
Supreme Court
judgement in RNRL-RIL dispute
The Honourable Supreme Court of India has delivered its judgment in the Reliance
Natural Resources Limited (RNRL) -RIL legal dispute. The judgment recognized
the dominant role of the provisions of the Production Sharing Contract and
upheld the policies formulated by the Government under which it has the
authority to regulate production and distribution of natural gas. RIL and RNRL
signed a Gas Supply Master Agreement in compliance with the Gas Utilization
Policy and EGOM decisions. During the year, RIL and Reliance ADA Group
companies approved and signed an agreement cancelling all existing non-compete
arrangements entered between the two groups in January2006, pursuant to the
scheme of reorganization of the Reliance Group and entered a new simpler,
non-compete agreement with respect to only gas-based power generation.
Financial
performance
The net profit for the year was at Rs. 20286 millions ($ 4,549 million) with a Compounded Annual
Growth Rate (CAGR) of 23% over the past 10 years. RIL has announced a dividend
of 80% amounting to Rs. 2772 millions ($
622 millions), including dividend distribution tax. This is one of the highest
payouts by any private sector company in
RIL continues to play a pivotal role in the growth of
·
13.4% of exports
·
6.9% of the indirect tax revenues
·
4.8% of the market capitalisation
·
Weightage of 11.9% in the BSE Sensex
·
Weightage of 10.1% in the NSE Nifty
FINANCIAL REVIEW
RIL delivered superior financial performance with improvements across
key parameters. The turnover achieved for the year ended March 31, 2011 was Rs.
2586510.000 millions ($ 58.0
billion), a growth of 29% over the previous year. The increase in revenue was
due to 11% rise in volumes and 18% rise in prices. During the year, exports
including deemed exports, were higher by 33% at Rs. 1,46,6670.000 millions ($ 32.9 billion).
The consumption of raw materials increased by 31% from Rs. 1479190.000
millions to Rs. 1932340.000 millions ($
43.3 billion). This was mainly on account of higher crude oil processed in the
SEZ refinery. Traded goods purchases were Rs. 14640.000 millions ($ 328
million) as compared to Rs. 29960.000 millions in the previous year.
The staff cost was Rs. 26240.000 millions ($ 588 million) for the year
as against Rs. 23500.000 millions in the previous year.
The operating profit before other income increased by 25% from Rs.
305810.000 millions to Rs. 381260.000 millions ($ 8.5 billion). The net
operating margin for the period was 15.4 % as compared to 15.9% in the previous
year.
Other income was higher at Rs. 30520.000 millions ($ 684 million)
against Rs. 24600.000 millions, primarily due to higher average cash balances.
EBITDA increased by 25% from Rs. 330410.000 millions to Rs. 411780.000
millions ($ 9.2 billion).
Interest cost was higher at Rs. 23280.000 millions ($ 522 million) as
against Rs. 19970.000 millions. The gross interest cost was lower at Rs.
28020.000 millions ($ 628 million) as against Rs. 29810.000 millions for the
previous year on account of lower interest rates. The interest capitalised was
lower at Rs. 4740.000 millions ($ 1060.000 million) as against Rs. 9840.000
millions in the previous year due to commissioning of projects
Depreciation (including depletion and amortisation) was higher at Rs.
136080.000 millions ($ 3.1 billion),
against Rs. 104970.000 millions in the
previous year, primarily on account of higher depletion charges in oil and gas
and incremental depreciation due to the SEZ refinery.
Profit after tax was Rs. 202860.000 millions ($ 4.5 billion) as against
Rs. 162360.000 millions for the previous year, an increase of 25%.
The earning per share (EPS) for the year was Rs. 62.0 ($ 1.4).
Net gearing at 13.5%, net debt to equity of 0.17, return on capital
employed at 13.2% and return on equity at 15.5% are measures of RIL’s strong
financial position at the end of the year.
During the year, the Company has issued and allotted 2999,648 equity
shares to the eligible staff of the Company and its subsidiaries under
Employees Stock Option Scheme. As a result, the Company’s equity share capital
stands at Rs. 32730.000 millions.
The net capital expenditure for the year ended March 31, 2011 was Rs.
60680.000 millions ($ 1.4 billion).
During the year, a total of Rs. 287190.000 millions ($ 6.4 billion) was
paid in the form of taxes and duties.
RIL maintained its status as
BUSINESS REVIEW
OIL AND GAS
EXPLORATION AND PRODUCTION
Energy markets have improved significantly over the past 12-15 months as
a result of improved economic growth, higher demand for refined products and
limited supplies of crude oil. In 2010, global oil demand grew by 3.4% (or 2.9
MMBD) to 87.9 MMBD, which is the highest growth in the last 30 years. Emerging
Asia which comprises
Crude prices increased 25% during the year wherein Brent oil prices
averaged $86.7/bbl vis-à-vis $69.5/bbl in FY-10. In FY-11, the
It is expected that global energy consumption growth will average at
around 1.7% per annum over the next two decades. Of this, non-OECD energy
consumption is expected to be 68% higher by 2030, averaging 2.6% p.a. growth,
and accounting for 93% of global energy growth. OECD energy consumption in 2030
is expected to be around 6% higher than today, with growth averaging at a measly
0.3% p.a. over the next two decades.
The fuel mix is changing relatively slowly, due to long asset lifetime,
but gas and non-fossil fuels are gaining share at the expense of coal and crude
oil. The fastest growing fuels are renewables (including biofuels) which are
expected to grow at 8.2% p.a. 2010-30; among fossil fuels, gas grows the
fastest (2.1% p.a.).
Non-OECD countries are likely to account for 80% of the global rise in
gas consumption, with growth averaging at around 3% p.a. Demand growth is
expected to be the fastest in non-OECD Asia (4.6% p.a.) and the Middle East
(3.9% p.a.). It is expected that over the next two decades,
Oil continues to suffer a long run decline in market share, while gas is
steadily gaining. Natural gas is projected to be the fastest growing fossil
fuel globally. Production is expected to grow in every region except Europe,
with
The IEA estimates that global upstream capital spending, which had
fallen by 15% in 2009, has rebound in 2010 and is pegged at $ 470 billion.
Global offshore capital expenditure is estimated at $ 150 billion and nearly $
874 billion is expected to be spent over the next five years. A substantial
portion of this investment will flow into deepwater. Deep-water capital
expenditure is pegged at nearly $ 50 billion and deep-water production is set
to double in the next five years. Currently, there are very few fields with
water depths of more than 2,000 meters under development. Many of the recent
discoveries have been in those water depths. The capital expenditure sanctioned
in this water depth is likely to double by 2012.
The role of unconventional oil is also expected to increase
significantly and will touch 10% of world oil demand by 2035.
Indian gas market
In
RIL – BP
partnership
On February 21, 2011, RIL and BP announced a strategic partnership
between the two companies and signed the relationship framework and
transactional agreements. The partnership across the full value chain comprises
BP taking a 30% stake in 23 oil and gas production sharing contracts that
Reliance operates in
BP will pay RIL an aggregate consideration of $ 7.2 billion, and
completion adjustments, for the interests to be acquired in the 23
production-sharing contracts. Future performance payments of upto $ 1.8 billion
could be paid based on exploration success that results in development of
commercial discoveries. RIL will continue to be theoperator under the
production-sharing contracts. Completion of the transactions is subject to
regulator and the Government of India approvals.
RIL gas marketing
KG-D6 was the single largest source of domestic gas in the country for
FY-11 and accounted for almost 35% of the total gas consumption in
RIL’s E and P
business:
KG-D6 KG-D6 gas fields completed 730 days of 100% uptime and
zero-incident production. An average daily gas production from KG-D6 block for
the year was 55.9 MMSCMD with a cumulative production of 1,257 BCF since
inception, of which 720 BCF was produced in the current fiscal. An average oil
production for the year from the block was 21,971 barrels per day with a
cumulative production of 14 MMBL of oil and condensate since inception, of
which 8 MMBL of oil and 1 MMBL of condensate was produced in the current
fiscal.
In the D1-D3 gas fields a total of 20 wells have been drilled, of which
18 are production wells. Of these, 2 wells have been drilled this fiscal.
6 wells in the D26 field are under production. Of these, MA-2 which was
earlier a gas injection well has been converted to a production well since
April 2010.
An integrated development plan for all gas discoveries in KG-D6 is being
conceptualized. This will encompass existing wells and other discoveries within
the block to maximize capital efficiency and to accelerate monetization.
International
business
During the year, Reliance entered into one of the fastest growing
opportunities emerging in the
RIL – Chevron
RIL, through its subsidiary, Reliance Marcellus LLC, entered into a
joint venture with Atlas Energy, Inc. (now owned by Chevron Corporation) under
which Reliance acquired a 40% interest in Atlas’ core Marcellus shale acreage
position. The acquisition cost of participating interest in the JV consisting
of $ 339 million of upfront payment and an additional payment of $ 1.36 billion
under a carry arrangement for 75% of Atlas’s capital costs over an anticipated
seven and a half year development programme. Reliance becomes a partner in
approximately 300,000 net acres of undeveloped leasehold in the core area of
the Marcellus shale in southwestern
While Atlas will serve as the development operator for the joint
venture, Reliance is expected to begin acting as development operator in
certain regions in coming years as part of the joint venture. Under the
framework of the joint venture, Atlas will continue acquiring leasehold in the
Marcellus shale region and Reliance will have the option to acquire 40% share
in all new acreage. Reliance also obtains the right of first offer with respect
to potential future sales by Atlas of around 280,000 additional Appalachian
acres currently controlled by Atlas.
RIL – Pioneer
RIL, through its subsidiary, Reliance Eagleford Upstream LP, entered
into a joint venture with Pioneer Natural Resources Company under which Reliance
acquired a 45% in two separate transactions. Pioneer and Newpek LLC, Pioneer’s
existing partner in Eagle Ford, simultaneously conveyed 45% of their respective
interests in the Eagle Ford to Reliance. Newpek owned an approximate 16%
nonoperated interest in Pioneer’s core Eagle Ford shale acreage. Following the
transaction, Pioneer, Reliance and Newpek own 46%, 45% and 9% of the joint
venture interests, respectively.
The joint venture has an approximate net working interest of 91% in
289,000 gross acres implying 263,000 net acres. Reliance paid $ 1.315 billion
for its implied share of 118,000 net acres. This upstream transaction
consideration included combined upfront cash payments of $ 263 million and
additional $ 1.052 billion capital costs under a carry arrangement for 75% of
Pioneer’s and Newpek’s capital costs over an anticipated four years. The joint
venture’s leasehold, which is largely undeveloped, is located in the core area
of the Eagle Ford shale in south
The joint venture plans to increase the current drilling programme to
approximately 140 wells per year within three years. Also included in the
transaction is current production of 28 MMCFe/d (11 MMCFe/d net to Reliance)
from five currently active horizontal wells. While Pioneer will serve as the
development operator for the upstream joint venture, Reliance is expected to
begin acting as development operator in certain areas in coming years as part
of the joint venture. Under the framework of the joint venture, Pioneer will
continue acquiring leasehold in the Eagle Ford Shale and Reliance will have the
option to acquire a 45% share in all newly acquired acres.
Additionally, Reliance and Pioneer formed a midstream joint venture that
will service the gathering needs of the upstream joint venture. Reliance’s
subsidiary, Reliance Eagleford Midstream LLC, paid $ 46 million to acquire a
49.9% membership interest in the joint venture. Pioneer and Reliance will have
equal governing rights in the joint venture and Pioneer will serve as operator.
RIL – Carrizo
RIL, through its subsidiary, Reliance Marcellus II, LLC, entered into a
joint venture with Carrizo Oil and Gas, Inc.
Under the transaction, Reliance acquired a 60% interest in Marcellus
shale acreage in Central and
The joint venture will have approximately 104,400 net acres of
undeveloped leasehold in the core area of the Marcellus shale in central and
northeast
PERFORMANCE REVIEW
RIL processed 66.6 million tonnes of crude and achieved an average
utilization of 107%, which is significantly higher than the average utilization
rates for refineries globally. Exports of refined products were at $29.3
billion. This accounted for 38.6 million tonnes of product as compared to 32.8
million tonnes the previous year.
GAPCO
Reliance has consolidated operations of its GAPCO subsidiaries in
STRATEGY AND
OUTLOOK
Reliance is best positioned to capture top docile margins as a result of
processing cheaper, heavier crudes and benefitting from low operating costs.
Built in the last decade, the RIL refineries are state-of-the-art and among the
most complex refineries in the world. Strategically located on the west coast
of
PETROCHEMICALS
ETHYLENE SCENARIO
Ethylene is the primary building block and a major feedstock for
polymers. It is a raw material used in the manufacture of polymers like polyethylene,
polyvinyl chloride and polystyrene, as well as organic chemicals like ethylene
oxide and ethylene glycols. These products are used in a variety of end
markets, such as packaging, transportation, electronic, textile and
construction.
Global ethylene markets continue to recover from a state of oversupply
that developed in 2008-2010, stemming mainly from the construction of new
capacity in the Middle East and
World Ethylene
Supply/Demand/2010
Capacity additions in the
RIL performance
Reliance maintained its leadership in the domestic market with a
commodity polymer production share of 47%. RIL’s polymer production for the
year remained unchanged despite turnaround activities carried out during the
year. RIL’s cracker operating rate was at 90% in FY-11 as compared to 98% in
FY-10. Due to cracker shutdown at Hazira, Nagothane and Gandhar manufacturing
sites, the production of ethylene decreased by 8% to 1,686 KT while the
production of propylene decreased by 5% to 696 KT as compared to the
corresponding period of the previous year.
New developments
and growth initiatives
Reliance took a lead role in creating new market by conducting customer
meets - “Rishta” throughout India, to propel growth of PP, PE, and PVC in the
field of engineering, agriculture, infrastructure and packaging sector.
Geotextile made from PP has immense potential in construction of roads
with improved durability and in river and sea embankment, to prevent erosion.
Reliance worked in tandem with textile ministry, industry bodies to facilitate
new investment in this “Technical Textile”. Several states of
Agriculture is a prime sector for sustainable growth of
The Company worked with leading consumer durable manufacturers to
successfully introduce PP in fourwheelers, refrigerators and water filters. Reliance
is also driving metal replacement and import substitution programme with major
commercial/two wheeler manufacturers by introducing niche grade of PP.
Reliance has made another break-through in glass replacement by using PP
bottles in “flavoured milk” packaging. Light weight, clear, break-resistant PP
bottles will now replace glass bottles. This is a landmark innovation of
Reliance offering high technology, safe and hygienic product.
Chemicals Business
Global scenario
The global chemical industry has undergone a transformation since major
financial crisis of 2008. The chemical industry benefitted from industry
discipline and rapid economic recovery, especially in
An excessive demand pull from the automotive sector coupled with high
natural rubber prices created high margin environment in the elastomer segment.
Shortage of cotton created superior performance in acrylic fibres and provided
support to acrylonitrile. Benzene: The global capacity of benzene in 2010 was
56 MMT against production of 40 MMT, resulting in average operating rate of
72%. Demand for the year was 39.8 MMT. Globally, capacity has increased by more
than 7.5 MMT in the past 4-5 years resulting in excess capacity.
Butadiene:
North-East Asia remains the world’s largest market with a global market
share of 44%, followed by 22%, and 21% by
Polybutadiene
Rubber (PBR) is the second largest synthetic rubber among elastomers and its demand
is estimated at 2.7 MMT. Global demand for synthetic rubber in coming years is
expected to grow at 4.8% annually.
Caustic Soda (CS): The installed
capacity of caustic soda is 85 MMT globally. The global consumption of caustic
soda increased to 63 MMT in FY-11, an increase of about 6% over FY-10 and
operating rate of 74%. Around 55% of the global chlor alkali capacity is now in
Linear Alkyl
Benzene (LAB):
Globally, the consumption of LAB
is pegged close to 3 MMTPA against capacity of 3.6 MMTPA. The consumption
growth is at 2.5% per annum and is expected to continue at this rate driven by
Asian demand. With an installed capacity of 182 KT, Reliance is the world’s
fifth largest producer of LAB.
Acrylonitrile:
The global capacity of acrylonitrile in 2010 was 5.7 MMT against
production of 5.1 MMT, resulting in average operating rate of 90%. The demand
for the year was 5.08 MMT.
Indian chemical
scenario
The Indian chemical industry environment was in line with the global
business environment with the exception of the elastomer segment due to the
excessive demand from the automobile segment. RIL has leadership position in
aromatic segment constituting benzene, toluene and xylene.
The demand from downstream sectors covering SBS rubber, PBR, ABS and
styrene butadiene latex recovered during the year and total demand is pegged at
117 KT. Domestic demand for PBR is met by RIL besides imports with consumption
estimated at 135 KT. The market estimates demand for PBR to reach 155 KT by
2013 (a growth of 5% CAGR).
RIL is the sole producer of acrylonitrile in
RIL’s crackers at Hazira, Nagothane, Dahej and Vadodara are among the
world’s most integrated petrochemical complexes with upstream refining, E and P
and downstream chemical facilities. RIL is a leading producer of LAB, benzene
and butadiene in
For the year, RIL’s benzene production was at 700 KT, a growth of 4% on
a year-on-year basis. Total sales for the year were 681 KT, out of which 381 KT
was exports, 215 KT was domestic and 85 KT was for captive consumption. Exports
of benzene during FY-11 were at 381 KT mainly to the
RIL produced 174 KT of butadiene during the year of which 61 KT was
exported after meeting the entire domestic requirement and captive consumption.
RIL is the only manufacturer of PBR in
RIL has the annual capacity to produce 168 KTA of caustic soda and 141
KT of chlorine. RIL’s capacity utilization for the year was at 97% as against average
domestic capacity utilization of 75%.
RIL produces 163 KT of LAB on an annualized basis. Tightness of normal
paraffins resulted in lower utilization of LAB capacity. RIL’s entire
production of acrylonitrile was sold in the domestic market. The upswing in
demand from derivatives and restricted global supplies supported prices and
margins.
Polyester Fibre
and Filament
Textile and clothing exports by major Asian countries witnessed
year-on-year growth amidst revived demand from US and European regions. Textile
and clothing imports into US in 2010 increased 15% over 2009 with textile
imports rising by 22% and clothing by 12% year-on-year. Chinese textile and
clothing exports in 2010 witnessed an impressive growth of 24% over 2009. In
case of
There was a renewed investment in downstream textile industry,
especially in the Asian countries. The global market for spinning machinery and
components posted a strong recovery in 2010, following two years of weak
demand.
The polyester chain delta reached the highest level see in the last one
decade. In fact, it has sustained the level above $1,000/MT since the last two
quarters of FY-11. For the full year, chain delta were up 33% over last year.
Another major development during the year was extreme tightness in
global cotton availability. This led to record high price levels and widely
impacted the entire textile industry. Cotton prices started moving upwards
especially since the second half of FY-11. The commodity has witnessed extreme
tightness in availability, which resulted in record prices. Cotton prices
reached the highest level in the past 150 years, last seen during the American
Civil
War way back in 1860s. Both fundamental and market forces played a major
role in taking cotton prices to unprecedented levels. During 2010-11 cotton
season, major producers like
Towards the end of FY-11, cotton prices were 140% higher than those for
polyester as also higher than the historical average of 30%. Garment
manufacturers/designers are likely to find ways to use more polyester than
cotton in their fabric usage. On the demand side, the rising cotton price will
continue to drive substitution demand for polyester. The International Cotton
Advisory Committee (ICAC) forecasts that cotton’s share of the world textile
fibre market could decline to 33% by 2015 as compared to 36.5% in 2009.
MAJOR SUBSIDIARIES
Reliance Retail
Limited (RRL)
Reliance Retail continued to expand presence of its value and specialty
formats. During the year, Reliance Retail opened 90 new stores spanning across
‘value’ and ‘specialty’ segments. In-store initiatives, wider product choice
and value merchandising enabled the business to achieve robust growth during
this period.
Reliance Retail also established partnerships with several leading
international brands aimed at meeting consumer aspirations. During the year,
RRL doubled the presence of its partner businesses and operated over 160 stores
in various parts of the country. In the fashion and apparel segment, RRL now
operates around 40 stores with leading brands like Marks and Spencer (19
stores), Diesel (7 stores), Paul and Shark (4 stores), Ermenegildo Zegna (6
stores) and Timberland (6 stores).
Its presence in the optics business is in partnership with Grand Vision.
51 new stores were added during FY-11 taking the total presence to 100 stores
across key markets in the country. The retail chain offers single brand optical
products including Vision Express frames, lenses, contact lenses, sunglasses,
solutions and accessories.
For the very first time, consumers in
iStore by Reliance Digital is a one-stop-shop for all Apple products and
services. There are 17 such stores currently operational.
Reliance Brands also announced exclusive licensing arrangement with two
leading international brands:
·
Steve Madden, a leading designer, wholesaler and
retailer of fashion-forward footwear and accessories for women, men and
children.
·
Quiksilver, a leading outdoor sports lifestyle
company to launch their core brands ‘Quiksilver’ and ‘Roxy’.
Across
Haryana Special
Economic Zone (SEZ)
With a vision to develop industrial infrastructure and support economic
growth, Reliance Haryana SEZ Limited (RHSL), a joint venture between Reliance
Ventures Limited (RVL) (a subsidiary of RIL) and HSIIDC Limited (a Government
of Haryana Company), has received approval from the Government of Haryana to
undertake flexible development of the Reliance Haryana Project as an integrated
industrial enclave with all the required facilities such as logistics hub and
social infrastructure, ensuring sustainable development of manufacturing and
service activities with sufficient provision for future
In refining, the focus areas include maximising light olefins yields
from the fluidised catalytic cracker (FCC), improving propylene recovery in
FCC; advanced characterisation of crude and evaluation of chemicals for
desalting; increasing efficiency and reliability of refinery processes and
enhancing process capabilities in coking technology to help widen the crude
operating window. In the petrochemicals area, the focus is on providing
technology support to ensure efficient asset utilisation, development of
specialty grades/materials, development of catalysts /additives for cost
reduction, value addition to by-product streams, and leveraging opportunities
at the chemicals/oil interface. RIL is involved in some cutting-edge
technologies like fuel cells, carbon fibres, bio-fuels, and gasification of in
the New Millennium Indian Technology Leadership Initiative (NMITLI) project on
indigenous Fuel Cell Technology Development.
Some major
ongoing/completed projects include:
·
Selection of cost effective FCC catalysts and
additives for improved conversion and yields.
·
Propylene yield improvements.
·
Benzene reduction in refining to promote clean
fuel.
·
Upgrading of bottom barrel through initiatives such
as carbon black production, reduced conversion etc.
·
De-salter operation improvements.
·
Computational fluid dynamics for trouble shooting.
·
Molecular compositional blending models.
·
Polypropylene quality control.
·
Polyolefin inorganic precursor technology
development.
·
High performance PP homo and copolymers.
·
Development of high performance additives for
polyolefins.
·
Development of clarifiers for PP grades.
·
High melt strength PP by post reactor route.
Superabsorbent polymers.
·
Bio-filtration process for effluent water
treatment.
·
Catalyst for selective dehydrogenation of C11-C14
nparaffins.
·
Inhouse development and utilization of additives
for cracker coking passivation.
·
Development of oxygen barrier PET for beer
packaging.
·
Productivity enhancement through polymer
modification.
·
New co-catalyst systems for bottle-grade PET
productivity enhancement.
·
Development of anti-pill polyester, elastic
polyester, low melt polyester, low cost flame retardant polyester, low
antimony/antimony free polyester, and super micro denier polyester staple
fiber.
·
Development of low cost catalyst, additives and
spin finish for polyester.
·
Spinning productivity enhancement.
·
Deep cut operation
·
Revamption of coker unit and process of pitch.
Creation and protection of intellectual property (IP) for the Company
continues to be an ongoing area of focus. RIL’s portfolio for national and
international patents is increasing in existing as well as new technology
areas. As a part of our business transformation, RIL is adopting and
implementing best in class business processes with stateof- the-art applications
to enhance technical excellence.
INNOVATION
RIL aspires to be one of the most innovative companies in the world. The
Reliance Innovation Leadership Centre designs, develops and deploys programmes
in realizing this vision anchored around this agenda.
The Leading Expert Access Programme (LEAP) created a hat trick of Nobel
Laureates’ lectures. Prof Venki Ramakrishnane delivered the 13th Reliance LEAP
lecture at the National Chemical Laboratory (NCL). In the past, LEAP speakers
have included Nobel Laureates Prof Jean Marie Lehn and Prof Robert Grubbs. LEAP
has been designed to inspire the RIL family through the life, work and
experience of global innovation leaders.
Sustainable growth of any organisation has one important element-
generation, exploitation and management of its IP. Last year saw a new energy
in this domain through the structuring and institutionalising of the IP thrust
area. The focus of the IP team is to transform the organization from being an
IP user to an IP creator. RIL’s patent portfolio is on the upswing, both in
quality and quantity terms including protection in overseas markets.
AWARDS AND
RECOGNITION
Leadership
Shri Mukesh Ambani, Chairman and Managing Director, RIL, has been nominated
to a ‘key advocacy group of Millennium Development Goals’, whose mandate
includes finding ways to fight socio-economic evils such as poverty, by the
United Nations in 2010. Shri Ambani is the only Indian to be a part of the MDG
Advocacy Group that comprises eminent international personalities. Shri Mukesh
Ambani has been re-elected as Vice Chairman of the Business Council for
Sustainable Development’s (WBCSD) Executive Committee for a second consecutive
term in 2010. The Foundation Board of the World Economic Forum (WEF) elected
Shri Mukesh Ambani on its Board. WEF’s mission is to improve the state of the
world and the elected board members make valuable contributions to this mission
through their involvement. Shri Mukesh Ambani received the prestigious ‘Dwight
D Eisenhower Global Leadership Award’ at the Business Council for International
Understanding’s Annual Global Awards Gala in 2010. The Asia Society,
Fixed Assets
·
·
·
Building
·
Plant
and Machinery
·
Electrical
Installations
·
Equipments
·
Furniture
and Fixture
·
Vehicles
·
Aircraft
and Helicopter
·
Ship
·
Software
WEBSITE DETAILS
The company is
The originally envisaged capacity was substantially enhanced while
implementing the project and it commissioned its 27 mmtpa refinery (540000
ballers per day) within a very short period of less then 36 months at a project
cost of Rs.142500 millions (US $ 3.4 bn). The company is the world's largest
grassroots refinery and the seventh largest refinery in the world at any single
site. The refinery has been set up at 30%-50% lower per tone capital cost as
competed to other refineries recently set up in Asia, by leading international
oil companies, establishing new benchmark for capital productivity. It also has
a remarkable ability to use almost any kind of crude oil. The company's
products have been exported to a large number of destinations in the Far East,
Europe and the
The setting up of the Central India pipeline project, which envisages
setting up a 1615-km pipeline to serve the landlocked markets in central
The
company has passed a resolution to sponsor a depository receipt Programme
enabling shareholders of the company (Reliance Industries) to partially
disinvest their equity shareholding in the company at an appropriate time in
the course of an international offering in one or more trances to strategic
investors, financial investors and any other investor in the form of depository
receipts and any other financial instruments subject to necessary approvals.
The company will focus on its high value-added product ranges of men's
wear, under the Vimal brand, and home textiles, under the Harmony brand. Other
textile products, including women's wear products, will be phased out, and the
polyester filament yarn processing business will be re-located.
The first phase of restructuring will lead to a reduction of over 4,600
people from the company's total workforce, at an estimated one-time outlay of
Rs.900.00 millions, in an amicable manner within a span of two weeks
It has increased its stake in equity share capital of BSES, an electric
utility company, through open offer to 27%. Further it has announced the
largest share buy back of Rs.11000 millions at a maximum price of Rs.303/- per
share. The company proposes to invest Rs.250,000 millions over the next 3 to 5
years in the telecom sector covering basic, cellular, long distance,
international, voice, data services by setting up a broadband network
throughout
PROFILE:
Reliance's philosophy of 'Growth is Life' has truly
manifested itself in value creation opportunities for its myriad stakeholders,
which include its valued customers.
The focus on Growth has helped grow as one of the world's
largest producers of polymers. Their current polymer production capacity of 3.5
million tonnes per annum of Polypropylene, Polyethylene and Polyvinyl Chloride
woul
This growth has been achieved with state-of-the-art world
scale projects and setting global benchmarks in product quality, standards and
services.
Reliance's sites at Hazira, Vadodara, Gandhar in Gujarat and
Nagothane in
At Reliance their constant endeavour is to provide products
and services that meet global standards. Based on their extensive interaction
with the industry, they offer a wide range of grades for diverse applications
across packaging, agriculture, automotive, housing, healthcare, water and gas
transportation and consumer durables.
Superior technologies, strong focus on R and D, latest
IT-enabled services to support supply chain management and the end-to-end
solutions offered across the value chain reinforce their commitment to customer
satisfaction.
RELIANCE GROUP
The
Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is
Backward
vertical integration has been the cornerstone of the evolution and growth of
Reliance. Starting with textiles in the late seventies, Reliance pursued a
strategy of backward vertical integration - in polyester, fibre intermediates,
plastics, petrochemicals, petroleum refining and oil and gas exploration and
production - to be fully integrated along the materials and energy value chain.
The
Group's activities span exploration and production of oil and gas, petroleum
refining and marketing, petrochemicals (polyester, fibre intermediates,
plastics and chemicals), textiles, retail and spacial economic zones.
Reliance
enjoys global leadership in its businesses, being the largest polyester yarn and
fibre producer in the world and among the top five to ten producers in the
world in major petrochemical products.
The
Group exports products in excess of US$ 20 billion to 108 countries in the
world. Major Group Companies are Reliance Industries Limited (including main
subsidiaries Reliance Petroleum Limited and Reliance Retail Limited) and
Reliance Industrial Infrastructure Limited.
MEDIA RELEASE:
Reliance
selects Fluor for Project Management of its’ Refinery and
Petrochemicals
Expansions
Mumbai, May 03, 2012: Reliance Industries Limited (RIL) has selected
Irving, Texas based Fluor Corporation (NYSE: FLR) to perform project management
services for its’ projects being executed at its world scale Jamnagar refining
and petrochemical complex on the west coast of India in Gujarat.
In addition to assisting RIL in project management, Fluor will also
perform engineering and procurement services for the pet coke gasification
project.
The investment in the expansion of Energy and Petrochemicals Projects
represents one of the largest such investments globally. The proposed coke
gasification facility is also among the largest such projects ever built.
The scope of the project management services to be provided by Fluor
includes several world-scale units including petroleum coke gasification units,
refinery off-gas cracker and downstream petrochemical plants, a captive power
plant, associated utilities and offsites.
The completed gasification project will gasify petroleum coke to produce
fuel and hydrogen for the expanded refinery and petrochemical complexes and
captive power plant as well as feedstock for future chemicals production.
About RIL
Reliance Industries Limited (RIL) is India’s largest private sector
company on all major financial parameters with a turnover of Rs.3397920.000 Millions (US$ 66.8 billion),
cash profit of Rs.319940.000 Millions (US$ 6.3 billion) and net profit of
Rs.200400.000 Millions (US$ 3.9 billion) as of March 31, 2012.
RIL is the first private sector company from
Reliance
Industries Limited gets certified as a “Responsible Care”
Company
under American Chemistry
Mumbai, March 4, 2012: Reliance Industries Limited (RIL) becomes the
first Indian company to be certified as “Responsible Care Company” under
stringent standards of American Chemistry Council (ACC),
“Responsible Care” is the global chemical industry’s initiative to drive
health, safety, security and environmental performance improvements. The
programme operates in over 50 countries with active participation from all
major global chemical companies like ExxonMobil, Shell, Dow, BASF, Bayer,
Mitsubishi, DuPont and others.
American Chemistry Council is the major trade body of chemical industry
in
The first phase audit covered RIL’s petrochemical complex at Hazira,
Gujarat and offices at Navi Mumbai,
Reliance is globally the first and only company to include its Social
Accountability and Sustainability activities in the scope of audit. This
initiative focuses on minimising greenhouse gas emissions and supporting
research to find solutions to climate change.
RIL is investing over Rs.500000.000 Millions to further grow its
Petrochemical business. Petrochemical operation of RIL is spread over nine
locations in different parts of
Reliance is the first South Asian company and one of the handful of
Asian companies, apart from
About RIL
Reliance Industries Limited (RIL) is India’s largest private sector
company on all major financial parameters with a turnover of Rs.2586510.000
Millions (US$ 58.0 billion), cash profit of Rs.345300.000 Millions (US$ 7.7
billion), net profit of Rs.202860.000 Millions (US$ 4.5 billion) and net worth
of Rs.1515400.000 Millions (US$ 34.0 billion) as of March 31, 2011.
RIL is the first private sector company from
RECORD REVENUE OF RS.3397920.000 MILLIONS ($ 66.8 BILLION)
RECORD CONSOLIDATED NET PROFIT OF RS.197240.000 MILLIONS ($ 3.9
BILLION)
HIGHEST EVER EXPORTS OF RS.2080420.000 MILLIONS ($ 40.9 BILLION), 14%
OF
Reliance Industries Limited (RIL) today reported its financial performance for the quarter / year ended 31st March, 2012. Highlights of the audited financial results as compared to the previous year are:
|
Rs. In Millions |
4Q FY12 |
3Q FY12 |
4Q FY11 |
% Change wrt
4Q FY11 |
FY12 |
FY11 |
% Change Wrt
FY11 |
|
Turnover |
878330.000 |
874800.000 |
752830.000 |
16.7% |
3397920.000 |
2586510.000 |
31.4% |
|
PBDIT |
88590.000 |
90020.000 |
107600.000 |
(17.7%) |
398120.000 |
411780.000 |
(3.3%) |
|
Profit Before Tax |
54320.000 |
57380.000 |
66770.000 |
(18.6%) |
257500.000 |
252420.000 |
2.0% |
|
Net Profit |
42360.000 |
44400.000 |
53760.000 |
(21.2%) |
200400.000 |
202860.000 |
(1.2%) |
|
EPS (Rs.) |
129.000 |
136.000 |
164.000 |
(21.3%) |
612.000 |
620.000 |
(1.3%) |
Highlights of Year
Performance
• Turnover increased by 31.4% to Rs.3397920.000 Millions ($ 66.8 billion)
• Exports increased by 41.8 % to Rs.2080420.000 Millions ($ 40.9 billion)
• PBDIT decreased by 3.3% to Rs.398120.000 Millions ($ 7.8 billion)
• Profit Before Tax increased by 2.0% to Rs.257500.000 Millions ($ 5.1 billion)
• Cash Profit decreased by 7.3% to Rs.319940.000 Millions ($ 6.3 billion)
• Net Profit decreased by 1.2% to Rs.200400.000 Millions ($ 3.9 billion)
• Gross Refining Margin at $ 7.6 / bbl for the quarter and $ 8.6 / bbl for the year ended 31st March 2012
• Dividend of 85%, payout of Rs.29410.000 Millions ($ 578 million)
Highlights of Year
Performance (RIL Consolidated)
• Turnover increased by 34.9% to Rs.3585010.000 Millions ($ 70.5 billion)
• PBDIT decreased by 1.5% to Rs.409410.000 Millions ($ 8.0 billion)
• Profit Before Tax increased by 5.1% to Rs.253380.000 Millions ($ 5.0 billion)
• Cash Profit decreased by 3.5% to Rs.325900.000 Millions ($ 6.4 billion)
• Net Profit increased by 2.2% to Rs.197240.000 Millions ($ 3.9 billion)
Corporate
Highlights
• On 30th August 2011, following the Government of India's
approval, RIL and BP announced the completion of BP's acquisition of a 30%
stake in 21 oil and gas production sharing contracts (PSCs) that RIL operates
in
• On 21st April 2011, RIL announced a rich gas and condensate discovery in the very first well drilled in the block CY-PR-DWN-2001/3 (CYPR-D6) located in deep-water Cauvery-Palar basin. The block with an area of about 8,600 square km was awarded to RIL under the bidding round of NELP-III. RIL has 70% participating interest in the exploration block.
• In January 2012, the Government's Management Committee approved the Optimized Field Development Plan (OFDP) for development of 4 Satellite discoveries (D2/D6/D19/D22) in KG-
• In February 2012, the Management Committee of KG-D6 block declared the commerciality (DOC) of R-Series (D34) discoveries.
•
Incrementally, the following proposals pertaining to the domestic oil
and gas business have been submitted to the Government for its review and
approval:
o
KG-D6
·
Work program and Budget for RE 2011-12 and BE 2012-13
submitted in December 2011. Revised field development plan for D26 (MA field)
to enhance gas production submitted in February 2012.
o
CY-D6
·
Notified discovery in well SA1 (D53). Appraisal
program submitted for Discovery D53 for MC review in February 2012
o
CBM
·
Submitted for approval of gas pricing formulae based
on price discovery to the Government of India Ministry of Petroleum and Natural
Gas.
o
NEC-25
·
Declaration of discoveries D32 and D40 as commercial
in March 2012.
·
The Board of Directors of Reliance Industries Limited
(RIL) at its meeting held on January 20, 2012 unanimously approved the buyback
of up to 120.000 Millions fully paid up equity shares of Rs.10/-each, at a
price not exceeding Rs.870 per equity share, payable in cash, up to an
aggregate amount not exceeding Rs.104400.000 Millions from the open market
through Stock Exchange(s). The Company has bought back and cancelled 36,63,431
equity shares up to 31st March 2012.
· In January 2012, RIL announced that a part of its group company's investments in the ETV Channels is being divested to TV18 Broadcast Limited (TV18). The promoter companies of Network18 (holding company of TV18) and Independent Media Trust (Trust), a trust setup for the benefit of RIL, have also entered into a term sheet under which the Trust would be subscribing to the optionally convertible debentures to be issued by the promoter companies to enable the promoter companies to subscribe to the proposed rights issue by Network18 and V18. As a part of the deal, Infotel Broadband Services Limited ("Infotel"), a subsidiary of RIL, has entered into a Memorandum of Understanding with TV18 and Network18 Media and Investments Limited (Network18) for preferential access to all their content for distribution through the 4G broadband network being set up by it.
·
In February 2012,
SIBUR, East Europe's largest petrochemical company, and RIL agreed to form a
joint venture named Reliance Sibur Elastomers Private Limited to produce
100,000 tons of butyl rubber per year in
·
In March 2012,
RIL becomes the first Indian company to be certified as "Responsible Care
Company" under stringent standards of American Chemistry Council (ACC),
·
RIL has been
awarded Application Level A+, the highest certification by Global Reporting
Initiative (GRI) for its FY 2010-11 Sustainability Report - "New
Businesses. New Technologies. New partnerships." The A+ Level check was
awarded to RIL for successfully fulfilling the required set and number of
disclosures.
Commenting
on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance
Industries Limited said: "Our businesses have delivered industry leading
performances. This is a reflection of the quality of our assets and growing
demand for our products and services in
Financial
Performance Review and Analysis
RIL achieved a turnover for the year ended 31st March 2012 of Rs.3397920.000 Millions ($ 66.8 billion), an increase of 31.4% on a year-on-year basis. Refinery accounted for 36.8% increase, Petrochemicals recorded a 27.7% increase while Oil and Gas revenues decreased by 25.2%. Higher prices accounted for 29.2% growth in revenue while higher volumes accounted for the balance 2.2% growth. Exports were higher by 41.8% at Rs.2080420.000 Millions ($ 40.9 billion) as against Rs.1466670.000 Millions in FY 2010-11.
Higher crude prices resulted in consumption of raw materials increasing by 42.2% to Rs.2748140.000 Millions ($ 54.0 billion) on a year-on-year basis.
Employee costs were higher by 9.1% at Rs.28620.000 Millions ($ 563 million) for the year ended 31st March 2012 as against Rs.26240.000 Millions in the previous year.
Other expenditure increased by 13% from Rs.159650.000 Millions to Rs.180400.000 Millions ($ 3.5 billion) due to higher power and fuel expenses.
Transfer of 30% participating interest in E and P, lower production of oil and gas, base effect and lower petrochemical margins in key products resulted in a decline in operating profit before other income and depreciation which declined by 11.8% from Rs.381260.000 Millions to Rs.336200.000 Millions ($ 6.6 billion). Net operating margin was lower at 10.2% as compared to 15.4% in the previous year.
Other income was higher at Rs.61920.000 Millions ($ 1.2 billion) as against Rs.30520.000 Millions on a year-on-year basis primarily due to higher average liquid investments following the sale of participatory interest in the domestic oil and gas business to BP.
Depreciation (including depletion and amortization) was lower by 16.3% at Rs.113940.000 Millions ($ 2.2 billion) against Rs.136080.000 Millions in FY 2010-11. This was primarily due to lower depletion charges in oil and gas following the transfer of 30% PI to BP.
Higher foreign exchange differences resulted in higher interest cost which was at Rs.2667 Millions ($ 524 million) as against Rs.23280.000 Millions in FY 2010-11. This resulted in higher gross interest cost of Rs.30970.000 Millions ($ 609 million) as against Rs.28020.000 Millions in FY 2010-11. Interest capitalized was lower at Rs.4300.000 Millions ($ 84 million) as against Rs.4740.000 Millions.
Profit after tax was marginally lower at Rs.200400.000 Millions ($ 3.9 billion) as against Rs.202860.000 Millions for the previous year.
Basic earnings per share (EPS) for the year ended 31st March 2012 was Rs.612.000 Millions ($ 1.2) against Rs.620.000 Millions for the previous year.
RIL consolidated turnover for the year ended 31st March 2012 of Rs.3585010.000 Millions ($ 70.5 billion), an increase of 34.9% on a year-on-year basis. Profit after tax of Rs.197240.000 Millions ($ 3.9 billion), an increase of 2.2% as against Rs.192940.000 Millions for the previous year. Basic earnings per share (EPS) for the year ended 31st March 2012 was Rs.662.000 Millions ($ 1.3) against Rs.648.000 Millions for the previous year.
Outstanding debt as on 31st March 2012 was Rs.682590.000 Millions ($ 13.4 billion) compared to Rs.673970.000 Millions as on 31st March 2011. The Company is debt free on a net basis as compared to the gearing level of 13.5% as on 31st March 2011
RIL had cash and cash equivalents of Rs.702520.000 Millions ($ 13.8 billion). These are primarily invested in fixed deposits, certificate of deposits with banks, mutual funds and Government securities / bonds.
Cash outflow on account of capital expenditure for the year amounted to Rs.74260.000 Millions ($ 1.5 billion). The net capital expenditure for the year ended 31st March 2012 was Rs.125630.000 Millions ($ 2.5 billion) including Rs.67060.000 Millions on account of exchange difference on long term loans.
RIL retained its domestic credit ratings of AAA from CRISIL and FITCH and has investment grade ratings for its international debt from Moody's and S and P as Baa2 and BBB respectively.
|
Rs. In Millions |
4Q FY12 |
3Q FY12 |
4Q FY11 |
% Change wrt FY11 |
FY12 |
FY11 |
% Change wrt FY11 |
|
Segment Revenue |
26080.000 |
28320.000 |
41040.000 |
(36.5%) |
128980.000 |
17250.000 |
(25.2%) |
|
Segment EBIT |
9510.000 |
12940.000 |
15690.000 |
(39.4%) |
52500.000 |
67000.000 |
(21.6%) |
|
EBIT Margin (%) |
36.5% |
45.7% |
38.2% |
|
40.7% |
38.8% |
|
Domestic
Operations
KG D6
Production from the block was 551.31 BCF of natural gas and 4.940 million barrels of crude oil, reduction of 23.5% and 37.9% respectively over the previous year. Production of gas condensate was 0.73 million barrels, reduction of 6.8% over the previous year.
Gas available from KG-D6 fields has been supplied to various customers under GSPAs executed in line with the Government's Gas utilization policy and directives of Government of India. Sales for 4Q FY 2011 -12 was at 113.87 BCF (3.22 BCM).
During the year, the Government of India approved the Optimized Field Development Plan (OFDP) for development of 4 Satellite discoveries in KG-D6. RIL also submitted a revised development plan for D26 to the DGH.
Production from the KG-D6 block has been adversely impacted mainly due to unforeseen reservoir complexities and water ingress in the producing fields. Significant steps have been taken by the joint technical teams at BP and RIL in assessing complexities based on which, an integrated plan for work-overs / side-tracks and additional wells can be executed, subject to necessary regulatory and Government approvals.
The Company has issued arbitration notices in respect of obligation of Minimum Work Programme stipulated in the Production Sharing Contracts for four Blocks relinquished by the Company. The amounts payable for the unfinished work under the Minimum Work Programme were agreed upon and settled in October, 2006 between the Government and the Company and were paid. Acting under a subsequent New General Policy promulgated on 17th December, 2007, the Government reopened the issue and made further claims against the Company. The arbitrations relate to refund of the further amounts recovered subsequently by the Government from the Company. The Company has been advised that recovery of additional amounts by the Government is unsustainable and the amounts in the four arbitration notices aggregate to US$ 8,899,242.07.
The Company has also issued a notice of arbitration to the Government in respect of Company's entitlement to recover the entire amount of contract costs incurred by the Company as stipulated in the Production Sharing Contract. The Company has been advised that the Government cannot deny cost recovery of any element of contract costs on the ground that the levels of production mentioned in the Development Plan were not being achieved or on any other ground. The Company is following the required procedure for progressing the arbitrations.
Panna-Mukta and
Tapti (PMT)
The Panna-Mukta fields produced 10.06 MMBL of crude oil and 71.24 BCF of natural gas in FY 2011-12, an increase of 8% and 37% respectively over the previous year. Production during FY 2011-12 was higher due to normalized production levels being achieved (production in FY 2010-11 was impacted due to a shutdown).
Panna SPM, which had a major failure in July 2010 resulting in complete shutdown of oil and gas production for 3 months, was duly repaired and its certification was kept valid, that has enabled uninterrupted oil and gas production till date. The entire SPM system which has outlived its design life is planned to be replaced in FY 2012-13.
Production from Tapti was 73.79 BCF of natural gas and 0.88 MMBL of condensate - a decline of 22% and 28% respectively over the previous year. The decrease in production was due to a natural decline in the reserves.
Other Domestic
Blocks
RIL made a hydrocarbon discovery in first well drilled in CY-D6 block - Well SA1 - Discovery Dhirubhai-53. The appraisal work programme was submitted and is under review with the DGH.
Following a series of discoveries, RIL has submitted a proposal for commerciality of 8 hydrocarbon discoveries in block CB-10.
RIL notified declaration of commerciality for D32 and D40 in
NEC-25. This block has acreage of 5,000 square kilometers and is located off
the east coast of
During the year, as part of reassessment of its portfolio together with BP, RIL relinquished the following blocks: GK-OSJ - 3, MN-DWN 98/2, AS-ONN-2000/1, KG-OSN-2001/2, KG-DWN-2001/1, KG-OSN-2001/1, NEC-DWN-2002/1, PR-DWN-2001/1, KG - DWN -98/1 and CY-PR-DWN-2001/4.
Consequently, RIL's domestic oil and gas portfolio consists of 17 exploration blocks excluding KG-D6, CBM, Panna-Mukta and Tapti.
CBM Blocks
Exploration initiatives in Sohagpur East and West have been completed and these blocks are in development phase wherein over 45 core holes have been drilled, logged and tested for gas content, permeability and coal properties.
RIL has appointed consultants for subsurface and surface facilities design. A proposal for CBM gas pricing formula based on price discovery has been submitted to the Government for its approval. Further field development activities have been planned and are regulatory approvals.
International
operations (conventional)
Reliance has 10 blocks with acreage of about 51,000 square
kilometers in its international oil and gas portfolio including 3 in Yemen (1
producing and 2 exploratory), 2 each in Northern part of Iraq i.e. Kurdistan
Region, Peru and Colombia and 1 in Australia. During the year,
During the quarter, G and G activities were under progress
in
During the year, average oil production in Yemen Block 09
was approximately 4,250 barrels per day. However, during the quarter, average
oil production was lower at 3,900 barrels per day on account of prevailing
situation in
Refining and
Marketing Business
|
Rs. In Millions |
4Q FY12 |
3Q FY12 |
4Q FY11 |
% Change wrt FY11 |
FY12 |
FY11 |
% Change wrt FY11 |
|
Segment Revenue |
762110.000 |
767380.000 |
627040.000 |
21.5% |
2947350.000 |
2154310.000 |
36.8% |
|
Segment EBIT |
16960.000 |
16850.000 |
25090.000 |
(32.4%) |
96540.000 |
91720.000 |
5.3% |
|
Crude Refined ( |
16.3 |
17.2 |
16.7 |
|
67.6 |
66.6 |
|
|
GRM ($ / bbl) |
7.6 |
6.8 |
9.2 |
|
8.6 |
8.4 |
|
|
EBIT Margin (%) |
2.2% |
2.2% |
4.0% |
|
3.3% |
4.3% |
|
Reliance achieved its highest ever level of crude throughput
and processed 67.600 million tonnes of crude during the year. This resulted in
Reliance achieving an average utilization rate of 109% which was significantly higher
than average refinery utilization rate of 83.3% in North America, 76.8% in
Refinery utilization rate were in the same range for North
America and Asia but was lower in
led to poor refining margins and weak economics resulting in depressed utilization rates with many refiners closing or running at reduced rates.
Revenue for RIL's Refining and Marketing segment increased by 36.8 % from Rs.2154310.000 Millions to Rs.2947350.000 Millions ($ 57.9 billion). Increase in revenue was principally due to higher price environment (higher by 34.2%) while increase in volume accounted for 2.6%.
During the year, exports of refined products were $ 36.0 billion as against $ 29.3 billion for the previous year. This accounted for about 39.600 million tonnes of products as against 38.600 million tonnes for the previous year.
During the year ended 31st March 2012,
During the last quarter, refining margins across all regions improved as compared to trailing quarter mainly due to continued strong distillate cracks and much improved gasoline cracks which got support from higher seasonal demand and switch from winter-grade product to higher-value summer grade.
During the last quarter, RIL refineries processed 16.260 million tonnes of crude as against 17.240 million tonnes for the trailing quarter. The external sales volume, during the quarter, was reduced by 6.2% adversely impacting segment EBIT.
During the year, Arab light - Arab heavy crude differential expanded by $ 0.5 / bbl as compared to the previous year. This was mainly due to lower supply of light sweet crudes from Libya, continued shut downs of North Sea and EU's ban on Iranian crude imports. Strong Asian demand also resulted in higher sweet grade crude prices.
During the last quarter, Light Heavy differential narrowed
by almost $ 0.7 / bbl as compared to the trailing quarter after the steady
increase in Libyan exports and expected solving of
During the year, gasoline cracks were stronger in
The robust demand from industrial / construction activity in
Asia particularly from
During the year, the gasoil crack increased by almost $ 4.0
/ bbl in
RIL's Gross Refining Margin (GRM) for the year ended 31st
March 2012 was at $ 8.6/ bbl as against $ 8.4 / bbl in the previous year. Based
on available information, these results are among the best in the industry. RIL
focused on maintaining high utilization rates despite the shutdown taken in 4Q FY
2011-12. RIL's refineries continue to outperform their peers in the world based
on their competitive strength to process challenged feedstock to produce clean
fuels at low operating costs. On the products side, the continuing global trend
of tightening product specification presents new trade opportunities and RIL
expanded its footprint in higher margin markets in
Petrochemicals
Business
|
Rs. In Millions |
4Q FY12 |
3Q FY12 |
4Q FY11 |
% Change wrt FY11 |
FY12 |
FY11 |
% Change wrt FY11 |
|
Segment Revenue |
214120.000 |
197810.000 |
181940.000 |
17.7% |
806250.000 |
631550.000 |
27.7% |
|
Segment EBIT |
21740.000 |
21570.000 |
26260.000 |
(17.2%) |
89670.000 |
93050.000 |
(3.6%) |
|
EBIT Margin (%) |
10.2% |
10.9% |
14.4% |
|
11.1% |
14.7% |
|
|
Production (Million Tonnes) |
5.5 |
5.5 |
5.2 |
|
22.2 |
21.2 |
|
During the year ended 31st March 2012, revenue for the segment increased by 27.7% from Rs.631550.000 Millions to Rs.806250.000 Millions ($ 15.8 billion). Increase in volume accounted for 6.8% growth in revenue and increase of prices accounted for 20.9% growth in revenue. PX and PP were the largest contributors in terms of revenue growth for the year.
On a trailing quarter basis, revenues increased by 8.2% to Rs.214120.000 Millions ($ 4.2 billion) from Rs.197810.000 Millions. Increase in volume accounted for 3.3% growth in revenue and increase of prices accounted for 4.9% growth in revenue. Volume increase is primarily on account of PX and impact of first full quarter operation of MTBE / Butene-1 plant at Hazira.
EBIT margins for the year ended 31st March 2012 were at 11.1% as compared to 14.7% in the previous year. On a trailing quarter basis, EBIT margins reduced due to reduction in deltas across the olefins and polyester chain except for PVC, Benzene and Butadiene.
During the year, PX and MEG deltas improved due to unplanned shutdowns while PTA deltas suffered due to oversupply and weaker demand from polyester products. PFY and PSF deltas moderated from the record high levels achieved in 4Q FY 2010-11 and were impacted by the weakness in cotton prices. PET deltas improved due to good beverage demand on account of extended warm weather.
Domestic demand for polyester products was increased by 2% primarily due to robust consumption growth for PET. Heavy power shortage in south Indian states is impacting PSF consumption. POY is having steady growth at 3%.
During the year, production of fiber-intermediates (PX, PTA and MEG) increased by 5% to 4.800 million tonnes. Polyester (PFY, PSF and PET) production volumes decreased by 2% to 1.700 million tonnes due to changes in the product mix.
During the year, polymer business saw a mixed trend in terms
of product margins with moderate domestic demand across key polymers.
Polypropylene (PP), which is the largest part of RIL's polymer portfolio,
witnessed margin contraction while PVC deltas improved primarily on account of availability
of cheaper EDC due to capacity additions in
During the year, in the chemicals business, Butadiene witnessed
margin expansion primarily due to slowdown in global availability as
Overall demand for polymer products improved by 6% mainly due to growth in the packaging sector, multifilament yarn, non-woven fabrics and moulded products.
Production of ethylene and propylene was 1.800 million tonnes and 752 thousand tonnes, an increase of by 10% and 8% respectively. This was due to normalized production during the FY 2011-12 period vis-a-vis cracker turnarounds at Hazira, Nagothane and Dahej manufacturing divisions during the previous year. Polymer (PP, PE and PVC) production was increased by 9% to 4.5 million tonnes.
Organized Retail
FY 2011-12 has been a year of growth with consolidation for Reliance Retail. The company witnessed strong growth in sales from existing stores and added new stores across all its formats. The company maintained its position of being the largest grocery retailer in the country.
Reliance Retail also implemented a slew of strategic initiatives aimed at maximizing efficiencies, value and utilization of assets apart from promoting faster growth. Under its value format, the company launched its new prototype of 'Reliance Mart' and 'Reliance Super'. The new stores have received an overwhelming response from customers.
The company launched its first 'wholesale' format under the name of 'Reliance Market' in Ahmedabad. The format caters to kirana stores, small businesses, restaurants and various other institutional buyers. Encouraged by the success, the company will rapidly expand the format.
During the year, two of the company's specialty formats 'Reliance Trends', the apparel specialty format and 'Reliance Digital', the electronics specialty format attained leadership in their respective segments of retail in the market. The two formats have more than doubled their store count in last one year with 'Reliance Trends' and 'Reliance Digital' now operating 90 and 74 stores respectively across the country.
In addition, Reliance Retail has rapidly expanded the store network it operates through strategic partnerships, with premium and luxury brands such as Marks and Spencer, Diesel, Timberland, Quiksilver, Roxy and others.
The company added 55 new stores under its partnership with Grand Vision taking total store count to over 150 stores making it the fastest growing optical retail chain in the country.
During the year,
Reliance Brands announced partnerships with:
- Iconix
Brand Group, a brand management company that owns the fashion and home
brands such as Ed Hardy, Mossimo, London Fog and Ocean Pacific. The partnership
will own the brand rights from the Iconix portfolio for the
- Kenneth
Cole to license the merchandise for retail and premium wholesale in
- Thomas Pink for a franchise arrangement
Reliance Retail now operates more than 1,300 stores across 18 states and operates over 6.500 million square feet of retail space. The company's loyalty membership program 'Reliance One' has grown to over 9 million members. Reliance Retail will be rolling out more stores in FY 2012-13 which are currently in various stages of construction and planning.
Telecom
RIL's subsidiary, Infotel Broadband Services Limited (Infotel), which has emerged as a successful bidder in all the 22 circles of the auction for Broadband Wireless Access (BWA) spectrum conducted by the Department of Telecommunications, Government of India is in the process of setting up a world class Broadband Wireless network using state-of-the-art technologies and finalizing the arrangement with leading global technology players, service providers, infrastructure providers, application developers, device manufacturers and others to help usher the 4G revolution into India.
AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED 31st
MARCH 2012
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Nine
Mouths Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
1. Income from operation |
851820.000 |
851350.000 |
3299040.000 |
|
2. Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total Income
(1+2) |
851820.000 |
851350.000 |
3299040.000 |
|
Expenditure |
|
|
|
|
1) Cost of materials consumed |
715190.000 |
741900.000 |
2748140.000 |
|
2) Purchases of stock-in- trade |
2420.000 |
1120.000 |
14410.000 |
|
3) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
13270.000 |
(14890.000) |
(8720.000) |
|
4) Employee benefit expenses |
5970.000 |
6720.000 |
28620.000 |
|
5) Depreciation and amortization expense |
26590.000 |
25700.000 |
113940.000 |
|
6) Other expenses |
49340.000 |
43650.000 |
180400.000 |
|
Total Expenditure |
812780.000 |
804200.000 |
3076790.000 |
|
Profit / (Loss) From Operations before other Income Interest and Exceptional Items |
39040.000 |
47150.000 |
222250.000 |
|
Other Income |
22950.000 |
17170.000 |
61920.000 |
|
Profit/(Loss) before Interest and Exceptional items |
61990.000 |
64320.00 |
284170.000 |
|
Interest |
7680.000 |
6940.000 |
26670.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
54310.000 |
57380.000 |
257500.000 |
|
Tax Expenses |
11950.000 |
12980.000 |
57100.000 |
|
Net Profit/(Loss) for the period |
42360.000 |
44400.000 |
200400.000 |
|
Paid Up Equity Share Capital ( Face Value of the share
Rs.10/- each ) |
32710.000 |
32750.000 |
32710.000 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
1596980.000 |
|
Earning / loss per
share |
|
|
|
|
-Basic |
12.9 |
13.6 |
6.12 |
|
-Diluted |
12.90 |
13.6 |
6.12 |
|
Public Share
Holding |
|
|
|
|
- Number of Shares |
1807.100 |
1810.700 |
1807.100 |
|
- Percentage of shareholding |
55.25% |
55.29% |
55.25% |
|
Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
-- |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
1463.900 |
1463.900 |
1463.900 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
- Percentage of Share (as a % of the total share capital of the company) |
44.75% |
44.71% |
44.75% |
Notes on Standalone
Accounts:
1. The figures for the corresponding previous periods have been restated / regrouped, wherever necessary, to make them comparable. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.
2. The Company had revalued plant, equipment and buildings
situated at Patalganga, Hazira, Naroda,
3. The Board of Directors of the Company approved the buyback of up to 12 crore fully paid up equity shares of Rs.10/- each, at a price not exceeding Rs.0.001 Millions payable in cash, up to an aggregate amount not exceeding Rs.104400.000 Millions from the open market through Stock Exchange(s). During the year, Company has bought and extinguished 36,63,431 equity shares. Consequently a sum of Rs.40.000 Millions has been appropriated to Capital Redemption Reserve Account from Profit and Loss account and Rs.2750.000 Millions has been reduced from Securities Premium Reserve.
4. During the year, Company received regulatory approvals for transfer of 30%Participating Interest (PI) in 21 Oil and Gas production sharing contracts including KG-D6 to M/s. BP Exploration (Alpha) Limited (BP). Consequently the proceeds, net of adjustments for revenue and cost from 1st January 2011 to 30th August 2011(closing date) amounting to Rs.321980.000 Millions have been netted of from the cost incurred against the said blocks appearing in the Intangible Assets-Development Rights and Intangible Assets under Development forming a part of Fixed Assets.
5. Reliance Jamnagar Infrastructure Limited, a wholly owned subsidiary of the Company has filed, on 26th March 2012, with the Hon'ble High Court of Gujarat at Ahmedabad for amalgamation with the Company. The scheme shall be given effect to in the books with effect from the appointed date of 1st April, 2011, upon receipt of necessary approvals.
6. The Board of directors have approved an appropriation of Rs.160000.000 Millions ($ 3.14 billion) to the General Reserve.
7. The Board of Directors have recommended, subject to approval of shareholders, a dividend of Rs.8.50 per fully paid up equity shares of Rs.10/- each, aggregating to Rs.29410.000 Millions ($ 578 million), including dividend distribution tax.
8. There were no investors' complaints pending as on 1st January 2012. All the 367 complaints received during the quarter ended 31st March 2012 were resolved and no complaints were outstanding as on 31st March 2012.
9. The audit committee reviewed the above results. The Board of Directors at its meeting held on 20th April 2012 approved the above results and its release.
Standalone Statement of Assets and Liabilities
Rs. In Millions
|
Particulars |
As on 31.03.2012 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders' funds |
|
|
(a) Share Capital |
32710.000 |
|
(b) Reserves and Surplus |
1628250.000 |
|
Subtotal -
Shareholders' funds |
1660960.000 |
|
|
|
|
Share application
money pending allotment |
-- |
|
|
|
|
Non - Current
Liabilities |
|
|
(a) Long-Term borrowings |
48034.000 |
|
(b) Deferred Tax Liability (net) |
121220.000 |
|
Subtotal -Non -
current liabilities |
601560.000 |
|
|
|
|
Current Liabilities |
|
|
(a) Short-term borrowings |
105930.000 |
|
(b) Trade Payables |
403240.000 |
|
(c) Other current liabilities |
137130.000 |
|
(d) Short term provisions |
42580.000 |
|
Subtotal -Current
Liabilities |
688880.000 |
|
TOTAL- EQUITY AND
LIABILITIES |
2951400.000 |
|
|
|
|
ASSETS |
|
|
Non-current assets |
|
|
(a) Fixed Assets |
1214770.000 |
|
(b) Non-current investments |
269790.000 |
|
(c) Long-term loans and advances |
143400.000 |
|
Sub Total -
Non-Current Assets |
1627960.000 |
|
|
|
|
Current Assets |
|
|
(a) Current investments |
270290.000 |
|
(b) Inventories |
359550.000 |
|
(c) Trade receivables |
184240.000 |
|
(d) Cash and Bank Balances |
395980.000 |
|
(e) Short-term loans and advances |
110890.000 |
|
(f) Other current assets |
2490.000 |
|
Sub Total - Current
assets |
1323440.000 |
|
TOTAL ASSETS |
295140.000 |
AUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER / YEAR ENDED
31st MARCH 2012
Rs. In Millions
|
Particulars |
Quarter Ended |
Nine
Mouths Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
Segment Revenue |
|
|
|
|
- Petrochemicals |
214120.000 |
197810.000 |
806250.000 |
|
- Refining |
762110.000 |
767380.000 |
2947340.000 |
|
- Oil and Gas |
26090.000 |
28320.000 |
128980.000 |
|
- Others |
2600.000 |
2080.000 |
12130.000 |
|
Gross Turnover (Turnover and Inter Segment Transfers) |
1004920.000 |
995590.000 |
3894700.000 |
|
Less: Inter Segment Transfers |
126590.000 |
120790.000 |
496780.000 |
|
Turnover |
878330.000 |
874800.000 |
3397920.000 |
|
Less: Excise Duty / Service Tax Recovered |
26510.000 |
23450.000 |
98880.000 |
|
Net Turnover |
851820.000 |
851350.000 |
3299040.000 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
- Petrochemicals |
21740.000 |
21570.000 |
89670.000 |
|
- Refining |
16960.000 |
16850.000 |
96540.000 |
|
- Oil and Gas |
9510.000 |
12940.000 |
52500.000 |
|
- Others |
70.000 |
90.000 |
350.000 |
|
Total Segment
Profit before Interest and Tax |
48280.000 |
51450.000 |
239060.000 |
|
(i) Interest Expense |
(7680.000) |
(6940.000) |
(26670.000) |
|
(ii) Interest Income |
12880.000 |
13230.000 |
44140.000 |
|
(iii) Other Un-allocable Income Net of Expenditure |
830.000 |
(360.000) |
970.000 |
|
Profit before Tax |
54310.000 |
57380.000 |
257500.000 |
|
(i) Provision for Current Tax |
(10850.000) |
(11480.000) |
(51500.000) |
|
(ii) Provision for Deferred Tax |
(110.000) |
(1500.000) |
(5600.000) |
|
Profit after Tax |
42360.000 |
44400.000 |
200400.000 |
|
|
|
|
|
|
Capital Employed (Segment Assets -
Segment Liabilities) |
|
|
|
|
- Petrochemicals |
322380.000 |
316050.000 |
322380.000 |
|
- Refining |
745040.000 |
731350.000 |
745040.000 |
|
- Oil and Gas |
276670.000 |
298860.000 |
276670.000 |
|
- Others |
145260.000 |
132430.000 |
145260.000 |
|
- Unallocated Corporate |
975410.000 |
1043060.000 |
975410.000 |
|
Total Capital
Employed |
2464760.000 |
2521750.000 |
2464760.000 |
Notes to Standalone Segment
Information for the Quarter / Year Ended 31st March 2012
As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information", as described below:
a) The petrochemicals segment includes production and marketing operations of petrochemical products namely, High density Polyethylene, Low density Polyethylene, Linear Low density Polyethylene, Polypropylene, Polyvinyl Chloride, Polyester Yarn, Polyester Fibres, Purified Terephthalic Acid, Paraxylene, Ethylene Glycol, Olefins, Aromatics, Linear Alkyl Benzene, Butadiene, Acrylonitrile, Poly Butadiene Rubber, Caustic Soda and Polyethylene Terephthalate.
b) The refining segment includes production and marketing operations of the petroleum products.
c) The oil and gas segment includes exploration, development and production of crude oil and natural gas.
d) The smaller business segments not separately reportable have been grouped under the "others" segment.
e) Capital employed on other investments / assets and income from the same are considered under "un-allocable"
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.53.33 |
|
|
1 |
Rs.86.10 |
|
Euro |
1 |
Rs.69.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
80 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.