MIRA INFORM REPORT
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Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
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Name : |
RELIANCE INDUSTRIES LIMITED |
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Registered
Office : |
3rd Floor, Maker Chamber IV, 222, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.05.1973 |
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Com. Reg. No.: |
11-019786 |
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Capital
Investment / Paid-up Capital : |
Rs.32320.000 Millions |
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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 : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and
Marketer 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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No. of Employees
: |
23853 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (80) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 788400000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a
well-established and a reputed company having excellent track. The rating
reflects RIL’s strong financial risk profile marked by leadership in the petrochemicals
industry in India and strong competitiveness in the global oil refining
business. Further rating also reflects strong liquidity position and decent
profitability of the company. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Commercial Paper A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk |
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Date |
December 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE.
(Tel No.: 91-22-22785000)
LOCATIONS
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Registered/ Corporate Office : |
3rd
Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-30325000/ 30327000/ 22785000/ 22785185 |
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Fax No.: |
91-22-22785111/
30322268/ 22785185 |
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E-Mail : |
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Website : |
http://www.ril.com |
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Head Office : |
Reliance Corporate Park, Building No. 7, C-Wing, 2nd Floor, 5, TTC Industrial Area, Thane-Belapur Road, Ghansoli, Navi Mumbai – 400701, Maharashtra, India |
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Tel. No.: |
91-22-44780912 |
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Fax No.: |
91-22-44779050 |
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E-Mail : |
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Factory : |
·
Allahabad A/10-A/27, UPSIDC Industrial Area, P. O. T.S.L., Allahabad - 211 010,
Uttar Pradesh, India ·
Barabanki Dewa Road, P.O. Somaiya Nagar, Barabanki - 225 123, Uttar Pradesh,
India ·
Dahej P. O. Dahej,
Vagra, Bharuch - 392 130, Gujarat, India ·
Hazira Complex Village Mora,
Bhatha P.O. Surat-Hazira Road, Surat 394 510, Gujarat, India ·
Nagothane
Complex P. O.
Petrochemicals Township, Nagothane, Raigad - 402 125, Maharashtra, India ·
Patalganga Complex B-1 to B-5 and
A3, MIDC Industrial Area, P.O. Rasauani, Patalganga, Near Panvel, District
Raigad - 410207, Maharashtra, India ·
Vadodara Complex P. O. Petrochemicals,
Vadodara - 391 346, Gujarat, India ·
Gadimoga Tallarevu
Mandal, East Godavari District, Gadimoga – 533463, Andhra Pradesh, India ·
Jamnagar Village Meghpar
/ Padana, Taluka Lalpur, Jamnagar – 361280, Gujarat, India ·
Hoshiarpur Dharmshala Road,
V.P.O. Chohal District Hoshiarpur - 146 024, Punjab, India ·
Nagpur Village Dahali,
Mouda Ramtek Road Tehsil Mouda – 441 104, District Nagpur Maharashtra, India. ·
Naroda 103/106, Naroda
Industrial Estate Naroda, Ahmedabad - 382 330, Gujarat, India. ·
Silvassa 342, Kharadpada,
Naroli, Near Silvassa Union Territory of Dadra and Nagar Haveli – 396235,
India |
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Factory 2: |
Unit of Reliance Jamnagar Sez Polymer Export Division Fortune 2000 5th
Floor C – 3 G Block Bkc Bandra (East) Mumbai – 400051, Maharashtra, India |
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Corporate
Communication Center : |
Maker Chambers
IV, 1st Floor, Nariman Point, Mumbai – 400021, |
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Tel No. : |
91-22-22785568 /
22785585 / 22785000 |
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Fax No. : |
91-22-22785185 |
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Email : |
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Web Site: |
DIRECTORS
(AS ON 31.03.2014)
|
Name : |
Mr. Mukesh D.
Ambani |
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Designation : |
Chairman and Managing Director (Finance) |
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Date of
Appointment: |
31.07.2002 |
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Qualification: |
Chemical Engineer from |
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Name : |
Mr. Nikhil R.
Meswani |
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Designation : |
Executive Director |
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Appointment: |
Since 1990 |
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Qualification: |
Chemical Engineer |
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Name : |
Mr. Hital R.
Meswani |
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Designation : |
Executive Director |
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Name : |
Mr. P.M.S.
Prasad |
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Designation : |
Executive Director |
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Name : |
Mr. Pawan Kumar Kapil |
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Designation : |
Executive Director |
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Name : |
Mr. Ramiklal H.
Ambani |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Mansingh L.
Bhakta |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Yogendra P.
Trivedi |
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Designation : |
Non-Executive Director |
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Name : |
Dr. Dharam Vir
Kapur |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Mahesh P.
Modi |
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Designation : |
Non-Executive Director |
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Name : |
Prof. Ashok Mishra |
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Designation : |
Non-Executive Director |
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Name : |
Prof. Dipak C. Jain |
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Designation : |
Non-Executive Director |
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Name : |
Dr. Raghunath A. Mashelkar |
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Designation : |
Director |
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Date of
Appointment : |
09.06.2007 |
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Name : |
Mr. Adil Zainulbhai |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Alok Agarwal |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. K. Sethuraman |
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Designation : |
Group Company Secretary and Chief Compliance Officer |
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Name : |
Mr. Kanga and Company |
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Designation : |
Solicitors and Advocates |
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Audit Committee
: |
Mr. Yogendra P.
Trivedi (Chairman) Mr. Mahesh P.
Modi Dr. Raghunath A. Mashelkar Mr. Adil Zainulbhai |
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Corporate Governance and Stakeholders' Interface
Committee : |
Mr. Yogendra P.
Trivedi (Chairman) Mr. Nikhil R.
Meswani Dr. Dharam Vir
Kapur Dr. Raghunath A. Mashelkar |
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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) Dr. Dharam Vir
Kapur Mr. P.M.S.
Prasad Mr. Pawan Kumar
Kapil |
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Stakeholders Relationship
Committee: |
Mr. Yogendra P.
Trivedi (Chairman) Mr. Nikhil R.
Meswani Mr. Hital R. Meswani Prof. Ashok Misra |
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Human Resources, Nomination and
Remuneration Committee : |
Mr. Adil Zainulbhai Mr. Yogendra P. Trivedi Dr. Dharam Vir
Kapur Dr. Raghunath A. Mashelkar |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2014)
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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21172646 |
0.68 |
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1322318328 |
42.37 |
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120471003 |
3.86 |
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120471003 |
3.86 |
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1463961977 |
46.91 |
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Total shareholding of
Promoter and Promoter Group (A) |
1463961977 |
46.91 |
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(B) Public
Shareholding |
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|
67944728 |
2.18 |
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3867753 |
0.12 |
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|
3499565 |
0.11 |
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288056126 |
9.23 |
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|
601519844 |
19.27 |
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|
121 |
0.00 |
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964888137 |
30.92 |
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|
131109583 |
4.20 |
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325543266 |
10.43 |
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|
26080315 |
0.84 |
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|
350 |
0.00 |
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|
209162296 |
6.70 |
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|
20259502 |
0.65 |
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|
10777559 |
0.35 |
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|
171883624 |
5.51 |
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|
6241611 |
0.20 |
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691895810 |
22.17 |
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Total Public
shareholding (B) |
1656783947 |
53.09 |
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Total (A)+(B) |
3120745924 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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|
111155934 |
0.00 |
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|
111155934 |
0.00 |
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Total (A)+(B)+(C) |
3231901858 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Marketer 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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PRODUCTION STATUS (AS ON 31.03.2014)
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Particulars |
Electricity (KWH) |
Furnace Oil/HSD/HFHSD (Ltrs) |
LSHS (Kgs) |
Gas (SM3) |
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Fabrics (per 1000 mtrs) |
4,407 |
2 |
- |
505 |
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PFY (Per MT) |
784 |
5 |
7 |
50 |
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PSF (Per MT) |
367 |
10 |
- |
53 |
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PTA
(Per MT) |
313 |
0 |
- |
9 |
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LAB
(Per MT) |
606 |
354 |
- |
140 |
|
MEG
(Per MT) |
421 |
5 |
2 |
66 |
|
PVC
(Per MT) |
407 |
3 |
1 |
57 |
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HDPE
(Per MT) |
534 |
- |
0 |
12 |
|
PP
(Per MT) |
290 |
7 |
0 |
37 |
|
FF
(Per MT) |
577 |
53 |
- |
38 |
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PET
(Per MT) |
244 |
- |
- |
68 |
|
PX
(Per MT) |
197 |
83 |
- |
229 |
|
Petro-Products
(Per MT) |
73 |
10 |
- |
66 |
|
PBR
(Per MT) |
666 |
137 |
- |
373 |
|
Caustic
Soda (Per MT) |
2473 |
- |
4 |
87 |
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Acrylonitrile
(Per MT) |
510 |
66 |
- |
(52) |
|
Cyclohexane
(per MT) |
39 |
- |
- |
- |
GENERAL INFORMATION
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No. of Employees : |
23853 (Approximately) |
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Bankers : |
·
Allahabad Bank ·
Andhra Bank ·
Bank of ·
Bank of ·
Bank of ·
Bank of ·
Canara Bank ·
Central Bank of ·
Citibank N.A ·
Credit Agricole Corporate and Investment Bank ·
Corporation Bank ·
Deutsche Bank ·
The Hong Kong and ·
Corporation Limited ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
Indian Overseas Bank ·
Oriental Bank of Commerce ·
Punjab National Bank ·
Standard Chartered Bank ·
State Bank of ·
State Bank of ·
State Bank of ·
Syndicate Bank ·
The Royal Bank of ·
Union Bank of ·
Vijaya Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Auditors 2 : |
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Name : |
Rajendra and Company Chartered Accountants |
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Auditors 3 : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Subsidiary Companies : |
1
Reliance Industrial Investments and Holdings Limited 2
Reliance Ventures Limited 3
Reliance Strategic Investments Limited 4 Reliance
Industries (Middle East) DMCC 5
Reliance Retail Limited (Erstwhile,
amalgamated with Reliance Fresh Limited w.e.f. 01.04.2012) 6
Reliance Retail Limited (Formerly known as Reliance Fresh Limited) 7
Reliance Haryana SEZ Limited 8
Retail Concepts and Services (India) Limited (amalgamated with Reliance
Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 9
Reliance Retail Insurance Broking Limited 10
Reliance Dairy Foods Limited 11
Reliance Exploration and Production DMCC 12
Reliance Retail Finance Limited 13 RESQ
Limited (amalgamated with Erstwhile Reliance Fresh Limited w.e.f. 01.04.2012) 14
Reliance Retail Ventures Limited # 15
Reliancedigital Retail Limited (amalgamated with Erstwhile Reliance Trends
Limited w.e.f. 01.04.2012) 16
Reliance Financial Distribution and Advisory Services Limited 17 RIL
(Australia) Pty Limited 18
Gapco Kenya Limited 19
Gapco Rwanda Limited 20
Gapco Tanzania Limited 21
Gapco Uganda Limited 22
Gapoil (Zanzibar) Limited 23 Gulf
Africa Petroleum Corporation 24
Transenergy Kenya Limited 25
Recron (Malaysia) Sdn Bhd 26
Reliance Payment Solutions Limited 27
Reliance Brands Limited 28
Reliance Footprint Limited (amalgamated with Erstwhile Reliance Trends
Limited w.e.f. 01.04.2012) 29
Reliance Trading Limited ## 30
Reliance Lifestyle Holdings Limited 31
Reliance Universal Ventures Limited (amalgamated with Reliance Industrial
Investments and Holdings Limited w.e.f. 01.10.2013) 32
Delight Proteins Limited 33
Reliance Autozone Limited (amalgamated with Erstwhile Reliance Fresh Limited
w.e.f. 01.04.2012) 34
Reliance F&B Services Limited 35
Reliance Gems and Jewels Limited (amalgamated with Erstwhile Reliance Trends
Limited w.e.f. 01.04.2012) 36
Reliance Integrated Agri Solutions Limited (amalgamated with Reliance Financial
Distribution and Advisory Services Limited w.e.f. 01.04.2012) 37
Strategic Manpower Solutions Limited 38
Reliance Agri Products Distribution Limited (amalgamated with Reliance
Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 39
Reliance Digital Media Limited (amalgamated with Erstwhile Reliance Fresh
Limited w.e.f. 01.04.2012) 40
Reliance Food Processing Solutions Limited 41
Reliance Home Store Limited (amalgamated with Reliance Financial Distribution
and Advisory Services Limited w.e.f. 01.04.2012) 42
Reliance Leisures Limited (amalgamated with Erstwhile Reliance Trends Limited
w.e.f. 01.04.2012) 43
Reliance Loyalty and Analytics Limited (amalgamated with Reliance Financial
Distribution and Advisory Services Limited w.e.f. 01.04.2012) 44
Reliance Retail Securities and Broking Company Limited (amalgamated with
Reliance Financial Distribution and Advisory Services Limited w.e.f.
01.04.2012) 45
Reliance Supply Chain Solutions Limited (amalgamated with Reliance Financial
Distribution and Advisory Services Limited w.e.f. 01.04.2012) 46
Reliance Trade Services Centre Limited (amalgamated with Reliance Financial
Distribution and Advisory Services Limited w.e.f. 01.04.2012) 47
Reliance Vantage Retail Limited 48 Wave
Land Developers Limited 49
Reliance-GrandOptical Private Limited 50
Reliance Universal Commercial Limited 51
Reliance Petroinvestments Limited 52
Reliance Global Commercial Limited 53
Reliance People Serve Limited 54
Reliance Infrastructure Management Services Limited 55
Reliance Global Business B.V. 56
Reliance Gas Corporation Limited 57
Reliance Global Energy Services Limited 58
Kanhatech Solutions Limited 59
Reliance Global Energy Services (Singapore) Pte. Limited 60
Reliance Personal Electronics Limited (amalgamated with Reliance Financial
Distribution and Advisory Services Limited w.e.f. 01.04.2012) 61
Reliance Polymers (India) Limited (amalgamated with Reliance Industrial
Investments and Holdings Limited w.e.f. 01.10.2013) 62
Reliance Polyole"ns Limited 63
Reliance Aromatics and Petrochemicals Limited Subsidiary
Companies 64
Reliance Energy and Project Development Limited 65
Reliance Chemicals Limited 66
Reliance Universal Enterprises Limited 67
Reliance Review Cinema Limited 68
Reliance Replay Gaming Limited (amalgamated with Erstwhile Reliance Fresh
Limited w.e.f. 01.04.2012) 69
Reliance Nutritious Food Products Limited* 70 RIL
USA Inc. 71
Reliance Commercial Land and Infrastructure Limited 72
Reliance Corporate IT Park Limited 73
Reliance Eminent Trading and Commercial Private Limited 74
Reliance Progressive Traders Private Limited 75
Reliance Proli"c Traders Private Limited 76
Reliance Universal Traders Private Limited 77
Reliance Proli"c Commercial Private Limited 78
Reliance Comtrade Private Limited 79
Reliance Ambit Trade Private Limited 80
Reliance Petro Marketing Limited 81 LPG
Infrastructure (India) Limited 82
Reliance Corporate Centre Limited 83
Reliance Convention and Exhibition Centre Limited 84
Central Park Enterprises DMCC 85
Reliance International B. V. (Liquidated w.e.f. 18.03.2014) 86
Reliance Corporate Services Limited 87
Indiawin Sports Private Limited 88
Reliance Holding USA Inc. 89
Reliance Marcellus LLC 90
Reliance Jio Infocomm Limited 91
Reliance Strategic (Mauritius) Limited 92 Reliance
Eagleford Midstream LLC 93
Reliance Eagleford Upstream LLC 94
Reliance Eagleford Upstream GP LLC 95
Reliance Eagleford Upstream Holding LP 96 Mark
Project Services Private Limited 97
Reliance Energy Generation and Distribution Limited 98
Reliance Marcellus II LLC 99
Reliance Security Solutions Limited 100
Reliance Industries Investment and Holding Limited 101
Reliance O$ce Solutions Private Limited (amalgamated with Reliance Financial
Distribution and Advisory Services Limited w.e.f. 01.04.2012) 102 Reliance
Style Fashion India Private Limited 103
GenNext Innovation Ventures Limited 104
Reliance Home Products Limited (amalgamated with Reliance Financial
Distribution and Advisory Services Limited w.e.f. 01.04.2012) 105
Infotel Telecom Limited 106 Reliance
Styles India Limited 107
Rancore Technologies Private Limited 108
Omni Symmetry LLC (amalgamated with Reliance Jio Infocomm USA Inc w.e.f.
31.03.2014) 109
Reliance Sibur Elastomers Private Limited 110
Surela Investment and Trading Private Limited 111
Model Economic Township Limited 112
Delta Corp East Africa Limited 113
Delta Square Limited (Desubsidiarized w.e.f. 20.08.2013) 114
Kaizen Capital LLP 115
A$nity Names Inc 116
Reliance USA Gas Marketing LLC 117
Reliance Aerospace Technologies Limited 118
Reliance Gas Pipelines Limited 119
Achman Commercial Private Limited 120
Reliance Jio Infocomm Pte Limited 121
Reliance do Brasil Industria e Comercio de Produtos Texteis, Quimicos,
Petroquimicos e Derivados Ltda. 122
Reliance Jio Electronics Private Limited 123
Reliance Jio Infocomm USA Inc 124
Reliance Jio Infocomm UK Limited 125
Reliance Clothing India Private Limited 126
Reliance Agri Ventures Private Limited 127
Reliance World Trade Private Limited 128
Reliance Marcellus Holding LLC |
|
|
|
|
Associates : |
1.
Reliance Industrial Infrastructure Limited 2.
Reliance Europe Limited 3.
Reliance LNG Limited 4.
Indian Vaccines Corporation Limited 5.
Gujarat Chemical Port Terminal Company Limited 6.
Reliance Utilities and Power Private Limited 7.
Reliance Utilities Private Limited 8.
Reliance Ports and Terminals Limited 9.
Reliance Gas Transportation Infrastructure
Limited 10.
Reliance Commercial Dealers Limited |
|
|
|
|
Enterprises over which Key Managerial Personnel are able to exercise
significant influence : |
1.
Dhirubhai Ambani Foundation 2.
Jamnaben Hirachand Ambani Foundation 3.
Hirachand Govardhandas Ambani Public Charitable
Trust 4.
HNH Trust and HNH Research Society 5.
Reliance Foundation |
CAPITAL STRUCTURE
AS ON 06.06.2013
Authorised Capital : Rs.60000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.32322.633
Millions
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
1000000000 |
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 |
|
|
|
|
|
|
3231901858 |
Equity Shares |
Rs.10/- each |
Rs.32320.000 Millions |
|
|
|
|
|
1. 162,67,93,078
Shares were allotted as Bonus Shares in the last five years by capitalisation
of Securities Premium and Reserves.
2. 1.2 6,92,52,623
Shares were allotted in the last five years pursuant to the Scheme of amalgamation
with Reliance Petroleum Limited without payments being received in cash.
3. 1.3 45,04,27,345
Shares 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, since inception.
4. 1.4 17,18,83,624
Shares held by Subsidiaries do not have Voting Rights and are not eligible for
Bonus Shares
5. 1.5 4,62,46,280
Shares were bought back and extinguished in the last five years.
6. The details of
Shareholders holding more than 5% shares:
|
Name of the
Shareholder |
No. of Shares |
% held |
|
|
|
|
|
Life Insurance Corporation of India |
263520679 |
8.15 |
7. The reconciliation
of the number of shares outstanding is set out below:
|
Particulars |
As on 31st March, 2013 |
|
Equity Shares at the beginning of the year |
3228663382 |
|
Add : Shares issued on exercise of employee stock options |
3238476 |
|
Less : Shares cancelled on buy back of Equity Shares |
-- |
|
Equity Shares at the end of the year |
3231901858 |
·
The Company has reserved issuance of 13,05,05,114
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 60,866 options to the eligible employees at a
price of Rs.860/- 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 Human Resources, Nomination
and Remuneration Committee from the date of grant based on specified criteria.
·
Share application money pending allotment
represents application money received on account of Employees Stock
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
32320.000 |
32290.000 |
32710.000 |
|
(b) Reserves & Surplus |
1938420.000 |
1767660.000 |
1628250.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
170.000 |
250.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
1970910.000 |
1800200.000 |
1660960.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
627110.000 |
430120.000 |
480340.000 |
|
(b) Deferred tax liabilities (Net) |
122150.000 |
121930.000 |
121220.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
749260.000 |
552050.000 |
601560.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
227700.000 |
115110.000 |
105930.000 |
|
(b) Trade
payables |
578620.000 |
457870.000 |
403240.000 |
|
(c) Other current
liabilities |
107670.000 |
216400.000 |
137130.000 |
|
(d) Short-term
provisions |
41670.000 |
43480.000 |
42580.000 |
|
Total Current
Liabilities (4) |
955660.000 |
832860.000 |
688880.000 |
|
|
|
|
|
|
TOTAL |
3675830.000 |
3185110.000 |
2951400.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
804240.000 |
829620.000 |
880010.000 |
|
(ii)
Intangible Assets |
289820.000 |
267860.000 |
257220.000 |
|
(iii)
Capital work-in-progress |
326730.000 |
135250.000 |
36950.000 |
|
(iv)
Intangible assets under development |
90430.000 |
55910.000 |
40590.000 |
|
(b) Non-current Investments |
526920.000 |
241430.000 |
269790.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
284360.000 |
215280.000 |
143400.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2322500.000 |
1745350.000 |
1627960.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
333700.000 |
283660.000 |
270290.000 |
|
(b)
Inventories |
429320.000 |
427290.000 |
359550.000 |
|
(c) Trade
receivables |
106640.000 |
118800.000 |
184240.000 |
|
(d) Cash
and cash equivalents |
366240.000 |
495470.000 |
395980.000 |
|
(e)
Short-term loans and advances |
112770.000 |
109740.000 |
110890.000 |
|
(f) Other
current assets |
4660.000 |
4800.000 |
2490.000 |
|
Total Current
Assets |
1353330.000 |
1439760.000 |
1323440.000 |
|
|
|
|
|
|
TOTAL |
3675830.000 |
3185110.000 |
2951400.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3901170.000 |
3602970.000 |
3299040.000 |
|
|
|
Other Income |
89360.000 |
79980.000 |
61920.000 |
|
|
|
TOTAL (A) |
3990530.000 |
3682950.000 |
3360960.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3293130.000 |
3061270.000 |
2748140.000 |
|
|
|
Purchases of stock-in-trade |
5240.000 |
5020.000 |
14410.000 |
|
|
|
Changes in inventories of finished goods, stock-in-process and stock-in-trade |
4120.000 |
(33170.000) |
(8720.000) |
|
|
|
Employee benefits expense |
33700.000 |
33540.000 |
28620.000 |
|
|
|
Other expenses |
256210.000 |
228440.000 |
180400.000 |
|
|
|
TOTAL (B) |
3592400.000 |
3295100.000 |
2962850.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
398130.000 |
387850.000 |
398110.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32060.000 |
30360.000 |
26670.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
366070.000 |
357490.000 |
371440.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
87890.000 |
94650.000 |
113940.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
278180.000 |
262840.000 |
257500.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
58340.000 |
52810.000 |
57100.00 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
219840.000 |
210030.000 |
200400.000 |
|
|
|
|
|
|
|
|
|
Add |
On Amalgamation |
0.000 |
11160.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
86100.000 |
76090.000 |
65140.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to General Reserve |
180000.000 |
180000.000 |
160000.000 |
|
|
|
Transferred to Capital Redemption Reserve on buy back of Equity Shares |
0.000 |
430.000 |
40.000 |
|
|
|
Proposed Dividend on Equity Shares |
27930.000 |
26280.000 |
25310.000 |
|
|
|
Tax on Dividend |
4750.000 |
4470.000 |
4100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
93260.000 |
86100.000 |
76090.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value for Exports |
2611180.000 |
2278830.000 |
1982690.000 |
|
|
|
Interest Earnings |
50.000 |
20.000 |
10.000 |
|
|
|
Other Earnings |
2430.000 |
2070.000 |
2040.000 |
|
|
TOTAL EARNINGS |
2613660.000 |
2280920.000 |
1984740.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Stock-in-Trade |
3026300.000 |
2817190.000 |
2542480.000 |
|
|
|
Stores, Chemicals and Packing Materials |
37190.000 |
32600.000 |
31200.000 |
|
|
|
Capital goods |
42180.000 |
22040.000 |
3250.000 |
|
|
TOTAL IMPORTS |
3105670.000 |
2871830.000 |
2576930.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
68.05 |
64.82 |
61.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.51 |
5.70 |
5.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.13 |
7.30 |
7.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.18 |
9.55 |
9.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.43 |
0.30 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.73 |
1.92 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
32710.000 |
32290.000 |
32320.000 |
|
Reserves & Surplus |
1628250.000 |
1767660.000 |
1938420.000 |
|
Share Application money
pending allotment |
0.000 |
250.000 |
170.000 |
|
Net worth |
1660960.000 |
1800200.000 |
1970910.000 |
|
|
|
|
|
|
long-term borrowings |
480340.000 |
430120.000 |
627110.000 |
|
Short term borrowings |
105930.000 |
115110.000 |
227700.000 |
|
Total borrowings |
586270.000 |
545230.000 |
854810.000 |
|
Debt/Equity ratio |
0.353 |
0.303 |
0.434 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
32,99,040.000 |
36,02,970.000 |
39,01,170.000 |
|
|
|
9.213 |
8.277 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
32,99,040.000 |
36,02,970.000 |
39,01,170.000 |
|
Profit |
2,00,400.000 |
2,10,030.000 |
2,19,840.000 |
|
|
6.07% |
5.83% |
5.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
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
involved in |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation Date:- |
12/02/2014 |
|||||
|
Lodging
No.:- |
ITXAL/409/2014 |
Filing
Date:- |
12/02/2014 |
|||
|
Petitioner:- |
THE COMMISSIONER OF INNCOME TAX (LARGE TAX PAYER UNIT) |
Respondent:- |
RELIANCE INDUSTRIES LIMITED |
|||
|
Petn.Adv:- |
A R MOLHOTRA (I3164) |
Resp. Adv.: |
RAJ BANSHILAL DARAK (Respondants) |
|||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
SINGLE |
Category:- |
TAX APPEALS |
|||
|
Status:- |
Pre-Admission |
|
|
|||
|
Last
Date:- |
12.06.2014 |
Stage:- |
For Rejection [Original Side Matters] |
|||
|
Last
Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|||||
|
|
|
|||||
|
Act :- |
Income Tax Act, 1961 |
Under
Section:- 260A |
||||
UNSECURED LOANS
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Bonds |
99410.000 |
90660.000 |
|
Term Loans- from banks |
512110.000 |
319510.000 |
|
Deferred payment liabilities |
30.000 |
60.000 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Other Loans and Advances |
|
|
|
From Banks |
|
|
|
Foreign Currency Loans - Buyers/Packing credit |
135820.000 |
109780.000 |
|
Rupee Loans |
0.000 |
1000.000 |
|
Total |
747370.000 |
521010.000 |
RESULTS OF OPERATIONS
Operating in a volatile and
uncertain environment, the Company demonstrated the resilience of its business
model. The Company’s best-in-class refining configuration and integrated
petrochemical business enabled it to deliver robust profits in the financial
year 2013-14. The highlights of the Company’s performance are as under:
·
Revenue from operations increased by 8.1% to Rs.4013020.000 Millions
($ 67.0 billion)
·
Exports increased by 15.3% to Rs.2758250.000 Millions
($ 46.0 billion)
·
PBDIT increased by 2.7% at Rs.398130.000 Millions ($ 6.6 billion)
·
Profit Before Tax increased by 5.8% at Rs.278180.000 Millions
($ 4.6 billion)
·
Cash Profit increased by 1.0% to Rs.307950.000 Millions
($ 5.1 billion)
·
Net
profit increased by 4.7% to Rs.219840.000 Millions ($ 3.7 billion)
·
Gross Refining Margin was $ 8.1 / BBL for the year
ended March 31, 2014.
The consolidated revenue
from operations of the Company for the year ended March 31, 2014 was
Rs.4463390.000 Millions ($ 74.5 billion), an increase of 9.3% on a year-on-year
basis.
The Company is one of
India’s largest contributors to the national exchequer primarily by way of
payment of taxes and duties to various government agencies. During the year, a
total of Rs.313740.000 Millions ($ 5.2 billion) was paid in the form of various
taxes and duties.
The Company featured in the
Fortune Global 500 list of the world’s largest corporations for the tenth
consecutive year and was ranked 107th in terms of revenues and 128th in terms
of profits.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
OVERVIEW
The global economy began its modest recovery in FY 2013-14 with improved
demand from OECD economies in the second half of 2013. While the trend is
expected to accelerate in the current year, the positive outlook is subdued by the
potential consequences of ‘tapering’ of some of the US Federal Reserve’s
Quantitative Easing (QE) policies which were undertaken in the aftermath of
global financial crises. Emerging markets like India faced multiple challenges:
capital outflows, intense exchange rate pressures and volatile current account
movement. A combination of persistent intention, fiscal imbalances, external
sector vulnerabilities and low investments resulted in sluggish domestic demand
growth. Fiscal and monetary initiatives taken by the Indian government and the
Reserve Bank of India (RBI) helped stabilise financial market conditions, but
the domestic macro-economic environment still remains challenging.
Economic recovery in the US and Europe had a positive impact on oil
demand, which increased by 1.3 million barrels per day (MMBPD) in 2013. Crude
oil prices fluctuated extensively, driven by supply concerns in Libya, South
Sudan, West Africa and Iraq. Higher US shale oil production helped offset the
impact of these disruptions with Brent crude oil prices averaging marginally
lower at $ 108.7 per barrel in 2013.
Operating in a volatile and uncertain environment, Reliance Industries
Limited (RIL) demonstrated the resilience of its business model. RIL’s
best-in-class raining configuration and integrated petrochemical business
enabled it to deliver robust profits in FY 2013-14. The Company achieved:
·
Highest
ever Revenue of Rs.4013020.000 Millions ($ 67.0 billion) and Net profit of
Rs.219840.000 Millions ($ 3.7 billion)
·
Record
Exports of Rs.2758250.000 Millions ($ 46.0 billion)
·
Record
Refining business EBIT Rs.132200.000 Millions ($ 2.2 billion)
·
Highest
ever consolidated Revenue and Net profit of Rs.4463390.000 Millions ($ 74.5
billion) and Rs.224930.000 Millions ($ 3.8 billion) respectively
·
Dividend
of 95%, highest ever pay-out of Rs.32680.000 Millions ($ 545 million).
Operationally, downstream
segments continued to deliver superior performance with operating rates of over
100%. RIL processed 68.0 million tonnes (MMT) of crude oil at its Jamnagar
refinery complex. The KG-D6 (JV) facility produced 2.31 million barrels (MMBL)
of crude and condensate and 178.3 billion cubic feet (BCF) of natural gas.
RIL’s share of gross JV production in US Shale was 154 BCFe in 2013 reflecting
a growth of 52% over previous year.
The Company featured in the
Fortune Global 500 list of the world’s largest corporations for the tenth
consecutive year and was ranked 107th in terms of revenues and 128th in terms of profits.
FINANCIAL PERFORMANCE
AND REVIEW
Revenue
from operations
of Rs.4013020.000 Millions ($ 67.0 billion), increased 8.1% on a y-o-y basis.
Higher prices accounted for 7.7% growth in revenue and increase in volumes
accounted for 0.4% growth in revenue. Revenues were positively impacted by a
sharp movement in exchange rate, with a 10.4% depreciation of the Indian rupee
vis-à-vis the US dollar. Exports were higher by 15.3% at Rs.2758250.000
Millions ($ 46.0 billion) as against Rs.2392660.000 Millions in FY 2012- 13.
·
Reining business contributes 78% of revenues
(including inter-divisional transfer) and grew by 8.4% as compared to previous
year. The growth in revenue was driven by 8.1% increase in prices and 0.3%
higher volumes.
·
Petrochemicals business accounted for 21% of
revenues and grew by 9.5% as compared to previous year. The growth in revenue
was contributed by 8.6% increase in price and 0.9% higher volumes.
·
Oil and gas business revenue declined by 26.7% as
compared to previous year largely on account of 39.7% decline in production
OUTLOOK
A two trillion dollar
economy catering to a billion-plus population, more than half of which is below
the age of 30. Such a scenario, a rarity in the world’s demographic profile,
represents the foundation for India’s retail sector growth.
India’s organised retail is
witnessing a new surge of optimism and is projected to touch a 20% share of the
total retail market by 2020 vis-à-vis 8% now.
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTION (S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
RELIANCE INDUSTRIES LIMITED |
EPFO |
EXEMPTED AND UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFO INCLUDING PROVIDENT FUND, PENSION AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND PENAL DAMAGES OF RS.83.55 LAKHS |
AMONG OTHER
ACTIONS, NAMES OF DEFAULTERS PUT ON THE EPFO WEBSITE |
||
|
RELIANCE INDUSTRIES LIMITED |
NSDL |
HIGH PENDING DEMAT REQUESTS |
PUT UP ON NSDL
WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN THE LIST DATED 15/04/2011 |
|
|
RELIANCE INDUSTRIES LIMITED |
CDSL |
HIGH PENDING DEMAT REQUESTS |
PUT UP ON CDSL
WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN THE LIST DATED 16/04/2011 |
|
|
RELIANCE INDUSTRIES LIMITED |
NSE |
HIGHEST NUMBER OF COMPLAINTS PENDING AS ON 28-FEBRUARY-2007 |
PUT UP ON NSE
WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN LIST AS ON 31-MARCH-2007 |
|
|
RELIANCE INDUSTRIES LIMITED |
SEBI |
DID NOT COMPLY WITH SEBI TAKEOVER REGULATIONS, 1997 |
IMPOSED PENALTY
RS.4,75,000 |
SAT: IMPUGNED ORDER SET ASIDE WITH NO ORDER AS TO COSTS |
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Claims against the company
/ disputed liabilities not acknowledged as debts |
|
|
|
|
In respect of Joint Ventures |
4140.000 |
-- |
-- |
|
In respect of others |
14330.000 |
16630.000 |
13430.000 |
|
Guarantees |
|
|
|
|
Guarantees to Banks
and Financial Institutions against credit facilities extended to third
parties |
|
|
|
|
In respect of others |
323080.000 |
310800.000 |
295830.000 |
|
Performance
Guarantees |
|
|
|
|
In respect of others |
2900.000 |
2580.000 |
1590.000 |
|
Outstanding
guarantees furnished to Banks and Financial Institutions including in respect
of Letters of Credits |
|
|
|
|
In respect of joint ventures |
7000.000 |
1600.000 |
2280.000 |
|
In respect of others |
48430.000 |
50990.000 |
51670.000 |
|
Other Money for
which the company is contingently liable |
|
|
|
|
Liability in respect of bills discounted with Banks (Including third party bills discounting) |
|
|
|
|
In respect of others |
49700.000 |
39610.000 |
6310.000 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10233708 |
18/08/2010 |
5,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
Maker Towers 'F', 13th Floor, Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India |
A91847947 |
|
2 |
10143663 |
24/08/2009 * |
50,000,000,000.00 |
AXIS BANK LIMITED |
13th Floor, "F" Wing, Maker Towers, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A69480861 |
|
3 |
10141936 |
12/02/2009 |
10,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
A56494032 |
|
4 |
10142081 |
12/02/2009 |
10,000,000,000.00 |
AXIS BANK LIMITED |
13th Floor, "F" Wing, Maker Towers, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A56507494 |
|
5 |
10143216 |
12/02/2009 |
5,000,000,000.00 |
AXIS BANK LIMITED |
13th Floor, "F" Wing, Maker Towers, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A56639206 |
|
6 |
10082527 |
30/12/2010 * |
126,500,000,000.00 |
STATE BANK OF INDIA |
Madame Cama Road, Nariman Point, Mumbai, Maharashtra - 400021, India |
B03977386 |
|
7 |
10269725 |
20/12/2007 |
126,500,000,000.00 |
STATE BANK OF INDIA |
State Bank Bhavan, Madam Cama Road, Mumbai, Maharashtra - 400021, India |
A70629001 |
|
8 |
10208261 |
23/07/2007 |
20,200,000,000.00 |
STATE BANK OF INDIA |
State Bank Bhavan, Madame Cama Road, Mumbai, Maharashtra - 400021, India |
A70629233 |
|
9 |
10058972 |
12/06/2007 |
500,000,000.00 |
DENA BANK |
Industrial Finance Branch, Maker Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A16943219 |
|
10 |
10021285 |
27/10/2006 |
450,973,700.00 |
UTI BANK LIMITED |
Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India |
A05375266 |
|
11 |
80012912 |
30/12/2008 * |
264,000,000,000.00 |
Syndicate Bank |
3rd Floor, 10 Homji Street, Fort, Mumbai, Maharashtra - 400023, India |
A54800883 |
FIXED ASSETS:
Tangible Assets
- Leasehold Land
- Freehold Land
- Buildings
- Plant and Machinery
- Electrical Installations
- Equipments
- Furniture and Fixtures
- Vehicles
- Ships
- Aircrafts and Helicopters
Intangible Assets
- Technical Knowhow fees
- Software
- Development Rights
PRESS RELEASE
NITA AMBANI JOINS
RIL BOARD
Mumbai, June 18,
2014: Shareholders of Reliance Industries Limited approved the appointment of
Nita M. Ambani, Chairperson of Reliance Foundation (RF), as Director on the
Board of Reliance Industries Limited in the AGM held today.
Welcoming Smt. Nita Ambani
on behalf of the board, RIL Chairman Mukesh Ambani said, “Nita has been engaged
in several initiatives that have strengthened Reliance, right from building the
world-class township and the ecological development at Jamnagar, next
generation office campuses, designing customer touch points of Reliance Retail,
healthcare initiatives, successfully setting up and running institutions such
as Dhirubhai Ambani International School and Mumbai Indians to, most
importantly, managing Reliance Foundation. We are delighted to welcome her to
the Board of Reliance Industries as an accomplished individual who will add
significant value to Reliance’s journey of growth.”
In her acceptance
statement, Smt. Nita Ambani said she took the position with a sense of humility
and responsibility. “RIL has always aimed to better millions of lives and my mission
will be to bring speed, scale and social contract to RIL’s larger mission. I
accept this responsibility as a tribute to millions of RIL stakeholders, as
well as to my tireless colleagues at Reliance Foundation.”
Notes to the Editor:
Mrs. Nita Ambani brings in
a sterling combination of business stewardship and societal transformation.
Illustratively:
·
She was at the forefront of the ecological
development of RIL’s Jamnagar refinery site by implementing a biodiversity plan
covering 3.2 million trees over 2000 acres.
·
She developed the world-class township in Jamnagar
from scratch, setting new standards in quality of life.
·
Smt. Nita Ambani has made significant contribution
to Reliance Retail by conceptualizing and guiding its corporate identity
development across all formats.
·
Smt. Nita Ambani has led path-breaking initiatives
spanning education, health, rural transformation, environmental protection and
sports over the past two decades. She has built institutions in fields such as
education, sports and healthcare, in India, through Reliance Foundation and
Mumbai Indians from scratch.
·
Her leadership of 13 schools in the Reliance fold,
including India’s No. 1 international school – Dhirubhai Ambani International
School – is a testament to her commitment to excellence in education. These
schools provide quality education to more than 15,000 students.
·
The recently modernized Sir H. N. Reliance
Foundation Hospital and Research Centre exemplifies her dedication to create
world-class healthcare facilities. The Hospital will have state-of-art physical
infrastructure developed to international standards, the latest of clinical
technology across core specialties, imaging and diagnostic facilities and
ground-breaking research laboratories. It will also have a unique connect with
the disadvantaged communities in the neighbourhood.
·
RF's Drishti programme, conceived and spearheaded
by her from the beginning, is the largest, corporate-driven, cornea transplant
drive and has already supported more than 12,800 surgeries until now.
·
In March 2012, RF Drishti launched a registered,
national, fortnightly Braille newspaper in Hindi. It is now available in 19
countries.
·
In a little over two years, Reliance Foundation has
touched the lives of more than 1,000,000 people, across 2,500 villages and
various urban locations.
·
Through the Bharat-India Jodo (BiJ) initiative, RF
has directly impacted more than 40,700 people in more than 460 villages, across
11 states of India.
·
RF-BIJ is focused on collectively empowering
marginal farmers, by directly engaging with them to plan, procure and market
their produce on a sustainable basis. This programme also promotes sustainable
agricultural practices that ensure the nation's food security, protect the
environment and bring about rural transformation.
·
The Reliance Foundation Information Services
(RF-IS) programme, launched in January 2013, connects fisher folk, farmers and
livestock owners with knowledge providers, using a technological platform. In a
little over three months, the RF-IS programme has reached out to more than
1,400 villages and provided value-added information to more than 100,000
people.
·
RF-IS has also reached out to more than 3600
villages in seven states and one union territory through multiple mediums this
year (5068 villages since the inception of the programme) and made 1.26 million
successful calls.
·
RF is setting up a world-class, multidisciplinary
university in Maharashtra. It is designed to offer educational and research
opportunities comparable to the best in the world and will aim at transforming
the higher education landscape of India.
·
RF's Health Outreach Programme, launched in
December 2012 for the poor and vulnerable classes, has already reached out to
more than 33,000 people in the Mumbai metropolitan area through its mobile and
static medical units.
·
More than 350,000 individuals have enrolled for
RF’s health outreach services and nearly 52,600 patients have benefitted from
it in just one and half years of its existence.
·
RF’s mobile medical units are also operating in Uttarakhand
and Madhya Pradesh. More than 14,300 patients from nearly 150 villages in
Madhya Pradesh and Uttarakhand have benefitted from their services this year.
·
RF awarded 393 scholarships this year, of which
nearly 50% were awarded to girls and 111 to students from the physically
challenged category. The programme has positively influenced the lives of more
than 10,000 young scholars and their families so far.
·
Mrs. Nita Ambani is the main architect of Mumbai
Indians, which won the Champions League in 2013 and 2011 and the IPL in 2013.
·
She is also the guiding spirit behind the Mumbai
Indians’ “Education for All” initiative, which has impacted more than 27,000
underprivileged children.
·
RF is also implementing a programme in 30 villages of
Agar, Madhya Pradesh with the aim of empowering children and communities
through sports.
·
RF constructed 50 family shelters, distributed
5,500 relief kits and conducted medical camps that benefitted more than 8000
patients in the months following the Uttarakhand calamity. RF is committed to
continuing its efforts in Uttarakhand and has deployed two full-time teams to
streamline the efforts at Rudraprayag and Uttarkashi.
·
RF is also committed to reconstruct some of the
affected schools and houses in Uttarakhand.
·
In a short span of three years under Smt. Nita
Ambani’s leadership, RF has already touched the lives of more than a million
people. She has taken RF to greater heights by combining corporate level
efficiency and social-sector sensitivity. Just this year, her expansive
thinking brought 30,000 underprivileged children to a Mumbai Indians game at
Wankhede Stadium, Mumbai.
Besides her professional
accomplishments and leadership skills, Smt. Nita Ambani brings to the Board a
unique feel for consumers and services, influencing the company’s approach to
its 250 million customers.
About RIL
Reliance Industries Limited
(RIL) is India’s largest private sector company on all major financial
parameters with a turnover of INR 401,302 crore (US$ 67.0 billion), cash profit
of INR 30,795 crore (US$ 5.1 billion) and net profit of INR 21,984 crore (US$
3.7 billion) as of March 31, 2014.
RIL is the first private
sector company from India to feature in Fortune’s Global 500 list of 'World's
Largest Corporations' and currently ranks 107th in terms of revenues and 128th
in terms of profits in 2013. RIL ranks 68th in the Financial Times’ FT Global
500 list of the world's largest companies. RIL is ranked amongst the ’50 Most
Innovative Companies - 2010' in the World in a survey conducted by the US
financial publication - Business Week in collaboration with the Boston
Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest
‘Sustainable Value Creators’ for creating the most shareholder value over the
decade in the world.
About Reliance Foundation
Reliance Foundation (RF)
plays a catalytic role in addressing the nation’s development challenges
through innovative and sustainable solutions with its focus on five core
pillars:Rural Transformation, Education, Health, Urban Renewal, and Promotion
and protection of India’s Arts, Culture and Heritage. Smt. Nita Ambani is the
Founder and Chairperson of Reliance Foundation and the guiding spirit behind
the Foundation's ambitious vision of becoming the leading vehicle for social
development, empowering the underprivileged and infusing social transformation
in India. Reliance Foundation has touched the lives of over 4 million people in
5000 locations across the country.
RIL STATEMENT ON
QUOTES ATTRIBUTED TO ONGC CHAIRMAN PLUS DETAILED NOTE TO EDITORS AND RELEVANT
PTI STORY
Mumbai, May 23,
2014:
We are saddened by the statement attributed to ONGC Chairman and
Managing director Mr DK Sarraf by the Press Trust of India on Tuesday, May 20,
2014. We deny the claim of apparent “theft” of gas from G4 & KG DWN 98/2
Block by Reliance Industries Limited (RIL) and can only attribute it to the
likelihood of some elements in
ONGC misleading the new CMD, Mr. Sarraf, in order to hide their own
failure to develop discoveries made over the last 13 years in these blocks.
ONGC approached RIL in mid-2012, to examine the possibility of sharing
RIL’s KG D6 infrastructure in order to commercialize some of the discoveries in
these blocks and a MoU was signed between RIL & ONGC in July 2013. We
continue to see ONGC as a valued Industry peer, worthy of collaboration, to
whom we will continue to provide assistance to help develop its discoveries and
start production of valueble gas locked beneath the Indian Ocean to the benefit
of the people of India.
It was only in August 2013, that ONGC brought the issue of possible
connectivity between reservoirs in RIL & ONGC blocks, to the notice of RIL
through DGH. Since then, as per International practice, ONGC and RIL have been
engaged in the process of appointing an independent agency to investigate the
issue of possible reservoir connectivity across the blocks. The two had met on
May 9, 2014 and exchanged drafts regarding the scope of work to be assigned to
such agency. On May 23, the parties again met and finalized the enquiry notice
to be sent to four agreed international expert agencies. It was decided to
issue the Enquiry Notice on May 26, 2014. Since the process for appointing this
agency as per international practice was already well underway it is indeed
unfortunate that some elements in ONGC forced invocation of the Delhi High
Court at this juncture.
Resolution of such complex techno-commercial
matters, that are not un-common in the Oil & Gas industry, is best done
through the help of experts rather than public posturing. In any case, ONGC
having already filed a petition in the Hon’ble Delhi High Court, we would have
expected greater restraint in a matter that has been made sub-judice by them.
Note to Editors – Brief Facts:
Cairn made the first discovery in KG DWN 98/2(KG-D5) Block in 2001.
RIL’s D1 - D3 discoveries in KG DWN 98/3 (KG-D6) Block occurred in Oct 2002.
All these deep water discoveries were in younger sediments of the Pliocene age.
ONGC then farmed into Cairn’s KG D5 Block and took over Operatorship in 2005.
ONGC, which had been operating the G4 nomination block since 1997, made its
first Pliocene discovery in this block in early 2004.
However, while RIL had brought its D1-D3 discoveries into commercial
production by April 2009 after a mere six and a half years from discovery, ONGC
is yet to commence development of any of the discoveries in its two blocks. All
wells drilled by RIL during the development of D1-D3 (in KG D6) are well within
the block boundaries and approved in accordance with the PSC by the Management
Committee consisting of Government representatives, who have the power to veto.
In mid-2012, ONGC, in view of techno-economic challenges of developing
the discoveries in its two blocks, had approached RIL to examine the
possibility of sharing RIL’s infrastructure so that it could commercialise gas
discoveries, some of which were discovered more than thirteen years ago. In
July 2013, RIL and ONGC entered into a MOU following which RIL has been
providing relevant data and information to assist ONGC develop its resources.
Notably, connectivity of reservoirs had never been
raised as an issue by ONGC till then.
RIL became aware of this issue in late August 2013 through DGH. In
September, RIL began constructive discussions with ONGC and DGH. In the absence
of any production data from ONGC’s blocks, connectivity could not be
established straightaway. In fact, in 2007, ONGC had also acquired high
resolution 3-D seismic data extending into KG-D6 Block. Thus ONGC was having
data across both sides of the block boundaries. Had connectivity been an open
and shut case, ONGC need not have waited so long to approach DGH or RIL.
However, the issue has been raised, discussions commenced and the need for the
appointment of an expert third party was recognised.Both parties agreed to the
appointment of an independent expert third party to look at the available data
and reach a conclusion whether connectivity exists and possible volumes.
This is in accordance with well-established practices for resolving such
issues which are not uncommon in the oil and gas industry. The PSC also
recognises these practices and provides accordingly.
On May 9, 2014 it was agreed that an enquiry be floated and four jointly
selected global independent experts finalized for the purpose. The parties
exchanged drafts of enquiry and met on May 23, 2014. They have now finalized
the scope of work and the Enquiry Notice is being issued on 26 May
2014.Annexure: PTI storySued RIL to protect commercial interest, says ONGCBy
PTI | 20 May, 2014NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) said
its surprise move to sue Reliance Industries for alleged "theft" of
natural gas from its Bay of Bengal block, was to protect its "commercial interest".
ONGC had on May 15 moved the Delhi High Court
alleging that RIL may have drawn natural gas worth thousands of crores of
rupees from its fields that sit next to Mukesh Ambani-run firm's KG
-
D6 block Krishna Godavari basin. "The matter (of RIL allegedly
drawing gas from ONGC blocks) was brought to the notice of our board (in
March). The board was of the view that we need to protect our commercial
interest at all costs. If that requires any legal recourse, we will take
that," ONGC Chairman and Managing Director Dinesh K Sarraf told reporters
here. The state-owned firm wants a "truly independent" agency to
examine the matter, and seeks compensation from RIL if it is established that
the private firm drew gas from its reservoir.
The company believes its Godavari Block (known as G-4) and New
Exploration Licensing Policy (NELP-1) discovery block KG-DWN-98/2 are
contiguous to RIL-operated NELP-1 Block KG-DWN-98/3 (KG-D6).
It believes KT-1/D-gas find in block KG-DWN-98/2 and G-4 Pliocene gas
find in Godavari Block extend outside the block boundaries into KG-D6. "As
per our data, some of the resources is common to our block and RIL. There is
apprehension that some of wells (of RIL) on the boundary of the block may be
drawing gas from our fields," he said.
ONGC believes that RIL's D6-A5, D6-A9 and D6-A13 wells drilled close to
the block boundary may be draining gas from G-4 field of Godavari block while
the well D6-B8 may be draining gas from DWN-D-1 field of KG-DWN-98/2 block.
The company approached the Delhi High Court even
though the two firms had been in discussions to resolve the issue through
appointment of a third-party neutral expert like the way it is done globally.
The last meeting on the issue was held on May 9, within days of which ONGC
moved the court.
ONGC had nine months back approached the Directorate General of
Hydrocarbons (DGH) with a request to share production and well data of KG-D6
field for analysing if the reservoir of the neighbouring field has same and
continuous gas pool. RIL has maintained that there exists uncertainties with
regard to the possibility of channel extension, sand continuity as well as the
connectivity. Terming ONGC's claims as "baseless" RIL had on May 15
stated that the litigation was unwarranted and it was "constructively engaged"
with ONGC in sharing data.
ONGC in the petition said the DGH should have been vigilant while
clearing RIL's field development plan, which involved drilling wells "at
such a tantalisingly close distance of 50 metres to 350 metres" from the common
boundary of the blocks.
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 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.60.28 |
|
|
1 |
Rs.102.28 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.