MIRA INFORM REPORT

Report Date :

21.05.2014

IDENTIFICATION DETAILS

Name :	RELIANCE CAPITAL ASSET MANAGEMENT LIMITED

Registered Office :	‘H’ Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	24.02.1995

Com. Reg. No.:	11-220793

Capital Investment / Paid-up Capital :	Rs.114.700 Millions

CIN No.: [Company Identification No.]	U65910MH1995PLC220793

TAN No.: [Tax Deduction & Collection Account No.]	MUMR027433G

PAN No.: [Permanent Account No.]	AAACR2668G

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	The Company's principal activity is to act as an investment manager to Reliance Mutual Fund (the Fund'), to provide Portfolio Management Services ('PMS') to clients under Securities and Exchange Board of India (SEBI).

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 49000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of “Reliance Capital Limited”. It is a well-established and reputed company having fine track. The company possesses a sound financial profile marked by healthy capital structure along with a strong networth base. However, management has seen a dip in its net profitability during 2013. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. In view of strong holding and experienced promoters, the company can be considered good for 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.

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Reliance Liquidity Fund: A1+MFS
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	September 2013

Rating Agency Name	ICRA
Rating	Reliance Floating Rate Fund – Short Term Plan: AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	September 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 DENIED

Management Non-Cooperative (Tel No.: 91-22-30994600)

LOCATIONS

Registered Office :	‘H’ Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India
Tel. No.:	91-22-30479800 / 30994600 /30479400
Fax No.:	91-22-30327202 / 30994699
E-Mail :	gajendra.thakur@relianceada.com rcap.info@relianceada.com dimple.mehta@relianceada.com
Website:	www.reliancemutual.com

Corporate Office :	570, Rectifier House, 2^nd Floor, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai – 400031, Maharashtra, India
Tel. No.:	91-22-30479800

Branch Office :	11^th and 12^th Floor, One India Bulls Centre, Tower 1 Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinston Road, Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-30994600
Fax No.:	91-22-30994699

DIRECTORS

As on 27.06.2013

Name :	Mr. Kanu Harkisondas Doshi
Designation :	Director
Address :	102, Shivala, Khatau Road, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Date of Birth/Age :	13.04.1937
Qualification :	B.Com, B A, FCA (Chartered Accountant)
Date of Appointment :	09.06.2006
DIN No.:	00577409

Name :	Mr. Sushil Chandra Tripathi
Designation :	Director
Address :	27 Sector 15 A, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	01.01.1946
Qualification :	M.Sc (Physics Spl. Electronics), LLB, Postgraduate Diploma in Development Studies (Cantab), AIMA Diploma in Management
Date of Appointment :	24.07.2007
DIN No.:	00941922

Name :	Mr. Soumen Ghosh
Designation :	Director
Address :	Flat No. 1501, Lodha Aria, Plot No. 6/207, Tokersey Jivraj Road, Sewree (West), Mumbai – 400015, Maharashtra, India
Date of Birth/Age :	08.06.1959
Qualification :	B.Sc (Hons) Mechanical Engineering from University of London. ACA Institute of Chartered Accountants England and Wales
Date of Appointment :	07.06.2010
DIN No.:	01262099

Name :	Mr. Shinichi Okamoto
Designation :	Director appointed in casual vacancy
Address :	3-8-24-204, Higashikaigan Minami, Chigaski-Shi, Kanagawa, Japan – 253-0054
Date of Birth/Age :	04.06.1969
Date of Appointment :	27.06.2013
DIN No.:	06587324

KEY EXECUTIVES

Name :	Mr. Ajay Ramanlal Patel
Designation :	Manager
Address :	Flat No. 302, Mitasu Apartment, 05 Odhav Nagar, Near Ganesh Mandir, Borivali (East), Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	03.01.1966
Date of Appointment :	01.07.2012
PAN No.:	AAHPP7269H

Name :	Mr. Gajendra Singh Thakur
Designation :	Secretary
Address :	302, Samir, b-Wing, Sushil Samir CHS, Ashok Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	24.07.1979
Date of Appointment :	09.08.2012
PAN No.:	ADEPT3605R

MAJOR SHAREHOLDERS

As on 27.06.2013

Names of Equity Shareholders	No. of Shares	Percentage of Shares
Reliance Capital Limited, India jointly with Surendra Pipara	100	0.00
Reliance Capital Limited, India jointly with Madan Chaturvedi	100	0.00
Reliance Capital Limited, India jointly with Parul Jain	100	0.00
Reliance Capital Limited, India jointly with Chetan Raval	100	0.00
Reliance Capital Limited, India jointly with V R Mohan	100	0.00
Reliance Capital Limited, India jointly with Yogesh Deshpande	100	0.00
Nippon Life Insurance Company, Japan	2995200	26.00
Reliance Capital Limited, India	7514200	65.23
Reliance ADA Group Trustees Private Limited, India	500000	4.34
EP Global Markets (Cayman) Limited, Cayman Islands	510000	4.43
Total	11520000	100.00

Names of Preference Shareholders	No. of Shares	Percentage of Shares
Reliance Securities Limited, India	1899	9.50
Reliance CWT India Limited, India	1900	9.50
Emerging Money Mall Limited, India	16200	81.00
Total	19999	100.00

Equity Share Break up (Percentage of Total Equity)

As on 27.06.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	30.43
Bodies corporate	69.57
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company's principal activity is to act as an investment manager to Reliance Mutual Fund ( the Fund'), to provide Portfolio Management Services ('PMS') to clients under Securities and Exchange Board of India (SEBI)

Products :

Product / Services Description	Item Code No.
Portfolio Management services except pension funds	99715300

GENERAL INFORMATION

No. of Employees :	Information denied by management

Bankers :	Not Divulged


Banking Relations :	--

Auditors :
Name :	BSR and Company Chartered Accountants
Address :	1^st Floor Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
PAN No.:	AAAFB9852F

Holding Company:	Reliance Capital Limited

Ultimate Holding Company:	Reliance Innoventures Private Limited

Wholly Owned Subsidiary:	Reliance Asset Management (Mauritius) Limited Reliance Asset Management (Singapore) Pte Limited Reliance Capital Asset Management (UK) Plc. Reliance Asset Management (Malaysia) SDN BHD

Subsidiary:	Reliance Capital Pension Fund Limited

Fellow Subsidiary:	Reliance General Insurance Company Limited Reliance Money Express Limited Reliance Gilts Limited, India CIN: U66010MH2000PLC128301 Reliance Capital Trustee Company Limited Reliance Composite Insurance Broking Limited Reliance Venture Asset Management Private Limited (Formerly Reliance Technology Ventures Private Limited Reliance Money Precious Metals Private Limited (Formerly Reliance Capital Research Private Limited.) Reliance Equity Advisors (India) Limited Reliance Consultants (Mauritius) Limited Reliance Equities International Private Limited Reliance Home Finance Limited (Formerly Reliance Home Finance Private Limited) Reliance Capital (Singapore) Pte Limited Quant Investments Services Private Limited Reliance Securities Limited Reliance Commodities Limited Reliance Financial Limited Reliance Alternative Investments Services Private Limited Quant Broking Private Limited, India CIN: U67110TZ2007PTC015839 Quant Capital Advisors Private Limited Quant Capital Finance and Investments Private Limited Quant Capital Private Limited Quant Commodities Private Limited Quant Commodity Broking Private Limited Quant Securities Private Limited Reliance Exchangenext Limited Indian Agri Services Private Limited Emerging Money Mall Limited Reliance Spot Exchange Infrastructure Limited Reliance Wealth Management Limited Reliance Investment Banking Services Limited QOPPA Trading Private Limited QCAP Trade Private Limited (Formerly Valankulam Investments and Trading Private Limited)

CAPITAL STRUCTURE

As on 27.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions
350000	Preference Shares	Rs.100/- each	Rs.35.000 Millions
	Total		Rs.155.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

11520000	Equity Shares	Rs.10/- each	Rs.115.200 Millions
19999	Preference Shares	Rs.100/- each	Rs.2.000 Millions
	Total		Rs.117.200 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions
350000	Preference Shares	Rs.100/- each	Rs.35.000 Millions
	Total		Rs.155.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

11520000	Equity Shares	Rs.10/- each	Rs.115.200 Millions
200000	Less : Amount recoverable from Reliance Capital Asset Management Employee Benefits Trust (ESOP Trust)	Rs.10/- each	Rs.2.000 Millions
50000	Less : Amount recoverable from ESOP Trust	Rs.10/- each	Rs.0.500 Million
19999	Preference Shares	Rs.100/- each	Rs.2.000 Millions
	Total		Rs.114.700 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	114.700	107.1000	107.100
(b) Reserves & Surplus	12090.702	11902.539	11015.908
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12205.402	12009.639	11123.008

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	28.241	32.134	33.369
Total Non-current Liabilities (3)	28.241	32.134	33.369

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	502.691	818.721	20.000
(c) Other current liabilities	347.207	267.507	1143.031
(d) Short-term provisions	1918.590	1906.324	1905.341
Total Current Liabilities (4)	2768.488	2992.552	3068.372

TOTAL	15002.131	15034.325	14224.749

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	157.101	184.280	243.590
(ii) Intangible Assets	36.502	10.656	8.539
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3135.684	2235.863	2196.936
(c) Deferred tax assets (net)	80.741	83.606	75.923
(d) Long-term Loan and Advances	7830.379	8267.345	3312.998
(e) Other Non-current assets	34.190	31.874	0.672
Total Non-Current Assets	11274.597	10813.624	5838.658

(2) Current assets
(a) Current investments	2598.116	3774.345	8086.567
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	121.526	89.976	82.865
(d) Cash and cash equivalents	403.395	120.015	38.228
(e) Short-term loans and advances	558.506	223.387	173.193
(f) Other current assets	45.991	12.978	5.238
Total Current Assets	3727.534	4220.701	8386.091

TOTAL	15002.131	15034.325	14224.749

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5899.817	5413.422	6269.624
		Other Income	1226.924	1009.478	722.659
		TOTAL (A)	7126.741	6422.900	6992.283

Less	EXPENSES
		Employee benefit expense	1325.232	1180.909	1270.597
		Other expenses	2586.252	1772.453	2419.982
		Exceptional items	556.411	0.000	0.000
		TOTAL (B)	4467.895	2953.362	3690.579

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2658.846	3469.538	3301.704

Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2658.846	3469.538	3301.704

Less/ Add	DEPRECIATION/ AMORTISATION (F)		78.418	93.919	108.948

	PROFIT BEFORE TAX (E-F) (G)		2580.428	3375.619	3192.756

Less	TAX (H)		605.046	614.529	580.021

	PROFIT AFTER TAX (G-H) (I)		1975.382	2761.090	2612.735

	BALANCE CARRIED TO THE B/S		8325.607	6350.249	5739.727

	EARNINGS IN FOREIGN CURRENCY
		PMS Advisory Fees	7.343	9.821	9.296
		Interest income	0.000	0.000	2.496
	TOTAL EARNINGS		7.343	9.821	11.792

	Earnings Per Share (Rs.)
	Basic		177.93	262.71	248.59
	Diluted		177.00	260.23	248.04

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	27.72	42.99	37.37

Net Profit Margin (PBT/Sales)	(%)	43.74	62.36	50.92

Return on Total Assets (PBT/Total Assets}	(%)	21.89	26.55	26.71

Return on Investment (ROI) (PBT/Networth)		0.21	0.28	0.29

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.35	1.41	2.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	107.100	107.100	114.700
Reserves & Surplus	11015.908	11902.539	12090.702
Net worth	11123.008	12009.639	12205.402

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	6,269.624	5,413.422	5,899.817
		(13.656)	8.985

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	6,269.624	5,413.422	5,899.817
Profit	2,612.735	2,761.090	1,975.382
	41.67%	51.00%	33.48%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS NOT AVAILABLE

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	Yes
8]	No. of employees	No
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	----------
23]	Banking Details	No
24]	Banking facility details	No
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	Yes
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

Note: The registered office of the company has been shifted from Reliance House, Near Mardia Plaza, Off C G Road, Ahmedabad - 380006, Gujarat, India to the present address w.e.f. 23.07.2011

BACKGROUND

The Company was incorporated on 24 February 1995.

The principal shareholder of the Company as at 31 March 2013 is Reliance Capital Limited.

The Company’s principal activity is to act as an investment manager to Reliance Mutual Fund (the Fund) and to provide Portfolio Management Services (PMS) to clients under Securities and Exchange Board of India (SEBI) (Portfolio Managers) Regulations, 1993. The Company is registered with SEBI under the SEBI (Mutual Funds) Regulations, 1996. The Company manages the investment portfolio of the Fund and provides various administrative services to the Fund as laid down in the Investment Management Agreement dated 12 August 1997.

FINANCIALS

The standalone and consolidated financial statements of the Company for the year ended March 31, 2013, have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956. The financial highlights (on a consolidated and standalone basis) of the Company for the year ended March 31, 2013.

In accordance with Circular No. 2/2011 dated 8^th February, 2011, issued by the Ministry of Corporate Affairs, Government of India, the Board of Directors has resolved on April 19, 2013, to accord their consent for not attaching to the Company’s annual accounts, the Balance sheets of its subsidiary companies. The Consolidated Financial Statements of the Company, along with that of its subsidiaries, for the year ended March 31, 2013 (duly audited by their respective statutory auditors) are forming part of this Annual Report.

The annual accounts of all the subsidiary companies and the related detailed information will be made available to the shareholders of the Company seeking such information at any point of time. The annual accounts of all the subsidiary companies will also be kept at the Corporate Office of the Company, for inspection by the shareholders. The Company shall furnish a hard copy of details of accounts of subsidiaries to any shareholder on demand.

Awards and Recognition

RMF received various awards and accolades during the year. Few of the prominent awards received by RMF, are listed below:

Zee Business Brand Excellence Awards

RCAM bagged 3 Awards at the Zee Business Brand Excellence Awards held in Mumbai on 22nd November 2012.

Brand Excellence Award in BFSI Sector – RCAM

Best Customer Centric Brand Award – RCAM

CEO of the year Award (Private Sector) - Sundeep Sikka

This event was organized by World Brand Congress along with Stars of the Industry Group. The Zee Business Brand Excellence Award is an independent brand recognition exercise initiated to give recognition to those brands, CEO's and marketers who have achieved extraordinary success from the innovative leadership and effective marketing practices.

Lipper Awards

In the Mixed Asset INR Aggressive

RRSF Balanced Growth ranked Best Fund for 5 year period out of 37 schemes in the class.

In the Equity India Classification –

Reliance Growth Fund ranked Best Fund for 10 year period out of 7 schemes in the category.

India Pension Fund Congress 2012

Reliance Capital Pension Fund Ltd (RCPFL, subsidiary of RCAM) won the Best Product Innovation Award in the India Pension Fund Congress 2012. This high profile event was organized by Assocham, Morningstar and Edge Advisory Services along with Investment Pension Asia. This award category had nominations from all pension fund providers in India, including insurance companies like LIC, SBI etc and the award was bagged by RCPFL.

Corporate Counsel Leadership Summit and Awards, 2013

RCAM's Legal Team was adjudged "Best In-House Legal Team of the Year" in the "Banking and Finance Sector" [Corporate Counsel Leadership Summit and Awards, 2013 held on 25th January, 2013 at Ramada Inn, Mumbai]

Legal Counsel Congress and Awards, 2013 Mr. Muneesh Sud [Head of Legal, Secretarial and Compliance] was the Runner- up in the "General Counsel of the Year" category of awards [Legal Counsel Congress and Awards, 2013 held on 8th January, 2013 at Trident, BKC, and Mumbai].

7th Social and Corporate Governance Awards

RCAM has won the Best Corporate Social Responsibility Practice Award at the 7th Social and Corporate Governance Awards at a grand function held on 18th February, 2013 at Taj Lands’ End, Mumbai.

This is in recognition of RCAMs efforts in the field of CSR.

Best Conservative Allocation Fund - Reliance Monthly Income Plan

Reliance Monthly Income Plan was awarded Category Winner: Best Conservative Allocation Fund by MORNINGSTAR at the award ceremony held on March 20, 2013

Asian L and D Leadership Awards Dubai

RCAM bagged the prestigious Asian Learning and Development Leadership Awardsfor Outstanding contribution to the cause of Learning in Dubai on 25th September, 2012 at a function held at The Taj Palace, Dubai. Many leading Indian and international organisations had participated these awards.

RCAM bagged this award in recognition of many of our best practices to develop our empanelled partners and thereby helping the cause of learning at large, besides ensuring quality and consistency in training nitiatives.

FUTURE OUTLOOK

The Indian Mutual Fund industry is growing steadily in the financial services sector with 44 AMCs currently operating in the country. The industry assets have grown at a CAGR of 24.2% since 1965 and at 22.8% in FY 2012-13, with Rs.8160000.000 Millions of assets as per quarter ended Mar 2013.

The Company continues to aggressively pursue growth opportunities in the fund management and investment advisory space, both at the domestic as well as at the international level. Given the country’s high household savings rate coupled with the current low levels of investments by retail investors where only less than 3% of the household savings are channeled into capital markets, the Company believes that the Mutual Fund Industry has a huge opportunity for growth and expansion. The Company expects that an emerging market like India would experience a sustained growth rate. Over 74% of the Industry AUM originates from the Top 5 cities which leaves untapped potential in other locations. In line with the SEBI regulations, the Company intends to improve penetration levels in Tier III, Tier IV locations and increase use of technology to improve the investor experience. Being one of the largest players in the Industry, the Company will continue investing in growing the market size, achieving product innovation, educating the investors, increasing the distribution reach and enhancing customer service infrastructure with aggressive expansion strategies.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Furniture and fixtures
Vehicles
Office equipment
Computer equipment’s
Other equipment’s
Leasehold improvements

Computer software

PRESS RELEASES

RELIANCE CAPITAL ASSET MANAGEMENT HIKES STAKE IN HT MEDIA

OCTOBER 04, 2013

Reliance Capital Asset Management has increased its stake in HT Media by 1.06 percent, by acquiring 25 lakh shares in the open market.

Reliance Capital Asset Management has increased its stake in HT Media by 1.06 percent, by acquiring 2.500 Millions shares in the open market. Reliance Capital Asset Management, which had 4.03 percent stake earlier, hiked its shareholding in the company to 5.10 percent by acquiring shares on October 1 2013, HT Media said in a filing to the BSE. During the first quarter ended June 30, 2013, HT Media reported 21 percent increase in consolidated net profit at Rs.515.800 Millions as against Rs.426.000 Millions in the same period a year ago, driven by higher revenues from advertising. Net sales during the quarter went up by 10 percent to Rs 5322.000 Millions. Advertising revenues went up by 10 percent to Rs.4095.000 Millions as against Rs 3725.000 Millions in the corresponding quarter a year ago. Also Read: Cabinet nod to Jet-Etihad stake sale deal Rel Capital stock price On November 26, 2013, at 11:18 hrs Reliance Capital was quoting at Rs 367.00, up Rs 1.90, or 0.52 percent. The 52-week high of the share was Rs 508.00 and the 52-week low was Rs 290.00. The company's trailing 12-month (TTM) EPS was at Rs 12.59 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 29.15. The latest book value of the company is Rs 467.67 per share. At current value, the price-to-book value of the company is 0.78.

RELIANCE CAPITAL ASSETS UNDER MANAGEMENT (AUM) RISE RS.70000.000 MILLIONS

Reliance Capital Asset Management today said its assets under management (AUM) have increased by Rs.70000.000 Millions in the April-June period 2013, taking the total AUM to Rs.1800000.000 Millions.

MUTUAL FUNDS

* Mutual Funds: Top Performers

Total AUM now stands over Rs.1800000.000 Millions across mutual funds, PMS, EPFO, pensions funds and offshore mandates," the company said in a statement.

During the first quarter of this fiscal year, the company registered 21 per cent increase in its average AUM in mutual funds at Rs.977710.000 Millions.

Related: Rs.250000.000 Millions to help mutual fund industry

Related: Rise in yields takes a toll on debt fund returns

"Our focus on increased retail participation and expanding our reach in Tier 2 and Tier 3 cities have helped us maintain high profitability in challenging times for the industry," Reliance Capital Asset Management (RCAM) CEO Sundeep Sikka said.

Meanwhile, the company Completed 10,000 investor awareness programmes, the highest in the industry, across the country till the first quarter of FY14.

Moreover, it has added over 1,000 distributors in its network to 41,500 distributors in the first quarter of FY14, as compared to 40,500 during the same quarter last fiscal year.

RCAM is part of Reliance Capital, one of India's largest financial services companies with over 20 million customers.

RELIANCE MF ASSETS SURPASS RS 1000000.000 MILLIONS LEVEL

New Delhi: Having regained the Rs.1000000.000 Millions level for average assets under management, leading fund house Reliance Capital Asset Management Company (RCAM) expects revival in retail investor interest in mutual funds to continue through the current fiscal and in the next year.

The average AUM of Reliance Mutual Fund, run by RCAM, grew by over Rs.92000.000 Millions in the last quarter to reach Rs.1024870.000 Millions at the end of calendar year 2013, as per latest data available with industry body AMFI (Association of Mutual Funds in India).

"Growth in average AUM is mainly due to good liquidity and higher inflows in debt funds. We have lately seen an increasing interest from retail investors in the capital market through mutual fund, which is significant as the mutual fund industry is highly under-penetrated," RCAM CEO Sundeep Sikka told PTI.

"We are confident that the revival of retail participation will continue this year and in the next fiscal," he said.

RCAM, part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital, was the first mutual fund house in India to cross the Rs.1000000.000 Millions mark in average asset under management way back in 2009. However, it had slipped below this level in July-September quarter of 2013.

While regaining this mark during the September-December quarter of 2013, Reliance MF grew more than the industry average and its market share also increased to 11.70 per cent.

Currently, there are only two fund houses in the country with average AUM of more than Rs.one lakh crore. While HDFC Mutual Fund tops the chart as the country's biggest fund house with average AUM of Rs.1089900.000 Millions, Reliance MF is ranked second among the total 44 fund houses.

When asked about the focus areas in 2014, Sikka said that Reliance MF is aiming to create wealth for investors and become a bigger retail player by expanding the market and increasing the overall customer experience.

"From the wealth creation perspective, we are trying to see that our funds across asset classes - equity, debt and gold - do well as we want to be seen as a balanced fund house across asset classes," he said.

Sikka, who is also Chairman of industry body AMFI, asked the investors to look at asset managers who have a long-term track record and not just look at short-term volatility.

"It is very important to focus on long-term performance. Short-term performance and AUMs - both are not the right barometers to judge the industry," he said.

"We aim at reaching every household in India and making mutual fund products available to one and all. We are committed to reach out to a large number of investors and confident of helping they create long-term wealth for themselves and their families," Sikka said.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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.58.75
UK Pound	1	Rs.98.77
Euro	1	Rs.80.53

INFORMATION DETAILS

Information Gathered by :	HTL

Analysis Done by :	SUB

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		63

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

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

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

RATING EXPLANATIONS

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

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

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