MIRA INFORM REPORT
|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Maker Chamber IV, 222, Nariman Point, Mumbai – 400021, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.05.1973 |
|
|
|
|
Com. Reg. No.: |
11-019786 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.32290.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L17110MH1973PLC019786 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MUMRO9795C MUMR00462A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
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. |
|
|
|
|
No. of Employees
: |
23519 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Maximum Credit Limit : |
USD 720000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a
well-established and a reputed company having excellent track record. 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.2 453.2 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 |
Commercial Paper A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
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 DENIED
Management Non-Cooperative (Tel No.: 91-22-30327000)
LOCATIONS
|
Registered
Office/ Corporate
Office : |
3rd
Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-30325000 / 30327000 / 22785000 / 22785185 |
|
Fax No.: |
91-22-22785111 /
30322268 / 22785185 |
|
E-Mail : |
|
|
Website : |
http://www.ril.com |
|
|
|
|
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 |
|
Tel. No.: |
91-22-44780912 |
|
Fax No.: |
91-22-44779050 |
|
E-Mail : |
|
|
|
|
|
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-4, 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 |
|
|
|
|
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 |
|
|
|
|
Corporate
Communication Center : |
Maker Chambers
IV, 1st Floor, Nariman Point, Mumbai – 400021, |
|
Tel No. : |
91-22-22785568 /
22785585 / 22785000 |
|
Fax No. : |
91-22-22785185 |
|
Email : |
|
|
Web Site: |
DIRECTORS
|
Name : |
Mr. Mukesh D.
Ambani |
|
Designation : |
Chairman and Managing Director |
|
Date of
Appointment: |
31.07.2002 |
|
Qualification: |
Chemical Engineer from |
|
|
|
|
Name : |
Mr. Nikhil R.
Meswani |
|
Designation : |
Executive Director |
|
Appointment: |
Since 1990 |
|
Qualification: |
Chemical Engineer |
|
|
|
|
Name : |
Mr. Hital R.
Meswani |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. P.M.S.
Prasad |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Pawan Kumar Kapil |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Ramiklal H.
Ambani |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Mansingh L.
Bhakta |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Yogendra P.
Trivedi |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Dr. Dharam Vir
Kapur |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Mahesh P.
Modi |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Prof. Ashok Mishra |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Prof. Dipak C. Jain |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
|
Date of
Appointment : |
09.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr. K. Sethuraman |
|
Designation : |
Group Company Secretary and Chief Compliance Officer |
|
|
|
|
Name : |
Mr. Kanga and Company |
|
Designation : |
Solicitors and Advocates |
|
|
|
|
Audit Committee
: |
Mr. Yogendra P.
Trivedi (Chairman) Mr. Mahesh P.
Modi Dr. Raghunath A. Mashelkar |
|
|
|
|
Corporate
Governance and Stakeholders' Interface Committee : |
Mr. Yogendra P.
Trivedi (Chairman) Mr. Mahesh P.
Modi Dr. Dharam Vir
Kapur |
|
|
|
|
Employees Stock Compensation
Committee : |
Mr. Yogendra P.
Trivedi (Chairman) Mr. Mukesh D.
Ambani Mr. Mahesh P.
Modi Prof. Dipak C.
Jain |
|
|
|
|
Finance
Committee : |
Mr. Mukesh D.
Ambani (Chairman) Mr. Nikhil R.
Meswani Mr. Hital R.
Meswani |
|
|
|
|
Health, Safety
and Environment
Committee : |
Mr. Hital R.
Meswani (Chairman) Dr. Dharam Vir
Kapur Mr. P.M.S.
Prasad Mr. Pawan Kumar
Kapil |
|
|
|
|
Remuneration
Committee : |
Mr. Mansingh L.
Bhakta (Chairman) Mr. Yogendra P.
Trivedi Dr. Dharam Vir
Kapur Dr. Raghunath A. Mashelkar |
|
|
|
|
Shareholders'/Investors' Grievance
Committee : |
Mr. Mansingh L.
Bhakta (Chairman) Mr. Yogendra P.
Trivedi Mr. Nikhil R.
Meswani Mr. Hital R.
Meswani Prof. Ashok Misra |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21172646 |
0.68 |
|
|
1322318328 |
42.37 |
|
|
120471003 |
3.86 |
|
|
120471003 |
3.86 |
|
|
1463961977 |
46.91 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
1463961977 |
46.91 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
67944728 |
2.18 |
|
|
3867753 |
0.12 |
|
|
3499565 |
0.11 |
|
|
288056126 |
9.23 |
|
|
601519844 |
19.27 |
|
|
121 |
0.00 |
|
|
964888137 |
30.92 |
|
|
|
|
|
|
131109583 |
4.20 |
|
|
|
|
|
|
325543266 |
10.43 |
|
|
26080315 |
0.84 |
|
|
350 |
0.00 |
|
|
209162296 |
6.70 |
|
|
20259502 |
0.65 |
|
|
10777559 |
0.35 |
|
|
171883624 |
5.51 |
|
|
6241611 |
0.20 |
|
|
691895810 |
22.17 |
|
Total Public
shareholding (B) |
1656783947 |
53.09 |
|
Total (A)+(B) |
3120745924 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
111155934 |
0.00 |
|
|
111155934 |
0.00 |
|
Total (A)+(B)+(C) |
3231901858 |
100.00 |
BUSINESS DETAILS
|
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. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
||||||||||||
|
|
|
||||||||||||
|
Exports : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Imports : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
|
Refining of Crude
Oil |
|
N.A. |
60 |
|
Ethylene |
MT |
N.A. |
1883400 |
|
Propylene |
MT |
N.A. |
759800 |
|
Benzene |
MT |
N.A. |
730000 |
|
Toluene |
MT |
N.A. |
197000 |
|
Xylene |
MT |
N.A. |
165000 |
|
Hydro Cynic Acid ' |
MT |
3600 |
3600 |
|
Ethane Propane
Mix |
MT |
N.A. |
450000 |
|
Caustic Soda Lye
/ Flakes |
MT |
N.A. |
168000 |
|
Chlorine |
MT |
N.A. |
141200 |
|
Acrylonitrile |
MT |
N.A. |
41000 |
|
Linear Alkyl
Benzene |
MT |
N.A. |
182400 |
|
Butadiene and
Other C4s |
MT |
N.A. |
419000 |
|
Cyclohexane |
MT |
N.A. |
40000 |
|
Paraxylene |
MT |
N.A. |
1856000 |
|
Orthoxylene |
MT |
N.A. |
420000 |
|
Toluole |
MT |
N.A. |
180000 |
|
Poly Vinyl
Chloride |
MT |
N.A. |
625000 |
|
High / Linear
Low Density Poly Ethylene |
MT |
N.A. |
11175000 |
|
High Density
Polyethylene Pipes |
MT |
N.A. |
80000 |
|
Poly Butadiene
Rubber |
MT |
N.A. |
74000 |
|
Polypropylene |
MT |
N.A. |
2685200 |
|
Mono Ethylene
Glycol |
MT |
N.A. |
733400 |
|
Higher Ethylene
Glycol |
MT |
N.A. |
52080 |
|
Ethylene Oxide |
MT |
N.A. |
116000 |
|
Purified
Terephthalic Acid |
MT |
N.A. |
2050000 |
|
Polyester
Filament Yam / Polyester Chips |
MT |
N.A. |
822725+ |
|
Polyester Staple
Fibre / Acrylic Fibre / Chips |
MT |
N.A. |
741612 |
|
Poly Ethylene
Terephthalate |
MT |
N.A. |
290,000 |
|
Polyester Staple
Fibre Fill |
MT |
N.A. |
42,000 |
|
Man-made Fibre
Spun Yarn on worsted system |
Nos |
N.A. |
24,094 |
|
Man-made fibre
on cotton system (Spindles) |
Nos |
N.A. |
23,040 |
|
Man-made Fabrics
(Looms) |
Nos |
N.A. |
263 |
|
Knitting M/C |
Nos |
22 |
20 |
|
Solar
photovoltaic modules |
M.W |
N.A. |
30 |
PRODUCTION MEANT FOR SALE (AS ON 31.03.2011)
|
Products |
Unit |
2010-11 |
|
Crude Oil |
MT |
1306057 |
|
Gas |
BBTU |
564312 |
|
Petroleum Products |
‘000 MT |
51525 |
|
Ethylene |
MT |
27 |
|
Propylene |
MT |
6895 |
|
Benzene |
MT |
605200 |
|
Toluene |
MT |
102036 |
|
Caustic Soda lye / Flakes |
MT |
128631 |
|
Acrylonitrile |
MT |
37608 |
|
Linear Alkyl Benzene |
MT |
162667 |
|
Butadiene |
MT |
96158 |
|
Cyclohexane |
MT |
46195 |
|
Paraxylene |
MT |
486896 |
|
Orthoxylene |
MT |
399831 |
|
Poly Vinyl Chloride |
MT |
630780 |
|
Polyethylene |
MT |
970017 |
|
High Density Polyethylene Pipes
|
Mtrs. In lacs |
93 |
|
Poly Butadiene Rubber |
MT |
75261 |
|
Polypropylene |
MT |
2496099 |
|
Ethylene Glycol |
MT |
265244 |
|
Purified Terephthalic Acid |
MT |
622097 |
|
Polyester Filament Yarn |
MT |
810433 |
|
Polyester Staple Fibre |
MT |
631023 |
|
Poly Ethylene Terephthalate |
MT |
352668 |
|
Polyester Staple Fibre Fill |
MT |
69614 |
|
Fabrics |
Mtrs. in Lacs |
180 |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
23519 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Notes: 1. Non-Convertible Debentures referred above to
the extent of: a) Rs.15930.000 Millions are secured by way of first mortgage / charge on the immovable properties situated at Hazira Complex and at Jamnagar Complex (other than SEZ units) of the Company. b) Rs.25000.000 Millions are secured by way of first mortgage / charge on the immovable properties situated at Jamnagar Complex (other than SEZ units) of the Company. c) Rs.13000.000 Millions are secured by way of first mortgage / charge on all the properties situated at Hazira Complex and at Patalganga Complex of the Company. d) Rs.500.000 Millions are secured by way of first mortgage / charge on certain properties situated at Ahmedabad in the State of Gujarat and on fixed assets situated at Nagpur Complex of the Company. e) Rs.300.000 Millions are secured by way of first mortgage / charge on certain properties situated at Surat in the State of Gujarat and on fixed assets situated at Allahabad Complex of the Company. f) Rs.510.000 Millions are secured by way of first mortgage / charge on movable and immovable properties situated at Thane in the State of Maharashtra and on movable properties situated at Baulpur Complex of the Company. g) Rs.5000.000 Millions are secured by way of first mortgage / charge on the immovable properties situated at Jamnagar Complex (SEZ unit) of the Company. 2. Bonds include, 5.875% Senior Perpetual Notes (the “Notes”) of Rs.43430.000 Millions. The notes have no fixed maturity date and the Company will have an option, from time to time, to redeem the Notes, in whole or in part, on any semiannual interest payment date on or after February 5, 2018 at 100% of the principal amount plus accrued interest. 3. Working capital loans are secured by hypothecation of present and future stock of raw materials, stock-in-process, finished goods, stores and spares (not relating to plant and machinery), book debts, outstanding monies, receivables, claims, bills, materials in transit, etc. save and except receivables of Oil and Gas Division. |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors 1 : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Rajendra and Company Chartered Accountants |
|
|
|
|
Auditors 3 : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Subsidiary Companies : |
·
Reliance Industrial Investments and Holdings
Limited ·
Subsidiary Companies ·
Reliance Ventures Limited ·
Reliance Strategic Investments Limited ·
Reliance Industries (Middle East) DMCC ·
Reliance Retail Limited ·
Reliance Netherlands B.V. (Liquidated on 27th
March, 2013) ·
Reliance Haryana SEZ Limited ·
Reliance Fresh Limited ·
Retail Concepts and Services (India) Limited ·
Reliance Retail Insurance Broking Limited ·
Reliance Dairy Foods Limited ·
Reliance Exploration & Production DMCC ·
Reliance Retail Finance Limited ·
RESQ Limited ·
Reliance Commercial Associates Limited ·
Reliancedigital Retail Limited ·
Reliance Financial Distribution and Advisory
Services Limited ·
RIL (Australia) Pty Limited ·
Gapco Kenya Limited ·
Gapco Rwanda Limited ·
Gapco Tanzania Limited ·
Gapco Uganda Limited ·
Gapoil (Zanzibar) Limited ·
Gulf Africa Petroleum Corporation ·
Transenergy Kenya Limited ·
Recron (Malaysia) Sdn Bhd ·
Reliance Payment Solutions Limited ·
Reliance Brands Limited ·
Reliance Footprint Limited ·
Reliance Trends Limited ·
Reliance Lifestyle Holdings Limited ·
Reliance Universal Ventures Limited ·
Delight Proteins Limited ·
Reliance Autozone Limited ·
Reliance F andB Services Limited ·
Reliance Gems and Jewels Limited ·
Reliance Integrated Agri Solutions Limited ·
Strategic Manpower Solutions Limited ·
Reliance Agri Products Distribution Limited ·
Reliance Digital Media Limited ·
Reliance Food Processing Solutions Limited ·
Reliance Home Store Limited ·
Reliance Leisures Limited ·
Reliance Loyalty and Analytics Limited ·
Reliance Retail Securities and Broking Company
Limited ·
Reliance Supply Chain Solutions Limited ·
Reliance Trade Services Centre Limited ·
Reliance Vantage Retail Limited ·
Wave Land Developers Limited ·
Reliance-GrandOptical Private Limited ·
Reliance Universal Commercial Limited ·
Reliance Petroinvestments Limited ·
Reliance Global Commercial Limited ·
Reliance People Serve Limited ·
Reliance Infrastructure Management Services
Limited ·
Reliance Global Business B.V. ·
Reliance Gas Corporation Limited ·
Reliance Global Energy Services Limited ·
Kanhatech Solutions Limited ·
Reliance Global Energy Services (Singapore) Pte.
Limited ·
Reliance Personal Electronics Limited ·
Reliance Polymers (India) Limited ·
Reliance Polyolefins Limited ·
Reliance Aromatics and Petrochemicals Limited ·
Reliance Energy and Project Development Limited ·
Reliance Chemicals Limited ·
Reliance Universal Enterprises Limited ·
Reliance Review Cinema Limited ·
Reliance Replay Gaming Limited ·
Two sisters Foods India Limited ·
International Oil Trading Limited (Liquidated on
7th February 2013) ·
RIL USA Inc. ·
Reliance Commercial Land and Infrastructure
Limited ·
Reliance Corporate IT Park Limited ·
Reliance Eminent Trading and Commercial Private
Limited ·
Reliance Progressive Traders Private Limited ·
Reliance Prolific Traders Private Limited ·
Reliance Universal Traders Private Limited ·
Reliance Prolific Commercial Private Limited ·
Reliance Comtrade Private Limited ·
Reliance Ambit Trade Private Limited ·
Reliance Petro Marketing Limited ·
LPG Infrastructure (India) Limited ·
Reliance Corporate Centre Limited ·
Reliance Convention and Exhibition Centre Limited ·
Central Park Enterprises DMCC ·
Reliance International B. V. ·
Reliance Corporate Services Limited ·
Indiawin Sports Private Limited ·
Reliance Holding USA Inc. ·
Reliance Marcellus LLC ·
Reliance Jio Infocomm Limited ·
Reliance Strategic (Mauritius) Limited ·
Reliance Eagleford Midstream LLC ·
Reliance Eagleford Upstream LLC ·
Reliance Eagleford Upstream GP LLC ·
Reliance Eagleford Upstream Holding LP ·
Mark Project Services Private Limited ·
Reliance Energy Generation and Distribution
Limited ·
Reliance Marcellus II LLC ·
Reliance Security Solutions Limited ·
Reliance Industries Investment and Holding
Limited ·
Reliance Office Solutions Private Limited ·
Reliance Style Fashion India Private Limited ·
GenNext Innovation Ventures Limited ·
Reliance Home Products Limited ·
Infotel Telecom Limited ·
Reliance Styles India Limited ·
Rancore Technologies Private Limited ·
Omni Symmetry LLC ·
Reliance Sibur elastomers Private Limited ·
Surela Investment and Trading Private Limited ·
Model Economic Township Limited ·
Delta Corp East Africa Limited ·
Delta Square Limited ·
Kaizen Capital LLP ·
Affinity Names Inc ·
Reliance USA Gas Marketing LLC ·
Reliance Aerospace Technologies Limited ·
Reliance Gas Pipelines Limited ·
Achman Commercial Private Limited ·
Reliance Jio Infocomm Pte Limited ·
Reliance do Brasil Industria e Comercio de
Produtos Texteis, ·
Quimicos, Petroquimicos e Derivados Ltda. ·
Reliance Hyper Realty Limited (amalgamated with Reliance Commercial Land
and Infrastructure Limited w.e.f. 01.04.2012) ·
Reliance Commercial Realty Assets Limited (amalgamated with Reliance Commercial Land
and Infrastructure Limited w.e.f. 01.04.2012) ·
Reliance Oil and Gas Mauritius Limited (amalgamated
with Reliance Energy Generation and Distribution Limited w.e.f. 01.04.2012) ·
Reliance Exploration and Production Mauritius
Limited (amalgamated with Reliance Energy Generation and Distribution Limited
w.e.f. 01.04.2012) |
|
|
|
|
Associates : |
·
Reliance Industrial Infrastructure Limited ·
Reliance Europe Limited ·
Reliance LNG Limited ·
Indian Vaccines Corporation Limited ·
Gujarat Chemical Port Terminal Company Limited ·
Reliance Utilities and Power Private Limited ·
Reliance Utilities Private Limited ·
Reliance Ports and Terminals Limited ·
Reliance Gas Transportation Infrastructure
Limited ·
Reliance Commercial Dealers Limited |
|
|
|
|
Enterprises over which Key Managerial Personnel are able to exercise
significant influence : |
·
Dhirubhai Ambani Foundation ·
Jamnaben Hirachand Ambani Foundation ·
Hirachand Govardhandas Ambani Public Charitable
Trust ·
HNH Trust and HNH Research Society ·
Reliance Foundation |
CAPITAL STRUCTURE
After 06.06.2013
Authorised Capital : Rs.60000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.32309.826
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 |
|
|
|
|
|
|
3228663382 |
Equity Shares |
Rs.10/- each |
Rs.32290.000 Millions |
1. 1626793078 Shares were allotted as Bonus Shares in the last five years by capitalisation of Securities Premium and Reserves.
2. 69252623 Shares were allotted in the last five years pursuant to the various Schemes of amalgamation without payments being received in cash.
3. 450427345 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. 171883624 Shares held by Subsidiaries do not have voting rights and are not eligible for Bonus Shares
5. 46246280 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 |
257759467 |
7.98 |
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 |
3271059340 |
|
Add : Shares issued on exercise of employee stock options |
186891 |
|
Less : Shares cancelled on buy back of Equity Shares |
42582849 |
|
Equity Shares at the end of the year |
3228663382 |
8. The Company has reserved issuance of 133743590 (Previous year 133930481) 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 not granted any options to the eligible employees [Previous year 68,817 options, which includes 4,100 options at a price of Rs.972 per option, 18,000 options at a price of Rs.871 per option, 23,717 options at a price of Rs.847 per option, 15,000 options at a price of Rs.765 per option and 8,000 options at a price of Rs.715 per option plus all applicable taxes, as may be levied in this regard on the Company]. The options would vest over a maximum period of 7 years or such other period as may be decided by the Employees Stock Compensation Committee from the date of grant based on specified criteria.
LISTING DETAILS:
|
|
BSE : 500325 NSE : RELIANCE |
|
Stock Exchange Place : |
· Bangalore Stock Exchange Limited · Calcutta Stock Exchange Association Limited · Cochin Stock Exchange Limited · Delhi Stock Exchange Assoc. Limited · Hyderabad Stock Exchange Limited · Inter-connected Stock Exchange of India · Jaipur Stock Exchange Limited · Ludhiana Stock Exchange Assoc. Limited · Madras Stock Exchange Limited, · MCX Stock Exchange · National Stock Exchange of India Limited · Over The Counter Exchange of India Limited · The Stock Exchange, Mumbai · Uttar Pradesh Exchange Assoc Limited |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
32290.000 |
32710.000 |
32730.000 |
|
(b) Reserves & Surplus |
1767660.000 |
1628250.000 |
1482670.000 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
250.000 |
0.000 |
90.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1800200.000 |
1660960.000 |
1515490.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
430120.000 |
480340.000 |
511240.000 |
|
(b) Deferred tax liabilities (Net) |
121930.000 |
121220.000 |
115620.000 |
|
(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) |
552050.000 |
601560.000 |
626860.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
115110.000 |
105930.000 |
123040.000 |
|
(b) Trade payables |
457870.000 |
403240.000 |
348440.000 |
|
(c) Other current liabilities |
216400.000 |
137130.000 |
187350.000 |
|
(d) Short-term provisions |
43480.000 |
42580.000 |
46010.000 |
|
Total Current
Liabilities (4) |
832860.000 |
688880.000 |
704840.000 |
|
|
|
|
|
|
TOTAL |
3185110.000 |
2951400.000 |
2847190.000 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
829620.000 |
880010.000 |
930840.000 |
|
(ii) Intangible Assets |
267860.000 |
257220.000 |
496230.000 |
|
(iii) Capital work-in-progress |
135250.000 |
36950.000 |
27590.000 |
|
(iv) Intangible assets under development |
55910.000 |
40590.000 |
94690.000 |
|
(b) Non-current Investments |
241430.000 |
269790.000 |
232090.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
215280.000 |
143400.000 |
106980.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1745350.000 |
1627960.000 |
1888420.000 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a) Current investments |
283660.000 |
270290.000 |
144430.000 |
|
(b) Inventories |
427290.000 |
359550.000 |
298250.000 |
|
(c) Trade receivables |
118800.000 |
184240.000 |
174420.000 |
|
(d) Cash and cash equivalents |
495470.000 |
395980.000 |
271350.000 |
|
(e) Short-term loans and advances |
109740.000 |
110890.000 |
68330.000 |
|
(f) Other current assets |
4800.000 |
2490.000 |
1990.000 |
|
Total Current
Assets |
1439760.000 |
1323440.000 |
958770.000 |
|
|
|
|
|
|
TOTAL |
3185110.000 |
2951400.000 |
2847190.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3602970.000 |
3299040.000 |
2481700.000 |
|
|
|
Other Income |
79980.000 |
61920.000 |
30520.000 |
|
|
|
TOTAL (A) |
3682950.000 |
3360960.000 |
2512220.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3061270.000 |
2748140.000 |
1932340.000 |
|
|
|
Purchases of stock-in-trade |
5020.000 |
14410.000 |
14640.000 |
|
|
|
Changes in inventories of finished goods, stock-in-process and stock-in-trade |
(33170.000) |
(8720.000) |
(32430.000) |
|
|
|
Employee benefits expense |
33540.000 |
28620.000 |
26240.000 |
|
|
|
Other expenses |
228440.000 |
180400.000 |
159650.000 |
|
|
|
TOTAL (B) |
3295100.000 |
2962850.000 |
2100440.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
387850.000 |
398110.000 |
411780.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30360.000 |
26670.000 |
23280.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
357490.000 |
371440.000 |
388500.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
94650.000 |
113940.000 |
136080.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
262840.000 |
257500.000 |
252420.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
52810.000 |
57100.00 |
49560.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
210030.000 |
200400.000 |
202860.000 |
|
|
|
|
|
|
|
|
|
Add |
On Amalgamation |
11160.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
76090.000 |
65140.000 |
50000.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to General Reserve |
180000.000 |
160000.000 |
160000.000 |
|
|
|
Transferred to Capital Redemption Reserve on buy back of Equity Shares |
430.000 |
40.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
26280.000 |
25310.000 |
23850.000 |
|
|
|
Tax on Dividend |
4470.000 |
4100.000 |
3870.000 |
|
|
BALANCE CARRIED
TO THE B/S |
86100.000 |
76090.000 |
65140.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value for Exports |
2278830.000 |
1982690.000 |
1405461.500 |
|
|
|
Interest Earnings |
20.000 |
10.000 |
69.800 |
|
|
|
Other Earnings |
2070.000 |
2040.000 |
44.800 |
|
|
TOTAL EARNINGS |
2280920.000 |
1984740.000 |
1405576.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Stock-in-Trade |
2817190.000 |
2542480.000 |
1749143.900 |
|
|
|
Stores, Chemicals and Packing Materials |
32600.000 |
31200.000 |
20505.000 |
|
|
|
Capital goods |
22040.000 |
3250.000 |
5018.300 |
|
|
TOTAL IMPORTS |
2871830.000 |
2576930.000 |
1774667.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
64.82 |
61.21 |
62.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.70 |
5.96 |
8.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.30 |
7.81 |
10.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.55 |
9.89 |
10.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.16 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.30 |
0.35 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73 |
1.92 |
1.36 |
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 |
32730.000 |
32710.000 |
32290.000 |
|
Reserves & Surplus |
1482670.000 |
1628250.000 |
1767660.000 |
|
Share Application money
pending allotment |
90.000 |
0.000 |
250.000 |
|
Net
worth |
1515490.000 |
1660960.000 |
1800200.000 |
|
|
|
|
|
|
long-term borrowings |
511240.000 |
480340.000 |
430120.000 |
|
Short term borrowings |
123040.000 |
105930.000 |
115110.000 |
|
Total
borrowings |
634280.000 |
586270.000 |
545230.000 |
|
Debt/Equity
ratio |
0.419 |
0.353 |
0.303 |
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 |
2,481,700.000 |
3,299,040.000 |
3,602,970.000 |
|
|
|
32.935 |
9.213 |
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
|
2,481,700.000 |
3,299,040.000 |
3,602,970.000 |
|
Profit |
202,860.000 |
200,400.000 |
210,030.000 |
|
|
8.17% |
6.07% |
5.83% |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter 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/408/2014 |
Filing Date:- |
12/02/2014 |
|||
|
|
||||||
|
Petitioner:- |
THE COMMISSIONER OF INNCOME TAX (LARGE TAX PAYER UNIT) |
Respondent:- |
RELIANCE
INDUSTRIES LIMITED |
|||
|
Petn.Adv:- |
A R MOLHOTRA (0) |
Resp. Adv.: |
RAJ BANSHILAL DARAK (0) |
|||
|
District:- |
MUMBAI |
|||||
|
|
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
|||
|
Status:- Pre-Admission |
||||||
|
Last Date:- |
20/02/2014 |
Stage:- |
|
|||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|||||
|
Act :- |
Income Tax Act, 1961 |
Under Section:- 260A |
||||
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term
Borrowings |
|
|
|
Bonds |
90660.000 |
45640.000 |
|
Term Loans- from banks |
319510.000 |
372690.000 |
|
Deferred payment liabilities |
60.000 |
90.000 |
|
Short Term
Borrowings |
|
|
|
Other Loans and
Advances |
|
|
|
From Banks |
|
|
|
Foreign Currency Loans - Buyers/Packing credit |
109780.000 |
97360.000 |
|
Rupee Loans |
1000.000 |
1000.000 |
|
Total |
521010.000 |
516780.000 |
RESULTS OF OPERATIONS
The global economy in the Financial Year (FY) 2012-13 improved slowly, but was short on expectations. Several
European economies experienced recession due to high unemployment, banking fragility, fiscal tightening and sluggish growth. The U.S. economy improved marginally, driven mainly by housing and the consumer sectors; however, capital investments remained sluggish. Among the Asian economies, China going through a political transition, experienced considerably slow growth. Deceleration in industrial output and exports weakened India’s economic growth significantly.
FY 2012-13 proved to be a challenging year amidst global economic uncertainties and disturbances in many parts of the world. Despite these constraints and challenging environment, the Company performed reasonably well and the highlights of the performance are as under:
· Revenue from operations increased by 9.2% to Rs.3711190.000 Millions ($68.4 billion)
· Exports increased by 15% to Rs.2392260.000 Millions ($ 44.1 billion)
· PBDIT decreased by 2.6% at Rs.387850.000 Millions ($ 7.1 billion)
· Profit Before Tax increased by 2.1% at Rs.262840.000 Millions ($ 4.8 billion)
· Cash Profit was at Rs.305050.000 Millions ($ 5.6 billion)
· Net Profit increased by 4.8% to Rs.210030.000 Millions ($3.9 billion)
· Gross Refining Margin was $ 9.2 / bbl for the year ended March 31, 2013
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. 289500.000 Millions ($ 5.3 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 eighth consecutive year. The company was ranked 99th based on sales and 130th based on profits.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
OVERVIEW
The global economy in FY 2012-13 improved slowly and did not recover to the extent anticipated in the beginning of the year. Several European economies experienced recession due to high unemployment, banking fragility, fiscal tightening and sluggish growth. The U.S. economy improved marginally, driven mainly by housing and the consumer sectors; however, capital investments remained sluggish. Among the Asian economies, China, going through a political transition, experienced considerably slower growth. Deceleration in industrial output and exports weakened India’s economic growth significantly. The weak macro environment and slower growth caused the margin environment to remain volatile with downward bias.
Oil demand increased by 0.9 MMBPD in 2012. Eurozone’s recession and emerging markets slowdown weakened global economy, which in turn, impacted demand growth. Increased production, particularly in North America and Iraq, helped meet this demand, partly offset by decreasing supply from some Middle Eastern countries, especially Iran and Syria. The average Brent crude oil price increased marginally in 2012 to reach $111.6 per barrel.
Reliance Industries Limited. (RIL) demonstrated its ability to perform in this challenging environment and enhanced its revenues by 9.2% to Rs. 3711190.000 Millions and profits by 4.8% to Rs. 210030.000 Millions. RIL achieved record exports (15% higher) at Rs. 2392260.000 Millions, as against Rs. 2080420.000 Millions in FY 2011-12. RIL’s consolidated revenue from operations for the year ended March 31, 2013 was Rs. 3970620.000 Millions, an increase of 10.8% on a year on year (Y-o-Y) basis.
RIL’s KG-D6 facility, completing four years of operations, produced 3.31 million barrels (MMBL) of crude oil and condensate and 336 billion cubic feet (BCF) of natural gas. In the downstream segments, RIL maintained operating rates over 100% in the refining and petrochemicals businesses. The Company processed a record 68.5 million tonnes (MMT) of crude at its Jamnagar refinery complex. RIL’s performance can be attributed to its strong integrated business model, wide product portfolio and increasing demand for its products. RIL’s facilities continued to deliver operating excellence and this is a true testimony of the quality of its manufacturing assets and human talent. RIL was featured in the Fortune Global 500 list of the world’s largest corporations for the eighth consecutive year. It was ranked 99th based on sales and 130th based on profits.
RIL-BP Partnership
In its second year of the partnership, RIL and BP combined their expertise in deepwater exploration and development and operations in India. Both the teams worked closely to understand the complex geology of the east-coast of India including KG-D6 block. The efforts are on, to map out an exploration and development campaign that will efficiently target high quality prospects in deeper zones and optimize existing as well as future development plans.
The Company is creating a projects pipeline for the next wave of oil and gas development, which includes satellite discoveries in KG-D6 block. Under the block’s enhancement plan, the Company aims to invest in a series of projects to develop around 4 trillion cubic feet (TCF) of discovered natural gas resources over the next 3-5 years. These project implementations in the KG-D6 enhancement plan are subject to the timely regulatory and Government approvals. At current international Liquefied Natural Gas (LNG) prices, it would cost over $ 50 billion to import this gas volume into India. Gas from these projects will deliver energy to millions of Indians and would significantly help India reduce import dependence.
FINANCIAL PERFORMANCE
The net profit for FY 2012-13 was at Rs. 210030.000 Millions ($ 3.9 billion) with a compounded annual growth rate (CAGR) of 18% over the past 10 years. RIL has announced a dividend of 90% amounting to Rs. 30920.000 Millions ($ 570 million), including dividend distribution tax. This is the highest pay-out ever by RIL and in line with its prudent distribution commitment.
Highlights of RIL’s consolidated performance for the year are as follows:
· Revenue from operations increased by 10.8% to Rs. 3970620.000 Millions ($ 73.1 billion)
· PBDIT increased by 0.5% to Rs. 409120.000 Millions ($ 7.5 billion)
· Profit Before Tax increased by 3.2% to Rs. 261500.000 Millions ($ 4.8 billion)
· Cash Profit decreased by 1.5% to Rs. 321150.000 Millions ($ 5.9 billion)
· Net Profit increased by 5.9% to Rs. 208790.000 Millions ($ 3.8 billion)
RIL continued to play a pivotal role in the growth of India’s economy. It accounted for:
· 14% of country’s exports (RIL exports at $ 44.1 billion)
· 4.8% of indirect tax revenues
· 4% of total market capitalisation
· Weightage of 8.6% in the Bombay Stock Exchange (BSE) Sensex
· Weightage of 7.0% in the National Stock Exchange (NSE) Nifty
FINANCIAL REVIEW
RIL delivered superior financial performance with improvements across key parameters. RIL achieved a Revenue from operations for the year ended 31st March 2013 of Rs. 371,119 Millions ($ 68.4 billion), an increase of 9.2% on a Y-o-Y basis. The Refining business revenues increased by 11.6%, Petrochemicals by 9.3% while Oil and Gas revenues decreased by 35.2% on account of lower production. Higher prices accounted for 11.0% growth in revenue which was partly offset by the decrease in volumes by 1.8%. Exports were higher by 15.0% at Rs. 2392260.000 Millions ($ 44.1 billion) as against Rs. 2080420.000 Millions in FY 2011-12.
Higher crude oil prices increased raw materials consumption by 11.4% to Rs. 3061270.000 Millions ($ 56.4 billion) on a Y-o-Y basis.
Employee costs were at Rs. 33540.000 Millions ($ 618 million) for the year as against Rs. 28620.000 Millions in the previous year. Other expenditure increased by 26.6% from Rs. 180400.000 Millions to Rs. 228440.000 Millions ($ 4.2 billion) primarily due to higher expenses on account of power and fuel, selling and distribution, sales tax, professional fees and repairs.
Operating profit before other income and depreciation decreased by 8.4% from Rs. 336190.000 Millions to Rs. 307870.000 Millions ($ 5.7 billion) due to reduction in oil and gas and petrochemicals earnings, partially offset by higher operating profit from refining. Net operating margin was lower at 8.5% as compared to 10.2% on a Y-o-Y basis due to lower production of oil and gas and weaker petrochemicals business margins.
Other income was higher at Rs. 79980.000 Millions ($ 1.5 billion) as against Rs. 61920.000 Millions primarily due to an increase in cash flows from operations that were deployed in bank deposits, mutual funds and Government securities / bonds.
Depreciation (including depletion and amortisation) was lower by 16.9% at Rs. 94650.000 Millions ($ 1.7 billion) against Rs. 113940.000 Millions in FY 2011-12. This was primarily due to lower production of oil and gas.
Interest cost was higher at Rs. 30360.000 Millions ($ 559 million) as against Rs. 26670.000 Millions in FY 2011-12 principally due to higher foreign currency borrowings and depreciation of the Indian rupee. This resulted in gross interest cost being higher at Rs. 34210.000 Millions ($ 630 million) as against Rs. 30970.000 Millions in FY 2011-12. Interest capitalised was lower at Rs. 3850.000 Millions ($ 71 million) as against Rs. 4300.000 Millions.
Profit after tax for the year was at Rs. 21,003 Millions ($ 3.9 billion) as against Rs. 20,040 Millions in the previous year.
Basic EPS for the year was Rs. 64.8 ($ 1.2) as compared to Rs. 61.2 in the previous year.
RIL’s consolidated revenue from operations for FY 2012-13 was Rs. 3970620.000 Millions ($ 73.1 billion), an increase of 10.8% on a Y-o-Y basis. Profit after tax was at Rs. 208790.000 Millions ($ 3.8 billion), an increase of 5.9% as against Rs. 19,724 Millions in the previous year. Basic EPS for the year was at Rs. 70.7 ($ 1.3), as against Rs. 66.2 in the previous year.
The Company is debt-free on a net basis as on March 31, 2013. Return on capital employed was at 11.2% and return on equity was at 12.8%.
RIL bought and extinguished 42,582,849 equity shares for a sum of Rs. 30440.000 Millions during the year. The Company cumulatively bought and extinguished 46,246,280 equity shares at a total cost of Rs. 33660.000 Millions under the buy- back scheme.
The net addition to fixed assets for FY 2012-13 was Rs. 190410.000 Millions ($ 3.5 billion) including an addition of Rs. 19420.000 Millions on amalgamation of Reliance Jamnagar Infrastructure Limited. Capital expenditure was incurred principally on account of on-going expansion projects at Jamnagar, Dahej, Silvassa and Hazira.
During the year, a total of Rs. 289500.000 Millions ($ 5.3 billion) was contributed in the form of taxes and duties. RIL maintained its status as India’s largest exporter. The exports, including deemed exports, were at Rs. 2392260.000 Millions ($ 44.1 billion) as against Rs. 2080420.000 Millions in the previous year.
RIL exported to 116 countries around the world. The exports represent 64% of the RIL’s turnover. Petroleum products constituted 89% of exports value, while the balance was contributed by petrochemicals.
BUSINESS PERFORMANCE
OIL AND GAS
EXPLORATION AND PRODUCTION
BUSINESS
Business Environment
- Global
In 2012, crude oil prices averaged $ 111.6/bbl, while Asian LNG prices averaged $ 15.1/MMBTU. Oil prices remained high as 2012 demand increased by 0.9 MMBPD while non OPEC supply increased only by 0.60 MMBPD which increased the call on OPEC in 2012.
In the year 2013, the incremental oil demand may only be 0.8 MMBPD as per the IEA Oil Market Report dated March 2013 taking the cumulative demand to 90.6 MMBPD for 2013. However, incremental non-OPEC supply would be 1.1 MMBPD due to rise in production from North American shale oil, Iraq and Canadian oil sands, offsetting declines elsewhere in the non-OPEC regions.
Upstream oil and gas investment for 2012 was estimated at about $ 620 billion - higher by 8% than in 2011 and 20% than in 2008 (Source: EIA’s World Energy Outlook 2012). The increased spending reflects a combination of improved returns, spurred by higher oil prices and rising costs of current and planned projects. Despite signs of declining cost inflation with easing global commodity prices, deep and ultra-deep-water rig rates stayed high, even exceeding $ 650,000/day and the subsea market remained tight.
Global LNG prices remained buoyant due to increasing demand in LNG mainly in Japan, China, India and South America contributing to the market tightness. Supply was constrained by maintenance and unscheduled interruptions on existing liquefaction plants, as well as lower-than-expected capacity additions, with only onenew train Pluto in Australia coming into service.
US gas prices rallied to over $ 4/MMBTU in recent months. The strength in the current rally may be sustained, as the US considers policy moves allowing LNG exports, coal-fired power plants shutdown due to proposed environmental regulations and the planned conversion of the truck and rail engine fleets into CNG.
RIL: Portfolio
Overview
Through continuous assessment of its portfolio in terms of prospectivity and risk profile, RIL rationalises its portfolio focusing on monetising and maximising value. RIL’s upstream business has been restructured into different sectors i.e., Conventional, CBM and Shale Gas. In this way the risks and dynamics of each sector are clearly understood and distinctly managed to maximise value and growth.
Coal Bed Methane
(CBM):
RIL currently holds two CBM blocks (Sohagpur East and Sohagpur West) in India which are in an early stage of development.
North America Shale
Gas:
RIL has three JVs, with Pioneer Natural Resources, Carrizo Oil and Gas and Chevron. Apart from this, the Company has a successful midstream joint venture (JV) with Pioneer Natural Resources that caters primarily to the gathering and transportation needs of Pioneer upstream JV.
Pioneer JV Highlights
Pioneer Upstream JV operated with 10 rigs, drilled 133 wells and put 135 wells on production during the year. Producing well count jumped from 111 in December 2011 to 246 by December 2012, thus enabling strong growth in production volumes. Reliance’s share of production (gross) at 11.83 MMBOE reflected a growth of 137% over 2011 levels. Share of liquids remained high at 62% in 2012.
Proved reserves more than doubled from 527 BCFe in 2011 to 1.08 TCFe in 2012. With regular pad drilling, closer spacing is getting established and more Proved Undeveloped (PUD) reserves are added. It is anticipated that Proved Developed Producing (PDP) reserve would increase further, as active pursuit of choke management is arresting declines and maintaining higher yields.
Reliance has now developed a good understanding of heterogeneity of the play with sweet spots and marginal areas, which has helped in high-grading of development activities. Remarkable improvement in drilling efficiencies and completion costs helped the JV to more than offset the impact of industry service cost inflation. Increased use of pad drilling, zipper fraccing and use of sand as proppant as well as benefits of other ongoing initiatives should help reduce unit FandD costs in the future.
Carrizo JV Highlights
Despite a slow start, Carrizo JV attainted significant growth momentum in 2012. JV drilled 37 wells and put 30 on production during the year. Producing a well count of 38 reflects a growth of 375% Y-o-Y. Net proved reserves more than tripled to 234 BCFe in 2012. Exit rate of production at 106 MMCFD in December 2012, compares impressively with 18 MMCFD achieved in December 2011.
JV is pursuing paced development in view of the challenging pricing environment, but remains focused on expedited development of North Eastern Pennsylvania (NEPA) acreages. NEPA acreages are in the sweet spot of the Marcellus play and the performance of NEPA wells has been encouraging, with a much lesser decline thus offer superior economics. JV made significant progress in its appraisal efforts for the C-counties (85% of JV acreages). Results of the appraisal activity are being studied. In the interim, JV would pursue cost-effective lease renewal strategy towards retaining optionality on the acreages.
Chevron JV Highlights
Chevron JV gained development momentum during the second half, though suffered initially on account of continued delay in the availability of midstream infrastructure during the first half of the year. Midstream availability improved considerably during second half of the year.
JV drilled 85 wells and put 63 on production during the year. Cumulatively the number of producing wells was impressive at 101 in December 2012, reflecting a growth of 166% Y-o-Y. Exit rate of production at 185 MMCFD in December 2012, reflects a growth of 143% over 76 MMCFD achieved in December 2011. Net proved reserves nearly tripled to 542 BCF in 2012. Well performance has varied and reflected heterogeneity and geological complexity of the acreage.
Cost reduction efforts yielded limited success. JV realized some cost savings in procurement and rig mob/demob operations, but their impact were masked by higher well pad construction costs in the difficult terrains. Focus in the areas of pad optimisation, facility standardisation, central water impoundment and supply chain management are expected to yield lower costs in the coming year. Enhanced focus on development optimisation, drilling efficiency improvement, water management, adoption of zipper frac and other completion cost reduction initiatives are expected to yield desired reduction in well costs over the next three years.
JV is pursuing paced development in view of the challenging pricing environment and remains focused on 6.0 BCF dry gas areas while retaining optionality on acreages through low cost lease renewals and their expedited development with any improvement in market conditions.
RIL E and P Outlook
By the end of 2012, fields in the KG-D6 block had produced 2 TCF of gas and 22 million barrels of oil, creating unprecedented value for the Nation through nearly $ 35 billion in energy import savings. In partnership with BP, RIL plans to become a major player across the gas value chain in India. The JV has made significant progress towards finding new resources through exploration by identifying new prospects in its deepwater acreages in the East Coast. Further, the JV through extensive efforts is poised to unlock value from its existing discovered resource base by advancing its planning for the next wave of projects in KG-D6 and NEC-25.
RIL’s CBM block continues to make steady progress towards developing the Sohagpur East and West blocks to produce first gas by FY 2014-15.
Reliance expects to see continued growth momentum in the shale business during FY 2013-14. Natural gas prices have improved in recent weeks, crossing the $ 4/MMBTU. While oil price outlook is stable, NGL prices remain under pressure on continued supply side pressures. Well costs remain stable as benefits of ongoing cost and efficiency improvements are partly offset by inflation in service costs.
Reliance remains focused on liquid-rich development activities at the Eagle Ford JV and paced development in its Marcellus JVs. Optimising HBP (Held by Production) efforts and pursuing cost effective lease renewal for retaining optionality on resources is the common theme across JVs. In future, the Company will continue to focus on efficiency improvement and cost reduction, optimizing netback through enriched product and customer mix, as well as high grading of development to ensure superior return on incremental capital spending.
To complement the existing asset base, RIL continues to look at new opportunities globally that are a strategic fit with capabilities and integrated petroleum value chain. In the upstream business, RIL aspires to:
· Become a global top 10 independent hydrocarbon producer through significant and sustainable value creation
· Be India’s top player across the gas value chain
· Responsible operations from an environment and people perspective
· Have best in class people, processes and technology
· Be recognised as a “Partner of Choice” for its stakeholders
The chief enablers for the business model to achieve the above aspiration would be:
· To grow profitably, organically or inorganically, while strengthening its Indian and international positions
· Continued integrated presence across upstream, midstream infrastructure and downstream
· Implementing Centres of Excellence and partnership models to bring and help adopt best processes, technologies and people globally
RIL Performance
Overall, RIL’s refining business had a record financial performance for FY 2012-13 with Gross Refining Margin (GRM) averaging $ 9.2/ bbl, as against $ 8.6/ bbl in FY 2011-12. Though the refining margins remained weak in the first half, margins strengthened in the second half with weakness in fuel oil cracks widening the light heavy differentials and supporting complex refining margins. The margins were also supported by unplanned refinery outages in the second half of the year.
RIL’s refineries continue to outperform their global peers, given their competitive strength to process challenged feedstock and produce clean fuels, at low operating costs.
Total exports of refined products from both refineries reached $ 39.3 billion during the year, as compared to $ 36.0 billion in the previous year. Exports of refined products were 41.2 MMT as compared to 39.6 MMT during the same period last year.
Global PET Scenario
The US and European discretionary spending reduction and poor weather conditions, impacted PET bottles demand.
Prices in FY 2012-13 declined 11% to $ 1450/MT. Further delta declined 25% to $ 167/MT due to bearish sentiments and the rapid capacity build-up. During the year, global PET capacity grew 9% to 22 MMT, with production rising by only 6% to 18 MMT. China alone accounted for 46% of the capacity growth. The large capacity build up in China forced many producers to reduce operating rates and cut down inventory in the second half of the year.
Global Cotton Scenario
Global cotton production in the 2012-2013 cotton year surpassed consumption, leading to closing stocks reaching historical high. Record Chinese strategic cotton reserve procurement helped stabilise both Chinese and global
cotton prices. Moreover, procurement prices, fixed by China Reserve, were substantially higher than the international rates, putting pressure on the competitiveness of the Chinese spinners.
By the end of the 2012-13 cotton season, China is estimated to have about 10 MMT closing stock which translates to over 50% of the global stocks and almost a year’s Chinese domestic consumption.
OUTLOOK
Global textile fibre industry is expected to grow 24 MMT by 2020 to 105 MMT. Of this polyester will account for over 68% of global demand growth. India is poised to strengthen its global foothold with polyester production share rising to 10% of global volume from the current 8%.
The global PET industry is likely to witness capacity growth of 10 MMT by 2015 to about 32 MMT. With supplies likely to remain above incremental demand, utilisation rates are expected to remain under pressure in the medium term.
For feedstock, tight PX market conditions are likely to continue till 2014 until planned capacity additions are executed. The year 2015 would witness PX capacity growth of 12 MMT over 2012. Operating rates are expected to be maintained above 80%. PTA markets will continue to witness oversupply, with excess capacities likely to make China self-sufficient in the next two years.
China is likely to emerge as a major influence in the global MEG markets by 2015 with 85% of global MEG expansions. Any issue in the operational success of MEG manufactured from the planned coal-based DMO process, would lead to product shortage and impact prices.
India’s all fibre textile mill consumption is likely to grow at a 5.2% CAGR between 2012 and 2020 to 12.3 MMT.
The CAGR growth for the demands for PFY and PSF are expected to be 8.6% and 5.4%, respectively. Polyester is likely to account for a major 60% of incremental domestic fibre demand between 2012 and 2020.
As per Technopak projections, India’s total textile and apparel market size (domestic and export), estimated at $ 89 billion in 2011, is projected to grow at a 9% CAGR to reach $ 223 billion by 2021.
The domestic textile and apparel market size was $ 58 billion in 2011 and is projected to grow to $ 141 billion by 2021. The key growth segments are technical textiles which is likely to see a 10% CAGR, followed by 9% in apparels and 8% in home textiles.
Future Outlook
The Indian retail sector is expected to continue its growth trajectory. Organised retailing is expected to grow at a faster rate thereby garnering a larger share of the market from the current 8% to around 20% by 2020 due to the changing consumer preferences and other growth drivers of organised retail in the country.
Retail business is in a unique position to capitalise on the growing opportunity in India. It is undertaking expansion of all existing formats to strengthen its leadership position vis-à-vis competition. This can be achieved by growing in existing markets and entering newer markets with the intention of ‘Bettering the Lives of Indians Everyday’.
Digital Sector would be one of the growth verticals for the coming year. Reliance Digital stores and Digital Express stores would be rolled out in Tier-I and Tier-II cities and would bring the connected world experience to consumers. The focus would be to further strengthen ResQ, the service arm of the Digital format. ResQ brings in strong service orientation towards meeting the requirements of the customers during the entire product lifecycle.
Retail business seeks to add alternative channels to reach out to customers and has been intensely working on creating a multi-channel model that would benefit customers by offering them convenience of shopping anywhere, anytime and at the best available value proposition.
All formats would be working relentlessly to further their leadership positions in respective sectors making them the favourite shopping destination for Indian customers.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Claims against the
company / disputed liabilities not acknowledged as debts |
|
|
|
In respect of others |
16630.000 |
13430.000 |
|
Guarantees |
|
|
|
Guarantees to Banks
and Financial Institutions against credit facilities extended to third
parties |
|
|
|
In respect of others |
310800.000 |
295830.000 |
|
Performance
Guarantees |
|
|
|
In respect of others |
2580.000 |
1590.000 |
|
Outstanding
guarantees furnished to Banks and Financial Institutions including in respect
of Letters of Credits |
|
|
|
In respect of joint ventures |
1600.000 |
2280.000 |
|
In respect of others |
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 |
39610.000 |
6310.000 |
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/ YEAR ENDED 31
MARCH 2014
(Rs. in Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net Sales/Income from operations (Net of excise duty and service tax ) |
951930.000 |
1035210.000 |
3901170.000 |
|
|
Total income from
operations (net) |
951930.000 |
1035210.000 |
3901170.000 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
810950.000 |
861240.000 |
3293130.000 |
|
|
(b) Purchases of stock-in- trade |
130.000 |
30.000 |
5240.000 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(12360.000) |
25790.000 |
4120.000 |
|
|
(d) Employee benefits expense |
9480.000 |
7150.000 |
33700.000 |
|
|
(e) Depreciation and amortization expense |
22750.000 |
21430.000 |
87890.000 |
|
|
(f) Other expenses |
60420.000 |
64780.000 |
256210.000 |
|
|
Total Expenses |
891370.000 |
9804200.000 |
3680290.000 |
|
3 |
Profit from operations before other income, finance costs |
60560.000 |
54790.000 |
220880.000 |
|
4 |
Other Income |
20360.000 |
23050.000 |
89360.000 |
|
5 |
Profit from ordinary activities before finance costs |
80920.000 |
77840.000 |
310240.000 |
|
6 |
Finance costs |
7990.000 |
7920.000 |
32060.000 |
|
7 |
Profit from
ordinary activities before tax |
72930.000 |
69920.000 |
278180.000 |
|
8 |
Tax expense |
16620.000 |
14810.000 |
58340.000 |
|
9 |
Net Profit for the
Period |
56310.000 |
55110.000 |
219840.000 |
|
10 |
Paid up Equity Share Capital, Equity Shares of Rs.10/- each. |
32320.000 |
32310.000 |
32320.000 |
|
11 |
Reserves excluding revaluation reserves |
|
|
1938420.000 |
|
12 |
Earnings per share
(Face value of T 10) |
|
|
|
|
|
(a) Basic |
17.40 |
17.10 |
68.00 |
|
|
(b) Diluted |
17.40 |
17.10 |
68.00 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding
(including GDR holders) |
|
|
|
|
|
- Number of Shares (in Crore) |
176.79 |
176.73 |
176.79 |
|
|
- Percentage of Shareholding (%) |
54.70 |
54.69 |
54.70 |
|
2 |
Promoters and
Promoter Group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
|
|
|
|
|
- Percentage of shares (as a % of the total shareholding of Promoters and Promoter Group) |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b) Non - Encumbered |
|
|
|
|
|
- Number of Shares (in Crore) |
147.40 |
146.39 |
147.40 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoters and Promoter Group) |
100 |
100 |
100 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
45.30 |
45.31 |
45.30 |
Notes:
1.
The figures for the corresponding previous period
have been restated/regrouped wherever necessary, to make them comparable. The
figures of last quarters are the balancing figures between audited figures in
respect of the full financial years and the published year to date figures up
to the third quarters of the respective financial years.
2.
The Company had revalued the plants, equipment’s
and buildings situated at Patalganga, Hazira, Naroda, Jamnagar, Gandhar and
Nagothane in the earlier years. Consequent to the revaluation, there is an
additional charge for depreciation of Rs.18450.000 Millions for the year ended
31st March 2014 which has been withdrawn from Revaluation Reserve/
General Reserve.
3.
The Government of India (GoI), by its letters dated
2nd May, 2012 and 14th November, 2013 has communicated that it proposes to
disallow certain costs which the Production Sharing Contract (PSC), relating to
Block KG-DWN-98/3 entitles the Company to recover. Based on legal advice
received, the Company continues to maintain that a Contractor is entitled to
recover all of its costs under the terms of the PSC and there are no provisions
that entitle the Government to disallow the recovery of any Contract Cost as
defined in the PSC. The Company has already referred the issue to arbitration
and already communicated the same to GoI for resolution of disputes.
4.
The Board of directors have approved an
appropriation of Rs.180000.000 ($ 3.0 billion) to the General
Reserve.
5.
The Board of Directors have recommended, subject to
approval of shareholders, a dividend of Rs.9.50 per fully paid up equity shares
of Rs.10/- each, aggregating to Rs.32680.000 Millions ($ 545 million),
including dividend distribution tax.
6.
There were no investors’ complaints pending as on 1st
January, 2014. During the quarter 589 complaints were received. Out of the
total complaints, 588 were resolved and the balance 1 complaint was outstanding
as on 31st March 2014.
7.
The Audit Committee has reviewed the above results
and the Board of Directors have approved the above results and its release at
their respective meetings held on 18th April 2014.
AUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
31.03.2014 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
32,320.000 |
|
(b) Reserves & Surplus |
|
|
1,938,420.000 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
170.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
|
1,970,910.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
627,110.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
122,150.000 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
749,260.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
227,700.000 |
|
(b) Trade payables |
|
|
578,620.000 |
|
(c) Other current liabilities |
|
|
107,670.000 |
|
(d) Short-term provisions |
|
|
41,670.000 |
|
Total Current
Liabilities (4) |
|
|
955,660.000 |
|
|
|
|
|
|
TOTAL |
|
|
3,675,830.000 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1,511,220.000 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
526,920.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
284,360.000 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
2,322,500.000 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a) Current investments |
|
|
333,700.000 |
|
(b) Inventories |
|
|
429,320.000 |
|
(c) Trade receivables |
|
|
106,640.000 |
|
(d) Cash and cash equivalents |
|
|
366,240.000 |
|
(e) Short-term loans and advances |
|
|
112,770.000 |
|
(f) Other current assets |
|
|
4,660.000 |
|
Total Current
Assets |
|
|
1,353,330.000 |
|
|
|
|
|
|
TOTAL |
|
|
3,675,830.000 |
AUDITED
STANDALONE SEGMENT
INFORMATION FOR THE QUARTER / YEAR ENDED 31st MARCH 2014
|
Sr. No. |
Particulars |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1. |
Segment Revenue |
|
|
|
|
|
- Petrochemicals |
243430.000 |
252800.000 |
964650.000 |
|
|
-
Refining |
876240.000 |
954320.000 |
3619700.000 |
|
|
-
Oil and Gas |
14170.000 |
17330.000 |
60680.000 |
|
|
-
Others |
3940.000 |
2090.000 |
15490.000 |
|
|
Gross Turnover (Turnover and Inter Segment Transfers) |
1137780.000 |
1226540.000
|
4660520.000
|
|
|
Less: Inter Segment
Transfers |
159710.000 |
162710.000 |
647500.000 |
|
|
Turnover |
978070.000
|
1063830.000
|
4013020.000
|
|
|
Less: Excise Duty / Service
Tax Recovered |
26140.000 |
28620.000 |
111850.000 |
|
|
Net Turnover |
951930.000
|
1035210.000
|
3901170.000
|
|
2. |
Segment Results
|
|
|
|
|
|
-
Petrochemicals |
20960.000 |
21240.000 |
86120.000 |
|
|
-
Refining |
39540.000 |
31410.000 |
132200.000 |
|
|
-
Oil and Gas |
3780.000 |
5400.000 |
16260.000 |
|
|
-
Others |
1990.000 |
940.000 |
4190.000 |
|
|
Total Segment Profit before Interest and Tax |
66270.000 |
58990.000 |
238770.000
|
|
|
(i) Interest Expense |
(7990.000) |
(7920.000) |
(32060.000) |
|
|
(ii) Interest Income |
14460.000 |
18470.000 |
64720.000 |
|
|
(iii) Other Un-allocable Income (Net of Expenditure) |
190.000 |
380.000 |
6750.000 |
|
|
Profit before Tax
|
72930.000 |
69920.000 |
278180.000
|
|
|
(i) Provision for Current Tax |
(15260.000) |
(14590.000) |
(58120.000) |
|
|
(ii) Provision for
Deferred Tax |
(1360.000) |
(220.000) |
(220.000) |
|
|
Profit after Tax
|
56310.000 |
55110.000 |
219840.000
|
|
3. |
Capital Employed
(Segment Assets – Segment Liabilities) |
|
|
|
|
|
- Petrochemicals |
446010.000 |
449100.000 |
446010.000 |
|
|
-
Refining |
663730.000 |
548280.000 |
663730.000 |
|
|
- Oil
and Gas |
285710.000 |
298880.000 |
285710.000 |
|
|
-
Others |
387090.000 |
337990.000 |
387090.000 |
|
|
-
Unallocated |
1242880.000 |
1251240.000 |
1242880.000 |
|
|
Total Capital Employed |
951930.000
|
1035210.000
|
3901170.000
|
Notes to Segment
Information (Standalone) for the Quarter/ Year Ended 31st March 2014
1. As per Accounting Standard 17 on ‘Segment Reporting’ (AS 17), the Company has reported ‘Segment Information’, as described below:
a. The petrochemicals segment includes production and marketing operations of petrochemical products namely, High density Polyethylene, Low density Polyethylene, Linear Low density Polyethylene, Polypropylene, Polyvinyl Chloride, Polyester Yarn, Polyester Fibres, Purified Terephthalic Acid, Paraxylene, Ethylene Glycol, Olefins, Aromatics, Linear Alkyl Benzene, Butadiene, Acrylonitrile, Poly Butadiene Rubber, Caustic Soda and Polyethylene Terephthalate.
b. The refining segment includes production and marketing operations of the petroleum products.
c. The oil and gas segment includes exploration, development and production of crude oil and natural gas.
d. The smaller business segments not separately reportable have been grouped under the ‘others’ segment.
e. Capital employed on other investments / assets and income from the same are considered under ‘unallocable’.
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
AS PER WEBSITE
PRESS RELEASE
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.
–
ADIL ZAINULBHAI JOINS
THE BOARD AS AN INDEPENDENT DIRECTOR
Mumbai, December 20, 2013: The Board of Directors of Reliance Industries Limited (RIL) announced the appointment of Mr. Adil Zainulbhai as an Independent Director on the Board with immediate effect. With this the Board will expand to 14 members with 8 members being Independent Directors.
Mr. Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said “Adil is undoubtedly one of the finest consulting minds in the world and we are delighted to have him join our Board. I look forward to his contributions in strengthening Reliance and preparing the organization for sustained high growth.”
Mr. Zainulbhai, till recently the Chairman, McKinsey India, has had a very distinguished 34 year career, consulting with a variety of Global and Indian Corporations and their Boards. He has been very closely associated with several government-sponsored projects in areas like energy, urbanization and inclusive growth, apart from his keen interest and efforts in community and social causes.
Mr. Zainulbhai grew up in Bombay and graduated in Mechanical Engineering from the Indian Institute of Technology. He also has an M.B.A. from Harvard Business School.
About RIL
Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with a turnover of Rs.3711190.000 Millions (US$ 68.4 billion), cash profit of Rs.305050.000 Millions (US$ 5.6 billion) and net profit of Rs.210030.000 Millions (US$ 3.9 billion) as of March 31, 2013.
BHARTI AND RELIANCE
JIO ANNOUNCE COMPREHENSIVE TELECOM INFRASTRUCTURE SHARING ARRANGEMENT
· Both parties to utilise each other’s infrastructure i.e. optic fibre, submarine cable networks, towers and internet broadband services
· Cooperation aimed at avoiding duplication of infrastructure, preserving the environment and providing redundancy to improve quality of service
·
New Delhi / Mumbai, December 10, 2013: Bharti Airtel Limited (“Bharti”) and Reliance Jio Infocomm Limited (“Reliance Jio”) today announced a comprehensive telecom infrastructure sharing arrangement under which they will share infrastructure created by both parties. This will include optic fibre network – inter and intra city, submarine cable networks, towers and internet broadband services and other such opportunities identified in the future.
The cooperation is aimed at avoiding duplication of infrastructure, wherever possible, and to preserve capital and the environment. This will also provide redundancy in order to ensure seamless services to customers of the respective parties.
The arrangement could, in future, be extended to Roaming on 2G, 3G and 4G, and any other mutually benefiting areas relating to telecommunication, including but not limited to jointly laying optic fibre or other forms of infrastructure services. The pricing would be at ‘arm’s length’, based on the prevailing market rates.
As part of this arrangement, Bharti and Reliance Jio have already announced an agreement under which Bharti has provided capacity on its i2i submarine cable to Reliance Jio.
About Bharti’s
Infrastructure:
Bharti Infratel, a subsidiary of Bharti, is one of the largest tower infrastructure providers in India with 35,376 towers in 11 telecom circles across India. Bharti Infratel has 42% equity interest in Indus Towers. Indus Towers has 112,144 towers in 15 telecom Circles across India.
Bharti’s national long distance network provides pan-India reach with 175,705 Rkms of optic fibre. Its global network runs across 225,000 Rkms, covering 50 countries and 5 continents. This includes ownership of i2i submarine cable system connecting Chennai to Singapore, consortium ownership of SMW4 submarine cable system connecting Chennai and Mumbai to Singapore and Europe, and new cable system investments like Asia America Gateway (AAG), India Middle East and Western Europe (IMEWE), Unity, EIG (Europe India Gateway) and East Africa Submarine System (EASSy). It also has terrestrial express connectivity to neighboring countries including Nepal, Pakistan, Bhutan, Bangladesh and China.
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 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.59.03 |
|
UK Pound |
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.