MIRA INFORM REPORT

 

 

Report No. :

318504

Report Date :

21.04.2015

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE INDUSTRIES LIMITED

 

 

Registered Office :

3rd Floor, Maker Chamber IV, 222, Nariman Point, Mumbai – 400021, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

08.05.1973

 

 

Com. Reg. No.:

11-019786

 

 

Capital Investment / Paid-up Capital :

Rs.32360.000 Million

 

 

CIN No.:

[Company Identification No.]

L17110MH1973PLC019786

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

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

 

 

Line of Business :

Exploration and Production of Oil and Gas, Refining, Petrochemicals (Polymers, Polyester and fibre intermediates) and Textiles.

 

 

No. of Employees :

23853 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aaa (86)

 

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

 

 

Maximum Credit Limit :

USD 6100000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist 

 

 

Comments :

Subject is India’s largest private sector enterprise with businesses across the energy and materials value chain, along with a significant presence in retail and telecom sectors. It is the first Indian private sector company to feature in Fortune Global 500 list of ‘World’s Largest Corporations’ and has been consistently featuring in it for the last ten consecutive years.

 

It is a well-established and reputed company having excellent track record.

 

The rating reflects company’s leadership position in the petrochemical segment and strong financial risk profile characterized by robust capital structure, and highly integrated nature of operations with presence across the entire energy value chain.

 

Trade relations are reported as trustworthy. 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Short-Term Non-Convertible Debenture Programme = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

December, 2014

 

 

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 31-03-2014.

 

 

LOCATIONS

 

Registered/ Corporate Office :

3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400021, Maharashtra, India 

Tel. No.:

91-22-30325000/ 30327000/ 22785000/ 22785185

Fax No.:

91-22-22785111/ 30322268/ 22785185

E-Mail :

sudhakar.saraswatula@ril.com

info@ril.com

investor_relations@ril.com

Website :

http://www.ril.com

 

 

Head Office 1 :

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 :

mv_ramamurthy@ril.com

 

 

Head Office 2 :

Building No 11, 'A' Wing, Second Floor, Reliance Corporate Park (RCP), Thane-Belapur Road, Ghansoli, Navi Mumbai - 400701, Maharashtra, India

 

 

Factories :

·         Allahabad

A/10-A/27, UPSIDC Industrial Area, P. O. T.S.L., Allahabad - 211010, 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

Village Mora, Bhatha P.O. Surat-Hazira Road, Surat 394 510, Gujarat, India

 

·         Nagothane

P. O. Petrochemicals Township, Nagothane, Raigad - 402 125, Maharashtra, India

 

·         Patalganga

B-1 to B-5 and A3, MIDC Industrial Area, P.O. Rasauani, Patalganga, Near Panvel, District Raigad - 410207, Maharashtra, India

 

·         Vadodara

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

 

 

Corporate Communication Center :

Maker Chambers IV, 1st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel No. :

91-22-22785568/ 22785585/ 22785000

Fax No. :

91-22-22785185

Email :

ccd@ril.com

 

 

DIRECTORS

 

AS ON 31.03.2014

                

Name :

Mr. Mukesh D. Ambani

Designation :

Chairman and Managing Director

Qualification:

Chemical Engineer from Mumbai University and MBA from Stanford University, U.S.A.

 

 

Name :

Mr. Nikhil R. Meswani

Designation :

Executive Director

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 :

Non-Executive Director

 

 

Name :

Mr. Adil Zainulbhai

Designation :

Non-Executive Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Alok Agarwal

Designation :

Chief Financial Officer

 

 

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

Mr. Adil Zainulbhai

 

 

Corporate Governance and Stakeholders' Interface Committee :

Mr. Yogendra P. Trivedi (Chairman)

Mr. Nikhil R. Meswani

Dr. Dharam Vir Kapur

Dr. Raghunath A. Mashelkar

 

 

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

 

 

Stakeholders Relationship Committee:

Mr. Yogendra P. Trivedi (Chairman)

Mr. Nikhil R. Meswani

Mr. Hital R. Meswani

Prof. Ashok Misra 

 

 

Human Resources, Nomination and Remuneration Committee :

Mr. Adil Zainulbhai

Mr. Yogendra P. Trivedi

Dr. Dharam Vir Kapur

Dr. Raghunath A. Mashelkar

 

 

SHAREHOLDING PATTERN

 

AS ON 31.12.2014

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

21172646

0.68

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1322318328

42.27

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

120471003

3.85

http://www.bseindia.com/include/images/clear.gifTrusts

120471003

3.85

http://www.bseindia.com/include/images/clear.gifSub Total

1463961977

46.80

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

1463961977

46.80

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

73943397

2.36

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

4985325

0.16

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

3915881

0.13

http://www.bseindia.com/include/images/clear.gifInsurance Companies

305529499

9.77

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

611394357

19.55

http://www.bseindia.com/include/images/clear.gifSub Total

999768459

31.96

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

116688127

3.73

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

320525953

10.25

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

26870265

0.86

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

200249870

6.40

http://www.bseindia.com/include/images/clear.gifNRIs/OCBs

20211628

0.65

http://www.bseindia.com/include/images/clear.gifClearing Members

1988978

0.06

http://www.bseindia.com/include/images/clear.gifShares held by Subsidiary Companies on which no voting rights are exercisable

171883624

5.49

http://www.bseindia.com/include/images/clear.gifUnclaimed Suspense A/c

6165640

0.20

http://www.bseindia.com/include/images/clear.gifSub Total

664334215

21.24

Total Public shareholding (B)

1664102674

53.20

Total (A)+(B)

3128064651

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

107005290

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

107005290

0.00

Total (A)+(B)+(C)

3235069941

100.00

                             

 

 

 

BUSINESS DETAILS

 

Line of Business :

Exploration and Production of Oil and Gas, Refining, Petrochemicals (Polymers, Polyester and fibre intermediates) and Textiles.

 

 

Products :

Products Description

Item Code No.

 

Polypropylene (PP)

390210.00

Polyester Filament Yarn (PFY)

540242.00

Paraxylene (PX)

290243.00

Polyethyl Ene

390120.00

 

 

Brand Names :

·         Reliance Gas

·         Reliance Aviation

·         Repol

·         Relene

·         Reon

·         Relpipe

·         Relpipe PP-R

·         Relflex™ Elastomers

·         Relflex™ Cisamer PBR

·         Relflex™ Stylamer SBR

·         Relab

·         Recron®

·         Recron® IDY

·         Recron® SHT

·         Recron® Fancyy

·         Recron®

·         Stretch

·         Recron®

·         Cotluk

·         Recron®

·         Dyefast

·         Recron®

·         Superblack

·         Recron®

·         Superdye

·         Recron®

·         Kooltex

·         Recron®

·         Fibrefill etc.

 

 

Agencies Held :

--

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

No. of Employees :

23853 (Approximately)

 

 

Bankers :

·         Allahabad Bank

·         Andhra Bank

·         Bank of America

·         Bank of Baroda

·         Bank of India

·         Bank of Maharashtra

·         Canara Bank

·         Central Bank of India

·         Citibank N.A

·         Credit Agricole Corporate and Investment Bank

·         Corporation Bank

·         Deutsche Bank

·         The Hong Kong and Shanghai Banking

·         Corporation Limited

·         HDFC Bank Limited

·         ICICI Bank Limited

·         IDBI Bank Limited

·         Indian Bank

·         Indian Overseas Bank

·         Oriental Bank of Commerce

·         Punjab National Bank

·         Standard Chartered Bank

·         State Bank of Hyderabad

·         State Bank of India

·         State Bank of Patiala

·         Syndicate Bank

·         The Royal Bank of Scotland

·         Union Bank of India

·         Vijaya Bank

 

 

Facilities :

SECURED LOANS

 

31.03.2015

31.03.2014

 

(Rs. In Million)

LONG TERM BORROWINGS

 

Non-Convertible Debentures

14340.000

Long Term Maturities of Finance Lease Obligations

 

1220.000

SHORT TERM BORROWINGS

 

 

Working Capital Loans

 

 

From Banks

 

 

Foreign Currency Loans

 

6000.000

Rupee Loans

 

73890.000

From Others

 

 

Rupee Loans

 

11990.000

 

 

 

Total

 

NA

107440.000

 

LONG TERM BORROWINGS

 

1.      Non-Convertible Debentures referred above to the extent of:

 

a) Rs.3700.000 Million 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.9170.000 Million are secured by way of first mortgage / charge on all the properties situated at Hazira Complex and at Patalganga Complex of the Company.

 

c) Rs.300.000 Million 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.

 

d) Rs.510.000 Million 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.

 

e) Rs.5000.000 Million are secured by way of first mortgage / charge on the immovable properties situated at Jamnagar Complex (SEZ unit) of the Company.

 

SHORT TERM BORROWINGS

 

Working Capital Loans from Banks referred above to the extent of:

 

(a) Rs.39060.000 Million 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.

 

(b) Rs.31050.000 Million are secured by way of lien on fixed deposits and Rs.9780.000 Million are secured by lien on Government Securities.

 

Working Capital Loan from Others of Rs.11990.000 Million are secured by lien on Government Securities.

 

 

 

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

 

 

Solicitors & Advocates :

Kanga and Company

 

 

Subsidiary Companies (As on 31.03.2014) :

·         Reliance Industrial Investments and Holdings Limited

·         Reliance Ventures Limited

·         Reliance Strategic Investments Limited

·         Reliance Industries (Middle East) DMCC

·         Reliance Retail Limited (Erstwhile, amalgamated with Reliance Fresh Limited w.e.f. 01.04.2012)

·         Reliance Retail Limited (Formerly known as Reliance Fresh Limited)

·         Reliance Haryana SEZ Limited

·         Retail Concepts and Services (India) Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Reliance Retail Insurance Broking Limited

·         Reliance Dairy Foods Limited

·         Reliance Exploration and Production DMCC

·         Reliance Retail Finance Limited

·         RESQ Limited (amalgamated with Erstwhile Reliance Fresh Limited w.e.f. 01.04.2012)

·         Reliance Retail Ventures Limited #

·         Reliance Digital Retail Limited (amalgamated with Erstwhile Reliance Trends Limited w.e.f. 01.04.2012)

·         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 (amalgamated with Erstwhile Reliance Trends Limited w.e.f. 01.04.2012)

·         Reliance Trading Limited ##

·         Reliance Lifestyle Holdings Limited

·         Reliance Universal Ventures Limited (amalgamated with Reliance Industrial Investments and Holdings Limited w.e.f. 01.10.2013)

·         Delight Proteins Limited

·         Reliance Autozone Limited (amalgamated with Erstwhile Reliance Fresh Limited w.e.f. 01.04.2012)

·         Reliance F&B Services Limited

·         Reliance Gems and Jewels Limited (amalgamated with Erstwhile Reliance Trends Limited w.e.f. 01.04.2012)

·         Reliance Integrated Agri Solutions Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Strategic Manpower Solutions Limited

·         Reliance Agri Products Distribution Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Reliance Digital Media Limited (amalgamated with Erstwhile Reliance Fresh Limited w.e.f. 01.04.2012)

·         Reliance Food Processing Solutions Limited

·         Reliance Home Store Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Reliance Leisures Limited (amalgamated with Erstwhile Reliance Trends Limited w.e.f. 01.04.2012)

·         Reliance Loyalty and Analytics Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Reliance Retail Securities and Broking Company Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Reliance Supply Chain Solutions Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Reliance Trade Services Centre Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         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 (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Reliance Polymers (India) Limited (amalgamated with Reliance Industrial Investments and Holdings Limited w.e.f. 01.10.2013)

·         Reliance Polyole"ns 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 (amalgamated with Erstwhile Reliance Fresh Limited w.e.f. 01.04.2012)

·         Reliance Nutritious Food Products Limited*

·         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 Proli"c Traders Private Limited

·         Reliance Universal Traders Private Limited

·         Reliance Proli"c 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. (Liquidated w.e.f. 18.03.2014)

·         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 O$ce Solutions Private Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Reliance Style Fashion India Private Limited

·         GenNext Innovation Ventures Limited

·         Reliance Home Products Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012)

·         Infotel Telecom Limited

·         Reliance Styles India Limited

·         Rancore Technologies Private Limited

·         Omni Symmetry LLC (amalgamated with Reliance Jio Infocomm USA Inc w.e.f. 31.03.2014)

·         Reliance Sibur Elastomers Private Limited

·         Surela Investment and Trading Private Limited

·         Model Economic Township Limited

·         Delta Corp East Africa Limited

·         Delta Square Limited (Desubsidiarized w.e.f. 20.08.2013)

·         Kaizen Capital LLP

·         A$nity 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 Jio Electronics Private Limited

·         Reliance Jio Infocomm USA Inc

·         Reliance Jio Infocomm UK Limited

·         Reliance Clothing India Private Limited

·         Reliance Agri Ventures Private Limited

·         Reliance World Trade Private Limited

·         Reliance Marcellus Holding LLC

 

 

Associates (As on 31.03.2014) :

·         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 (As on 31.03.2014) :

·         Dhirubhai Ambani Foundation

·         Jamnaben Hirachand Ambani Foundation

·         Hirachand Govardhandas Ambani Public Charitable Trust

·         HNH Trust and HNH Research Society

·         Reliance Foundation

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs.32360.000 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000000000

Equity Shares

Rs.10/- each

Rs. 50000.000 Million

1000000000

Preference Shares

Rs.10/- each

Rs. 10000.000 Million

 

 

 

 

 

Total

 

Rs. 60000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3231901858

Equity Shares

Rs.10/- each

Rs. 32320.000 Million

 

 

 

 

 

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 Scheme of amalgamation with Reliance Petroleum Limited 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.

 

 

The details of Shareholders holding more than 5% shares:

 

Name of the Shareholder

31st March, 2014

 

No. of Shares

% held

Life Insurance Corporation of India

26,35,20,679

8.15

 

 

The reconciliation of the number of shares outstanding is set out below:

Particulars

31st March, 2014

No. of Shares

Equity Shares at the beginning of the year

322,86,63,382

Add : Shares issued on exercise of Employee Stock Options

32,38,476

Less : Shares cancelled on buy back of Equity Shares

--

Equity Shares at the end of the year

323,19,01,858

 

The Company has reserved issuance of 13,05,05,114 (Previous year 13,37,43,590) Equity Shares of Rs.10 each for offering to eligible employees of the Company and its subsidiaries under Employees Stock Option Scheme (ESOS). During the year, the Company has granted 60,866 (Previous Year NIL) options to the eligible employees at a price of ` 860 per option plus all applicable taxes, as may be levied in this regard on the Company. The options would vest over a maximum period of 7 years or such other period as may be decided by the Human Resources, Nomination and Remuneration Committee from the date of grant based on specified criteria.

 

Share application money pending allotment represents application money received on account of Employees Stock Option Scheme.

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

32360.000

32320.000

32290.000

(b) Reserves & Surplus

2129230.000

1938420.000

1767660.000

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

170.000

170.000

250.000

Total Shareholders’ Funds (1) + (2)

2161760.000

1970910.000

1800200.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

762270.000

627110.000

430120.000

(b) Deferred tax liabilities (Net)

0.000

122150.000

121930.000

(c) Other long term liabilities

126770.000

0.000

0.000

(d) long-term provisions

14040.000

0.000

0.000

Total Non-current Liabilities (3)

903080.000

749260.000

552050.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

129140.000

227700.000

115110.000

(b) Trade payables

544700.000

578620.000

457870.000

(c) Other current liabilities

190630.000

107670.000

216400.000

(d) Short-term provisions

48540.000

41670.000

43480.000

Total Current Liabilities (4)

913010.000

955660.000

832860.000

 

 

 

 

TOTAL

3977850.000

3675830.000

3185110.000

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1903160.000

804240.000

829620.000

(ii) Intangible Assets

0.000

289820.000

267860.000

(iii) Capital work-in-progress

0.000

326730.000

135250.000

(iv) Intangible assets under development

0.000

90430.000

55910.000

(b) Non-current Investments

620580.000

526920.000

241430.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

292590.000

284360.000

215280.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

2816330.000

2322500.000

1745350.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

505150.000

333700.000

283660.000

(b) Inventories

365510.000

429320.000

427290.000

(c) Trade receivables

46610.000

106640.000

118800.000

(d) Cash and cash equivalents

115710.000

366240.000

495470.000

(e) Short-term loans and advances

123070.000

112770.000

109740.000

(f) Other current assets

5470.000

4660.000

4800.000

Total Current Assets

1161520.000

1353330.000

1439760.000

 

 

 

 

TOTAL

3977850.000

3675830.000

3185110.000

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

3290760.000

3901170.000

3602970.000

 

 

Other Income

87210.000

89360.000

79980.000

 

 

TOTAL                                     (A)

3377970.000

3990530.000

3682950.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

2559980.000

3293130.000

3061270.000

 

 

Purchases of Stock-in-Trade

71340.000

5240.000

5020.000

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

19430.000

4120.000

(33170.000)

 

 

Employees benefits expense

36860.000

33700.000

33540.000

 

 

Other expenses

287130.000

256210.000

228440.000

 

 

TOTAL                                     (B)

2974740.000

3592400.000

3295100.000

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

403230.000

398130.000

387850.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

23670.000

32060.000

30360.000

 

 

 

 

 

 

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

379560.000

366070.000

357490.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

84880.000

87890.000

94650.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

294680.000

278180.000

262840.000

 

 

 

 

 

Less

TAX                                                                  (H)

67490.000

58340.000

52810.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

227190.000

219840.000

210030.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value for Exports

2611180.000

2278830.000

 

 

Interest Earnings

 

50.000

20.000

 

 

Other Earnings

 

2430.000

2070.000

 

TOTAL EARNINGS

NA

2613660.000

2280920.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials and Stock-in-Trade

 

3026300.000

2817190.000

 

 

Stores, Chemicals and Packing Materials

 

37190.000

32600.000

 

 

Capital goods

 

42180.000

22040.000

 

TOTAL IMPORTS

NA

3105670.000

2871830.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

70.20

68.05

64.82

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2014

30.09.2014

31.12.2014

Type

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

963510.000

964860.000

801960.000

Total Expenditure

888210.000

882510.000

729880.000

PBIDT (Excl OI)

75300.000

82350.000

72080.000

Other Income

20460.000

21400.000

24020.000

Operating Profit

95760.000

103750.000

96100.000

Interest

3240.000

7580.000

8810.000

Exceptional Items

0.000

0.000

0.000

PBDT

92520.000

96170.000

87290.000

Depreciation

20240.000

22270.000

21050.000

Profit Before Tax

72280.000

73900.000

66240.000

Tax

15790.000

16480.000

15390.000

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

56490.000

57420.000

50850.000

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

56490.000

57420.000

50850.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

6.90

5.64

5.83

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

12.25

10.21

10.76

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.78

10.18

9.55

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.14

0.14

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.41

0.43

0.30

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.27

1.42

1.73

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

32290.000

32320.000

32360.000

Reserves & Surplus

1767660.000

1938420.000

2129230.000

Net worth

1799950.000

1970740.000

2161590.000

 

 

 

 

long-term borrowings

430120.000

627110.000

762270.000

Short term borrowings

115110.000

227700.000

129140.000

Total borrowings

545230.000

854810.000

891410.000

Debt/Equity ratio

0.303

0.434

0.412

           

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3602970.000

3901170.000

3290760.000

 

 

8.277

(15.647)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3602970.000

3901170.000

3290760.000

Profit

210030.000

219840.000

227190.000

 

5.83%

5.64%

6.90%

 

 

 

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:

 

LITIGATION DETAILS

Bench:- Bombay

Presentation Date:-

23.05.2014

Lodging No.: CEXAL/170/2014    Filing Date: 23.05.2014    Reg. No.: CEXA/117/2014   Reg. Date: 14.07.2014

Petitioner:-

THE COMMISSSIONER CENTERAL EXICIS

Respondent:-

RELIANCE INDUSTRIES LIMITED

Petn.Adv:-

JITENDRA BRIJBHUSHAN MISHRA (12937)

Resp. Adv.:-

M/S A. S. DAYAL AND ASSOCIATES (127)

District:-

MUMBAI

Bench:-

DIVISION

 

 

Status:- 

Pre-Admission

 

 

Next Date:-

20.04.2015

Stage :

FOR ADMISSION

Coram : -

HON’BLE SHRI JUSTICE B. R. GAVAI

HON’BLE SHRI JUSTICE A. S. GADKARI

 

Last date : -

13.04.2015

Stage :

FOR ADMISSION

Last Coram:-

HON’BLE SHRI JUSTICE B. R. GAVAI

HON’BLE SHRI JUSTICE A. S. GADKARI

Act :-

Central Excise and Salt Act

Under Section:-   35G

 

 

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

31-MAR-2012

RELIANCE INDUSTRIES  LIMITED

NSDL

HIGH PENDING DEMAT REQUESTS

PUT UP ON NSDL WEBSITE FOR PUBLIC NOTICE

15-JAN-2010

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

16-NOV-2009

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

02-NOV-2006

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

31-AUG-2004

SAT: IMPUGNED ORDER SET ASIDE WITH NO ORDER AS TO COSTS

 

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Bonds

99410.000

Term Loans- from banks

 

512110.000

Deferred payment liabilities

 

30.000

SHORT TERM BORROWINGS

 

 

Other Loans and Advances

 

 

From Banks

 

 

Foreign Currency Loans - Buyers/Packing credit

 

135820.000

Rupee Loans

 

0.000

 

 

 

Total

 

NA

747370.000

CONTINGENT LIABILITIES

 

PARTICULARS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

Claims against the company / disputed liabilities not acknowledged as debts

 

In respect of Joint Ventures

 

4140.000

In respect of others

 

14330.000

Guarantees

 

 

Guarantees to Banks and Financial Institutions against credit facilities extended to third parties

 

 

In respect of others

 

323080.000

Performance Guarantees

 

 

In respect of others

 

2900.000

Outstanding guarantees furnished to Banks and Financial Institutions including in respect of Letters of Credits

 

 

In respect of joint ventures

 

7000.000

In respect of others

 

48430.000

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

NA

49700.000

 

 

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

 

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. 62.56

UK Pound

1

Rs. 93.56

Euro

1

Rs. 67.49

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

10

PAID-UP CAPITAL

1~10

9

OPERATING SCALE

1~10

10

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

10

--PROFITABILITY 

1~10

10

--LIQUIDITY

1~10

10

--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

 

86

 

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

 

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

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

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

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

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