MIRA INFORM REPORT

Report No. :	314901
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	RELIANCE INDUSTRIES LIMITED
Registered Office :	3rd Floor, Maker Chamber IV, 222, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.05.1973
Com. Reg. No.:	11-019786
Capital Investment / Paid-up Capital :	Rs.32320.000 Million
CIN No.: [Company Identification No.]	L17110MH1973PLC019786
IEC No.:	Not Available
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 :	Manufacturer and Marketer of Fabrics, Polyester Filament Yarn, Polyester Staple Fibers, PTA, LAB, Ethylene Glycol, PVC, PE, PP, Crude Oil, Gas, Norman Paraffin, Fiber Fill, Ethylene, Propylene, Benzene, Xylene and Toluene.
No. of Employees :	23853 (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

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 :	3^rd 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, 2^nd 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
Factory :	· Allahabad A/10-A/27, UPSIDC Industrial Area, P. O. T.S.L., Allahabad - 211 010, Uttar Pradesh, India · Barabanki Dewa Road, P.O. Somaiya Nagar, Barabanki - 225 123, Uttar Pradesh, India · Dahej P. O. Dahej, Vagra, Bharuch - 392 130, Gujarat, India · Hazira Complex Village Mora, Bhatha P.O. Surat-Hazira Road, Surat 394 510, Gujarat, India · Nagothane Complex P. O. Petrochemicals Township, Nagothane, Raigad - 402 125, Maharashtra, India · Patalganga Complex B-1 to B-5 and A3, MIDC Industrial Area, P.O. Rasauani, Patalganga, Near Panvel, District Raigad - 410207, Maharashtra, India · Vadodara Complex P. O. Petrochemicals, Vadodara - 391 346, Gujarat, India · Gadimoga Tallarevu Mandal, East Godavari District, Gadimoga – 533463, Andhra Pradesh, India · Jamnagar Village Meghpar / Padana, Taluka Lalpur, Jamnagar – 361280, Gujarat, India · Hoshiarpur Dharmshala Road, V.P.O. Chohal District Hoshiarpur - 146 024, Punjab, India · Nagpur Village Dahali, Mouda Ramtek Road Tehsil Mouda – 441 104, District Nagpur Maharashtra, India. · Naroda 103/106, Naroda Industrial Estate Naroda, Ahmedabad - 382 330, Gujarat, India. · Silvassa 342, Kharadpada, Naroli, Near Silvassa Union Territory of Dadra and Nagar Haveli – 396235, India · Mumbai Unit of Reliance Jamnagar Sez Polymer Export Division Fortune 2000 5^th Floor C – 3 G Block Bkc Bandra (East) Mumbai – 400051, Maharashtra, India
Corporate Communication Center :	Maker Chambers IV, 1^st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel No. :	91-22-22785568 / 22785585 / 22785000
Fax No. :	91-22-22785185
Email :	ccd@ril.com
Web Site:	www.ril.com

DIRECTORS

As on 31.03.2014

Name :	Mr. Mukesh D. Ambani
Designation :	Chairman and Managing Director (Finance)
Date of Appointment:	31.07.2002
Qualification:	Chemical Engineer from Mumbai University and MBA from Stanford University, U.S.A.
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
Name :	Mr. Adil Zainulbhai
Designation :	Independent 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
(1) Indian
Individuals / Hindu Undivided Family	21172646	0.68
Bodies Corporate	1322318328	42.27
Any Others (Specify)	120471003	3.85
Trusts	120471003	3.85
Sub Total	1463961977	46.80
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1463961977	46.80
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	73943397	2.36
Financial Institutions / Banks	4985325	0.16
Central Government / State Government(s)	3915881	0.13
Insurance Companies	305529499	9.77
Foreign Institutional Investors	611394357	19.55
Sub Total	999768459	31.96
(2) Non-Institutions
Bodies Corporate	116688127	3.73
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	320525953	10.25
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	26870265	0.86
Any Others (Specify)	200249870	6.40
NRIs/OCBs	20211628	0.65
Clearing Members	1988978	0.06
Shares held by Subsidiary Companies on which no voting rights are exercisable	171883624	5.49
Unclaimed Suspense A/c	6165640	0.20
Sub 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
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	3235069941	0.000

BUSINESS DETAILS

Line of Business :

Manufacturer and Marketer of Fabrics, Polyester Filament Yarn, Polyester Staple Fibers, PTA, LAB, Ethylene Glycol, PVC, PE, PP, Crude Oil, Gas, Norman Paraffin, Fiber Fill, Ethylene, Propylene, Benzene, Xylene and Toluene.

Products :

Products Description	Item Code No.
Bulk Petroleum Products	27.10
Polypropylene (PP)	390210.00
Polyester Filament Yarn (PFY)	540242.00
Paraxylene (PX)	290243.00
Polyethyl Ene	390120.00

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Electricity (KWH)	Furnace Oil/HSD/HFHSD (Ltrs)	LSHS (Kgs)	Gas (SM3)
Fabrics (per 1000 mtrs)	4,407	2	-	505
PFY (Per MT)	784	5	7	50
PSF (Per MT)	367	10	-	53
PTA (Per MT)	313	0	-	9
LAB (Per MT)	606	354	-	140
MEG (Per MT)	421	5	2	66
PVC (Per MT)	407	3	1	57
HDPE (Per MT)	534	-	0	12
PP (Per MT)	290	7	0	37
FF (Per MT)	577	53	-	38
PET (Per MT)	244	-	-	68
PX (Per MT)	197	83	-	229
Petro-Products (Per MT)	73	10	-	66
PBR (Per MT)	666	137	-	373
Caustic Soda (Per MT)	2473	-	4	87
Acrylonitrile (Per MT)	510	66	-	(52)
Cyclohexane (per MT)	39	-	-	-

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	31.03.2014	31.03.2013
	(Rs. In Million)
Long Term Borrowings
Non-Convertible Debentures	14340.000	18420.000
Long Term Maturities of Finance Lease Obligations	1220.000	1470.000
Short Term Borrowings
Working Capital Loans
From Banks
Foreign Currency Loans	6000.000	4060.000
Rupee Loans	73890.000	270.000
From Others
Rupee Loans	11990.000	0.000
Total	107440.000	24220.000
NOTES: 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
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies :	1 Reliance Industrial Investments and Holdings Limited 2 Reliance Ventures Limited 3 Reliance Strategic Investments Limited 4 Reliance Industries (Middle East) DMCC 5 Reliance Retail Limited (Erstwhile, amalgamated with Reliance Fresh Limited w.e.f. 01.04.2012) 6 Reliance Retail Limited (Formerly known as Reliance Fresh Limited) 7 Reliance Haryana SEZ Limited 8 Retail Concepts and Services (India) Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 9 Reliance Retail Insurance Broking Limited 10 Reliance Dairy Foods Limited 11 Reliance Exploration and Production DMCC 12 Reliance Retail Finance Limited 13 RESQ Limited (amalgamated with Erstwhile Reliance Fresh Limited w.e.f. 01.04.2012) 14 Reliance Retail Ventures Limited # 15 Reliancedigital Retail Limited (amalgamated with Erstwhile Reliance Trends Limited w.e.f. 01.04.2012) 16 Reliance Financial Distribution and Advisory Services Limited 17 RIL (Australia) Pty Limited 18 Gapco Kenya Limited 19 Gapco Rwanda Limited 20 Gapco Tanzania Limited 21 Gapco Uganda Limited 22 Gapoil (Zanzibar) Limited 23 Gulf Africa Petroleum Corporation 24 Transenergy Kenya Limited 25 Recron (Malaysia) Sdn Bhd 26 Reliance Payment Solutions Limited 27 Reliance Brands Limited 28 Reliance Footprint Limited (amalgamated with Erstwhile Reliance Trends Limited w.e.f. 01.04.2012) 29 Reliance Trading Limited ## 30 Reliance Lifestyle Holdings Limited 31 Reliance Universal Ventures Limited (amalgamated with Reliance Industrial Investments and Holdings Limited w.e.f. 01.10.2013) 32 Delight Proteins Limited 33 Reliance Autozone Limited (amalgamated with Erstwhile Reliance Fresh Limited w.e.f. 01.04.2012) 34 Reliance F&B Services Limited 35 Reliance Gems and Jewels Limited (amalgamated with Erstwhile Reliance Trends Limited w.e.f. 01.04.2012) 36 Reliance Integrated Agri Solutions Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 37 Strategic Manpower Solutions Limited 38 Reliance Agri Products Distribution Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 39 Reliance Digital Media Limited (amalgamated with Erstwhile Reliance Fresh Limited w.e.f. 01.04.2012) 40 Reliance Food Processing Solutions Limited 41 Reliance Home Store Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 42 Reliance Leisures Limited (amalgamated with Erstwhile Reliance Trends Limited w.e.f. 01.04.2012) 43 Reliance Loyalty and Analytics Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 44 Reliance Retail Securities and Broking Company Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 45 Reliance Supply Chain Solutions Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 46 Reliance Trade Services Centre Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 47 Reliance Vantage Retail Limited 48 Wave Land Developers Limited 49 Reliance-GrandOptical Private Limited 50 Reliance Universal Commercial Limited 51 Reliance Petroinvestments Limited 52 Reliance Global Commercial Limited 53 Reliance People Serve Limited 54 Reliance Infrastructure Management Services Limited 55 Reliance Global Business B.V. 56 Reliance Gas Corporation Limited 57 Reliance Global Energy Services Limited 58 Kanhatech Solutions Limited 59 Reliance Global Energy Services (Singapore) Pte. Limited 60 Reliance Personal Electronics Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 61 Reliance Polymers (India) Limited (amalgamated with Reliance Industrial Investments and Holdings Limited w.e.f. 01.10.2013) 62 Reliance Polyole"ns Limited 63 Reliance Aromatics and Petrochemicals Limited Subsidiary Companies 64 Reliance Energy and Project Development Limited 65 Reliance Chemicals Limited 66 Reliance Universal Enterprises Limited 67 Reliance Review Cinema Limited 68 Reliance Replay Gaming Limited (amalgamated with Erstwhile Reliance Fresh Limited w.e.f. 01.04.2012) 69 Reliance Nutritious Food Products Limited* 70 RIL USA Inc. 71 Reliance Commercial Land and Infrastructure Limited 72 Reliance Corporate IT Park Limited 73 Reliance Eminent Trading and Commercial Private Limited 74 Reliance Progressive Traders Private Limited 75 Reliance Proli"c Traders Private Limited 76 Reliance Universal Traders Private Limited 77 Reliance Proli"c Commercial Private Limited 78 Reliance Comtrade Private Limited 79 Reliance Ambit Trade Private Limited 80 Reliance Petro Marketing Limited 81 LPG Infrastructure (India) Limited 82 Reliance Corporate Centre Limited 83 Reliance Convention and Exhibition Centre Limited 84 Central Park Enterprises DMCC 85 Reliance International B. V. (Liquidated w.e.f. 18.03.2014) 86 Reliance Corporate Services Limited 87 Indiawin Sports Private Limited 88 Reliance Holding USA Inc. 89 Reliance Marcellus LLC 90 Reliance Jio Infocomm Limited 91 Reliance Strategic (Mauritius) Limited 92 Reliance Eagleford Midstream LLC 93 Reliance Eagleford Upstream LLC 94 Reliance Eagleford Upstream GP LLC 95 Reliance Eagleford Upstream Holding LP 96 Mark Project Services Private Limited 97 Reliance Energy Generation and Distribution Limited 98 Reliance Marcellus II LLC 99 Reliance Security Solutions Limited 100 Reliance Industries Investment and Holding Limited 101 Reliance O$ce Solutions Private Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 102 Reliance Style Fashion India Private Limited 103 GenNext Innovation Ventures Limited 104 Reliance Home Products Limited (amalgamated with Reliance Financial Distribution and Advisory Services Limited w.e.f. 01.04.2012) 105 Infotel Telecom Limited 106 Reliance Styles India Limited 107 Rancore Technologies Private Limited 108 Omni Symmetry LLC (amalgamated with Reliance Jio Infocomm USA Inc w.e.f. 31.03.2014) 109 Reliance Sibur Elastomers Private Limited 110 Surela Investment and Trading Private Limited 111 Model Economic Township Limited 112 Delta Corp East Africa Limited 113 Delta Square Limited (Desubsidiarized w.e.f. 20.08.2013) 114 Kaizen Capital LLP 115 A$nity Names Inc 116 Reliance USA Gas Marketing LLC 117 Reliance Aerospace Technologies Limited 118 Reliance Gas Pipelines Limited 119 Achman Commercial Private Limited 120 Reliance Jio Infocomm Pte Limited 121 Reliance do Brasil Industria e Comercio de Produtos Texteis, Quimicos, Petroquimicos e Derivados Ltda. 122 Reliance Jio Electronics Private Limited 123 Reliance Jio Infocomm USA Inc 124 Reliance Jio Infocomm UK Limited 125 Reliance Clothing India Private Limited 126 Reliance Agri Ventures Private Limited 127 Reliance World Trade Private Limited 128 Reliance Marcellus Holding LLC
Associates :	1. Reliance Industrial Infrastructure Limited 2. Reliance Europe Limited 3. Reliance LNG Limited 4. Indian Vaccines Corporation Limited 5. Gujarat Chemical Port Terminal Company Limited 6. Reliance Utilities and Power Private Limited 7. Reliance Utilities Private Limited 8. Reliance Ports and Terminals Limited 9. Reliance Gas Transportation Infrastructure Limited 10. Reliance Commercial Dealers Limited
Enterprises over which Key Managerial Personnel are able to exercise significant influence :	1. Dhirubhai Ambani Foundation 2. Jamnaben Hirachand Ambani Foundation 3. Hirachand Govardhandas Ambani Public Charitable Trust 4. HNH Trust and HNH Research Society 5. Reliance Foundation

CAPITAL STRUCTURE

As on 18.06.2014

Authorised Capital : Rs.60000.000 Million

Issued, Subscribed & Paid-up Capital : Rs.32355.197 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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	32320.000	32290.000	32710.000
(b) Reserves & Surplus	1938420.000	1767660.000	1628250.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	170.000	250.000	0.000
Total Shareholders’ Funds (1)+(2)	1970910.000	1800200.000	1660960.000
(3) Non-Current Liabilities
(a) long-term borrowings	627110.000	430120.000	480340.000
(b) Deferred tax liabilities (Net)	122150.000	121930.000	121220.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	749260.000	552050.000	601560.000
(4) Current Liabilities
(a) Short term borrowings	227700.000	115110.000	105930.000
(b) Trade payables	578620.000	457870.000	403240.000
(c) Other current liabilities	107670.000	216400.000	137130.000
(d) Short-term provisions	41670.000	43480.000	42580.000
Total Current Liabilities (4)	955660.000	832860.000	688880.000
TOTAL	3675830.000	3185110.000	2951400.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	804240.000	829620.000	880010.000
(ii) Intangible Assets	289820.000	267860.000	257220.000
(iii) Capital work-in-progress	326730.000	135250.000	36950.000
(iv) Intangible assets under development	90430.000	55910.000	40590.000
(b) Non-current Investments	526920.000	241430.000	269790.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	284360.000	215280.000	143400.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2322500.000	1745350.000	1627960.000
(2) Current assets
(a) Current investments	333700.000	283660.000	270290.000
(b) Inventories	429320.000	427290.000	359550.000
(c) Trade receivables	106640.000	118800.000	184240.000
(d) Cash and cash equivalents	366240.000	495470.000	395980.000
(e) Short-term loans and advances	112770.000	109740.000	110890.000
(f) Other current assets	4660.000	4800.000	2490.000
Total Current Assets	1353330.000	1439760.000	1323440.000
TOTAL	3675830.000	3185110.000	2951400.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3901170.000	3602970.000	3299040.000
		Other Income	89360.000	79980.000	61920.000
		TOTAL	3990530.000	3682950.000	3360960.000
Less	EXPENSES
		Cost of materials consumed	3293130.000	3061270.000	2748140.000
		Purchases of stock-in-trade	5240.000	5020.000	14410.000
		Changes in inventories of finished goods, stock-in-process and stock-in-trade	4120.000	(33170.000)	(8720.000)
		Employee benefits expense	33700.000	33540.000	28620.000
		Other expenses	256210.000	228440.000	180400.000
		TOTAL	3592400.000	3295100.000	2962850.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		398130.000	387850.000	398110.000
Less	FINANCIAL EXPENSES		32060.000	30360.000	26670.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		366070.000	357490.000	371440.000
Less/ Add	DEPRECIATION/ AMORTISATION		87890.000	94650.000	113940.000
	PROFIT BEFORE TAX		278180.000	262840.000	257500.000
Less	TAX		58340.000	52810.000	57100.00
	PROFIT AFTER TAX		219840.000	210030.000	200400.000
Add	On Amalgamation		0.000	11160.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		86100.000	76090.000	65140.000
Less	APPROPRIATIONS
		Transferred to General Reserve	180000.000	180000.000	160000.000
		Transferred to Capital Redemption Reserve on buy back of Equity Shares	0.000	430.000	40.000
		Proposed Dividend on Equity Shares	27930.000	26280.000	25310.000
		Tax on Dividend	4750.000	4470.000	4100.000
	BALANCE CARRIED TO THE B/S		93260.000	86100.000	76090.000
	EARNINGS IN FOREIGN CURRENCY
		FOB Value for Exports	2611180.000	2278830.000	1982690.000
		Interest Earnings	50.000	20.000	10.000
		Other Earnings	2430.000	2070.000	2040.000
	TOTAL EARNINGS		2613660.000	2280920.000	1984740.000
	IMPORTS
		Raw Materials and Stock-in-Trade	3026300.000	2817190.000	2542480.000
		Stores, Chemicals and Packing Materials	37190.000	32600.000	31200.000
		Capital goods	42180.000	22040.000	3250.000
	TOTAL IMPORTS		3105670.000	2871830.000	2576930.000
	Earnings Per Share (Rs.)		68.05	64.82	61.21

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.64	5.83	6.07
Operating Profit Margin (PBDIT / Sales)	(%)	10.21	10.76	12.07
Return on Total Assets (PBT/Total Assets}	(%)	10.18	9.55	9.89
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.16
Debt Equity Ratio (Total Debt /Networth)		0.43	0.30	0.35
Current Ratio (Current Asset/Current Liability)		1.42	1.73	1.92

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. in Million)	(Rs. in Million)	(Rs. in Million)
Share Capital	32710.000	32290.000	32320.000
Reserves & Surplus	1628250.000	1767660.000	1938420.000
Share Application money pending allotment	0.000	250.000	170.000
Net worth	1660960.000	1800200.000	1970910.000
long-term borrowings	480340.000	430120.000	627110.000
Short term borrowings	105930.000	115110.000	227700.000
Total borrowings	586270.000	545230.000	854810.000
Debt/Equity ratio	0.353	0.303	0.434

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. in Million)	(Rs. in Million)	(Rs. in Million)
Revenue from Operations	3299040.000	3602970.000	3901170.000
		9.213	8.277

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. in Million)	(Rs. in Million)	(Rs. in Million)
Revenue from Operations	3299040.000	3602970.000	3901170.000
Profit	200400.000	210030.000	219840.000
	6.07%	5.83%	5.64%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	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:-				12.02.2014
Lodging No.:-		ITXAL/384/2014			Filing Date:-	12.02.2014
Reg. No.:-		ITXA/1811/2014			Reg. Date:-	15.12.2014
Petitioner:-	COMMISSSIONER OF INCOME TAX		Respondent:-		RELIANCE INDUSTRIES LIMITED
Petn.Adv:-	MOTIWALLA AND COMPANY (222)		Resp. Adv.:-		RAJ BANSHILAL DARAK (RESPONDANTS)
District:-	MUMBAI
Bench:-	DIVISION		Category:-		TAX APPEALS
Status:-	Pre-Admission		Stage :		FOR REJECTION (ORIGINAL SIDE MATTERS)
Next Date:-	31.03.2015
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Last Date :-	12.06.2014				Stage :- FOR REJECTION (ORIGINAL SIDE MATTERS)
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act :-	Income Tax Act, 1961				Under Section:- 260A

UNSECURED LOAN

(Rs. In Million)

Particulars	31.03.2014	31.03.2013
Long Term Borrowings
Bonds	99410.000	90660.000
Term Loans- from banks	512110.000	319510.000
Deferred payment liabilities	30.000	60.000
Short Term Borrowings
Other Loans and Advances
From Banks
Foreign Currency Loans - Buyers/Packing credit	135820.000	109780.000
Rupee Loans	0.000	1000.000
Total	747370.000	521010.000

INDEX OF CHARGES

S. 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	10143216	21/11/2014 *	5,000,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Floor, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C36770154
3	10082527	30/12/2010 *	126,500,000,000.00	STATE BANK OF INDIA	MADAME CAMA ROAD, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B03977386
4	10069627	26/10/2006	587,188,807.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	A23524473
5	10069628	26/10/2006	450,973,700.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	A23525009
6	10069630	19/10/2006	510,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	A23525876

* Date of charge modification

CONTINGENT LIABILITIES

(Rs. In Million)

Particular	31.03.2014	31.03.2013	31.03.2012
Claims against the company / disputed liabilities not acknowledged as debts
In respect of Joint Ventures	4140.000	--	--
In respect of others	14330.000	16630.000	13430.000
Guarantees
Guarantees to Banks and Financial Institutions against credit facilities extended to third parties
In respect of others	323080.000	310800.000	295830.000
Performance Guarantees
In respect of others	2900.000	2580.000	1590.000
Outstanding guarantees furnished to Banks and Financial Institutions including in respect of Letters of Credits
In respect of joint ventures	7000.000	1600.000	2280.000
In respect of others	48430.000	50990.000	51670.000
Other Money for which the company is contingently liable
Liability in respect of bills discounted with Banks (Including third party bills discounting)
In respect of others	49700.000	39610.000	6310.000

RESULTS OF OPERATIONS

Operating in a volatile and uncertain environment, the Company demonstrated the resilience of its business model. The Company’s best-in-class refining configuration and integrated petrochemical business enabled it to deliver robust profits in the financial year 2013-14. The highlights of the Company’s performance are as under:

· Revenue from operations increased by 8.1% to Rs.4013020.000 Million ($ 67.0 billion)

· Exports increased by 15.3% to Rs.2758250.000 Million ($ 46.0 billion)

· PBDIT increased by 2.7% at Rs.398130.000 Million ($ 6.6 billion)

· Profit Before Tax increased by 5.8% at Rs.278180.000 Million ($ 4.6 billion)

· Cash Profit increased by 1.0% to Rs.307950.000 Million ($ 5.1 billion)

· Net profit increased by 4.7% to Rs.219840.000 Million ($ 3.7 billion)

· Gross Refining Margin was $ 8.1 / BBL for the year ended March 31, 2014.

The consolidated revenue from operations of the Company for the year ended March 31, 2014 was Rs.4463390.000 Million ($ 74.5 billion), an increase of 9.3% on a year-on-year basis.

The Company is one of India’s largest contributors to the national exchequer primarily by way of payment of taxes and duties to various government agencies. During the year, a total of Rs.313740.000 Million ($ 5.2 billion) was paid in the form of various taxes and duties.

The Company featured in the Fortune Global 500 list of the world’s largest corporations for the tenth consecutive year and was ranked 107th in terms of revenues and 128th in terms of profits.

MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW

The global economy began its modest recovery in FY 2013-14 with improved demand from OECD economies in the second half of 2013. While the trend is expected to accelerate in the current year, the positive outlook is subdued by the potential consequences of ‘tapering’ of some of the US Federal Reserve’s Quantitative Easing (QE) policies which were undertaken in the aftermath of global financial crises. Emerging markets like India faced multiple challenges: capital outflows, intense exchange rate pressures and volatile current account movement. A combination of persistent intention, fiscal imbalances, external sector vulnerabilities and low investments resulted in sluggish domestic demand growth. Fiscal and monetary initiatives taken by the Indian government and the Reserve Bank of India (RBI) helped stabilise financial market conditions, but the domestic macro-economic environment still remains challenging.

Economic recovery in the US and Europe had a positive impact on oil demand, which increased by 1.3 million barrels per day (MMBPD) in 2013. Crude oil prices fluctuated extensively, driven by supply concerns in Libya, South Sudan, West Africa and Iraq. Higher US shale oil production helped offset the impact of these disruptions with Brent crude oil prices averaging marginally lower at $ 108.7 per barrel in 2013.

Operating in a volatile and uncertain environment, Reliance Industries Limited (RIL) demonstrated the resilience of its business model. RIL’s best-in-class raining configuration and integrated petrochemical business enabled it to deliver robust profits in FY 2013-14. The Company achieved:

· Highest ever Revenue of Rs.4013020.000 Million ($ 67.0 billion) and Net profit of Rs.219840.000 Million ($ 3.7 billion)

· Record Exports of Rs.2758250.000 Million ($ 46.0 billion)

· Record Refining business EBIT Rs.132200.000 Million ($ 2.2 billion)

· Highest ever consolidated Revenue and Net profit of Rs.4463390.000 Million ($ 74.5 billion) and Rs.224930.000 Million ($ 3.8 billion) respectively

· Dividend of 95%, highest ever pay-out of Rs.32680.000 Million ($ 545 million).

Operationally, downstream segments continued to deliver superior performance with operating rates of over 100%. RIL processed 68.0 million tonnes (MMT) of crude oil at its Jamnagar refinery complex. The KG-D6 (JV) facility produced 2.31 million barrels (MMBL) of crude and condensate and 178.3 billion cubic feet (BCF) of natural gas. RIL’s share of gross JV production in US Shale was 154 BCFe in 2013 reflecting a growth of 52% over previous year.

The Company featured in the Fortune Global 500 list of the world’s largest corporations for the tenth consecutive year and was ranked 107th in terms of revenues and 128^th in terms of profits.

FINANCIAL PERFORMANCE AND REVIEW

Revenue from operations of Rs.4013020.000 Million ($ 67.0 billion), increased 8.1% on a y-o-y basis. Higher prices accounted for 7.7% growth in revenue and increase in volumes accounted for 0.4% growth in revenue. Revenues were positively impacted by a sharp movement in exchange rate, with a 10.4% depreciation of the Indian rupee vis-à-vis the US dollar. Exports were higher by 15.3% at Rs.2758250.000 Million ($ 46.0 billion) as against Rs.2392660.000 Million in FY 2012- 13.

· Reining business contributes 78% of revenues (including inter-divisional transfer) and grew by 8.4% as compared to previous year. The growth in revenue was driven by 8.1% increase in prices and 0.3% higher volumes.

· Petrochemicals business accounted for 21% of revenues and grew by 9.5% as compared to previous year. The growth in revenue was contributed by 8.6% increase in price and 0.9% higher volumes.

· Oil and gas business revenue declined by 26.7% as compared to previous year largely on account of 39.7% decline in production

OUTLOOK

A two trillion dollar economy catering to a billion-plus population, more than half of which is below the age of 30. Such a scenario, a rarity in the world’s demographic profile, represents the foundation for India’s retail sector growth.

India’s organised retail is witnessing a new surge of optimism and is projected to touch a 20% share of the total retail market by 2020 vis-à-vis 8% now.

CHARGES

ENTITY	PERSON	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION (S) / DATE OF ORDER	FURTHER DEVELOPMENTS
RELIANCE INDUSTRIES  LIMITED		EPFO	EXEMPTED AND UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFO INCLUDING PROVIDENT FUND, PENSION AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND PENAL DAMAGES OF RS.83.55 LAKHS	AMONG OTHER ACTIONS, NAMES OF DEFAULTERS PUT ON THE EPFO WEBSITE 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

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/NINE MONTHS ENDED 31st DECEMBER 2014

(Rs. In Million)

Particulars	Quarter – ended		Nine Month Ended
	31.12.2014	30.09.2014	31.12.2014
	Unaudited	Unaudited	Unaudited
Income from Operations
Net sales/Income from Operations	801960.000	964860.000	2730330.000
Total Income from Operations (Net)	801960.000	964860.000	2730330.000
Expenses
Consumption of Raw Materials	585430.000	788510.000	2183600.000
Purchase of Stock-in-trade	19510.000	17360.000	54030.000
Changes in inventories of Finished Goods, Work in Progress and Stock-in-Trade	49070.000	(5760.000)	22110.000
Employee Benefit Expenses	8320.000	9320.000	26930.000
Depreciation and Amortization	21050.000	22270.000	63560.000
Other Expenses	67550.000	73080.000	213930.000
Total	750930.000	904780.000	2564160.000
Profit/ (Loss) from Operations before other Income and Finance Cost	51030.000	60080.000	166170.000
Other income	24020.000	21400.000	65880.000
Profit/ (Loss) from Ordinary Activities before Finance Cost	75050.000	81480.0000	232050.000
Finance Costs	8810.000	7580.000	19630.000
Profit/ (Loss) from ordinary Activities after Finance Cost and before tax	66240.000	73900.000	212420.000
Tax Expenses	15390.000	16480.000	47660.000
Net Profit/ (Loss) from Ordinary Activities After Tax	50850.000	57420.000	164760.000
Paid up Equity Share Capital (Face value of Rs. 10/- each)	32350.000	32340.000	32350.000
Reserves excluding Revaluation Reserve
Earning per shares of Rs. 10/- each
Basic	15.7	17.7	50.9
Diluted	15.7	17.7	50.9

Particulars	Quarter –ended		Nine Month Ended
	31.12.2014	30.09.2014	31.12.2014
Public Shareholding
-Number of Shares	1771.100	1770.200	1771.100
-Percentage of Shareholding	54.75	54.74	54.75
Promoter and Promoter Group Shareholding
Pledged / Encumbered
-Number of shares	---	---	---
-Percentage of shares (as a % of the total shareholding of promoter and promoter group)	---	---	---
-Percentage of shares (as a % of the total share capital of the company)	---	---	---
Non- encumbered
-Number of shares	1464.000	1464.000	1464.000
-Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100	100	100
-Percentage of shares (as a % of the total share capital of the company)	45.25	45.26	45.25

Notes:

• The figures for the corresponding previous periods have been reworked/regrouped wherever necessary, to make them comparable.

• The Government of India (GoI), by its letters dated 2nd May, 2012, 14th November, 2013 and 10th July, 2014 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.

• Pursuant to the enactment of the Companies Act 2013 (the Act), the Company has, effective 1st April 2014, reviewed and revised the estimated useful lives of its fixed assets, generally in accordance with the provisions of Schedule II to the Act. The consequential impact (after considering the transition provision specified in Schedule II) on the depreciation charged and on the results for the quarter is not material.

• Based on alternate interpretation for calculation of diluted EPS as per Accounting Standard (AS) 20 the diluted EPS for the quarter ending Dec 14, Sep 14 and Dec 13, Nine month ending Dec 14 and Dec 13 and Year ended Mar 14 are Rs.15.7, Rs.17.7, Rs.17.0, Rs.50.8, Rs.50.5 and Rs.67.9 respectively.

• There were no investor complaints pending as on 1st October 2014. All the 646 complaints received during the quarter ended 31st December 2014 were resolved and no complaints were outstanding as on 31st December 2014.

• 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 16th January 2015. The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results.

UNAUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER / NINE MONTHS ENDED 31st DECEMBER 2014

(Rs. In Million)

Particulars	Quarter – ended		Half Year Ended
	31.12.2014	30.09.2014	31.12.2014
1.Segment Revenue
- Petrochemicals	213060.000	249320.000	699530.000
- Refining	731520.000	917810.000	2559310.000
- Oil and Gas	13470.000	13800.000	42840.000
- Others	3730.000	2210.000	7870.000
Gross Turnover (Turnover and Inter Segment Transfers)	961780.000	1183140.000	3309550.000
Less: Inter Segment Transfers	135310.000	185440.000	491540.000
Turnover	826470.000	997700.000	2818010.000
Less: Excise Duty / Service Tax Recovered	24510.000	32840.000	87680.000
Net Turnover	801960.000	964860.000	2730330.000
2. Segment Results
- Petrochemicals	21970.000	24030.000	64850.000
- Refining	31990.000	37880.000	107600.000
- Oil and Gas	2670.000	3320.000	10860.000
- Others	740.000	660.000	1920.000
Total Segment Profit before Interest and Tax	57370.000	65890.000	185230.000
(i) Interest Expense	(8810.000)	(7580.000)	(19630.000)
(ii) Interest Income	13330.000	14410.000	41310.000
(iii) Other Un-allocable Income (Net of Expenditure)	4350.000	1180.000	5510.000
Profit before Tax	66240.000	73900.000	212420.000
(i) Provision for Current Tax	(13780.000)	(15390.000)	(44240.000)
(ii) Provision for Deferred Tax	(1610.000)	(1090.000)	(3420.000)
Profit after Tax	50850.000	57420.000	164760.000
3.Capital Employed (Segment Assets – Segment Liabilities)
- Petrochemicals	467650.000	471580.000	467650.000
- Refining	790860.000	708880.000	790860.000
- Oil and Gas	314540.000	307010.000	314540.000
- Others	389820.000	383760.000	389820.000
-Unallocated	1175340.000	1177620.000	1175340.000
Total Capital Employed	3138210.000	3048850.000	3138210.000

Notes to Segment Information (Standalone) for the Quarter/ Nine Months Ended 31st December 2014

As per Accounting Standard 17 on ‘Segment Reporting’ (AS 17), the Company has reported ‘Segment Information’, as described below:

• 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.

• The refining segment includes production and marketing operations of the petroleum products.

• The oil and gas segment includes exploration, development and production of crude oil and natural gas.

• The smaller business segments not separately reportable have been grouped under the others segment.

• Capital employed on other investments / assets and income from the same are considered under unallocable.

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

MEDIA RELEASE

Mumbai, 16^th January 2015

NINE MONTH CONSOLIDATED REVENUE OF RS.3176310.000 MILLION ($ 50.4 BILLION), DOWN 6.6%

NINE MONTH CONSOLIDATED PBDIT OF RS.340040.000 MILLION ($ 5.4 BILLION), UP 5.4%

NINE MONTH CONSOLIDATED SEGMENT EBIT OF RS.208540.000 MILLION ($ 3.3 BILLION), UP 13.4%

NINE MONTH CONSOLIDATED NET PROFIT OF RS.171850.000 MILLION ($ 2.7 BILLION), UP 3.4%

QUARTERLY CONSOLIDATED NET PROFIT OF RS.52560.000 MILLION ($ 834 MILLION), DOWN 4.5%

Reliance Industries Limited (RIL) today reported its financial performance for the quarter / nine months ended 31st December, 2014. Highlights of the un-audited financial results as compared to the previous year are:

CONSOLIDATED FINANCIAL PERFORMANCE

(In Rs. Million)	3Q FY15	2Q FY15	3Q FY14	% Change wrt 2Q FY15	% Change wrt 3Q FY14	9M FY15	9M FY14	% Change wrt 9M FY14
Turnover	963300.000	1133960.000	1210770.000	(15.0%)	(20.4%)	3176310.000	3401310.000	(6.6%)
PBDIT	111090.000	118790.000	107420.000	(6.5%)	3.4%	340040.000	322640.000	5.4%
Profit Before Tax	70180.000	78580.000	70050.000	(10.7%)	0.2%	226050.000	211150.000	7.1%
Net Profit	52560.000	59720.000	55020.000	(12.0%)	(4.5%)	171850.000	166120.000	3.4%
EPS (Million)	178.000	203.000	187.000	(12.3%)	(4.8%)	584.000	565.000	3.4%

HIGHLIGHTS OF QUARTER’S PERFORMANCE (CONSOLIDATED)

• Revenue (turnover) decreased by 20.4 % to Rs.963300.000 Million ($ 15.3 billion)

• PBDIT increased by 3.4 % to Rs.111090.000 Million ($ 1.8 billion)

• Profit before Tax increased by 0.2 % to Rs.70180.000 Million ($ 1.1 billion)

• Cash Profit increased by 2.9 % to Rs.85410.000 Million ($ 1.4 billion)

• Net Profit decreased by 4.5 % to Rs.52560.000 Million ($ 834 million)

CORPORATE HIGHLIGHTS FOR THE QUARTER (3Q FY15)

• In December 2014, RIL signed a shipping deal with one of the world’s largest and reputed shipping companies MITSUI O.S.K. LINES, LTD (“MOL”) for transporting Liquefied Ethane from North America to India. MOL will supervise the construction of six Very Large Ethane Carriers (VLECs), ordered by Reliance. MOL will also operate and manage the vessels after they are built and delivered. RIL, with this strategic tie-up with MOL, has achieved a key milestone for the successful implementation of Ethane import project to feed crackers in India.

• In December 2014, RIL and Shandong Ruyi Science and Technology Group Co. Ltd, China (“Ruyi”) (through its wholly owned subsidiary), have executed definitive agreements for a joint venture in textile business. As per the definitive agreements, RIL will transfer its existing textile business into a newly incorporated company (“JV”), for which RIL will receive cash consideration. RIL will own a majority 51% in the proposed JV, with the balance 49% owned by Ruyi. The proposed transaction is subject to obtaining requisite approvals.

• In December 2014, RIL and the Mexican State Owned Company, Petroleos Mexicanos (“PEMEX”) have entered into a Memorandum of Understanding (MOU). As per the MOU, RIL will cooperate with PEMEX for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in International Markets.

• In November 2014, Reliance Jio Infocomm Limited (“RJIL”), a subsidiary of RIL has signed a US$ 1.5 Billion Syndicated Term Loan facility aggregating to US$1.5 Billion (the “Facility”). The facility is guaranteed by RIL and will be used to refinance the syndicated term loan facilities aggregating to US$ 1.5 Billion tied up by RJIL in 2010.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Our focus on operational efficiency and the superior configuration of assets helped us deliver an industry-leading performance in the refining and petrochemicals business despite sharp decline in crude and feedstock prices. The performance also highlights the robustness of our risk management and proficiency of people and processes across the integrated chain. We continued to advance our refining and petrochemicals business capital investments, which will come to fruition over the next 4-6 quarters. These investments demonstrate our commitment to creating value through the business cycle. During the quarter, Reliance Retail registered Y-o-Y growth of 19% in turnover with improved margins and profitability”.

FINANCIAL PERFORMANCE REVIEW AND ANALYSIS (CONSOLIDATED)

RIL achieved a turnover of Rs.963300.000 Million ($ 15.3 billion) for the quarter ended 31st December 2014, a decrease of 20.4%, as compared to Rs.1210770.000 Million in the corresponding period of the previous year. Sharp Y-o-Y fall in benchmark oil price of 30% was the key factor for the decline in revenue. Exports from India were lower by 21.5% at Rs.585070.000 Million ($ 9.3 billion) as against Rs.744950.000 Million in the corresponding period of the previous year.

Cost of raw materials declined by 32.2% to Rs.621960.000 Million ($ 9.9 billion) from Rs.917400.000 Million on Yo-Y basis. This was mainly on account of lower crude oil prices and lower blending and trading activity in the export markets.

Employee costs were at Rs.15480.000 Million ($ 246 million) as against Rs.11730.000 Million in corresponding period of the previous year.

Other expenditure increased by 17.2% on a Y-o-Y basis from Rs.83710.000 Million to Rs.98110.000 Million ($ 1.6 billion) primarily due to consolidation of Network 18 Media & Investments Limited from current year.

Operating profit before other income and depreciation increased by 0.4 % on a Y-o-Y basis from Rs.86510.000 Million to Rs.86890.000 Million ($ 1.4 billion).

The quarter witnessed heightened volatility across the hydrocarbon business. Benchmark crude oil prices declined by around 40% through the quarter, with consequent impact on petrochemical feedstock and product prices. While headline deltas were strong, declining feedstock prices impacted buying sentiment across product categories. Downstream converters ran down inventories, operating at minimal stock levels. RIL, in line with its operating strategy, aggressively sold down stocks to maintain optimal levels of inventory, which impacted realized deltas and margins for products. This coupled with lower holding value of closing-stock impacted performance of refining and petrochemicals businesses.

Other income was higher at Rs.23400.000 Million ($ 371 million) as against Rs.20760.000 Million in corresponding period of the previous year, primarily on account of higher profit on sale of investments.

Depreciation (including depletion and amortization) was higher by 6.4% to Rs.29540.000 Million ($ 469 million) as compared to Rs.27760.000 Million in corresponding period of the previous year.

Interest cost was at Rs.11370.000 Million ($ 180 million) as against Rs.9610.000 Million in corresponding period of the previous year. Interest cost was higher due to consolidation of Network 18 Media & Investments Limited from current year and higher average exchange rate during the quarter.

Profit after tax was lower by 4.5% at Rs.52560.000 Million ($ 834 million) as against Rs.55020.000 Million in the corresponding period of the previous year.

Basic earnings per share (EPS) for the quarter ended 31st December 2014 was Rs.178 as against Rs.187 in the corresponding period of the previous year.

Outstanding debt as on 31st December 2014 was Rs.1500070.000 Million ($ 23.8 billion) compared to Rs.1387610.000 Million as on 31st March 2014.

Cash and cash equivalents as on 31st December 2014 were at Rs.786910.000 Million ($ 12.5 billion). These were in bank deposits, mutual funds, CDs and Government securities / bonds.

The capital expenditure for the nine months ended 31st December 2014 was Rs.702720.000 Million ($ 11.1 billion) including exchange rate difference capitalization. Capital expenditure was principally on account of ongoing expansions projects in the petrochemicals and refining business at Jamnagar, Dahej and Hazira, Broad band Access and US Shale gas projects.

RIL retained its domestic credit ratings of AAA from CRISIL and FITCH and an investment grade rating for its international debt from Moody’s as Baa2 and BBB+ from S and P.

REFINING AND MARKETING BUSINESS

(In Rs. Million)	3Q FY15	2Q FY15	3Q FY14	% Change wrt 2Q FY15	% Change wrt 3Q FY14	9M FY15	9M FY14	% Change wrt 9M FY14
Segment Revenue	817770.000	1035900.000	1076760.000	(21.1%)	(24.1%)	2834480.000	3091840.000	(8.3%)
Segment EBIT	32670.000	38440.000	32400.000	(15.0%)	0.8%	109250.000	94300.000	15.9%
Crude Refined (Mn MT)	17.7	17.3	17.0	---	---	51.7	51.7	---
GRM ($ / bbl)	7.3	8.3	7.6	---	---	8.1	7.8	---
EBIT Margin (%)	4.0%	3.7%	3.0%	---	---	3.9%	3.0%	---

3Q FY15 revenue from the Refining and Marketing segment decreased by 24.1% Y-o-Y to Rs.817770.000 Million ($ 13.0 billion). RIL’s gross refining margins (GRM) for the quarter stood at $ 7.3/bbl as against $ 7.6/bbl in the corresponding period of the previous year. EBIT for the quarter was up by 0.8 % Y-o-Y at Rs.32670.000 Million.

During the quarter, RIL Jamnagar refineries processed 17.7 MMT of crude at an average utilization of 114%. In comparison, average utilization rates for refineries globally during the same period were 86.8% in North America, 81.0% in Europe and 84.9% in Asia. The utilization rates were 85.2%, 74.6% and 84.0% respectively in the corresponding period of the previous year. Utilization rates improved in all regions on a Y-o-Y basis, due to healthy margins.

RIL’s exports of refined products from India was at $ 8.3 billion during the 3Q FY15 as compared to $ 10.8 billion in 3Q FY14. In terms of volume, exports of refined products were 11.9 MMT during 3Q FY15 as compared to 11.6 MMT in 3Q FY14.

The quarter was characterized by fall in crude prices, which fell by around 40% through the quarter. Continuous non-OPEC crude oil production growth, led by US, partial return of Libyan barrels, muted oil demand growth resulted in an oversupplied crude market leading to a sharp decline in crude oil prices.

Singapore complex refining margin strengthened on Y-o-Y basis, to $6.3/bbl compared to $5.4/bbl in the same quarter last year, primarily due to strength in gasoline and fuel oil. On a Q-o-Q basis, Singapore GRM improved $1.5/bbl, from $4.8/bbl in 2Q FY15, due to stronger middle distillates and fuel oil cracks.

Singapore Gasoil cracks averaged $ 16.0/bbl during the quarter as against $17.7/bbl during the same period last year and $14.4/bbl in the previous quarter. Cracks performed better on Q-o-Q due to improvement in Chinese and Indian demand coupled with some unplanned outages. Indian demand increased by 11% on Q-o-Q basis on the back of reduced retail prices.

Asian Naphtha cracks were down at $-5.1/bbl as compared to same period last year as well as compared to the previous quarter. Naphtha cracks tumbled on muted demand coupled with large inflows from West even though falling crude prices and petrochemicals demand provided support in the latter part of the quarter. Gasoline cracks were better on a Y-o-Y and Q-o-Q basis. On a Q-o-Q basis, gasoline cracks performed well on unplanned outages in the earlier part of the quarter, but softened subsequently.

Fuel oil cracks strengthened significantly to $-7.2/bbl as compared to $-10.5/bbl in the previous quarter. Falling outright prices led to increased demand supported by improvement in bunker sales and fear of supply disruption due to bankruptcy of major European fuel oil supplier. However, lower demand from Chinese teakettle refineries checked the gains.

During the quarter, Arab Light – Arab Heavy crude differential were at $4.0/bbl, differentials narrowed by $ 0.60/bbl on a Y-o-Y basis and $ 0.80/bbl on Q-o-Q basis. Strengthening of fuel oil margins supported heavy crude and softness in light distillates led to the weakness in light barrels, thus narrowing the differentials as compared to the previous quarter.

PETROCHEMICALS BUSINESS

(In Rs. Million)	3Q FY15	2Q FY15	3Q FY14	% Change wrt 2Q FY15	% Change wrt 3Q FY14	9M FY15	9M FY14	% Change wrt 9M FY14
Segment Revenue	230010.000	266510.000	271210.000	(13.7%)	(15.2%)	750500.000	774770.000	(3.1%)
Segment EBIT	20640.000	23610.000	21150.000	(12.6%)	(2.4%)	62880.000	62530.000	0.6%
EBIT Margin (%)	9.0%	8.9%	7.8%	---	---	8.4%	8.1%	---
Production in India (Million Tonnes)	5.3	5.7	5.6	---	---	16.4	16.6	---

3Q FY15 revenue from the Petrochemicals segment declined by 15.2% on Y-o-Y basis to Rs.230010.000 Million ($ 3.6 billion) due to lower feedstock and product prices. EBIT for the quarter declined by 2.4% at Rs.20640.000 Million on Y-o-Y basis. EBIT margin improved to 9.0% for the quarter as compared to 7.8% in 3Q FY14. Improvement in EBIT margins were aided by firm polymer and polyester deltas.

Polymer and Cracker Sector:

Naphtha prices in Asia continued to decline due to ample supply and drop in crude oil prices. Also, naphtha demand for olefins production in Asia was lower with soft downstream derivatives demand.

On Q-o-Q basis ethylene prices were down by 17% and lagged the decline in feedstock naphtha prices which was down 31% during the same period. At the beginning of the quarter supply of ethylene was tight with ongoing turnaround schedule, however with supply coming back the region was long ethylene by the end of the quarter but still the price drop lower than the naphtha. This resulted in ethylene spreads continuing at all-time high levels. Polymer prices were also lower during the quarter due to soft demand and falling upstream values.

During 9M FY15, Indian polymer demand was higher by 5.2%. PP demand grew 5.3% Y-o-Y with improved demand from raffia packaging, non-woven, multi filament, automotive and appliances sector. PE demand was higher by 5.0% due to good demand from film packaging, moulded products (i.e. FMCG, Pharma and Food packaging), and paper/woven sacks lamination packaging sector. PVC domestic demand was higher by 5.4% with higher demand from pipe and fitting sector.

Polymer deltas remained healthy with product price decline lagging the fall in feedstock prices. On Q-o-Q basis, PP deltas improved sharply by 45% as propylene prices continue to fall due to oversupply in Asia. PE delta also remained firm (up 19%) on Q-o-Q basis as naphtha prices tracked falling crude oil price. PVC deltas were stable as PVC prices were down in line with feedstock EDC and ethylene prices.

For the quarter, RIL’s polymer production was lower at 1.0 MMT due to planned turnaround at Hazira. RIL continues to maintain its leadership position in the domestic market.

Elastomer

Sharp decline in crude prices and continued soft demand for synthetic rubber, coupled with new capacities led to Butadiene prices touching a new low in FY15. High operating rates of naphtha crackers ensured abundant availability of Butadiene feedstock, further accentuating the price decline.

PBR prices dropped 13% on Q-o-Q basis due to weak market conditions. However, PBR deltas improved on Q-o-Q basis as Butadiene prices fell more sharply. After start-up of new PBR capacity at Hazira, RIL is expected to increase its domestic market share as substantial portion of production from new line will be placed in the domestic market. Reliance is the only producer of PBR in India.

RIL is ramping up operations of its new 150 KTA capacity SBR plant at Hazira, which is the largest in India. The plant has capability to produce entire range of dry as well as oil extended grades of emulsion SBR. India is a net importer of SBR and with RIL’s new capacity, India will be self-sufficient in SBR. With this, RIL has reaffirmed its leadership position in synthetic rubbers in the Indian market.

Polyester Chain

PX markets sentiments remained subdued due to upstream price declines. PX prices were lower by 25% on a Q-o-Q basis. PX contract prices were settled only twice during the last twelve months, in Jan’14 and Oct’14. PX margins declined 17% on Q-o-Q and 25% on Y-o-Y basis. Oversupply caused by new capacities coupled with cautious buying from PTA producers, resulted in significantly weaker deltas.

PTA markets continued to remain oversupplied. Demand was weak initially during the quarter, but improved subsequently with demand from polyester sector aided by better downstream margins. Along with shutdowns and controlled Chinese production, margin decline was contained at 6% Q-o-Q.

MEG markets were largely guided by the upstream markets and co-feedstock PTA demand patterns. Prices declined 15% on a Q-o-Q basis. Chinese port inventories declined towards the end of the quarter, which helped stem the price drop. As a result, MEG margins improved 8% on a Q-o-Q basis.

Polyester Yarn markets witnessed price drops reflecting the feedstock trends, but lower prices supported a revival in demand. Inventory levels remained low across the chain which helped producer margins. Polyester margins were at the highest levels in nearly 2 years. Despite high margins, the falling market environment affected sentiment. Demand from USA largely remained healthy in most sectors favouring imports into the country. Polyester staple fibre markets were healthy. The delta between cotton and polyester staple fibre declined during the quarter, but is still above the long term average and tends to be favourable for polyester consumption. PET markets remained stable during the quarter. Despite a 14% decline in prices Q-o-Q, margins increased 60% with falling intermediate prices.

Stocks with downstream players in the domestic market remain very thin and any revival or stabilization in feedstock prices would spur demand growth.

For the 9M FY15 period, overall polyester demand increased by 4% on a Y-o-Y basis. The growth has been led by PFY (primarily FDY) and PET.

Ramp-up of the new PET plant a Dahej is expected to synchronize with the start-up of new PTA facility during 4Q FY15. Polyester production increased by 13% Y-o-Y to 451 KT with ramp-up in production from the new Silvassa facility. Fibre intermediates production remained flat at 1.2 MMT during the quarter. MEG production was impacted due to planned shut down and product optimization during 3Q FY15.

OIL AND GAS (EXPLORATION & PRODUCTION) BUSINESS

(In Rs. Million)	3Q FY15	2Q FY15	3Q FY14	% Change wrt 2Q FY15	% Change wrt 3Q FY14	9M FY15	9M FY14	% Change wrt 9M FY14
Segment Revenue	28410.000	30020.000	29260.000	(5.4%)	(2.9%)	90210.000	81040.000	11.3%
Segment EBIT	8320.000	8180.000	6070.000	1.7%	37.1%	26920.000	20490.000	31.4%
EBIT Margin (%)	29.3%	27.2%	20.7%	---	---	29.8%	25.3%	---

DOMESTIC OPERATIONS

(In Rs. Million)	3Q FY15	2Q FY15	3Q FY14	% Change wrt 2Q FY15	% Change wrt 3Q FY14	9M FY15	9M FY14	% Change wrt 9M FY14
Segment Revenue	13470.000	13800.000	17330.000	(2.4%)	(22.3%)	42840.000	46510.000	(7.9%)
Segment EBIT	2670.000	3320.000	5400.000	(19.6%)	(50.6%)	10860.000	12480.000	(13.0%)
EBIT Margin (%)	19.8%	24.1%	31.2%	---	---	25.4%	26.8%	---

Natural gas pricing policy was notified and implemented by the Government of India during the quarter. New gas price of $ 5.05/MMBTU on gross calorific value (GCV) basis, is applicable for the period from 1st November 2014 to 31st March 2015. The gas price will be revised on a half yearly basis.

KG-D6

Production Update:

KG-D6 field produced 0.5 million barrels of crude oil, 0.1 million barrels of condensate and 38.5 BCF of natural gas in 3Q FY15. Fall in gas production is mainly due to natural decline in the fields partly offset by incremental production from new well MA08 and side track in well MA6H which was implemented in 2H FY14.

Key Project Update:

• Appraisal of D55 discovery: Drilling of third appraisal well MJ-A3 was completed in 3Q FY15. The well encountered hydrocarbon at the zone of interest. Actual hydrocarbon zone encountered was thinner than expected. The impact analysis on overall resources is currently underway.

• MA/D1-D3 Enhanced Gas Recovery activities: Drilling of Side track well in MA5H is currently underway. All the construction work related to booster compressor at the onshore terminal has been completed. 2 compressors are likely to be commissioned in 4Q FY15 and the third compressor is expected to be commissioned by mid-2015.

Panna Mukta and Tapti

Production update:

Panna-Mukta fields produced 1.8 million barrels of crude oil a reduction of 12% on Y-o-Y basis and 18.5 BCF of natural gas, a growth of 8% on Y-o-Y basis in 3Q FY15. The increase in gas production was on account of (i) Infrastructure modification facilitating processing of more gas, (ii) Additional volumes from revival of shut-in wells and improved performance from new wells including infills drilled during 2H FY14.

Tapti fields produced 0.05 million barrels of oil and 3.0 BCF of natural gas in 3Q FY15 – reduction of 29% and 53% respectively on Y-o-Y basis. The cessation of production from this block is likely to occur in early FY16.

CBM

Significant progress made in the Phase 1 of development activities in two CBM blocks, Sohagpur East and Sohagpur West for achieving first gas by mid FY16.

The Phase-1 comprises of drilling and completion of more than 200 wells, 2 Gas Gathering Station and 8 Water Gathering Stations with associated pipelines.

• 70% of the Phase-1 scope completed.

• Land acquisition for wells sites and facilities are progressing as per plan.

• 4 Rigs are in operation performing multiple operations.

• Completed drilling of 151 surface holes, 131 production holes and performed 100 Hydro fracturing jobs.

• Construction activities are in advance stage.

Shahdol-Phulpur Gas pipeline project:

• Front End Engineering and Design (FEED), detailed engineering and ordering for all long lead items completed.

• All construction contracts have been awarded.

Other Portfolios

As Gas discoveries and prospects size were small and scattered, RIL has relinquished the Block KG-DWN-2003/1 during 3Q FY15.

Other than KG-D6, Panna-Mukta and Tapti and 2 CBM blocks, RIL’s India portfolio comprise of 4 blocks. In the international portfolio, RIL has 3 blocks – 2 in Yemen (Block 34 and RIL and Myanmar Oil and Gas Enterprise (MOGE) are expected to sign PSC with respect to Myanmar blocks M17 and M18 in 4Q FY15. 37) and 1 in Peru (Block 39).

Oil and Gas (US Shale)

(In Rs. Million)	3Q FY15	2Q FY15	3Q FY14	% Change wrt 2Q FY15	% Change wrt 3Q FY14	9M FY15	9M FY14	% Change wrt 9M FY14
Segment Revenue	14880.000	16190.000	11870.000	(8.0%)	25.3%	47240.000	34400.000	37.3%
Segment EBIT	5670.000	4880.000	770.000	16.2%	636.4%	16130.000	8000.000	101.6%
EBIT Margin (%)	38.1%	30.1%	6.5%			34.1%	23.3%

Note: 3Q/9M CY14 financials for US Shale are consolidated in 3Q/9M FY15 results as per accounting standards

Review of US Shale Operations – (3Q FY15)

During 3Q FY15, the Shale Gas business witnessed macro headwinds, with a sharp downturn in commodity prices, especially in case of oil. WTI dropped down 40% from $90/bbl at the beginning of the quarter to $53/bbl by the end of the quarter. The fall was more prominent towards the quarter end. Natural Gas spot prices too dropped by over 24% during the quarter to end at $3.14/MMBTU, with a significant part of the decline witnessed during the month of Dec’14. NGL prices averaged around 32.5% of WTI. Gas differentials remained high and continue to be a key challenge, especially in the NE region.

Operationally, the business continued its strong performance, with production at record levels, especially at Pioneer and Chevron JVs. Gross JV production averaged at ~1.25 Bcfe/day, reflecting growth of 5% Q-o-Q and 21% over 3Q FY14. Development growth momentum remained strong and well performance continues to be encouraging. Value creation initiatives progressed well across all our JVs.

Pioneer JV’s gross production averaged at 725 Mmcfe/d, including ~69,300 bbl/d of condensate reflecting a 3% growth over the previous quarter. Production at Chevron JV continued on its growth trajectory at 366 Mmcfe/d, a 6% growth sequentially. At Carrizo JV, market conditions forced temporary curtailment in production early in the quarter, but supportive weather and decision to flow wells at an operationally optimal level, led to 10% sequential increase in production rates to 157 Mmcfe/d during the quarter.

With impact of stronger volumes offset by sharply lower realization, overall revenues and EBITDA for the quarter were sequentially lower by 16% and 14% respectively.

Eagle Ford shale remains one of the most competitive liquid shale plays in the US and is better positioned to remain competitive even in a volatile price environment. Pioneer JV continued with implementation of better completion technologies which has demonstrated improved well performance. Similarly, down spacing efforts have been progressing well and improving the potential well count for the JV. This improved efficiency greatly helps managing the depressed oil price environment.

Overall capex for the quarter was at $264 million and cumulative investment across all JVs stood at $7.9 billion. During the quarter Pioneer and Carrizo JV capex were met through cash from respective JV operations.

Several other ongoing value creation initiatives were progressed further in this quarter. Pioneer JV successfully decreased D and C costs through initiatives like use of 2-string casing design and efficient pad operations. Chevron JV has realized some well cost improvements, but significant more scale and consistency is needed for overall competitive capital efficiency. All three JVs are actively pursuing opex and capex reduction initiatives in the current commodity price downturn.

Reliance’s shale gas remains focused on high-grading of development activities, improving costs and efficiencies and managing the low price environment through prioritizing well capex in the most prolific areas. The business has reached an overall development maturity, (with a significant part of the acreages Held by Production) and adequate investment flexibility is available going forward mode.

ORGANIZED RETAIL

(In Rs. Million)	3Q FY15	2Q FY15	3Q FY14	% Change wrt 2Q FY15	% Change wrt 3Q FY14	9M FY15	9M FY14	% Change wrt 9M FY14
Segment Revenue	46860.000	41670.000	39410.000	12.5%	18.9%	128520.000	109030.000	17.9%
Segment EBIT	1330.000	990.000	380.000	34.3%	250.0%	3130.000	940.000	232.9%
EBIT Margin (%)	2.8%	2.4%	1.0%	---	---	2.4%	0.9%

Reliance Retail continued its growth momentum in 3Q FY15 despite challenging macroeconomic environment. Turnover for the quarter grew 19% on Y-o-Y basis to Rs.46860.000 Million.

The business recorded a strong like-for-like growth of up to 19% across format sectors in the quarter aided by festive shopping and saw Reliance Retail post its highest ever PBDIT in a quarter of Rs.2270.000 Million, an increase of 114% on a Y-o-Y basis.

Reliance Retail saw net addition of 279 stores during the quarter accelerating the pace of store opening to over 3 stores a day.

The Value formats added 15 new Reliance Fresh stores to its network in the quarter and further consolidated its position as the largest grocery retailer in the country. Strong private label offering continued to attract consumers thereby becoming a favored option against established national brands. Reliance Fresh Direct, home delivery of fresh grocery currently being piloted in a limited territory is showing encouraging response.

Reliance Market continued to expand and further consolidate its position as the largest Cash and Carry operator in the country. Reliance Market continued additions to its store network, reaching out to more and more kiranas, traders and institutions as partners across the country. Reliance Market serves over 1.5 million registered members.

Digital format sector kept up the pace of expansion through Digital Xpress Mini, a format that is positioned towards serving communication and mobility needs. In a short period, the format has established itself as the largest mobile phone retail chain in the country. During the quarter, the sector added 231 stores taking the total store count of the sector to 920.

The Fashion and Lifestyle sector witnessed strong growth during the quarter owing to a relentless focus on providing customers with fashionable, high quality products at great value. During this period, Reliance Trends crossed the milestone of operating stores in over 100 cities thereby extending their reach to fashion seeking customers.

Reliance Retail grew its presence through its partnerships during this period. Its partnerships with Marks and Spencer and Grand Vision continued expansion and witnessed strong sales growth from existing stores. Reliance Brands partnered with ABG Juicy Couture, LLC for a Distribution Agreement for the Brand, Juicy Couture in India.

Reliance Retail now operates 2,285 stores across the country.

BROADBAND ACCESS

RIL’s subsidiary, Reliance Jio Infocomm Limited (“RJIL”), which is the only private player with Broadband Wireless Access spectrum in all the 22 telecom circles of India, plans to provide reliable fast internet connectivity and rich digital services on a Pan India basis.

In addition to fixed and wireless broadband connectivity, RJIL also plans to enable end-to-end solutions that address the entire value chain across various digital services in key domains of national interest such as education, healthcare, security, financial services, government-citizen interfaces and entertainment. RJIL aims to comprehensively address the requisite components of the customer need, thereby fundamentally enhancing the opportunity and experience of hundreds of Million of Indian citizens and organizations. Engaged in this massive endeavour, over 10,000 full time Jio employees are working alongside nearly 30,000 professionals from our partners and vendors from all parts of the world. In addition, there are over 100,000 people working across the country in creating the digital infrastructure backbone for this network. The key leadership positions required to execute the project are in place. RJIL has finalized the key vendor and supplier partnerships that are required for the launch of our services, and is making rapid progress in building the critical infrastructure needed to launch its services.

In the past, Reliance Jio has signed agreements with the following:

• An agreement with Indus Towers for more than 113,490 towers across 15 telecom circles in India. (Sept 2014)

• An agreement with GTL Infra for more than 27,800 towers across India. (Sept 2014)

• An agreement with Ascend Telecom for their more than 4,500 towers across India. (June 2014)

• An agreement with Tower Vision for their 8,400 towers across India. (May 2014)

• An agreement with ATC India for their 11,000 towers across India. (April 2014)

• An agreement with Viom Networks for their 42,000 telecom towers. (March 2014)

• An agreement with Bharti Infratel for their 36,000 telecom towers. (March 2014)

• Agreement with Bharti Airtel for a comprehensive telecom infrastructure sharing agreement to share infrastructure created by both parties to avoid duplication of infrastructure wherever possible. (December 2013)

• A key agreement for international data connectivity with Bharti to utilise dedicated fiber pair of Bharti’s i2i submarine cable that connects India and Singapore. (April 2013)

• Agreements with Reliance Communications Limited for sharing of RCOM’s extensive intercity and intra-city optic fiber infrastructure of nearly 1,20,000 fiber-pair kilometers of optic fiber and 500,000 fiber pair kilometers respectively (April 2013 / April 2014), and 45,000 towers (June 2013).

Reliance Industries Limited’s acquisition of control in Network 18 Media and Investments Limited through Independent Media Trust including its subsidiary TV18 Broadcast Limited will differentiate Reliance’s 4G business by providing a unique amalgamation at the intersect of telecom, web and digital commerce via a suite of premier digital properties.

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.62.60
UK Pound	1	Rs.92.95
Euro	1	Rs.68.14

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	PNM

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
--PROFITABILITY	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	--

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