Page
Contents
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Performance Highlights
Company Information
Notice
Letter to Shareholders
Financial Highlights
Reliance Brands
Product Flow Chart
Management Discussion and Analysis
Corporate Governance and Shareholder Information
Directors’ Report
Annexure to Directors’ Report
Auditors’ Report / Annexure to Auditors’ Report
International Accountants’ Report
Balance Sheet
Profit and Loss Account
Schedules Forming Part of Balance Sheet and Profit and Loss Account
Notes on Accounts
104
Statement of Interest in Subsidiaries
106
Cash Flow Statement
109
Auditors’ Report on Consolidated Financial Statements
110
Consolidated Balance Sheet
111
Consolidated Profit and Loss Account
112
Schedules Forming Part of Consolidated Balance Sheet and Profit & Loss Account
122
Notes on Consolidated Accounts
130
Consolidated Cash Flow Statement
132
Reconciliation of Consolidated Net Profit with US GAPP
135
Financial Statements of Subsidiary Companies
215
Circular to the Shareholders
217
Nomination Form
219
Form No. 15-G
223
Attendance Slip and Proxy Form
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Reliance Industries Limited
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Reliance’s Achievements
in 2001-2002
Gross Turnover - Rs. 57,120 crores
(US $ 11,705 million)
Gross Profit - Rs. 8,658 crores
(US $ 1,774 million)
Cash Profit - Rs. 6,643 crores
(US $ 1,361 million)
Net Profit - Rs. 3,243 crores
(US $ 665 million)
Compounded Annual Net Profit
growth over 5 years - 20%
Total Assets - Rs. 56,485 crores
(US $ 11,575 million)
India’s World Class Corporation
Reliance Industries Limited
25
Reliance Industries Directors Report.p65 #
Board of Directors
Mukesh D. Ambani
Chairman & Managing Director
Anil D. Ambani
Vice-Chairman & Managing Director
Nikhil R. Meswani
Executive Director
Hital R. Meswani
Executive Director
H.S. Kohli
Executive Director
U. Mahesh Rao
Nominee Director - GIC
Ramniklal H. Ambani
Mansingh L. Bhakta
T. Ramesh U. Pai
Yogendra P. Trivedi
Dr. D.V. Kapur
M.P. Modi
S. Venkitaramanan
Secretaries
Vinod M. Ambani
Rohit C. Shah
Solicitors & Advocates
Kanga & Co.
Auditors
Chaturvedi & Shah
Rajendra & Co.
International Accountants
Deloitte Haskins & Sells
Member - Deloitte, Touche and
Tohmatsu International (DTTI)
Registered Office:
3rd Floor, Maker Chambers IV,
222, Nariman Point, Mumbai 400 021, India.
Tel. Nos. 91-22-2831633/2826070
Fax: 91-22-2042268`
E-Mail: investor_relations@ril.com
Internet: http://www.ril.com
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Bankers
ABN AMRO Bank
Allahabad Bank
Andhra Bank
Bank of America
Bank of Baroda
Bank of India
Canara Bank
Central Bank of India
Citibank N.A.
Corporation Bank
Deutsche Bank
Dena Bank
HDFC Bank Ltd.
Hongkong Bank
ICICI Bank Ltd.
IDBI Bank Ltd.
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab National Bank
State Bank of India
State Bank of Saurashtra
Standard Chartered Grindlays Bank
Syndicate Bank
Union Bank of India
Vijaya Bank
Manufacturing facilities at:
•
•
•
•
Patalganga Complex
B-4, Industrial Area, Patalganga
Off Bombay-Pune Road
Near Panvel, Dist. Raigad 410 207
Maharashtra State, India.
Naroda Complex
103/106, Naroda Industrial Estate
Naroda, Ahmedabad 382 320
Gujarat State, India.
Hazira Complex
Village Mora, Bhatha P.O.
Surat-Hazira Road
Surat 394 510, Gujarat State, India.
Jamnagar Complex
Village Motikhavdi
P.O. Digvijay Gram, Dist. Jamnagar 361 140
Gujarat State, India.
•
Registrar & Transfer Agents
Karvy Consultants Limited
46, Avenue 4, Street No.1, Banjara Hills
Hyderabad - 500 034, India.
Tel. Nos. 91-40-3320666,3320711,3323031, 3323037
Fax No. 91-40-3323058
E-Mail: rilinvestor@karvy.com
internet: http://www.karvy.com
•
Tulsiani Chambers
10th Floor, Nariman Point
Mumbai 400 021, India.
Tel. Nos. 91-22-2884769/2875951
Fax No. 91-22-2828454
26
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Notice
Notice is hereby given that the Twenty Eighth Annual General
Meeting of the Members of RELIANCE INDUSTRIES LIMITED will
be held on Thursday, the 31st day of October, 2002, at 11.00 a.m.,
at Birla Matushri Sabhagar, 19, Marine Lines, Mumbai 400 020, to
transact the following business:
Ordinary Business
1. To consider and adopt the Balance Sheet as at 31st March,
2002, Profit and Loss Account for the year ended on that date
and the Reports of the Board of Directors and Auditors
thereon.
2. To declare dividend on Equity Shares.
3. To appoint a Director in place of Shri Hital R. Meswani, who
retires by rotation and being eligible, offers himself for re-
appointment.
4. To appoint a Director in place of Shri Ramniklal H. Ambani,
who retires by rotation and being eligible, offers himself for re-
appointment.
5. To appoint a Director in place of Shri T. Ramesh U. Pai, who
retires by rotation and being eligible, offers himself for re-
appointment.
6. To appoint Messrs. Chaturvedi & Shah, Chartered
Accountants and Messrs. Rajendra & Co., Chartered
Accountants, the retiring Auditors of the Company, as Joint
Auditors, who shall hold office from the conclusion of this
Annual General Meeting until the conclusion of the next
Annual General Meeting and to fix their remuneration.
Special Business
7. To consider and if thought fit, to pass, with or without
modification(s), the following resolution as an Ordinary
Resolution:
‘‘RESOLVED THAT Shri S. Venkitaramanan, who was
appointed as an Additional Director of the Company pursuant
to Section 260 of the Companies Act, 1956 and Article 135 of
the Articles of Association of the Company, and who holds
office upto the date of this Annual General Meeting and in
respect of whom the Company has received a notice under
Section 257 of the Companies Act, 1956 from a member, in
writing, proposing his candidature for the office of director, be
and is hereby appointed as a Director of the Company subject
to retirement by rotation under the Articles of Association of
the Company.’’
By Order of the Board of Directors
Rohit C. Shah
Vice President and Company Secretary
Place: Mumbai
Dated: 30th September, 2002
NOTES:
1. A member entitled to attend and vote is entitled to appoint
a proxy to attend and vote instead of himself and the proxy
need not be a member of the Company. The instrument
appointing proxy should, however, be deposited at the
Registered Office of the Company not less than forty eight
hours before the commencement of the meeting.
2. An Explanatory Statement pursuant to Section 173(2) of the
Companies Act, 1956, relating to the Special Business to be
transacted at the meeting is annexed hereto.
3. Shareholders are requested to bring their copy of Annual
Report to the Meeting.
4. Members/Proxies should fill the Attendance Slip for attending
the meeting.
5. Members who hold shares in dematerialised form are requested
to write their Client ID and DP ID numbers and those who hold
shares in physical form are requested to write their Folio
Number in the attendance slip for attending the meeting.
6. All documents referred to in the accompanying Notice and
the
Explanatory Statement are open
inspection at
for
7.
Registered Office of the Company during office hours on all
working days, except Saturdays and holidays, between 11.00
a.m. and 1.00 p.m. upto the date of the Annual General
Meeting.
(a) The Company has already notified closure of Register of
Members and the Transfer Books from Saturday, the 26th
October, 2002 to Thursday, the 31st October, 2002 (both
the days inclusive) for payment of dividend on equity
shares. In respect of shares held in Electronic form, the
dividend will be paid on the basis of beneficial ownership
as per details furnished by the Depositories for this
purpose.
(b) Dividend on Equity Shares will be paid from 1st November,
2002, subject to deduction of applicable Income Tax at
source as per provisions of Finance Act, 2002.
(c) In case of resident individual shareholders, income tax will
not be deducted at source from dividend, where such
dividend does not exceed Rs. 2500. The income tax will not
be deducted, where such dividend exceeds Rs. 2500, if the
shareholder
in
duplicate, to the Registrar and Transfer Agents of the
Company on or before 25th October, 2002. Form 15G
printed on page No. 219 and 221 may be used for claiming
such exemption by the shareholders.
furnishes declaration
in Form 15G,
(d) The Company is required to issue TDS certificate, inter
alia, quoting Permanent Account No. (PAN / GIR No.) of
the shareholders under Section 139A(5A) of the Income
Tax Act, 1961. Obligation has been cast on
the
shareholders receiving dividend which is subject to TDS to
intimate his/her/its PAN/GIR Number to the Company or
their Registrar and Transfer Agents M/s. Karvy Consultants
Limited.
(e) Members may please note that the Dividend Warrant is
payable at par at the designated branches of the Bank
printed overleaf of the Dividend Warrant for an intial period
of 3 months only. Thereafter, the Dividend Warrant on
revalidation is payable only at centres/limited branches of
the said Bank. The members are, therefore, advised to
encash Dividend Warrants within the initial validity period.
fraudulent
to provide protection against
encashment of the warrants, shareholders holding shares
in physical form are requested to intimate the Company
under the signature of the Sole/First joint holder, the
following information on the Dividend Warrants:
(i) Name of Sole/first joint holder and Folio No.
(ii) Particulars of Bank Account, viz.:
(a) In order
(a) Name of the Bank
(b) Name of Branch
(c) Complete address of
Code Number
the Bank with Pin
8.
(d) Account
type, whether Savings
(SB) or
Current Account (CA)
(e) Bank Account number allotted by the Bank
(b) Bank account details provided by
the Depositary
Participants (DPs), will be used by the Company for
printing on the dividend warrants. Shareholders who wish
to change such bank accounts may advise their DPs about
such change, with complete details of Bank Account,
including MICR Code.
9. Electronic Clearing Service (ECS) Facility
With respect to payment of dividend, the Company provides
the facility of ECS to shareholders residing in the following cities:
Ahmedabad, Bangalore, Bhubaneshwar, Chandigargh,
Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Kanpur,
Kolkata, Mumbai, Nagpur, Patna and Thiruvananthapuram.
Shareholders holding shares in the physical form who now
wish to avail ECS facility, may authorise the Company with
their ECS mandate in the prescribed form, which can be
downloaded from the Company's website (www.ril.com under
the section 'Investor Relations') or can be furnished by
Registrar and Transfer Agents, M/s. Karvy Consultants
Limited, on request. Requests for payment of dividend through
ECS for the year 2001-2002 should be lodged with M/s. Karvy
Consultants Limited on or before 20th October, 2002.
10. The Company has already transferred all unclaimed dividends
Reliance Industries Limited
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declared upto the financial year ended 31st March, 1995 to the
General Revenue Account of the Central Government as
required by the Companies Unpaid Dividend (Transfer to the
General Revenue Account of the Central Government) Rules,
1978. Shareholders who have so far not claimed or collected
their dividends up to the aforesaid financial year are requested
to claim their dividend from the Registrar of Companies,
Maharashtra, CGO Complex, 2nd Floor, "A" Wing, CBD-
Belapur, Navi Mumbai, Mumbai - 400 614. Telephone (091)
(022) 757 6802 in the prescribed form which will be furnished
by the Registrar and Transfer Agents, M/s. Karvy Consultants
Limited on request.
11. Pursuant
to
the provisions of Section 205A(5) of
the
Companies Act, 1956, dividend for the financial year ended
31st March, 1996 and thereafter, which remain unclaimed for a
period of 7 years will be transferred by the Company to the
Investor Education and Protection Fund
(IEP Fund)
established by the Central Government pursuant to Section
205C of the Companies Act, 1956.
Information in respect of such unclaimed dividend when due
for transfer to the said Fund is given below:-
Financial
year ended
31.03.1996
31.03.1997
31.03.1998
31.03.1999
31.03.2000
31.03.2001
Date of declaration
of Dividend
18.07.1996
26.06.1997
26.06.1998
24.06.1999
30.03.2000
15.06.2001
Due date for transfer
to IEP Fund
04.09.2003
13.08.2004
13.08.2005
11.08.2006
17.05..2007
21.07.2008
Shareholders who have not so far encashed the dividend
warrant(s) are requested to seek issue of duplicate warrant(s)
by writing to the Office of the Registrar and Transfer Agents,
M/s. Karvy Consultants Limited. Shareholders are requested
to note that no claims shall lie against the said Fund or the
Company
in respect of any amounts which were
unclaimed and unpaid for a period of seven years from the
dates that they first became due for payment and no
payment shall be made in respect of any such claims.
12. Non-resident Indian Shareholders are requested to inform the
Company immediately:
a) The change in the Residential status on return to India for
permanent settlement.
b) The particulars of NRE Bank account maintained in India
with complete name and address of the Bank, if not
furnished earlier.
13. Corporate Members are requested to send a duly certified
copy of the Board Resolution authorising their representative
to attend and vote at the Annual General Meeting.
14. Consequent upon the introduction of Section 109A of the
Companies Act, 1956, shareholders are entitled to make
nomination in respect of shares held by them in physical form.
Shareholders desirous of making nominations are requested
to send their requests in Form 2B (which will be made
available on request) to the Registrar and Transfer Agents,
M/s. Karvy Consultants Limited. The said Form 2B can also be
down-loaded from the Company's web site www.ril.com.
15. The Company has obtained the approval under sub section (1)
of Section 166 of the Companies Act, 1956, from the Registrar
of Companies, Maharashtra, Mumbai, for extension of time for
holding the Annual General Meeting of the Company upto 14th
December, 2002.
16. Appointment/Reappointment of Directors:
At the ensuing Annual General Meeting, Shri Hital R. Meswani,
Shri Ramniklal H. Ambani and Shri T. Ramesh U. Pai, retire by
rotation and being eligible offer themselves for reappointment.
Shri S. Venkitaramanan will be appointed as a Director liable to
retire by rotation. The information or details to be provided for
the aforesaid Directors under Corporate Governance code are
as under:
(a) Shri Hital R. Meswani, aged 34 years is a Chemical
Engineer from School of Engineering & Applied Science -
University of Pennsylvania and a B.S. (equivalent to
B.B.A.) from Wharton School, University of Pennsylvania,
USA. He joined Reliance in 1990. He was appointed on the
Board as Executive Director since 4th August, 1995, with
overall responsibility of Refinery Division including refining
and downstream. He is also a member of the Finance
Committee of the Directors. He is the brother of Shri Nikhil
R. Meswani, one of the Directors of the Company.
from
(b) Shri Ramniklal H. Ambani, aged 77 years, has been one
of the foremost Directors of the Company since 11th
January, 1977. He is the elder brother of Late Shri
Dhirubhai H. Ambani and has been instrumental in
chartering the growth of the Company during its initial
years of operations
in
Ahmedabad. He set up and operated the textile plant of the
Company at Naroda, Ahmedabad and was responsible in
establishing the Reliance Brand name "VIMAL" in the
textile market in the country. He is also a Director in the
following Companies viz: Gujarat Industrial Investments
Corporation Ltd., Yashraj Investments and Leasing Co. Pvt
Ltd., Anjali Threads Pvt Ltd., Anjali Fiscal Pvt Ltd., Action
Exports Pvt Ltd., Sintex
Industries Ltd. and Ras
Organisers Pvt. Ltd.
factory at Naroda,
its
(c) Shri T. Ramesh U. Pai, aged 77 years, hails from a family
of Bankers and is a Director of the Company since July,
1979. He has vast experience in banking and finance and
has also set up many educational institutions. He is also a
Director in the following Companies viz. Kurlon Ltd.,
Lingapur Estates Ltd., Andhra Sugars Ltd., Maharashtra
Apex Corporation Limited and Commercial Corporation of
India Limited.
(d) Shri S. Venkitaramanan, aged 71 years, holds a Master's
Degree in Physics from the University of Kerala and also a
Masters Degree in Industrial Administration from Carnegie
Mellon University, Pittsburgh, USA. He
former
Governor of Reserve Bank of India. He is the Chairman of
Ashok Leyland Finance Ltd. and director of many
prominent companies. He has been a director of the
Company since 1997.
is a
the
Explanatory statement under Section 173(2) of
Companies Act, 1956
Item No. 7
Shri S. Venkitaramanan ceased to be nominee of ICICI Bank
Limited (formerly known as ICICI Limited) on the Board of the
Company with effect from 2nd August, 2002.
Pursuant to Article 135 of the Articles of Association of the
Company,
the Board of Directors appointed Shri S.
Venkitaramanan as an Additional Director of the Company with
effect from 14th August, 2002. Pursuant to Section 260 of the
Companies Act, 1956, Shri S. Venkitaramanan, will hold office as
Additional Director up to the date of the ensuing Annual General
Meeting. The Company has received a notice in writing from a
member along with a deposit of five hundred rupees proposing the
candidature of Shri S. Venkitaramanan for the office of Director of
the Company under the provisions of Section 257 of the
Companies Act, 1956.
S. Venkitaramanan, who belonged
Indian Administrative
Services and who was Secretary of Finance for the Government of
India and former Governor, Reserve Bank of India, is having wide
experience to his credit in the Banking and Financial Management
in Corporate World. Keeping in view his vast expertise and
knowledge, it will be in the interest of the Company that Shri S.
Venkitaramanan is appointed as a Director of the Company.
Your Directors, therefore, recommend the resolution for your
approval.
Save and except Shri S. Venkitaramanan, none of the other
Directors of the Company is, in any way, concerned or interested in
this resolution.
to
By Order of the Board of Directors
Rohit C. Shah
Vice-President and Company Secretary
Place: Mumbai
Dated: 30th September, 2002
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Financial Highlights
Consistent and robust growth
(Rs. in crores)
2001-02
00-01
99-00
98-99
97-98
96-97
95-96
94-95
93-94
92-93 1985
Gross Turnover
Total Income
Earnings Before Depreciation,
$ Mn
11,705
57,120
28,008
20,301
14,553
13,404
8,730
7,786
7,019
5,345
4,106
11,865
57,902
28,391
20,988
15,161
13,740
9,020
8,058
7,331
5,555
4,222
Interest and Tax (EBDIT)
1,774
8,658
5,562
4,746
3,318
2,887
1,948
1,752
1,622
1,159
Depreciation
Profit After Tax
577
665
2,816
1,565
1,278
855
667
410
337
278
3,243
2,646
2,403
1,704
1,653
1,323
1,305
1,065
255
576
929
280
322
733
744
139
37
71
Taxes paid to the Government
2,145
10,470
4,277
3,719
2,893
3,021
2,490
2,234
2,147
1,391
1,118
373
Equity Dividend %
Dividend Payout
Equity Share Capital
Equity Share Suspense
47.5
136
216
70
47.5
663
42.5
448
40
385
1,054
1,053
1,053
342
–
–
37.5
350
933
–
35
327
932
–
65
299
458
–
60
276
458
–
55
199
456
–
51
138
318
–
35
85
245
–
Reserves and Surplus
5,413
26,416
13,712
12,636
11,183
10,863
8,013
7,747
6,731
4,011
2,362
Net Worth
5,699
27,812
14,765
13,983
12,369
11,983
8,471
8,405
7,193
4,335
2,613
Gross Fixed Assets
9,889
48,261
25,868
24,662
22,088
19,918
14,665
11,374
8,390
5,132
4,641
50
25
52
–
254
311
736
607
Net Fixed Assets
Total Assets
6,800
33,184
14,027
15,448
15,396
14,973
11,173
9,233
6,585
3,600
3,368
11,575
56,485
29,875
29,369
28,156
24,388
19,536
15,038
11,529
8,121
6,083
1,046
Market Capitalisation#
8,604
41,989
41,191
33,346
12,176
16,518
14,395
9,783
12,027
10,718
4,388
906
Number of Employees
– 12,864
15,083
15,912
16,640
17,375
16,778
14,255
12,560
11,873
11,944
9,066
Key indicators
2001-02
00-01
99-00
98-99
97-98
96-97
95-96
94-95
93-94
92-93
1985
Earnings Per Share - Rs.
Cash Earning Per Share - Rs.
Gross Turnover Per Share - Rs.#
Book Value Per Share - Rs.#
$
0.48
1.04
8.38
4.08
23.4
50.8
25.1
40.0
409.1
265.8
199.2
140.1
22.4
34.6
192.7
129.9
18.0
27.1
155.9
129.8
17.6
24.7
143.6
128.3
14.4
18.8
94.8
92.0
14.0
17.6
85.0
89.5
11.7
14.8
77.0
79.0
9.1
13.1
84.1
68.0
6.6
12.3
83.5
53.0
6.9
10.6
70.5
29.5
Debt : Equity Ratio
0.64:1
0.64:1
0.72:1
0.82:1
0.86:1
0.68:1
0.83:1
0.49:1
0.35:1
0.58:1
0.84:1
1.66:1
EBDIT/ Gross Turnover %
15.2
15.2
21.6*
23.8*
Net Profit Margin %
RONW % **
5.7
16.1
5.7
16.1
10.3
20.0
12.0
21.8
22.8
11.7
19.0
21.5
12.3
21.6
22.3
15.2
22.3
22.5
16.8
25.3
23.1
15.2
23.5
21.7
10.8
18.2
22.6
7.8
20.7
19.0
9.7
30.5
1US$ = Rs. 48.8 (Exchange rate as on 31.03.2002)
All references to $ are to US Dollars
Per share figures upto 1996-97 have been recast to adjust for 1 : 1 bonus issue in 1997-98
* Gross Turnover excludes merchant exports
** Adjusted for CWIP and revaluation
# Based on post merger 139,63,77,536 number of outstanding equity shares.
Reliance Industries Limited
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Reliance’s Major Products and Brands
Business/
Product
Brand Logo
End Uses
Brand
Polyesters
Recron
Texturised Yarn
Twisted/Dyed Yarn
Polyester Staple Fibre (PSF)
Polyester Filament Yarn (PFY)
Apparels, home textiles,
industrial sewing threads,
automotive upholstery
Technology
Partner
E.I. DuPont,USA
Zimmer,Germany
Barmag,Germany
Toray, Japan
Murata, Japan
ICI, UK
Rieter,Switzerland
E.I. DuPont, USA
Pillows, cushions,
quilts, mattresses, non-wovens,
furnitures, toys
Construction industry (concrete/mortar),
asbestos cement (sheet & pipe),
paper industry (conventional & speciality),
battery industry
Denims, shirting, suiting, dress material,
T-shirts, sportswear, swimwear
Packaging-water, soft drinks,
beverages, confectionary
E.I. DuPont, USA
Sinco, Italy
Dow-UCC,USA
Novacor,Canada
Novacor,Canada
Geon Company,
USA
Woven sacks for cement, foodgrains,
sugar, fertilisers; leno bags for fruits &
vegetables; TQ & BOPP films and
containers for packaging textiles,
processed food, FMCG; office stationary;
components for automobile and consumer
durables; moulded furniture & luggage;
houseware; geotextiles; fibres for socks,
sports wear; soft luggage
Woven sacks; raschel bags for fruits
& vegetables; containers for
packaging edible oil, processed food,
FMCG, lubricants, detergents, chemicals,
pesticides; industrial crates & containers;
carrier bags; houseware; ropes & twines;
pipes for water supply, irrigation;
process industry & telecom
Films for packaging milk, edible oil,
salt, processed food; rotomoulded
containers for storage of water; chemical
storage and general purpose tanks;
protective films and pipes for agriculture;
cable sheathing; lids & caps; masterbatches
Pipes & fittings; door & window
profiles; insulation & sheathing
for wire & cables; rigid bottles &
containers for packaging
applications; footwear; flooring,
partitions, roofing; I.V. fluid & blood bags
Irrigation, water supply, drainage,
industrial effluents, telecom cable
ducts, gas distribution
Recron
Fibrefill
Polyester Fibrefill (PFF)
Recron 3S
Speciality Product
Recron
Stretch
Polyester Covered Yarn
Relpet
Polyethylene Terephthalate (PET)
Polymers
Repol
Polypropylene (PP)
Relene
High Density
Polyethylene (HDPE)
Reclair
Linear Low Density
Polyethylene (LLDPE)
Reon
Polyvinyl Chloride (PVC)
Relpipe
Poly-Olefin (HDPE & PP) Pipes
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Product
Brand Logo
End Uses
Technology
Partner
Business/
Brand
Chemicals
Relab
Linear Alkyl Benzene (LAB)
Detergents
UOP, USA
Fibre
Paraxylene (PX)
Intermediates
Purified Terephthalic Acid (PTA)
Mono Ethylene Glycol (MEG)
Raw material - PTA
Raw material - Polyester
Raw material - Polyester
UOP, USA
ICI, UK /DuPont
ABB Lummus Crest
Netherlands
(Shell Process)
Textiles
Vimal
Suitings, Shirtings, Dress material,
Apparels
Sarees
Harmony
Furnishing fabrics, Day curtains
Furnishings, home textiles
Automotive upholstery
RueRel
Suitings
Apparels
V2
Ready-to-stitch, Take away fabric
Apparels
Reancé
Readymade Garments
Suits, shirts & trousers
SlumbeRel
Fibre filled pillows & sleep products
Sleep products
E.I. DuPont, USA
Oil and Gas
Crude Oil and Natural Gas
Refining, power, fertilisers and
petrochemicals
Refining
Liquefied Petroleum Gas (LPG)
Domestic and industrial fuel
Propylene
Naphtha
Gasoline
Jet / Aviation Turbine Fuel / Superior
Kerosene Oil
High Speed Diesel
Sulfur
Petroleum Coke
Feedstock for polypropylene
Feedstock for petrochemicals such as
ethylene, propylene & fertilisers etc.
and as fuel in power plants
Transport fuel
Aviation & domestic fuels
Transport fuel
Feedstock for fertilisers, pharmaceuticals
Fuel for power plants and cement plants
Reliance Industries Limited
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Product Flow Chart
Abbreviation
ATF
DEG
EDC
EO
HDPE
HSD
LAB
Full Name
Polypropylene
Polyester staple fibre
Purified terephthalic acid
Polyvinyl chloride
Paraxylene
Tri-ethylene glycol
Vinyl chloride monomer
(1) Plant also under operation at Jamnagar Complex (2) Plant also under operation at Hazira complex (3) Plant operational at Hazira Complex.
Full Name
Linear low density polyethylene
Mono-ethylene glycol
Motor spirit
Natural gas liquid
Normal paraffin
Polyethylene terephthalate
Polyester filament yarn
Full Name
Aviation turbine fuel
Di-ethylene glycol
Ethylene di-chloride
Ethylene oxide
High density polyethylene
High speed diesel
Linear alkyl benzene
Abbreviation
LLDPE
MEG
MS
NGL
NP
PET
PFY
Abbreviation
PP
PSF
PTA
PVC
PX
TEG
VCM
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Management Discussion and Analysis
Forward-Looking Statements
This report contains forward-looking statements, which may be
identified by their use of words like ‘plans’, ‘expects’, ‘will’,
‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ or other words
of similar meaning. All statements that address expectations or
projections about the future, including but not limited to statements
about the company’s strategy for growth, product development,
market position, expenditures, and financial results, are forward-
looking statements.
Forward-looking statements are based on certain assumptions and
expectations of future events. The company cannot guarantee that
these assumptions and expectations are accurate or will be realised.
The company’s actual results, performance or achievements could
thus differ materially from those projected in any such forward-
looking statements. The company assumes no responsibility to
publicly amend, modify or revise any forward looking statements, on
the basis of any subsequent developments, information or events.
Overall Review
(cid:1) continued progress in hydrocarbon sector reforms and
deregulation
(cid:1) dismantling of the administered pricing mechanism (APM) in the
refining industry
(cid:1) the government’s decision to grant marketing rights for
transportation fuels to the private sector
(cid:1) the proposed disinvestment of domestic public sector oil
companies
The merged enterprise is headquartered at the existing corporate
headquarters at Mumbai in India, with plants located at Patalganga
in Maharashtra, and at Naroda, Hazira and Jamnagar in Gujarat.
The merger gives RIL the distinction of becoming India’s first private
sector company, in the internationally tracked Fortune Global 500 list
of the world’s largest corporations. Based on latest available data
published in 2002, RIL ranks:
(cid:1) amongst the top 200 companies in terms of net profits
India’s first private sector Fortune Global 500 company
(cid:1) amongst the top 300 companies in terms of net worth
During the year under review, the Boards of Directors of Reliance
Industries Ltd. (RIL) and Reliance Petroleum Ltd. (RPL) unanimously
approved the merger of RPL with RIL, with retrospective effect from
April 1, 2001, subject to necessary approvals. The Boards of both
companies recommended an exchange ratio of 1 share of RIL for
every 11 shares of RPL.
The merger was approved by shareholders of both companies with
an overwhelming majority of over 99.9%. Pursuant to the receipt of
approvals from the High Courts of Gujarat and Bombay, and filing of
requisite documents with the Registrar of Companies, the ‘effective
date’ for the merger was fixed as September 19, 2002.
(cid:1) amongst the top 425 companies in terms of assets
(cid:1) amongst the top 500 companies in terms of sales
The merger also ranks RIL amongst the top energy and
petrochemicals companies globally. RIL ranks:
(cid:1) amongst the top 30 companies based on net profit
(cid:1) amongst the top 50 companies based on sales
The merger ranks RIL amongst the top Asian oil and gas and
chemical companies, as well. RIL ranks:
The merger of RPL with RIL represents the largest ever merger in
India, creating the country’s largest private sector company on all
financial parameters, including sales, assets, net worth, cash profits
and net profits:
(cid:1) 4th in terms of profits
(cid:1) 17th in terms of sales
Rs. Crores
US$ million
Gross Turnover
Assets
Net Worth
Cash Profit
Net Profit
57,120
56,485
27,812
6,643
3,243
11,705
11,575
5,699
1,361
665
The merger has created India’s only world scale, fully integrated
energy company, with operations in oil and gas exploration and
production (E&P), refining and marketing (R&M), petrochemicals,
power, and textiles. The merged entity, RIL, enjoys global rankings in
all its major businesses, and leading domestic market shares.
The merger is in line with global industry trends, for enhancing scale,
size, integration, global competitiveness, and financial strength and
flexibility to pursue future growth opportunities, in an increasingly
competitive global environment.
The merger has been implemented in the context of the ongoing
economic reforms in the country, and takes into consideration
various factors, such as:
The merger has resulted in accretion of over Rs. 2,450 crores (US$
500 million) to RIL’s cash flows, and acquisition of facilities which
have been valued at over Rs. 21,000 crores (US$ 4.3 billion) by
leading international industry consultants, Chemsystems.
The merger will contribute to the following substantial benefits for
RIL, thereby substantially enhancing shareholder value:
(cid:1) Scale
(cid:1) Integration
(cid:1) Global competitiveness
(cid:1) Operational synergies
(cid:1) Logistics advantages
(cid:1) Cost efficiencies
(cid:1) Productivity gains
(cid:1) Rationalisation of business processes
(cid:1) Optimisation of fiscal incentives
Reliance Industries Limited
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
(cid:1) Enhanced financial strength and flexibility
(cid:1) Reduction of volatility in the earnings stream
size, integration, and financial strength and flexibility to pursue future
growth opportunities, in this increasingly competitive global
environment.
The merger has led to a 32% increase in RIL’s equity from Rs. 1,054
crores to Rs. 1,396 crores. Under the terms of the merger, shares of
RPL held by RIL, representing 28% of RPL’s equity share capital,
have been cancelled.
IPCL, and its shareholders, workers and employees, will benefit from
Reliance’s proven vision and management strengths, established
project execution capabilities, and demonstrated track record of
consistent operational and financial performance.
RIL shares, against the holding of RPL shares by Reliance Industrial
Investments and Holdings Ltd. (RIIHL), a 100% subsidiary of RIL,
constituting 7.5% of the fully diluted equity share capital of RIL, with
a value of over Rs. 3,100 crores (US$ 645 million), will be directly
issued and allotted to a Trust, to be held for the benefit of RIIHL.
RPL shares held by other RIL associates, representing 14% of RPL’s
equity share capital, will be exchanged into RIL shares, constituting
4.7% of the fully diluted equity share capital of RIL, with a value of
nearly Rs. 2,000 crores (US$ 405 million).
RIL will endeavour to monetise this aggregate economic value of
over Rs. 5,100 crores (over US$ 1 billion), at an appropriate time in
the future, to strategic and/ or financial investors, in the endeavour to
maximize overall shareholder value.
This aggregate RIL shareholding may also be leveraged to pursue
significant acquisition and other growth opportunities in domestic
and international markets, with all economic benefits flowing to RIL’s
shareholders. The pursuit of all these opportunities will be guided by
the Reliance group’s overall financial conservatism and discipline,
and with the consistent objective of maintaining top end credit
ratings.
Acquisition of IPCL
Subsequent to the close of the year under review, Reliance has, in
another major strategic move, acquired Indian Petrochemicals
Corporation Ltd. (IPCL), a leading public sector company, enjoying
“Navratna” status, and a public sector pioneer in the petrochemicals
business in India.
IPCL is India’s second largest petrochemicals company, and is
amongst India’s top 25 companies, in terms of its sales of Rs. 5,527
crores (US$ 1.1 billion).
Reliance acquired a 26% equity stake in IPCL, held by the
Government of India, through an open and transparent process of
global competitive bidding.
Subsequently, as required under prevailing regulations, Reliance
acquired a further 20% equity stake in IPCL through an open offer to
the public, thereby increasing its equity stake in the company to 46%.
Reliance’s successful bid of Rs. 1,491 crores (US$ 303 million) at Rs.
231 per share for acquiring the government’s 26% stake represented
the highest public sector unit disinvestment proceeds received by the
Government of India in a single transaction.
Reliance’s total investment for the IPCL acquisition is Rs. 2,638
crores, including the proceeds paid under the open offer to the
public.
This investment demonstrates Reliance’s confidence in future
prospects of the Indian economy, and the petrochemicals industry.
India’s per capita consumption of polymers is amongst the lowest in
the world, and Reliance sees tremendous future growth potential in
this business.
Reliance’s acquisition of IPCL is in line with international trends of
industry consolidation, to enable both companies to enhance scale,
IPCL will significantly benefit from Reliance’s financial engineering
skills, its ability to access capital at the most competitive terms, and
to optimise financial costs.
IPCL will be in a position to leverage Reliance’s proven capabilities
of achieving optimal plant capacity utilisation, through operational
efficiencies, and low cost de-bottlenecking of capacities.
IPCL will also enjoy the full benefits of Reliance’s strong
relationships with customers, technology and equipment suppliers,
and other constituents, in the domestic and international markets.
The benefits of the change in management control have already
become visible in IPCL’s performance in the first few months after the
acquisition.
Production has increased significantly, and steps are also already
underway to improve yield by optimising process conditions, and by
increasing uptime of manufacturing plants, thereby further
contributing to higher productivity.
Net sales realisation for all major products have increased as a result
of Reliance’s initiatives for strengthening customer relationships.
This has contributed to improvement in operating margins.
As Reliance and IPCL serve the same customer base, both in
domestic and export markets, a detailed programme is already
underway, for integrating operations at various marketing offices
across the country, as well as up country warehouses.
A detailed exercise covering three manufacturing sites of IPCL, and
two manufacturing sites of Reliance, encompassing eighteen
manufacturing plants, is also under implementation. The benefits of
this programme are expected to be available in the future, and will
lead to additional contribution.
IPCL’s IT facilities and MIS are being recast in line with RIL’s
standards, and the entire company is expected to be SAP enabled
shortly, with attendant benefits of enhanced efficiency at all levels.
IPCL’s acquisition will further Reliance’s goal of attaining global
leadership amongst the industry peer group in terms of asset base,
revenues, profitability, production volumes, market share, and
enhancement of overall shareholder value.
Continued leadership as India’s No. 1 business group
The merger of RPL with RIL, and the IPCL acquisition, have
strengthened Reliance’s position as the largest business group in
India, on all major financial parameters, including sales, profits, net
worth, and assets.
Contribution to Indian economy
Reliance’s leadership position in India, is reflected in its all round
contribution to the national economy.
Reliance contributes:
(cid:1) 3% of India’s GDP
(cid:1) 5% of India’s total exports
(cid:1) 9% of Indian government’s indirect tax revenues
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The group also accounted for 2.3% of the gross capital formation in
the country, in the last 5 years.
During the year, RIL’s major plants operated at over 100% capacity
utilisation, setting new records in production volumes.
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Reliance now accounts for:
(cid:1) nearly 25% of the total profits of the private sector in India
(cid:1) nearly 10% of the profits of the entire corporate sector in India
(cid:1) 7% of the total market capitalisation
(cid:1) weightage of 16% in the Sensex
(cid:1) weightage of 13% in the Nifty Index
1 out of every 4 investors in India is a Reliance shareholder.
Export performance (including deemed exports)
RIL sold 20% of its production for exports markets during the year
under review. RIL’s exports were US$ 2,295 million (Rs. 11,200
crores) during the year, ranking RIL as India’s largest exporter.
Leadership rankings in all major businesses
RIL enjoys global leadership rankings in all its major businesses.
RIL’s 27 million tonne refinery at Jamnagar in Gujarat, India is the
world’s largest grassroots refinery, and the 5th largest refinery at any
single location. Production from the refinery accounts for almost 25%
of India’s total production of petroleum products.
Subsequent to the close of the year under review , RIL has also
received approvals from the Government of India for setting up over
5,800 retail outlets in the country for marketing of transportation
fuels, diesel and gasoline.
RIL continues to be ranked amongst the top 10 producers globally, in
all its major petrochemicals products. Reliance is the 2nd largest
producer of POY and PSF, the 3rd largest producer of paraxylene
(PX), the 4th largest producer of PTA, and the 7th largest producer of
polypropylene (PP) in the world. Within the country, RIL enjoys
leading market shares in all these businesses.
Reliance’s integrated refining, petrochemicals, power and port
complex at Jamnagar, Gujarat, set up at a capital outlay of Rs.
25,000 crores (US$ 6 billion), represents the single largest
investment ever made by the private sector in India at a single
location.
RIL is now making investments in the upstream segment of the
energy business. RIL is already India’s largest private sector player
in E&P (exploration and production of oil and gas), with over 177,000
sq. kms. of awarded exploration acreage, in 26 offshore and
onshore, deep and shallow water blocks, including one in Yemen.
RIL’s refinery processed 28.96 million tonnes of crude during the
year, as against 25.70 million tonnes during the previous year.
RIL’s total production volume of petrochemicals, including toll
conversion, touched 11.5 million tonnes, an increase of 11%
compared to the corresponding previous year.
RIL’s Oil and Gas production was 411,000 tonnes and 666,500
tonnes respectively.
Financial Review
Reliance Petroleum Ltd. (RPL) merged with RIL, with effect from April
1, 2001. To that extent, the figures for the year ended March 31, 2002
stated herein are not comparable with figures for the previous year.
RIL’s Gross Turnover for the year ended March 31, 2002 increased to
Rs. 57,120 crores (US$ 11,705 million), against Rs. 28,008 crores
last year.
Gross Turnover include inter-divisional transfers of Rs. 11,716 crores
(US$ 2,401 million), against Rs. 4,984 crores in the previous year.
Domestic sales accounted for 80% of gross turnover.
RIL’s manufactured exports, including deemed exports, increased to
Rs. 11,200 crores (US$ 2,295 million), from Rs. 9,370 crores (US$
2,010 million).
RIL’s operating profit, before other income, increased to Rs. 7,876
crores (US$ 1,614 million) during the year, compared to Rs. 5,179
crores (US$ 1,111 million).
RIL’s operating margin for the year stood at 13.8%, reflecting the impact
of the merger of RPL’s refining business with RIL.
The operating margin factors in gains from increased volumes, lower
feedstock costs for petrochemicals, partially offset by lower product
prices, gains from productivity, cost control and efficiencies, a higher
degree of integration and value addition, rationalisation of duties,
and the impact of rupee depreciation.
Other income for the year stood at Rs. 782 crores (US$ 160 million),
largely reflecting interest and dividend income.
Interest expense increased to Rs. 1,825 crores (US$ 374 million),
and depreciation increased to Rs. 2,816 crores (US$ 577 million),
reflecting the impact of the merger of RPL with RIL.
RIL’s corporate Income tax liability for the year was Rs. 190 crores
(US$ 39 million), which was limited to the impact of the Minimum
Alternative Tax (MAT).
Operating environment and performance
Cash profits increased to Rs. 6,643 crores (US$ 1,361 million).
The year under review was characterised by uneven demand
conditions, increased volatility in feedstock prices, and sharp
declines in product selling prices, as a result of global capacity
additions.
The terrorist attacks in the US on September 11, 2001 had a
significant adverse impact on global economic growth, creating
further pressures on the demand supply balance for the energy and
petrochemicals industry.
Reliance’s ability to maintain its cash flows and profits in this difficult
environment reflects the global competitiveness of its operations,
leadership in domestic markets, and a healthy presence in export
markets.
There was a deferred tax liability of Rs. 996 crores (US$ 204 million)
for the year, primarily in relation to the depreciation on assets of the
refining business that may now be availed by RIL.
Net profit for the year increased to Rs. 3,243 crores (US$ 665
million).
The profit for the year would have been higher by Rs. 238 crores
(US$ 49 million), had there been no change in the method of
providing depreciation.
RIL’s paid up equity share capital will increase to Rs. 1,396 crores
(US$ 286 million) (including shares to be allotted to shareholders of
erstwhile RPL) as a result of the merger of RPL with RIL.
Reliance Industries Limited
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Earnings Per Share (EPS) were Rs. 23.4 (US$ 0.48) and Cash
Earnings Per Share (CEPS) were Rs. 50.80 (US$ 1.04).
A dividend of 47.5% has been proposed, subject to the approval of
shareholders. The dividend pay out of Rs. 663 crores (US$ 136
million) for the year. The company has been consistently increasing
dividends for the past 10 years.
Capital expenditure during the year was Rs. 1,474 crores (US$ 302
million), primarily as normal capital expenditure.
Total assets increased during the year to Rs. 56,485 crores (US$
11,575 million).
RIL contributed a total of Rs. 10,470 crores (US$ 2145 million) to the
national exchequer in the form of various taxes.
The company’s operations have helped the nation save precious
foreign exchange to the tune of Rs. 20,169 crores (US$ 4,133 million).
Resources & Liquidity
Reliance continues to maintain its conservative financial profile, as
reflected in both, its domestic and international ratings.
During the year, RIL’s existing credit ratings were reaffirmed as
unchanged by the rating agencies, subsequent to the merger of RPL
with RIL.
The ratings for RIL’s long term debt were reaffirmed at “AAA” from
CRISIL, the highest rating awarded by the agency. FITCH Ratings
India also affirmed its “Ind AAA” debt rating for the company,
indicating the highest credit quality.
RIL’s international debt carries ratings of “BB” (negative outlook)
from S&P, and Ba2 from Moody’s, the latter constrained by the
sovereign ceiling.
Reliance’s gross debt equity ratio, including long term and short term
debt as on March 31, 2002, is a conservative 0.64, despite the
increase in total assets to Rs. 56,485 crores (US$ 11,575 million).
Reliance’s equity share capital, following the merger of RPL with the
company, stood at Rs. 1,396 crores (US$ 286 million). Reserves and
Surplus as on March 31, 2002 aggregated to Rs. 26,417 crores (US$
5,413 million).
The company’s long term debt as on March 31, 2002 stood at Rs.
18,210 crores (US$ 3,732 million). Of this debt, 50% represented
foreign currency denominated debt.
RIL’s exports, and foreign exchange denominated oil and gas
revenues, provide a more than 20 times cover for its annual interest
obligations on foreign currency denominated debt.
Reliance funds its long term and project related financing
requirements from a combination of internally generated cash flows
and external sources.
Reliance had issued over US$ 1.3 billion (Rs. 6,000 crores) of debt
securities in the international capital markets since 1995, with
maturities ranging from 7 years to 100 years.
Reliance bought back a total of US$ 253 million (Rs. 1,225 crores) of
its offshore bonds during the year. These were refinanced partly
through export proceeds and partly through a syndicated term loan
facility of US$ 105 million raised in Japanese Yen, thereby achieving
substantial cost savings.
Reliance has, in aggregate, bought back and cancelled US$ 450
million (Rs. 2,182 crores) of its bonds to date, which is about 39% of
the total issued amount.
During the year, the company raised the largest ever syndicated
foreign currency term loan facility from India for US$ 750 million (Rs.
3,583 crores), setting new benchmarks in pricing, and reflecting
Reliance’s financial strengths. The deal was named as “The Capital
Market Deal of the Year” by IFR Asia, a leading international
publication.
The average maturity of RIL’s total long term debt is nearly 8 years.
The average final maturity of the company’s foreign exchange debt
included therein is 11.5 years.
Reliance continued to demonstrate its financial flexibility and
innovativeness to take advantage of the declining interest rate
environment in the country.
During the year, Reliance successfully refinanced loans by issuing
debt paper in the domestic market for Rs. 1,410 crores (US$ 288
million).
Reliance meets its working capital requirements through
commercial rupee credit lines provided by a consortium of Indian
and foreign banks. The credit lines are fixed annually and renewed
on a quarterly basis.
In addition, Reliance issues short term debt in the form of fixed and
floating rate bonds in Indian Rupees and also avails FCNR B loans in
foreign currency.
Reliance’s short-term debt programme is rated P1+ by CRISIL, the highest
credit rating that may be assigned to this category of instruments.
Reliance availed short-term finance largely by way of export finance,
at concessional and extremely competitive rates of interest from
banks, during the current year, taking advantage of its substantial
export revenues.
The combination of the above has enabled Reliance to significantly
reduce the average cost of its short-term debt.
Reliance also undertakes liability management transactions and
other structured derivatives, such as interest rate swaps and
currency swaps, on an ongoing basis, to reduce its overall cost of
debt and diversify its liability mix.
RIL’s cash flows, at current year’s levels, for less than 3 years, are
adequate to extinguish its entire debt, reflecting its inherent financial
strength and conservatism.
Business Review
Oil and Gas
India’s consumption of crude oil is 2.2 million barrels per day,
equivalent to 105 million tonnes per year. The country produces just
about 32% of this requirement, and imports the balance 1.5 million
barrels per day, or 72 million tonnes per year, of crude oil.
Consumption of natural gas in India is presently 68.5 million
standard cubic meter per day (MMSCMD), or 883 billion cubic feet
per year.
The oil and gas industry in the country is presently dominated by
public sector companies.
RIL’s oil and gas strategy is aimed at further enhancing the level of
vertical integration in its energy business, and capturing value
across the entire energy chain, while fulfilling important national
priorities, in an attractive tax and fiscal regime.
RIL holds a 30% interest in an unincorporated Joint Venture with
British Gas and ONGC, to develop the proven Panna-Mukta and
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Tapti oil & gas fields. British Gas has a 30% share and ONGC the
balance 40% share.
Oil and gas production from the Panna-Mukta and Tapti fields is
presently being sold to Indian Oil Corporation Ltd. (IOC) and Gas
Authority of India Ltd. (GAIL), as nominees of the Government, under
the Production Sharing Agreements signed with the Government.
The Panna and Mukta fields are currently producing about 30,000
barrels per day of crude oil, and around 2.8 MMSCMD of gas.
The Tapti field produced around 70 billion cubic feet of gas during the
year. The field is currently producing around 5.7 MMSCMD of gas.
2001-02
2000-01
Oil (tonnes)
411,000
418,000
Gas (MTOE)
666,500
688,000
RIL is now the country’s largest private sector E&P (Exploration and
Production) player, with over 177,000 sq. kms. of awarded
exploration acreage, in 26 offshore and onshore, deep and shallow
water blocks, including one in Yemen.
12 exploration blocks were awarded through a process of
competitive international bidding under the first round of the New
Exploration Licensing Policy (NELP-I). Another 4 exploration blocks
were awarded by the Government in the second round i.e. NELP II.
The Production Sharing Contracts with the Government have
already been signed for all these blocks. A 10% interest in these 16
blocks is held by external partners.
Reliance has acquired operatorship in 3 exploration blocks from
Tullow of UK and is in an advanced stage of acquiring operatorship
of 2 more blocks from Tullow. Reliance has also acquired interest in
an exploration block in Yemen during the year.
After the close of the year under review, Reliance has participated in
the third round of NELP, and bid for 15 blocks.
The Oil and Gas division presently contributes about 1% of RIL’s
gross turnover. Reliance sees considerable potential in the E&P
business, and expects the share of oil and gas revenues to
consistently increase in the future in its overall business portfolio.
Overall domestic consumption for petroleum products remained
virtually flat, with marginal negative growth of about 1.5% in the year
ended March 31, 2002. Consumption of HSD dropped by about
3.4% and that of Kerosene dropped by about 7.9%. LPG recorded a
growth of about 10% and gasoline consumption grew by about 6.2%.
During the year ended March 31, 2002, Reliance’s refinery‘s
capacity utilisation was at a record level of 107%. This is in contrast
to the capacity utilisation rates of refineries in other regions - 89% for
North America, 87% for Europe and 85% for Asia Pacific region.
Crude Processed (million tonnes)
Capacity utilisation
2001-02
2000-01
28.96
107%
25.70
95%
The refinery’s high operating rates are the result of its several unique
capabilities, including the ability to optimise crude oil and product
mix on a dynamic basis, the international quality of its products, and
its access to fully integrated logistics, enabling seamless evacuation
of products by sea, rail, road and pipeline, to domestic and
international markets.
About 57% of the refinery’s production was sold in the domestic
markets (excluding captive consumption), of which 86% was sold to
the public sector oil companies, under the Administered Price
Mechanism (APM) which was in force till March 31, 2002.
Captive consumption of products by RIL accounted for 12% of
production, while the balance 31% was exported across the globe,
including to the most quality conscious and discerning markets, such
as the Far East, Europe, the US, and South America.
The Government of India has subsequently dismantled the APM in
the hydrocarbon sector with effect from April 1, 2002. As a result, the
marketing of erstwhile ‘controlled products’ has been opened up to
the private sector, and pricing of petroleum products has become
market determined.
RIL has already obtained marketing rights for sale of ATF in the
domestic market, and has also been granted approvals for setting up
over 5,800 retail outlets for retail marketing of transportation fuels,
namely, diesel and gasoline.
Reliance has deployed state-of-the-art technology and is working
with leading international technology and service providers for the
E&P project, covering all activities, such as seismic studies,
processing and interpretation of data, and drilling.
For the period of two years from April 1, 2002, RIL has concluded
product off-take agreements with the three public sector oil
companies, namely, IOC, HPCL and BPCL, for nearly 13 million
tonnes per year of LPG, MS, SKO and HSD.
Reliance has commenced exploratory activities, and has already
acquired more than 11,500 line kilometers of 2-D and 6,500 square
kilometers of 3-D seismic data. Evaluation of data, and further
development work is currently in progress.
In the medium to longer term, RIL proposes to enter retail marketing
of transportation fuels, enabling it to deliver a complete value
proposition to customers, achieve downstream integration and
enhance overall return on capital.
Refining and Marketing
RIL’s refinery at Jamnagar, with capacity of 27 million tonnes per
annum, is the world’s largest grassroots refinery, and the 5th largest
refinery in the world at any single location.
RIL’s refinery is the first and the only refinery to be set up in the
private sector in India, pursuant to oil sector reforms. RIL’s refinery
accounts for almost 25% of total production of petroleum products in
the country.
The Indian refining and marketing industry is dominated by public
sector oil companies, Reliance being the only private sector company.
The total capacity of these refineries is around 116 million tonnes per
annum, as per latest published industry data.
During the year, the Expert Committee on Auto Fuel Policy has
submitted its report, mooting the introduction of Bharat Stage II
norms (equivalent to Euro II norms) in the entire country from April
2005. The Committee has also recommended Euro III equivalent
emission norms for all categories of vehicles (excluding two and
three wheelers) to be introduced in seven mega cities from April
2005, and to be extended to other parts of the country from 2010.
The committee expects the Indian refiners to spend Rs. 17,000
crores to meet emission norms by 2005, and another Rs. 18,000
crores to meet the 2010 specifications. Reliance’s refinery already
meets the Bharat II specifications, and will be able to meet Euro III
equivalent specifications with nominal investments. Reliance’s
competitive advantage will thus further improve significantly, with more
stringent product specifications becoming introduced in the country.
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On the product distribution front, Reliance has a 10% stake in
Petronet India Limited, the holding company set up for creation of
pipeline infrastructure for evacuation of petroleum products all over India.
Petrochemicals
Polymers (PP, PE and PVC)
Highlights
PP Production crosses 1 Million MT - capacity utilisation
of 104%
EDC manufacturing facility at Hazira commissioned
Overseas offices in China, UAE and Vietnam established
Plans to open new offices in Indonesia and Turkey
Planning, Research and Business Development Group
constituted to spearhead product and application development
work in Polymers
India is amongst the fastest growing polymer markets in the world,
and is expected to become the world’s third largest polymer market
after the US and China by the end of this decade.
Current polymers consumption of 3.4 million tonnes in the country is
expected to treble during this decade, owing to the huge latent
demand potential. Reliance intends to increase production at its
existing plants, and set up new plants at an appropriate time, to
capitalise on these future growth opportunities in the Indian and
Asian polymer markets.
Strong resurgence in demand after the weak conditions in 2001,
resulted in overall demand growth of 16% for polymers (PP, PE, and
PVC) during the year. This double digit growth rate is expected to be
maintained in the future, as demand for packaging picks up with
revival of economic growth.
During the year, to strengthen its presence in fast growing export
markets, Reliance has opened offices in China, UAE, and Vietnam.
Two more offices are proposed to be opened shortly in Indonesia
and Turkey.
(Production in tonnes)
2001-02
2000-01
1,038,000
901,000
376,000
352,000
288,000
288,000
PP
PE
PVC
Reliance is the 7th largest PP producer in the world with an installed
capacity of 1 million tonnes per year. During the year, Reliance
produced several import substitution grades of PP, which have
successfully replaced imports.
Reliance is continuously focussing on production of value added
premium grades of PE. As a part of this exercise, PE ducts and PE
pipe coating compounds made from Reliance polyethylene are
being sold in India and abroad. Efforts are also on to produce
premium grades using octene co-monomer.
After strong 21% sales growth in PVC industry, domestic demand for
PVC now matches local availability. The EDC plant commissioning
during the year is another step in backward integration. Efforts are on
to optimise PVC production through better grade planning and
import of VCM.
Polyester (PFY, PSF and PET)
Reliance is the world’s second largest polyester manufacturer (fibre
and yarn). During the year, Reliance further consolidated its position
in the polyester business, on the strength of its integrated operations,
economies of scale, and diversified product range.
Demand for PFY, PSF and PET in the country crossed 1.3 million
tonnes during the year, reflecting growth of 5%, despite the impact of
the global slowdown. Reliance is the country’s largest manufacturer
of these products, having a market share of 54%. The industry has a
fragmented structure, with a large number of players operating with
relatively small capacities.
Reliance’s polyester production volumes increased 12% during
the year to 812,000 tonnes, which was higher than the industry
growth rates.
(Production in tonnes)
2001-02
2000-01
373,000
336,000
361,000
317,000
78,000
72,000
PFY
PSF
PET
Speciality grades accounted for 58% of PSF production, while 29%
of PFY production represented niche products, contributing a
premium of 5% to 25% over commodity prices.
During the year, Reliance launched a new speciality product, Recron
–3S, for the benefit of the asbestos and construction industry.
Reliance is the only domestic manufacturer of this product, which is
used as a reinforcement agent.
During the year, Reliance entered into a strategic alliance with
DuPont for exclusive distribution of Lycra® - the most widely used
stretch fibre and a registered trademark of DuPont.
The Reliance-DuPont alliance will benefit users of Lycra®, and
Indian consumers, who will get world-class garments hitherto
available only abroad. This alliance will also enable Indian textile and
garment manufacturers to link up, through DuPont, with overseas
distribution and marketing networks. This will go a long way in
building India’s exports of branded high value products.
During the year, Reliance announced expansion of PET capacity
from 80,000 tonnes per year to 300,000 tonnes per year, through the
building of the world’s first plant based on DuPont’s revolutionary
NG-3 technology.
This new world-scale plant will be located alongside the existing
facility at Hazira. This will make Reliance the fourth largest
manufacturer of PET bottle resin at a single location anywhere in the
world. End uses of PET include packaging for branded carbonated
soft drinks and bottled drinking water, the demand for which is
growing world-wide at an exponential rate.
A major restructuring exercise of shifting high cost operations in
Thane and Naroda to more cost-effective locations was undertaken
during the year, to achieve cost reduction and enhance productivity.
As par t of the continuous effor ts to deliver better value to
customers, Reliance has opened Fast Delivery Centres at strategic
locations, which have extensive downstream textile units. These
centres will help the company to cater to customer needs in the
shortest possible time.
In an effort to enhance quality consciousness in the downstream
textile industry in general, Reliance has commissioned a state-of-
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the-art testing centre at Coimbatore for testing quality of Recron
blended yarn. During the year, the centre was accredited by the
National Accreditation Board for Testing and Calibration
Laboratories (NABL), New Delhi.
Polyester Intermediates (PX, PTA and MEG)
RIL is the world’s 3rd largest producer of Paraxylene (PX), and the
world’s 4th largest producer of PTA.
Within the country, RIL continues to be the largest manufacturer of
PX, PTA and MEG, with market share of 80%. RIL is the only
producer of PX, while there are 2 PTA and 4 MEG producers in India.
Reliance’s production volumes of PX, PTA and MEG increased to
2.88 million tonnes during the year under review.
(Production in tonnes)
2001-02
2000-01
1,342,000
1,300,000
1,160,000
1,165,000
380,000
368,000
PX
PTA
MEG
Demand growth increased in line with polyester industry demand
growth. Over 52% of production of PX, PTA and MEG was captively
consumed by RIL.
Cracker Products
RIL operates one of the world’s largest grassroots multi-feed cracker
at Hazira, with capacity of 750,000 tpa. RIL has already announced
plans to increase its cracker capacity by 33%, to 1 million tonnes per
year, through debottlenecking.
During the year, all cracker products registered production growth.
(Production in tonnes)
2001-02
2000-01
Ethylene
771,000
740,000
Propylene
356,000
354,000
Benzene
284,700
252,000
Toluene
86,000
70,000
Orthoxylene
157,300
110,000
LPG Business
RIL produces commercial grade of butane from its cracker at Hazira.
Packed LPG is marketed as ‘Reliance Gas’ in cylinders to domestic
and commercial customers. Bulk product is being sold directly to
industrial users for use as fuel and to private bottlers.
The customer base of ‘Reliance Gas’ has grown to 7.95 lakhs in the
states of Maharashtra, Gujarat, Rajasthan and in Western Madhya
Pradesh. Nearly 60% of the customers are in villages with a
population of less than 5,000. A well entrenched and strategically
located network of 122 distributors and 5,400 distribution outlets
services these customers.
(Production in tonnes)
2001-02
2000-01
Packed LPG
71,000
65,000
Bulk LPG
Industrial users
30,750
29,200
Private bottlers
70,600
64,400
Chemicals
RIL is the country’s largest producer and exporter of linear alkyl
benzene (LAB), a leading surfactant ingredient in the manufacture of
detergents. Reliance has also established a significant presence in
the overseas markets of South East Asia, Middle East, Europe and
Africa. Economies of scale, backward integration and proximity to
the markets make Reliance the most competitive producer of LAB in
the country.
Reliance accounts for 40% of the domestic Normal Paraffin
production. In addition to meeting captive requirements for the
production of LAB, a well differentiated product range in Normal
Paraffin enables Reliance to cater to the diverse requirements of
domestic manufacturers of Chlorinated Paraffin Wax, a plasticiser
used in PVC compounding.
(Production in tonnes)
2001-02
2000-01
LAB
106,000
110,000
Normal Paraffin 126,500
123,000
Production of ethylene and propylene was captively consumed to the
extent of 97%.
Production of benzene, toluene and other by-products was
consistent with feedstock characteristics. The aromatics production
was enhanced by controlled processing of indigenous, aromatics
rich naphtha.
Reliance maintained its leadership in the domestic benzene market
with a share of over 45%. During the year, Reliance exported nearly
25% of its benzene production to styrene manufacturers in South
East Asia, Europe, and the US, reflecting the primacy and high
international acceptability of its product.
Reliance produces premium grade toluene at Hazira, suitable for
producing toluene di-isocyanate, benzoic acid and chloro toluenes.
Reliance has replaced orthoxylene imports to a large extent and
commands nearly 77% share of the domestic orthoxylene market.
Textiles
Reliance’s textiles complex at Naroda, Gujarat, is one of the India’s
largest and most modern textile complexes. Reliance’s textile
products are sold under the brand names of Vimal, Harmony,
Reance, RueRel, and Slumberel. Vimal, Reliance’s flagship brand, is
one of the India’s largest selling brand of premium textiles.
Reliance’s premium product quality ensures a ready export market
for its textile products, which have found acceptance even in the
most discerning markets of the developed world. The Textile
Division’s in-house R&D continuously develops new products/
processes.
To enhance competitiveness, Reliance undertook a comprehensive
restructuring of its textiles business. This rationalisation exercise led
to a reduction in total workforce by over 4,600 people. As a part of
this exercise, the manufacturing of women’s wear was discontinued
during the year. The operations post restructuring have stabilised.
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The annual HARMONY art show hosted by Reliance’s Textile
Division in April 2002, in Mumbai, met with its usual enthusiastic
response. From this year on, the HARMONY show will endeavour to
support causes dedicated to ease or better the circumstances of
those, who by factors beyond their control, are driven into lives of
extreme deprivation. This year’s show provided a platform to
‘Aseema’, a non-governmental organisation engaged in the
rehabilitation of street children.
Opportunities
The Indian economy is generally forecast to grow by 5-6% per
annum over the next few years. Per capita consumption in India, for
most products and services, remains amongst the lowest in the
world. Domestic demand growth in most of Reliance’s products has
been at double-digit levels for the past several decades. This secular
trend of long term demand growth is expected to be maintained in
the future.
Reliance intends to leverage its mar ket leadership, and
demonstrated strengths, namely, conceptualisation and
implementation of complex large projects, technology absorption,
financing flexibility, and large in-house pool of intellectual capital
resources, to effectively participate in these opportunities.
Reliance is harnessing attractive opportunities for profitable growth
in its existing businesses of oil and gas exploration and production,
refining and marketing of petroleum products, and petrochemicals,
as well as in attractive new business areas of interest, such as power
and infocom.
There are also increasing opportunities for Reliance’s products in
the export markets. The demonstrated global competitiveness and
international quality of products, and its superior logistic capabilities,
provide the company with the ability to pursue these opportunities.
Challenges
As in the past, in all its businesses, Reliance faces the challenge of
normal market competition from domestic as well as international
companies. However, it is expected that the company’s sound
business strategies and globally competitive cost positions will
continue to enable it to retain its leading market positions, maintain
operating margins, and enhance long term cash flows. RIL has
consistently shown superior performance in the past, even under
difficult global operating conditions.
Reliance faces the challenge of competing with low cost producers
from the Middle East and parts of the Asia Pacific. However,
Reliance’s own global competitiveness, strong customer franchise,
extensive marketing distribution network, and international quality of
products, enable the company to successfully compete in the market.
Reliance’s continued domestic market leadership, even after the
opening up of the Indian market to imports and the steep decline in
import duties, reflects the global competitiveness of its operations,
and its unique position of strength in the Indian market.
In the E&P business, RIL faces the challenge of undertaking a
comprehensive development programme spanning an extensive
area of over 177,000 sq. kms., and spanning onshore and offshore,
shallow and deep water blocks. Reliance is working with leading
international technology and service providers for successful
accomplishment of its objectives in this business.
In the refining and marketing business, the public sector oil
companies enjoy an advantage of an existing distribution
infrastructure for retail marketing of petroleum products. RIL faces
the challenge of creating a comprehensive retail marketing network
for upliftment of its products, consequent upon the abolition of the
APM from April 1, 2002 and the opening up of marketing to the
private sector.
Reliance has already received approvals for setting up over 5,800
retail outlets for marketing of transportation fuels. Reliance intends to
leverage its managerial and organisational strengths to set up an
appropriate retail marketing network in the medium to long term. For
the 2 years from April 1, 2002, Reliance has already signed
agreements with the public sector oil companies, IOC, BPCL and
HPCL, for offtake of nearly 13 million tonnes of petroleum products.
Outlook
Refining of petroleum products, and the manufacture of
petrochemicals products, presently account for the core of
Reliance’s business portfolio. Both these businesses being global in
nature, the outlook for margins and profitability depends in large
measure upon the overall global economic outlook, the global
demand-supply scenario, and trends in feedstock and product prices.
Reliance is already amongst the most profitable petrochemicals
companies globally, in terms of various key indicators of profitability.
Any upturn in the petrochemicals cycle, as and when the same
occurs, can significantly enhance Reliance’s profitability, given its
scale of operations and its globally competitive cost positions.
Conversely, sustained firmness and/or volatility in feedstock prices,
primarily crude, as a result of global tensions, can have an adverse
impact on Reliance’s margins and profitability.
Reliance’s production volumes in both refining and petrochemicals
are expected to grow broadly in line with industry trends, over the
medium to long term. The increase in volume will be achieved
through various routes such as low gestation capacity expansion,
cost efficient debottlenecking, and/or attractive acquisitions at
competitive costs.
Reliance’s entry into retail marketing of petroleum products will add
a new revenue stream to its existing business portfolio, in the
medium to long term.
Reliance is making significant E&P investments in a well-balanced
and promising portfolio of oil and gas properties in India. This
business has the potential to provide a higher contribution to
Reliance’s overall business profile, in the medium to long term.
Reliance’s investments in the infocom business have the potential to
generate significant value for shareholders, in the medium to long term.
Risks and Concerns
The domestic, regional and global macro-economic environment
directly influences the consumption of petrochemical and petroleum
products. Any economic slowdown can adversely impact demand-
supply dynamics, and profitability of all industry players, including
Reliance.
However, the company’s operations have historically shown
significant resilience to the fluctuations of economic and industry
cycles, with demand for most of its key products continuing to grow
at healthy rates even at times of an overall economic slowdown.
Reliance’s operations have significant exposure to the domestic
market, which accounts for nearly 80% of the revenues. The
company is also making investments in attractive new businesses
and markets in India. These factors potentially expose Reliance to
any risk of a significant shock to the Indian economy, which may
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adversely impact the long-term economic fundamentals. Reliance’s
continuing focus on exports is a part of its strategy to diversify this risk.
Reliance’s highly integrated, and globally competitive operations,
leading positions in domestic markets, diversification of markets
through exports, and thrust on speciality products, etc., have proved
to be effective in mitigating the impact of generic industry risk factors.
Unfavourable trends in import tariffs on key raw materials and
products may adversely impact the cost structure and/ or selling
prices of products in the domestic markets, thereby potentially
affecting margins. However, the impact of further import tariff
reductions on Reliance’s products is not likely to be material in the
future, as import tariffs on Reliance’s major products have already
been significantly reduced compared to historic levels.
Reliance currently prices most of its products below the import parity
price levels, which adds to the company’s pricing flexibility in the
event of import tariff reductions. Additionally, the company’s margins
are helped by any depreciation of the Indian rupee against the US
dollar – the long-term historic rate of depreciation has been in the
range of 5% per year.
Reliance has insured its assets and operations against a wide range
of risks, as part of its overall risk management strategies. The
company continues to follow suitable strategies to positively modify
its risk profile by eliminating and significantly reducing key business
risks, and developing and implementing strategies to achieve the
maximum possible degree of insulation from broad macroeconomic risks.
Any adverse movement in the value of the domestic currency may
increase the company’s liability on account of its foreign currency
denominated external commercial borrowings in rupee terms.
However, Reliance has adopted conservative foreign exchange risk
management policies, in this regard. The company’s rapidly growing
export revenues, and foreign exchange denominated oil and gas
revenues, provide more than adequate cover for the external debt
service requirements every year.
In recent months, the sharp increase in the country’s foreign
exchange reserves to over US$ 62 billion (Rs. 301,200 crores) have
imparted considerable strength to the Indian rupee, thereby
mitigating this risk to a very large extent, at least in the short to
medium term, barring unforeseen developments.
Reliance manages potential operational risks by adopting leading
edge technologies, world class manufacturing practices, modern
HRD (Human Resource Development) policies, and an appropriate
HSE (Health, Safety and Environment) framework.
Reliance has been addressing new growth opportunities arising
from the ongoing liberalisation and deregulation of the Indian
economy. Any significant delays in further deregulation or changes in
the direction of that process may impact prospects of all new players,
including Reliance, who are targeting those opportunities.
Reliance is planning to make significant investments in the E&P
business, retail marketing of petroleum products, and the infocom
business. Delays in the implementation of these projects, any
adverse regulatory, judicial or legislative developments in these
areas, and/or normal business and competitive risks associated with
each of these businesses, could adversely impact returns on
Reliance’s investments therein.
Adequacy of Internal Controls
Reliance has a proper and adequate system of internal controls to
ensure that all assets are safeguarded, and protected against loss
from unauthorised use or disposition, and that transactions are
authorised, recorded, and reported correctly.
The internal control systems are supplemented by an extensive
programme of internal audits, reviews by management, and
documented policies, guidelines and procedures. The internal
control systems are designed to ensure that the financial and other
records are reliable, for preparing financial statements and other
data, and for maintaining accountability of assets.
The use of SAP financial and business management systems, which
provide a high level of system based checks and controls, have
helped in improving efficiency and effectiveness of Reliance’s
internal control systems.
Reliance has strong and independent internal audit systems,
covering on a continuous basis, the entire gamut of operations and
services spanning all locations, businesses and functions.
In addition to the in-house internal audit team, Reliance has several
leading national and international professional firms on its internal
audit panel.
Internal audit at Reliance includes evaluation of all financial,
operating and information technology system controls. Internal audit
findings and recommendations are reviewed by the top
management and the Audit Committee of the Board.
Reliance Telecom
RIL holds a 26% equity stake in Reliance Telecom Limited (RTL).
RTL provides cellular telephony services, using the GSM standard,
in 15 states, covering an area equal to almost 1/3rd of India’s
geographical area, and with a total population of 400 million people.
RTL’s cellular services are provided in 118 cities and towns in India.
During the year, RTL’s cellular subscriber base crossed 380,000
recording a growth rate of 103%, which was significantly higher than
the industry growth rate of 80%. This growth was achieved through
balanced tariffs and focused marketing strategies including the
introduction of prepaid cards in all circles.
During the year, RTL achieved a significant milestone with its
operations becoming EBT (earnings before tax) positive. This
milestone has been achieved in a little over 4 years from the
commencement of cellular operations.
RTL also holds a licence for providing basic telecom services in the
state of Gujarat and Union Territories of Daman, Diu, Dadra and
Nagar Haveli. The company has initiated both infrastructure build-up
and marketing activities so as to launch commercial services in rural,
semi-rural and urban short distance charging areas (SDCAs) as per
the rollout stipulation in the current financial year.
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Reliance Infocomm
RIL is the lead investor in Reliance’s initiatives in the infocom sector.
Reliance’s infocom initiatives are aimed at contributing to the
acceleration of India’s economic growth, building world class assets,
capable of delivering superior long term returns, and enhancing
overall shareholder value.
Current teledensity in India is amongst the lowest in the world, with
only 43 million phones in a population of over a billion people. The
Government’s stated objective is to achieve over 150 million phones
by the year 2010.
The Government has adopted an open door policy, promoting unlimited
competition in telecom services, in the best interests of consumers.
Reliance is implementing plans for addressing the entire telecom
market in India with a national footprint, and a presence in fixed line,
mobile, national long distance, and international long distance
telephony, as well as a complete range of data, image and value
added services.
Reliance is building a world class broadband, IP backbone,
connecting India’s top 115 cities with over 60,000 route kilometers of
fibre, and with terabit capacity. The backbone will link areas
contributing over 50% of the country’s GDP.
Reliance holds licences for providing basic fixed line telephony
services, including WLL (Wireless in Local Loop, also known as
limited mobility) services, in 18 states, covering over 95% of the
country’s population.
Reliance also holds a licence for providing National Long Distance
(NLD) services, and International Long Distance (ILD) services.
Reliance proposes to leverage its core competencies of complex
project management, technology absorption, financial engineering,
and building grass-root businesses, to become a leading player in
the infocom landscape.
Reliance is implementing its infocom projects with a traditional return
based philosophy to maximise value, and with a focus on traditional
financial criteria, like positive cash flows, attractive IRRs and ROEs,
and low payback period.
Reliance Power
Reliance intends to pursue future opportunities in the power sector
through its interests in BSES Ltd. (BSES).
BSES, India’s premier utility company, is engaged in the generation,
transmission and distribution of electricity. BSES also provides
services in electrical contracting, engineering, procurement and
construction contracts.
BSES is ranked amongst India’s top 20 private sector companies in
terms of net profits, and amongst the top 30-35 private sector companies,
on all other financial parameters. BSES reported sales of Rs. 2,783
crores (US$ 570 million) for 2001-02, with net profits of Rs. 281
crores (US$ 58 million).
BSES, on its own, and through its subsidiaries/joint venture
companies, has power generation capacity of around 885 MW.
BSES is also the largest private sector power distribution company
in India, holding the licence for distribution of power in major areas of
Mumbai, and also for more than 75% of the area for the state
of Orissa.
Recently, BSES has acquired majority stakes in two of the three
newly formed distribution companies, for distribution of power in
South and West, and Central and East areas of Delhi.
BSES and its subsidiaries now provide electricity services to more
than 5 million consumers, covering an estimated population of 45 million.
As on March 31, 2002, Reliance was the single largest shareholder
in BSES, with an equity stake of nearly 38%, and 2 nominees on the
Board of Directors of the company, out of a total strength of 9 persons.
Energy Conservation
Reliance has a well-laid out comprehensive energy conservation
policy in place and is guided by this policy in all its actions. Besides
monitoring specific energy consumption of individual production
facilities, several benchmarking exercises are routinely undertaken
to consistently improve upon performance.
During the year, Process Design Centre, Netherlands carried out
energy benchmarking studies for all three MEG plants, which are
rated amongst the top five plants in the world for energy performance
(based on Exergy). M/s Solomon carried out the benchmarking
study of the naphtha cracker plant of Hazira for the year 2001.
power and steam generation plants to improve fuel efficiency at all
manufacturing sites.
Reliance understands that increasing productivity of operating
plants significantly reduces specific energy consumption of finished
products and this has been the major emphasis besides undertaking
specific energy conservation schemes.
Different energy conservation training programs were conducted
during the year to enrich knowledge of the engineers and to facilitate
practice of the same in ongoing operations.
Apart from external benchmarking studies in process plants, a
periodic internal benchmarking exercise is carried out in the captive
Pinch Technology and heat & power integration studies were also
carried out for the cracker and MEG plants.
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Reliance’s energy conservation efforts were recognised and
awarded by many external agencies. A few of these awards were:
3.
ICMA award for the Hazira complex for the third consecutive
year
1. National Energy Conservation Award by Ministry of Power,
Government of India (Second position) to Patalganga complex
4. Second consecutive Petroleum Conservation Research
Association (PCRA) award to Hazira complex
2. Confederation of Indian Industries (CII) certificate as ‘Energy
5. Federation of Gujarat Industries (FGI) award for ‘Excellence in
Efficient Unit’ to Hazira & Patalganga complex
Energy Conservation’ to Hazira complex
Research & Development
Research & Development (R&D) activities are an integral part of
the company’s overall operations. Reliance follows growth-oriented
R&D to support its overall corporate objectives of growth and
performance.
During the year, polymer R&D activities received a major boost
owing to multi-pronged initiatives such as augmentation of R&D
facilities, focus on process enhancement research, and
development of new product grades.
Reliance has two DSIR (Department of Scientific and Industrial
Research) accredited R&D laboratories at Hazira and Mumbai.
During the year, the Hazira R&D centre was augmented with the
installation of a state-of-the-art polymerisation pilot plant. Similarly,
Product Application Research Centre (PARC) at Mumbai, installed
new testing equipment and moulding facilities for application research.
During the year, Hazira R&D Centre filed a patent on ‘Olefin
polymerisation titanium catalyst’. The earlier patent, filed last year,
on ‘Lower alpha-alkene polymerisation heterogeneous solid catalyst’
has entered into National Phase Application in several countries.
The company has an ongoing 5-year research alliance agreement
with National Chemical Laboratory (NCL), Pune. Under this agreement,
the company jointly with NCL, successfully developed Artificial
Neural Networking model (soft sensors) for its polyethylene plant.
Besides in-house R&D projects, the polymers business continues to
sponsor and participate in various outsourced R&D initiatives at
leading institutes and laboratories, including Jawaharlal Nehru
Centre for Advanced Scientific Research – Bangalore, IIT Madras
and University of Massachusetts, in the US. 112 employees were
trained on advanced polyolefins technical modules under the
Knowledge Management program, run jointly with NCL.
The Reliance Technology Centre (RTC) is an in-house R&D unit
working on polyester fibres, filaments, resins and polymeric
materials through innovative research and technology development
in materials, processes, products and applications. The major
achievements at RTC during the year included:
(cid:1) Commercialisation of new technology to produce superior
quality dope dyed black polyester staple fibre
(cid:1) Development and commercialisation of CP based process
technology for high tenacity/ high modulus dope dyed black
fibres
(cid:1) Development and commercialisation of short cut PSF for paper
reinforcement
(cid:1) Development of new indigenous finish systems for polyester
staple fibres for performance improvement and cost savings
During the year, 11 new grades of polypropylene and 5 new grades
of polyethylene were developed and launched through various R&D
initiatives.
In addition, as a part of regular exercises during the year, several
R&D activities were carried out to improve plant performance,
reduce costs and optimize processes.
Quality
Reliance is committed to total customer satisfaction in terms of
quality and services for the entire range of its products. The
continued commitment to excellence and innovative efforts to
enhance Quality contribute to Reliance’s market leadership in its
various businesses.
Quality standards are primarily achieved through automated
systems (reducing manual handling to a minimum), high attention to
complaint resolution, online communication and information
exchange, quality circles and adoptions of programmes such as “six
sigma”, and institutionalisation of benchmarking and other methods,
which constantly guide Reliance employees in all their activities.
Right since its inception, Reliance’s quality strategy has evolved to
ensure that it uses the world’s best technology, a highly trained
workforce, as well as cutting edge equipment and instrumentation.
Reliance has also put in place a top class communication module
enabling advanced process control. Above all, continuous monitoring
allows a high degree of consistency in quality performance.
Reliance’s increasing exports revenues, and the fact that it
commands market leadership in India in the face of unrestricted
competition from imports, bear testimony to the international quality
of Reliance’s products. Reliance’s products are now exported to over
100 countries across continents, including the US and Europe.
Reliance has in place a clearly defined system to ensure that the
quality philosophy permeates to every aspect of the business. The
system is focussed on maintaining uniform quality at every stage of
activity. Quality is considered to be at the heart of not just every
product, but of every activity, since each activity contributes to the
final output.
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Reliance’s plants have received a total of 29 ISO 9000 certificates. In
addition, more than 100 Reliance employees have become eligible
for six-sigma black-belt certificates. These achievements bear ample
testimony to Reliance’s commitment to quality.
During the year, Reliance achieved the distinction of securing the
Golden Certificate for 10 consecutive months from Shell Global
Solutions, for excellence in the reliability of testing.
Continuous monitoring of quality, coupled with cost, using the QLI
(Quality Loss Index) modules is being followed at Hazira Complex.
Reliance plans to introduce this in other manufacturing sites as well.
Health
Reliance accords a very high priority on providing adequate and
modern medical services to all its people. Reliance has occupational
health centres (OHC) at all locations. Reliance places the emphasis
on prevention of work related health hazards, reduction of health
impairment, and the promotion of positive health.
Activities at the Hazira manufacturing complex included health
a u d i t s , m e d i c a l m o n i t o r i n g , c o m p a r a t i v e s t u d i e s o f
interdepartmental health status, and steady improvement in all
medical facilities. A comprehensive health risk assessment study
was also carried out in the plant for exposure to various chemicals.
Senior health specialists, fully supported by qualified doctors and
trained paramedical staff, are available at all locations. There is a
continuous emphasis on improving health standards through
improvement in production processes, as also various health
promotion activities.
The role of health-education and awareness in promotion of health
cannot be overemphasised. Working on the theme - ‘To enable the
employee to understand his own health better’, over last five years,
the OHC at Patalganga complex has evolved an effective multi-
pronged health awareness program to address common health
concerns like hypertension, diabetes, heart disease, backache
prevention and lifestyle management.
The occupational health and family welfare centre established at the
Jamnagar complex caters to the comprehensive healthcare needs of
employees and their families, staying in the township. The regular
activities include pre-employment medical examinations, periodic
medical check-ups of employees, school health check-ups,
preventive immunisation and medical camps.
A medical data management system has been developed and
installed at all the medical centres, rendering the site medical
centres paperless.
The Naroda complex, too, houses a full-fledged health centre with
facilities for emergency and routine health care.
Safety
‘Safety of person overrides all the production targets’ – is the Health,
Safety and Environment policy of Reliance.
Reliance is committed to the health and safety of its own employees,
contractors’ employees and visitors, and aims for ‘Zero Accident’
targets. To get closer to the goal of ‘Zero Accident’, Reliance
undertook various activities and initiatives during the year, such as:
(cid:1) Intersite audit conducted for the first time at all three sites
(cid:1) A new work permit system common to all three sites has been
developed by joint participation of the safety personnel from the
three sites. The same is already implemented at Hazira. The new
work permit system will soon be transformed to an e-permit system.
(cid:1) A combined corporate safety plan for the year 2002-03
consisting of the plans from the three sites has been worked out
and put in operation for the first time.
(cid:1) Based on DuPont’s Safety Training Observation Program
(STOP) training modules, training programs were organised to
improve employee behaviour and attitude towards safety.
(cid:1) Various national level conferences/ training programs/ seminars
were attended by employees to stay updated with the latest
developments in the field of HSE.
(cid:1) Shell Global Solutions carried out a safety audit of Hazira
facilities for the first time and a repeat audit for the Jamnagar facilities.
During the year, the Jamnagar complex received the Shell
Safety Award for achieving 10 million man-hours without any lost
time accident.
Environment
Healthy business operations need a healthy environment to excel.
Reliance is committed to improving the quality of life and enhancing
the sustainability of all business activities. To achieve these objectives,
various participative initiatives are practiced and promoted.
Strict adherence to all regulatory requirements and guidelines is
maintained at all times. Anticipated legislation, rules and regulations
are also considered, and provisions are made during the design
engineering phase. The systems are designed so that the products
meet not just the present norms, but even future environmental
regulations without requiring any major modification.
The Jamnagar complex has been planned, designed, constructed
and commissioned in line with the philosophy on environmental
protection as an integral part of the equipment and operations. The
environment has been considered with high importance in every
aspect of design, commissioning and operation of the refinery.
The refinery complex is unique and does not put any burden on the
water resources in the region as it has an integrated desalination
plant to produce 48 million litres per day of desalinated water for use
in process and domestic applications, using the low temperature
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heat sources of the process units. This desalination plant is coupled
with a state-of-the-art effluent treatment plant, thereby conserving
water and protecting the environment.
The Hazira complex is the only integrated petrochemicals complex
enjoying ISO 14000 certification for its implementation of an
Environmental Management System (EMS). The complex is being
regularly and continuously audited by Lloyds Register Quality
Assurance, as a part of the certification procedure.
Maximum water cess rebate was granted by the Gujarat Pollution
Control Board for the year 2000-01 signifying the efforts made for
conservation of water and effluent treatment.
The Hazira complex has made many innovative efforts towards
environment protection. One such effort was the setting up of a
vermiculture plant to convert the garden waste (generated in house)
to vermicast, an organic fertiliser, which is used as a substitute to
commercial fertiliser for in-house uses.
The Hazira complex was honoured with Indo German Greentech
Environment Excellence Award for the year 2001 (instituted by
Greentech Foundation) in the petrochemical category.
At all the manufacturing sites lush greenery has been developed
utilising treated effluents. Utilising treated effluent for the greenery
avoids any additional fertiliser usage and also conserves the
requirements of fresh water for greenery development.
Around 2,200 acres of land at Reliance’s Jamnagar complex has
been transformed into green pastures, with agroforestry of over 2.3
million trees. The trees being grown in the complex include mango,
teak, neem, guava, custard apple and medicinal plants. In all, over
200 species are being planted in the green belt. Also, mangroves
have been planted to protect the marine environment around Sikka/
Vadinar, where the port facility is located.
In order to keep up with the global commitment towards
environment, Reliance is also conducting research and development
for new products that are environment friendly. Research options are
being examined for assisted bio-degradation of commonly used
polymers. Reliance is conducting research using biotechnology and
engineering to develop a range of polymers that will be
biodegradable in the natural environment.
Human Resource Development
Reliance believes “Growth is Life” – for Reliance and for all Reliance
people. A large in-house pool of intellectual capital is the driving
force behind Reliance’s accelerated growth, and is one of its
fundamental competitive strengths. To enable consistent growth,
Reliance puts a great deal of effort behind creating a workplace
where every Reliance employee can reach their full potential and
achieve maximum personal fulfillment.
RIL is a young company, with an average age of 37 years for its
12,864 employees as on 31st March 2002. Reliance has over 4,200
qualified professionals accounting for nearly 70% of the total
supervisory work force.
Breakup of professional workforce
Ph.D.
MBAs
Engineers
CA/ ICWAs
2%
9%
83%
6%
Age Profile
Upto 25 years
26 - 35 years
36 - 45 years
46 - 55 years
56 + years
5%
44%
34%
15%
2%
Reliance offers world of opportunities to employees by giving them
more freedom and responsibility to chart their own course within the
company. The company offers comprehensive world-class training
and development resources. Networking, coaching and mentoring
provide additional opportunities for people to grow personally and
professionally throughout their careers.
The company has a unique system that offers a wide spectrum of
career options for employees to choose from, and the necessary
learning courses. The onus of learning is on the employees who are
duly supported by excellent systems for assessments, career mapping,
aptitude tests and other training needs. During the year, over 1,000
training programs covering over 6,400 employees were conducted.
In association with Indian Institute of Management (IIM) - Bangalore,
Reliance has created a unique and customised management course
for its engineers. The seventh batch of such engineers who
successfully completed the course was prepared for taking over
marketing responsibilities in line with the new demands. The
employees, who were prepared for accelerated growth careers in the
company, today occupy positions with impor tant sectional
responsibilities at a young age of 27-30 years.
Reliance’s appraisal and reward system is aimed at increasing
employee involvement in the goals and objectives of the
organisation, and encouraging individuals to go beyond their scope
of work, undertake voluntary projects that enable them to learn, and
contribute innovative ideas in meeting the targets of the company.
The company has moved to a Key Result Area oriented performance
appraisal system and will soon move to performance linked incentive
scheme, wherein the employees will share the risk and the rewards
of company’s perfor mance, business perfor mance, team
performance and their individual performance.
Reliance is in the final stages of launching SAP-HR to provide an
effective interface between HR and the employees spread over
diverse locations.
Social Responsibility and Community Development
Reliance believes that organisational growth objectives need to be
married with the overall developmental imperatives of the society
and the community at large, for ensuring sustainable all-round growth.
Reliance’s social welfare and community development initiatives
focus on the key areas of education, healthcare, and the overall
development of the communities in which the company operates.
Reliance has always been quick to place all its resources at the service
of the nation and the community, in times of crises and emergency.
The Reliance group undertakes its social welfare and philanthropic
initiatives through various organisations, including corporates,
trusts, and others.
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Educational Initiatives
Dhirubhai Ambani Institute of Information and
Communication Technology (DA-IICT)
Dhirubhai Ambani Foundation (DAF) has established the Dhirubhai
Ambani Institute of Information and Communication Technology
(DA-IICT) at Gandhinagar near ‘Infocity’, in Gujarat.
The institute started functioning from August 2001, admitting 246
students through an All India Entrance Test for the four-year
undergraduate programme in Information and Communication
Technology. The first two semesters of this programme were
successfully completed during the year. From the academic year
2002-03, postgraduate programmes have also been started.
The institute will also offer a wide range of training and research
programmes and continuing education programmes for working
executives and practicing professionals.
Currently, the total number of students in the institute is over 600.
The institute plans to grow to a strength of 1,300 students by 2004-
05, with about 60 full time faculty and a number of visiting faculty and
teaching/ research assistants.
A number of new facilities have been created including additional
floors for teaching and research laboratories, lecture theatres, a
sports complex and cultural centre, and food courts. Hostel
accommodation for the students is being created on the campus.
The Resource Centre (Library) is also under construction.
Dhirubhai Ambani University of Science and
Technology (DAUST)
DAF is planning to establish the Dhirubhai Ambani University of
Science and Technology (DAUST), a postgraduate university, at
Jamnagar which will focus on emerging knowledge areas, namely
bio-science and engineering, computer science and engineering,
energy engineering, food science and engineering, infrastructure
engineering, materials science and engineering, and ocean engineering.
Dhirubhai Ambani International School
The latest education initiative of the Reliance Group is the ‘Dhirubhai
Ambani International School’ (DAIS) being set up at Bandra-Kurla
Complex, Mumbai.
DAIS will offer K-12 education of world-class standards, and is
seeking affiliation to national and international education boards.
Designed to be one of the most IT enabled schools in the country,
DAIS will follow an integrated curriculum combining the best of
various national and international standards that will prepare
students to effectively take up the following boards of education:
(cid:1) Indian Council of Secondary Education (ICSE) of the Council for
the Indian School Certificate Examinations, New Delhi
(cid:1) The “O” level International General Certificate of Secondary
Examination (IGCSE) offered by the Cambridge International
Examinations
(cid:1) The Diploma Programme of the International Baccalaureate
Organisation (IBO), Geneva.
This co-education day school housed in a state-of-the-art complex
with modern teaching and learning facilities will place highly
motivated young minds under the tutelage of the best teaching talent
drawn from across the world. The school will commence classes for
KG to Class VIII and Class XI during the academic session 2003- 04.
Scholarships
The DAF continued to encourage district level meritorious students
at the annual SSC and HSC examination by presenting merit
rewards and undergraduate scholarships. Till date, a total of 2,623
students from each of the 62 districts of the states of Maharashtra,
Gujarat, Goa and the Union territories of Diu, Daman, Dadra and
Nagar Haveli, have benefited from these schemes. These include
one girl student and one physically challenged student from each of
the districts.
Under the ‘Reliance Kargil Scholarship Scheme’ 114 children of
martyrs/ disabled soldiers from Kargil war received scholarships
during the year.
Since June 2001, DAF has also instituted a reward and scholarship
scheme for the physically challenged meritorious students at HSC
and SSC exams from each of the states of India.
Healthcare Initiatives
Sir Hurkisondas Nurrotumdas Hospital and Research Centre
(HNH&RC), Mumbai
DAF has joined the management of Sir Hurkisondas Nurottumdas
Hospital and Research Centre (HNH&RC) and Sir Hurkisondas
Nurottumdas Medical Research Society (HNMRS), based in
Mumbai. HNH&RC is one of the oldest hospitals established in 1925,
and HNMRS is a 28-year-old institution involved in clinical research
having a social bearing.
Over the next few years, DAF plans to make substantial contribution
for converting this hospital into a ‘patient focused’ and ‘Not for Profit’
world class, state-of-the-art centre of excellence in the field of
healthcare. This institution will serve as a knowledge domain for
healthcare activities and become a hub for a wider healthcare
network. It is also proposed to make this a centre of excellence for
clinical research and medical education.
HNH&RC currently offers tertiary level health care facilities including
super-specialties like cardiology, cardio-thoracic surgery, neurology
and neuro-surgery, oncology, urology, nephrology, gastroentrology,
etc., with over 200 consultants in various specialisations, and a total
staff of about 1,000, including paramedical and other support staff.
HNH&RC also provides free and subsidised outpatient and inpatient
treatment for the poor.
HNH&RC is recognised for offering the post graduate program,
leading to post-graduate diplomas in various specialties awarded by
College of Physicians & Surgeons (CPS), Mumbai and the DNB
(Diplomate of National Board) in various specialties and super-
specialties awarded by the National Board of Examinations, New
Delhi. HNH&RC is also recognised by Mumbai University for M.Sc.
and Ph.D. in biochemistry, applied biology, and microbiology. The
hospital also runs a nursing school.
HNMRS has completed 100 clinical/ scientific research projects,
including many multi-disciplinary ones, since its existence. Over 150
research papers have also been presented at various national and
international conferences based on the research projects of
HNMRS. These research projects are selected carefully with an aim
to undertake community-based studies, which are relevant to the society.
Dhirubhai Ambani Hospital, Lodhivali, District Raigad
This 82-bedded state-of-the-art hospital caters to an industrial and
rural population in the Raigad district of Maharashtra. It provides for
free outpatient and subsidised inpatient treatment for the needy and
poor patients as well as for senior citizens. It also provides free
treatment to trauma victims of highway accidents till stabilisation.
The hospital, the only such comprehensive health care institution in
the region, has been in existence for about 4 years and has proved
its worth by saving numerous lives of victims of vehicular and
industrial accidents.
Community Development
Reliance attaches a high level of importance to improving the quality
of life in the communities surrounding its all-manufacturing
complexes. The initiatives include coming to the rescue of the
community at times of crises, and also longer-term efforts in areas of
education, health, and programmes for social upliftment.
Reliance runs its own schools at its manufacturing sites, which
provide high quality education to the children of employees, and also
to the children living in nearby areas. These schools are all equipped
with modern amenities like well-stocked libraries, computers,
laboratories, sports facilities and playgrounds. Transportation facility
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is provided to all students, enabling students living in nearby villages
to attend school everyday.
During the year, Reliance in association with the Municipal
Corporation of Greater Mumbai, launched the Secondary Schools
Computerisation Project to facilitate computer education for 51
municipal secondary schools of Mumbai, covering approximately
68,000 students in Classes V-X. Computer laboratories are being
created in each of these schools. Each computer lab will have 15
multi-media computers connected on a network; with a printer,
scanner, software applications and educational multimedia content
for various syllabus subjects, including Maths and Science.
The project aims to benefit not only the students, but also the
teachers and the municipal schools. While the students will gain the
skills needed to be productive and successful citizens in the new
knowledge era, the teachers will benefit by learning new skills that
will further their professional development. The schools will benefit
by acquiring the resource, skills and self-sufficiency to carry this
project forward on their own, into the future.
Jamnagar town faces acute drinking water shortages. In order to
mitigate the problems of people, Reliance supplies drinking water
from its state-of-the-art seawater desalination plant during summer
periods of shortages. Drinking water was supplied for the third
successive year in the summer of 2002.
Dwarka, a holy place near Jamnagar, has been a centre of attraction
not only for pilgrims of the country but also for archeologists,
historians and tourists from all over the world. During the year,
Reliance took up much needed renovation and overall development
plan of Dwarka by joining hands with the various organisations/
offices of the Government of Gujarat.
DAF has recently established a sanatorium at Chorwad, Gujarat, for
the use of patients needing change of climate and recuperation.
During the year, Reliance also carried out community services work
in villages adjoining its Jamnagar and Hazira complexes, to improve
the quality of life of people. Some of the activities at Jamnagar were
– supply of fodder, organisation of blood donation camps, regular
health check-up camps and mobile dispensar y ser vices,
reconstruction of temples and assistance to several voluntary
organisations to carry out cultural and social festivals/ functions etc.
The community services carried out at Hazira included – donations
to Surat Municipal Corporation and District Collectorate for e-
governance programmes, awards to motivate meritorious students,
donations of computers and library books to various schools,
donations of tricycles to handicapped students, organisation of inter-
village/ inter-school sports and cultural competitions, mobile health
van services, organisation of health camps and initiatives to provide
self-employment opportunities for women.
DAF and Sampradaan - the Indian Centre for Philanthropy,
organised the second national conference of Char itable
Foundations in India during the year. The objective was to network
charitable foundations for professional exchange of views,
experiences and to explore ways for collaboration. The conference
on the theme “Promoting Good Governance: Internal and External”
was well attended by about 35 NGOs from all over India.
A platform to display the art and craft produced by underprivileged
children from Aseema – an NGO devoted to their welfare - was
provided along with the annual Harmony Exhibition organised by the
Textile Division of RIL.
Foreign Exchange Savings, Taxes Paid and Exports
Foreign Exchange Savings
Reliance primarily manufactures products that are impor t
substitutes, thereby contributing to savings of precious foreign
exchange for the country.
During the year, the company’s operations have helped the nation
save valuable foreign exchange to the tune of Rs. 20,169 crores (US
$ 4,133 million), an increase of 17% over the previous year’s figure of
Rs. 17,309 crores.
Taxes Paid
Reliance is one of India’s largest contributors to the national
exchequer, primarily by way of payment of customs and excise
duties to various government agencies.
During the year, Reliance paid a total of Rs. 10,470 crores ($ 2,145
million) in the form of various taxes and duties against Rs. 4,277
crores for the previous year.
Reliance’s payment of duties and taxes has risen consistently over
the years, despite the decline in the rates of custom and excise
duties. This is on account of the continued growth in production and
sales volumes.
Exports
RIL’s exports, including deemed exports, increased to Rs. 11,200
crores (US$ 2,295 million), from Rs. 9,370 crores (US$ 2,010
million) in the previous year. This ranks RIL as the largest exporter
in the country.
During the year, RIL exported products to over 100 countries, including
the most quality conscious customers in the US and Europe.
These substantial export revenues demonstrate Reliance’s global
competitiveness, the world-class quality of its products, and superior
logistics capabilities.
This strong growth in exports has been achieved while retaining the
thrust on the domestic markets, with exports still representing only
20% of RIL’s gross turnover.
In July 2001, Reliance was granted Super Star Trading House status
by the Directorate General of Foreign Trade, a division of the Ministry
of Commerce, Government of India, in recognition of the company’s
outstanding achievement in exports.
Rankings, Awards and Recognition
During the year, Reliance received several national and international
awards/ rankings in recognition of company’s commitment to excellence.
Corporate Rankings
from the emerging markets.
Reliance became the first private sector company to enter in
the list of Forbes International 500 companies.
Reliance became the only Indian company, and the only one
from the chemicals industr y, to be included in the World
Investment Report (WIR) 2001 list of top transnational companies
During the year, a survey conducted by the American Chemical
Society recognised Reliance as one of the two fastest growing
chemical companies in Asia, and amongst the top ten most
Reliance Industries Limited
49
Reliance Industries Directors Report.p65 #
G ROWTH I S L I F E
profitable chemical companies in the world.
A survey carried out by Far Eastern Economic Review (FEER) voted
Reliance as the top company in ‘Financial Soundness’ amongst Indian
companies.
A Reed Chemical Group Survey rated Reliance amongst the top
ten profitable chemical companies in the world.
Asia Week, in its annual survey of Asia’s 1,000 largest companies,
rated Reliance as the third most valuable chemical company in Asia
and Reliance Petroleum amongst the top 10 profitable oil and gas
companies in Asia.
Reliance was ranked first amongst Indian companies in ‘Best
Financial Management’ category in a survey conducted by
FinanceAsia magazine.
Reliance’s US$ 750 million six-year syndicated loan was named IFR
Asia’s ‘The Capital Market Deal of the Year’.
During the year, Taylor Nelson Sofres-Mode (TNS-Mode) survey
rated Reliance as India’s ‘Most Admired Business House’.
According to a Business World - Indian Market Research Bureau
(IMRB) survey conducted among CEOs across the country,
Reliance figured amongst India's top three Most Respected
Companies.
During the year, Reliance was granted the Golden Super Star
Trading House status by the Directorate General of Foreign Trade
(DGFT), in recognition of the company's outstanding achievement in
exports.
Reliance was selected as one of the Best Employers in India by
BT-Hewitt Associates survey.
Recognition for Management
Reliance's Founder Chairman, Shri Dhirubhai H. Ambani (1932-
2002) was conferred the Economic Times Award for Corporate
Excellence for lifetime achievement.
Vice Chairman and Managing Director of the Company, Shri Anil D.
Ambani received the first Wharton Indian Alumni award in December
2001, for his contributions towards establishing Reliance as a global
leader in many of its business areas.
Corporate Governance
Reliance believes in adopting the best global practices in the area of
corporate governance, and follows the principles of fair
representation and full disclosure in all its dealings and
communications, thereby protecting rights and interests of all its
stakeholders.
Reliance recognises communication as a key element of the overall
corporate governance framework, and therefore emphasises continuous,
efficient, and relevant communication to all external constituencies.
Reliance's annual reports, results media releases, results
presentations, and other forms of corporate and financial
communications, provide extensive details and convey important
information on a timely basis. Reliance communicates corporate,
financial and product information, online, on its website,
www.ril.com.
The corporate communications and investor relations functions are
accorded the highest level of importance within the Company, with
active ongoing monitoring by, and involvement of, the top
management.
Reliance has always focused on good corporate governance,
which is a key driver of sustainable corporate growth and long-term
shareholder value creation.
Corporate Ethics
Reliance has a defined policy framework for ethical business
conduct by its personnel.
The Ethics Policy sets forth, inter alia:
- Our Values and Commitments
- Our Code of Ethics
- Our Business Policies
- The Insider Trading Policy
The "Values and Commitments" policy document states that Reliance believes that any business conduct can be ethical only when it
rests on the nine core values of Honesty, Integrity, Respect, Fairness, Purposefulness, Trust, Responsibility, Citizenship and Caring.
These values are not to be lost sight of by anyone at Reliance under any circumstances irrespective of the goals that are intended to be
achieved. To us, the means are as important as the ends.
In pursuit of these values outlined in the "Values and Commitments" policy document, we are committed to an ethical treatment of all our
stakeholders - our employees, our customers, our environment, our shareholders, our lenders and other investors, our suppliers and the
Government. A firm belief that every Reliance team member holds is that the other persons' interests count as much as their own.
The "Code of Ethics" and the "Business Policies" are in alignment with Reliance's Values and Commitments. The essence of these
documents is that each employee should conduct the Company's business with integrity, in compliance with applicable laws, and in a
manner that excludes considerations of personal advantage.
The "Code of Ethics" policy document contains the policy on the following:
l Conflict of Interest
l Payments and Gifting
l Receipt of Gifts
l Purchases through suppliers
l Appointment of full-time agents, consultants and
representatives
l Political Contributions
The “Business Policies” document contains the policy on the
following:
l Fair Market Practices
l Inside Information
l Financial, Records and Accounting integrity
l External Communication
l Work Ethics
l Personal Conduct
l Health Safety and Environment
l Quality
The “Insider Trading Policy” document contains the policies
prohibiting insider trading.
50
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The Company's shares are listed on ten Stock Exchanges in
India and GDRs are listed on Luxembourg Stock Exchange. In
accordance with Clause 49 of the listing agreement with the
domestic stock exchanges and best practices followed
internationally on Corporate Governance the details of
compliance by the Company are as under:
1. Company's philosophy on Code of Governance
Reliance's philosophy on corporate governance envisages the
attainment of the highest levels of transparency, accountability
and equity, in all facets of its operations, and in all its interactions
with its stakeholders, including shareholders, employees, the
government and lenders.
Reliance is committed to achieving the highest international
standards of corporate governance.
Reliance believes that all its operations and actions must serve
the underlying goal of enhancing overall shareholder value, over
a sustained period of time.
2. Board of Directors
The Board of Directors consists of 13 directors (earlier 14
directors).
Composition and category of Directors is as follows:
Category
Promoter/Executive Directors
Name of the Directors
D.H. Ambani Chairman
(upto 6th July, 2002)
M.D. Ambani *
Chairman &
Managing Director
(from 31st July, 2002)
A.D. Ambani **
Vice Chairman &
Managing Director
(from 31st July, 2002)
N.R. Meswani
Executive Director
H.R. Meswani
Executive Director
Promoter Non-Executive Director
R.H. Ambani
Non-Promoter Executive Director
Independent Directors
H.S. Kohli
Executive Director
M.L. Bhakta
Y.P. Trivedi
T.R. U. Pai
U. Mahesh Rao
(Nominee Director -GIC)
Dr. D.V. Kapur
M.P. Modi
S. Venkitaramanan ++
* M.D. Ambani Vice Chairman & Managing Director upto 30th
July, 2002.
** A.D. Ambani Managing Director upto 30th July, 2002
Attendance of each Director at the Board meetings, last
Annual General Meeting and Number of other Directorship
and Chairmanship / Membership of Committee of each
Director in various companies:
Name of
the Director
Attendance
Particulars
No. of other directorships
and committee member/chairmanship
Board
Meetings
Last AGM
Other
Committee
Committee
Directorships Memberships Chairmanships
D. H. Ambani #
M.D. Ambani #
A.D. Ambani #
N.R. Meswani #
H.R. Meswani #
H.S. Kohli
R.H. Ambani
M.L. Bhakta #
Y.P. Trivedi
T.R.U. Pai
S.Venkitaramanan ++
U. Mahesh Rao
Dr. D.V. Kapur
M.P. Modi
5
4
5
5
5
5
5
4
5
5
5
5
5
4
Present
Present
Present
Present
Present
Present
Present
Present
Present
No
Present
Present
Present
Present
1
3
2
1
1
1
7
6
13
5
10
7
11
4
None
2
2
1
None
None
None
9
7
2
None
9
4
3
None
1
None
None
None
None
None
5
1
None
None
1
2
2
++ Ceased to be nominee of ICICI Bank Limited on the Board
with effect from 2nd August, 2002. Appointed as an Additional
Director with effect from 14th August, 2002.
#
Includes Directorships and memberships of erstwhile
Reliance Petroleum Limited.
Number of Board Meetings held and the dates on which held
5 Board Meetings were held during the year, as against the
minimum requirement of 4 meetings. The dates on which the
meetings were held are as follows: 30th April, 31st July, 31st
October in 2001, 31st January and 3rd March in the year 2002. The
maximum time gap between any two meetings was not more than
three calendar months.
3. Audit Committee
the Company has constituted an Audit
The Board of
independent, Non-Executive
Committee, comprising
Directors viz. Shri Y.P. Trivedi, Chairman, Shri S.
Venkitaramanan, Shri U. Mahesh Rao and Shri T.R.U. Pai. The
constitution of Audit Committee also meets with
the
requirements under Section 292A of the Companies Act, 1956.
four
The terms of reference stipulated by the Board to the Audit
Committee are, as contained under Clause 49 of the Listing
Agreement, as follows:
a. Oversight of the Company's financial reporting process
and the disclosure of its financial information.
b. Recommending the appointment and removal of external
auditors, fixation of audit fee and also approval for
payment for any other services.
c. Reviewing with management
the annual
financial
statements before submission to the board, focussing
primarily on (i) any changes in accounting policies and
practices, (ii) major accounting entries based on exercise
of judgement by management, (iii) qualifications in draft
audit report, (iv) significant adjustments arising out of
audit, (v) the going concern assumption, (vi) compliance
with accounting standards, (vii) compliance with Stock
Exchange and legal requirements concerning financial
statements and (vii) any related party transactions i.e.
transactions of the company of material nature, with
promoters or the management, their subsidiaries or
relatives etc. that may have potential conflict with the
interests of Company at large.
Reliance Industries Limited
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d. Reviewing with the management, external and internal
auditors, the adequacy of internal control systems.
e. Reviewing the adequacy of internal audit functions.
f. Discussion with internal auditors any significant findings
and follow up there on.
internal auditors
g. Reviewing the findings of any internal investigations by
the
is
suspected fraud or irregularity or a failure of internal
control systems of a material nature and reporting the
matter to the Board.
into matters where
there
h. Discussion with external auditors before
the audit
commences nature and scope of audit as well as have
post-audit discussion to ascertain any area of concern.
i. Reviewing the Company's financial and risk management
policies.
j. To look into the reasons for substantial defaults in the
payment to the depositors, debentureholders, share-
holders (in case of non payment of declared dividends)
and creditors.
During the year, the Committee has met 4 times, as against
the minimum requirement of 3 meetings. All the members of
the Audit Committee were present in all the meetings held
during the year.
4. Remuneration Committee
The Board of the Company has constituted a Remuneration
Committee, comprising of 3 independent, Non-Executive
Directors viz. Shri M.L. Bhakta, Chairman, Shri Y.P. Trivedi
and Shri U. Mahesh Rao.
The Remuneration Committee has been constituted to
recommend/review
the
Managing/ Whole time Directors, based on performance and
defined criteria.
remuneration package of
the
The remuneration policy is directed towards rewarding
performance, based on review of achievements on a
periodical basis. The remuneration policy is in consonance
with the existing Industry practice.
Since there was no proposal for enhancement in the
remuneration of the Directors, the Committee did not meet
any time during the year.
Details of remuneration to Directors for the
year:
The aggregate value of salary and perquisites including
commission payable for the year ended 31st March, 2002 to
Wholetime Directors is as follows: Shri D.H. Ambani,
Rs.11.55 crores, Shri M.D. Ambani, Chairman and Managing
Director, Rs.9.46 crores, Shri A.D. Ambani, Vice Chairman
and Managing Director, Rs.9.43 crores, Shri N.R. Meswani,
Executive Director, Rs. 2.48 crores, Shri H.R. Meswani,
Executive Director, Rs.2.46 crores. The aggregate value of
salary and perquisites paid to Shri H.S. Kohli, Executive
Director was Rs.0.20 crore. Besides this, all the Wholetime
Directors were also entitled to company's contribution to
Provident Fund, Superannuation or Annuity Fund, to the
extent not taxable and Gratuity and encashment of leave at
the end of tenure, as per the rules of the Company.
The Company pays sitting fees to all the Non-Executive
Directors at the rate of Rs. 5000 for each meeting. The sitting
fees paid for the year ended 31st March, 2002 to the
Directors are as follows:- Shri R.H. Ambani, Rs. 25,000; Shri
M.L. Bhakta, Rs. 70,000; Shri Y.P. Trivedi, Rs. 90,000; Shri
T.R.U. Pai, Rs. 45,000; Shri S. Venkitaramanan, Rs. 45,000;
Shri U. Mahesh Rao, Rs.45,000; Dr. D.V. Kapur, Rs. 25,000
and Shri M.P. Modi, Rs. 20,000.
5. Shareholders'/ Investors' Grievance Committee
The Board of the Company has constituted a Shareholders' /
Investors' Grievance Committee, comprising of Shri M.L.
Bhakta, (Chairman), Shri Y.P. Trivedi, Shri M.D. Ambani and
Shri A. D. Ambani. The Committee, inter alia, approves issue
of duplicate certificates and oversees and reviews all matters
connected with the securities transfers. The Committee also
looks into redressal of shareholders' complaints like transfer
of shares, non-receipt of balance sheet, non-receipt of
the
declared dividends, etc. The Committee oversees
performance of the Registrar and Transfer Agents, and
recommend measures for overall improvement in the quality
of investor services. The Board of Directors have delegated
the power of approving transfer of securities to the Managing
Directors and the Company Secretary.
The Board has designated Shri Rohit C. Shah, Vice President
and Company Secretary, as the Compliance Officer.
The total number of letters/complaints received and replied to
the satisfaction of shareholders during the year under review,
was 38,441. Outstanding letters/complaints as on 31st March,
2002 were 520, which were attended/replied to by 6th April,
2002. 167 requests for transfers and 879 requests for
dematerialisation were pending for approval as on 31st
March, 2002, which were approved and dealt with by 2nd
April, 2002 and 4th April, 2002 respectively.
6. General Body Meetings
Location and time for last 3 Annual General Meetings were:
Year
AGM
Location
Date
Time
1998-99
AGM
Birla Matushri Sabhagar,
24/6/1999
11.00 a.m.
19 Marine Lines,
Mumbai 400020
1999-00
2000-01
AGM
AGM
Same as above
Same as above
13/6/2000
11.00 a.m.
15/6/2001
11.00 a.m.
For the year ended 31st March, 2002, there have been no
resolutions passed by the Company's shareholders through
postal ballot. At the ensuing Annual General Meeting, there is
no resolution proposed to be passed through postal ballot.
7. a. Disclosures on materially significant related party
transactions i.e. transactions of the Company of
material nature, with its promoters, the directors or
the management, their subsidiaries or relatives, etc.
that may have potential conflict with the interests of
the company at large.
None of the transactions with any of the related parties
were in conflict with the interest of the Company.
b. Details of non-compliance by
the Company,
penalties, strictures imposed on the Company by
Stock Exchanges or SEBI, or any statutory authority,
on any matter related to capital markets, during the
last three years.
SEBI has imposed a monetary penalty of Rs. 4.75 lacs in
the matter of acquisition of shares of Larsen & Toubro
Limited. The Company has gone in appeal against the
said order of SEBI.
8. Means of communication
report sent
to each household of
Half-yearly
shareholders
Half yearly report for the half year ending 30th September,
2001 was duly sent to shareholders.
Quarterly results
The quarterly results are published in 'Financial Express' and
'Tarun Bharat', alongwith the official news release, and the
detailed presentations made
the media, analysts,
institutional investors, etc. are displayed on the corporate
website, www.ril.com
The Management Discussion and Analysis (MD&A) is a
part of the annual report, and each quarterly official
media release.
to
52
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9. General Shareholder Information
9.1. Annual General Meeting
- Date and Time
- Venue
9.2. Financial Calendar (tentative)
9.3. Book closure date
9.4. Dividend payment date
:
:
:
:
31st October, 2002 at 11.00 a.m.
Birla Matushri Sabhagar, 19, Marine Lines, Mumbai 400 020
Annual General Meeting
Results for quarter ending September 30, 2002
Results for quarter ending December 31, 2002
Results for year ending March 31, 2003
31st October, 2002
31st October, 2002
Last week of January, 2003
Last week of April, 2003
Saturday, the 26th October, 2002 to Thursday, the 31st October, 2002, for payment
of dividend
1st November, 2002.
9.5. (a) Listing of Equity Shares on
Stock Exchanges at
: Mumbai • Ahmedabad • Bangalore • Calcutta • Chennai • Cochin • Kanpur
• New Delhi • Pune and the National Stock Exchange (NSE).
(b) Listing of Non-Convertible
:
Debentures (Series PPD-VIII)
Bombay Stock Exchange and National Stock Exchange on Wholesale Debt Market
Segment.
(c) Listing of Global Depository :
Receipts (GDRs) at
Luxembourg Stock Exchange and traded on PORTAL System (NASDAQ, USA) and
SEAQ System (London Stock Exchange).
(Note: Annual listing fees for the year 2002-03 have been duly paid to all the above Stock Exchanges)
9.6. (a) Stock Code
:
Trading Symbol Bombay Stock Exchange
Trading Symbol Bombay Stock Exchange (Demat Segment)
Trading Symbol National Stock Exchange
Trading Symbol National Stock Exchange (Demat Segment)
(For T+5 settlement) and ‘RELIANCEBE’ (For T+1 settlement)
:
:
:
:
‘RIL 325’
‘RILDM500325’
‘RELIANCE EQ’
‘RELIANCEAE’
(b) Demat ISIN Numbers in NSDL :
& CDSL for Equity Shares
ISIN No. : INE002A01018
9.7. Stock Market Data
Bombay Stock Exchange (BSE)
(In Rs.)
National Stock Exchange (NSE)
(In Rs.)
April 2001
May 2001
June 2001
July 2001
August 2001
September 2001
October 2001
November 2001
December 2001
January 2002
February 2002
March 2002
Month’s High Price
395.00
406.50
394.65
388.90
344.90
316.50
286.90
311.90
323.80
344.00
330.45
339.00
Month’s Low Price
291.10
336.60
336.00
299.95
309.10
204.10
242.00
252.10
285.95
295.05
290.00
291.25
Month’s High Price
395.00
406.95
394.25
395.00
341.45
318.00
286.70
311.00
324.50
344.00
330.25
340.00
Month’s Low Price
290.00
336.20
335.00
300.00
309.55
203.60
240.50
251.85
286.00
295.25
290.35
291.50
9.8. Share price performance in comparison to broad based indices – BSE Sensex and NSE Nifty
RIL share price performance relative to BSE Sensex based on share price on 31st March, 2002
Period
% Change in
Financial Year 2001-2002
2 years
3 years
5 years
RIL share price
-23%
-4%
131%
130%
Sensex
-4%
-31%
-7%
3%
RIL share price performance relative to Nifty based on share price on 31st March, 2002
Period
% Change in
Financial Year 2001-2002
2 years
3 years
5 years
9.9. Registrar and Transfer Agents:
(Share transfer and communication
regarding share certificates,
dividends and change of address)
Nifty
-2%
-26%
5%
17%
RIL share price
-23%
-5%
130%
129%
Karvy Consultants Ltd.
46, Avenue 4, Street No.1
Banjara Hills
Hyderabad 500 034
E-Mail: rilinvestor@karvy.com
RIL relative to Sensex
-19%
27%
138%
127%
RIL relative to Nifty
-21%
21%
125%
112%
Reliance Industries Limited
53
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9.10. Share Transfer System
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: Presently, the share transfers which are received in physical form are processed and the
share certificates returned within a period of 10 to 15 days from the date of receipt, subject
to the documents being valid and complete in all respects. The Company has, as per SEBI
guidelines with effect from 24th March, 2000, offered the facility of transfer cum demat.
Under the said system, after the share transfer is effected, an option letter is sent to the
transferee indicating the details of the transferred shares and requesting him in case he
wishes to demat the shares, to approach a Depository Participant (DP) with the option letter.
The DP, based on the option letter, generates a demat request and sends the same to the
company along with the option letter issued by the Company. On receipt of the same, the
Company dematerialise the shares. In case the transferee does not wish to dematerialise
the shares, he need not exercise the option and the Company will despatch the share
certificates after 30 days from the date of such option letter.
9.11. Distribution of Shareholding as on 31st March, 2002:
Others
17.23%
International Investors
(GDR / FIIs / NRIs)
25.34%
Bodies
Corporate
44.20%
Indian Financial
Institutions / Banks /
Mutual Funds
13.23%
9.12. Dematerialisation of Shares
: Over 87% of the outstanding shares have been dematerialised up to 31st March, 2002. Post
merger upto the date of this report 88% of shares are in demat form. Trading in Equity
Shares of the Company is permitted only in dematerialised form w.e.f. 5th April, 1999 as per
notification issued by the Securities and Exchange Board of India (SEBI).
Liquidity:
RIL shares are among the most liquid and actively traded shares on the Indian stock exchanges. RIL shares consistently rank
among the top few traded shares, both in terms of number of shares traded, as well as in terms of value. The highest trading activity
is witnessed on the BSE and NSE stock exchanges. Relevant data for the average daily turnover for the financial year 2001-2002 is
given below:
In no. of shares (in lakhs)
In value terms (Rs. Crores)
($ million)
Bombay Stock Exchange
(BSE)
19.67
60.88
12.48
National Stock Exchange
(NSE)
30.66
94.90
19.45
BSE + NSE
50.33
155.78
31.92
9.13. Outstanding GDR/Warrants and
Convertible Bonds, Conversion
: Outstanding GDRs as on 31st March, 2002 represent 5,62,88,877 shares 5.34%).
There are no further outstanding instruments, which are convertible into equity
shares of the Company.
9.14. Plant locations
:
•
Patalganga Complex
B-4, Industrial Area, Patalganga
Off Bombay-Pune Road
Near Panvel, Dist. Raigad - 410 207
Maharashtra State, India.
• Hazira Complex
Village Mora, Bhatha P.O.
Surat-Hazira Road
Surat - 394 510, Gujarat State, India.
• Naroda Complex
103/106, Naroda Industrial Estate
Naroda, Ahmedabad - 382 320
Gujarat State, India.
•
Jamnagar Complex
Village Motikhavdi
P.O. Digvijay Gram, Dist. Jamnagar
Gujarat - 361 140, India.
For Shares held in Demat form
To the Depository Participant
9.15. (i) Investor Correspondence
:
For transfer / dematerilisation of
shares, payment of dividend on
shares, interest and redemption
of debentures, and any other
query relating to the shares and
debentures of the Company.
For Shares held in Physical form
Karvy Consultants Ltd.
46, Avenue 4, Street No. 1
Banjara Hills
Hyderabad - 500 034
E-Mail: rilinvestor@karvy.com
(ii) Any query on Annual Report
:
Secretarial Department
Old ICI Godown, Fosbery Road
Off. Reay Road Station (East)
Mumbai - 400 033
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List of Investor Service Centres of Karvy Consultants Ltd.
CITY / CENTRE
AGRA
AHMEDABAD
ANKLESWAR
ALLAHABAD
AMRISTAR
ASANSOL
AURANGABAD
BANGALORE - BASAVANAGUDI
BAREILY
BELLARY
BHARUCH
BHAVNAGAR
BHIMAVARAM
BHOPAL
BHUBANESWAR
CHENNAI - T NAGAR
COIMBATORE
DEHRADUN
DHANBAD
ELURU
ERODE
GHAZIABAD
GOA
GOBICHETTIPALAYAM
GORAKHPUR
GULBARGA
GUNTUR
GUWAHATI
GWALIOR
HUBLI
HYDERABAD -
BANJARA HILLS (H.O)
INDORE
JABALPUR
JAGADISHPUR
JAIPUR
JAMMU
JAMNAGAR
JAMSHEDPUR
JODHPUR
JUNAGADH
KAKINADA
STD
PHONE - 0FF
0562
079
02646
0532
0183
0341
0240
080
0581
08392
02646
0278
8816
0755
0674
044
0422
0135
0326
08812
0424
0120
0832
0425
0551
08472
0863
0361
0751
0836
040
0731
0761
05361
0141
0191
0288
0657
0291
0285
0884
526660 / 61
6420422 / 6400527
43291 / 92
561073 / 74
547279 / 545071
204968 / 200169
363517 / 23
6621184 / 6621192
574731
254531 / 32
42082 / 42394
525005 / 06
31766 / 67
559337 / 574731
539287 / 539387
8153445 / 8151034
237501-502
713351
303156 / 304068
27851 / 52
225601 / 03
4796496 / 4792961
226150 / 228470
26275 / 26276
346519
27635 / 41193
326684 / 326686
516264 / 601327
321524
353961 / 62
3312454 / 3320251
269891 / 92
312009 / 504165
70049
363321 / 375039
547246
557862 / 63
432064
627918 / 641533
624154 / 624140
387382 / 387383
FAX
—
6565551
—
561073
—
—
—
6621169
—
—
—
—
—
—
—
8173181
237507
—
301045
—
—
4792961
223742
—
—
26794
326687
601327
328007
—
3312946
269894
312009/390173
—
364660
—
—
423061
641533
—
387381
CITY / CENTRE
STD
PHONE - 0FF
FAX
KANPUR
KARAIKUDI
KARUR
KHARAGPUR
KOCHI
KOLKATA - JATIN DAS ROAD
LUCKNOW
KANPUR – UPSE
LUDHIANA
MADURAI
MANGALORE
MUMBAI – ANDHERI
MUMBAI – FORT (M G ROAD)
MUMBAI - NARIMAN POINT
MYSORE
NADIAD
NAGPUR
NASHIK
NEW DELHI
ONGOLE
PATNA
PONDICHERRY
PUNE
RAJAHMUNDRY
RAJKOT
ROURKELA
SALEM
SHIMOGA
SIRSI
SOLAPUR
SURAT
THANJAVUR
THIRUVALLA
TIRUPATI
TRICHUR
TRICHY
UDUPI
VADODARA
VARANASI
VALLABH-VIDHYANAGAR
VIJAYAWADA
VISHAKAPATNAM
0512
04565
04324
03222
0484
033
0522
0512
0161
0452
0824
022
022
022
0821
0268
0712
0253
011
08592
0612
0413
020
0883
0281
0661
0427
08182
08384
0217
0261
04362
0473
08574
0487
0431
08252
0265
0542
02692
0866
0891
330016 / 330155
437192 / 93
241892 / 241893
55092 / 55582
310884 / 322152
4644891 / 7231
236820 / 21
558317
424862 / 426112
350852 - 854 (Board)
492302 / 496332
6730153 / 292
2677307 / 2675829
2833333 / 2847600
318850
—
241891
55582
323104
4644866 / 4634787
236828
—
407749
350856
—
6730152
2671237
2847603
524292 / 524293
63210 / 63245
537531 / 538131 / 533428
802542 / 43
3324401 (5 LINES)
26091 / 26092
263604 / 268292
220640 (Front Office)
5530204 / 5530205
434468 / 434469
239337 / 38
4510771 / 4510772
335701
28795 / 96
27919 / 27929
311027
8357356 / 8351976
379407 / 379408
604475
55668 / 58004
322483 / 322484
792800 / 793799
530962 / 63
361514 / 364168
225365 / 223814
39407 / 39420
436965 / 437250
752915 to 18
524294
—
538133
—
3324621
—
—
220659
5533292
434471
—
—
335705
—
25319
312219
8368693
—
—
—
—
794132
—
363207
—
—
436241
752915
Reliance Industries Limited
55
Reliance Industries Directors Report.p65 #
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Directors’ Report
Your Directors are pleased to present the 28th Annual Report and
the audited accounts for the year ended 31st March, 2002.
Amalgamation of Reliance Petroleum Limited (RPL) with Reliance
Industries Limited (RIL)
In March, 2002, your Directors, subject to securing necessary
approvals, decided to amalgamate Reliance Petroleum Limited (RPL)
with the Company. The Scheme of Amalgamation was approved by
the Shareholders of the Company and RPL at the Court Convened
Meetings in the month of April, 2002. The Hon'ble High Court of
Judicature at Mumbai sanctioned the amalgamation in June 2002
and the Hon'ble High Court of Gujarat, Ahmedabad sanctioned the
amalgamation in September 2002. The amalgamation of RPL with
the Company became effective from the 19th September, 2002 and
the Appointed Date was 1st April, 2001. The amalgamation gave
the Company a unique distinction of becoming India's first private
sector company to feature in the internationally tracked Fortune Global
500 list of World's largest corporations. Further, the amalgamation
will rank the Company amongst the top energy and petrochemical
companies globally.
Consequent to this amalgamation, your Company has become India's
largest private sector company, in terms of assets, net worth, sales
and profits and one of the world's largest and most integrated energy
and petrochemicals companies. The amalgamation has enhanced
the ability of your Company to undertake large projects thereby
contributing to enhancement of future business potential of the
Company. The amalgamation has created a unique level of integration
for the Company, spanning the entire value chain in the energy
business. Your Company will have the ability to leverage on its large
asset base, diverse range of products and services and vast pool of
intellectual capital, to enhance the shareholder value.
Financial Results
As the 'appointed date' of the amalgamation was 1st April, 2001, the assets and liabilities of RPL were incorporated in the Company's books as
on that date and are reflected in the Balance Sheet as at 31st March, 2002. The financial performance of the Company includes the result of the
operations of RPL for the year ended 31st March, 2002 and is summarised below :
Gross profit before interest, depreciation
and extraordinary income
Less :Interest
2001-2002
Rs. Crs.
US$ Mn*
2000-2001
Rs. Crs.
US$ Mn
8,658.24
1,825.10
1,774
374
5,561.72
1,215.99
1,193
261
Depreciation
3,435.82
2,636.73
Less : Transfer from General Reserve
619.68
2,816.14
577
1,071.62
1,565.11
Profit before Tax and extraordinary income
Add : Extraordinary Income
Profit before Tax
Less :Provision for Current Taxation
Provision for Deferred Tax
Profit after Tax
Add :Balance in Profit and Loss Account
On Amalagamation
Deferred Tax Liability for earlier years
Investment Allowance (Utilised) Reserve Written Back
Amount Available for Appropriation
Appropriations :
Capital Redemption Reserve
Debenture Redemption Reserve
Capital Reserve
General Reserve
Interim dividend on Preference Shares
Proposed dividend on Equity Shares
(Subject to Deduction of Tax at Source)
Tax on dividend
Balance carried to Balance Sheet
4,017.00
411.70
4,428.70
190.00
996.00
3,242.70
2,160.65
1,071.50
(1,064.82)
122.07
5,532.10
—
137.64
4.95
2,000.00
—
663.28
—
2,726.23
823
84
907
39
204
664
443
220
(218)
25
1,134
—
28
1
410
—
136
—
559
5,532.10
1,134
2,780.62
—
2,780.62
135.00
—
2,645.62
1,739.48
—
—
10.00
4,395.10
292.95
344.57
98.11
1,000.00
4.77
447.85
46.20
2,160.65
4,395.10
336
596
—
596
29
—
567
373
—
—
2
942
63
74
21
214
1
96
10
463
942
* 1 US $ = Rs. 48.80 Exchange rate as on 31-3-2002 (Previous year as on 31-3-2001 1 US $ = Rs. 46.62)
(Financial results for the year 2001-02 are not comparable with 2000-01 as they include the operations of RPL)
Dividend
The Directors have recommended a dividend of Rs. 4.75 per Equity
Share on 139,63,77,536 Equity Shares of Rs. 10 each (which includes
34,26,20,509 Equity Shares to be issued to the Shareholders of RPL
on amalgamation) for the financial year ended 31st March, 2002,
which if approved at the forthcoming Annual General Meeting will be
paid to all those Equity Shareholders whose names appear in the
Register of Members as on 26th October, 2002.
56
Reliance Industries Limited
Reliance Industries Directors Report.p65 #
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Subsidiary Companies
During the year, Reliance Life Insurance Company Limited and
Reliance General Insurance Company Limited have ceased to be
subsidiaries of the Company and Reliance Petroinvestments Limited
became a subsidiary of the Company. Consequent to merger of RPL
with the Company, RPL’s subsidiary company, namely Reliance
Strategic Investments Limited has become a subsidiary of the
Company. Reliance LNG Private Limited, in which the Company and
RPL were holding equity shares, has also become a subsidiary of
the Company. Your Directors wish to repor t that Reliance
Petroinvestments Limited ceased to be a subsidiary of the Company
after the closure of the year.
The audited statements of accounts of all the Company’s subsidiaries,
together with reports of their Directors and Auditors for the year ended
31st March, 2002 are attached as required under Section 212 of the
Companies Act, 1956.
Fixed Deposits
The Company has not accepted any fixed deposits during the year.
Deposits aggregating Rs.0.30 Crores have not been claimed by the
fixed deposit holders as on the date of this report.
Directors
Your Directors express their profound grief on the sad demise of Shri
Dhirubhai H. Ambani, the beloved founder and Chairman of the
Company, on the 6th July, 2002 and pay glowing tributes to his vision
and entrepreneurial spirit and for the immense contribution made by
him for the establishment and growth of the Company from a small
outfit into India's first private sector Fortune Global 500 Company
within a short span of 25 years. The Rs.65,000 crore Reliance Group
is a living testimony to his indomitable will, single-minded dedication
and an unrelenting commitment to his goals. Under Shri Dhirubhai's
visionary leadership, the Reliance Group emerged as the largest
business conglomerate in India, and carved out a distinct place for
itself in the global pantheon of corporate giants.
Shri Dhirubhai Ambani, a man far ahead of his times, epitomised the
dauntless entrepreneurial spirit. Acclaimed as the top businessman
of the twentieth century and lauded for his dynamic, pioneering and
innovative genius, his success story fired the imagination of the
younger generation of Indian entrepreneurs, business leaders and
progressive companies. He was an icon for them, a role model to be
emulated.
Shri Dhirubhai Ambani pioneered the equity cult in India, ushering in
a new era of economic growth by mobilising the virtually untapped
capital market of the small investor in India, and enabled millions of
Indian citizens to take part in his growing companies - and their
growing nation.
Shri Mukesh D. Ambani was elected as Chairman and Managing
Director and Shri Anil D. Ambani was elected as Vice Chairman and
Managing Director by the Board of Directors of the Company on 31st
July, 2002.
ICICI Bank Limited (formerly known as ICICI Limited) has withdrawn
the candidature of Shri S. Venkitaramanan as its nominee and
consequently he has ceased to be ICICI Bank Limited's nominee
with effect from 2nd August, 2002.
Your Directors appointed Shri S. Venkitaramanan as an additional
Director with effect from 14th August, 2002. He holds office upto the
date of ensuing Annual General Meeting and is eligible for
reappointment. The Company has received notice under Section
257 of the Companies Act, 1956, proposing his appointment as
Director, subject to retirement by rotation.
Shri Hital R Meswani, Shri Ramniklal H. Ambani and Shri T. Ramesh
U. Pai, retire by rotation and being eligible, offer themselves for
reappointment at the ensuing Annual General Meeting.
Directors' Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the
Companies Act, 1956, with respect to Directors' Responsibility
Statement, it is hereby confirmed that:
(i)
(ii)
in the preparation of the annual accounts the applicable
accounting standards have been followed along with proper
explanations relating to material departures;
the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company as at 31st March, 2002 and of
the profit of the Company for the year ended on that date;
they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions
of the Companies Act, 1956, for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities; and
they have prepared the annual accounts of the Company on a
'going concern' basis.
(iii)
(iv)
Consolidated Financial Statements
In accordance with Accounting Standard 21 relating to Consolidated
Financial Statements, your Directors have pleasure in attaching the
said Consolidated Financial Statements which form part of this Report
and Accounts. These statements have been prepared on the basis of
audited financial statements received from subsidiary companies, as
approved by their respective Boards.
Acquisition of Control in IPCL
After the close of the financial year Reliance Petroinvestments Limited
(RPiL) acquired 6,45,38,662 fully paid Equity Shares of Rs.10 each
representing 26% of the total equity share capital of Indian
Petrochemicals Corporation Limited (IPCL) from Central Government.
In compliance with the Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations, 1997,
RPiL made a public offer for purchasing additional 20% of the Equity
share capital in IPCL from its shareholders. The offer made by RPiL
was a resounding success and RPiL holds approximately 46% of
the Equity Share Capital in IPCL. Your company acted as person in
concert in acquiring the Equity Shares of IPCL.
Auditors
Messrs. Chaturvedi & Shah and Messrs. Rajendra & Co., Chartered
Accountants, Joint Statutory Auditors of the Company, retire at the
forthcoming Annual General Meeting and are eligible for re-
appointment. The Company has received letters from them to the
effect that their appointment, if made, would be within the prescribed
limits under Section 224(1-B) of the Companies Act, 1956.
International Accountants
The report submitted by M/s. Deloitte Haskins and Sells, member
firm of Deloitte Touche Tohmatsu International (DTTI), appointed as
International Accountants of the Company, for the year under review
to the Board of Directors, is circulated with this report for the
information of members.
Personnel
In accordance with the provisions of Section 217 (2A) of the
Companies Act, 1956 and the rules framed thereunder, the names
and other particulars of employees are set out in the Annexure to the
Directors' Report.
Energy, Technology Absorption and Foreign Exchange earnings
and outgo
The information relating to energy, technology absorption, foreign
exchange earnings and outgo required to be disclosed under The
Companies (Disclosure of Particulars in the Report of Board of Directors)
Rules, 1988 is given in the Annexure forming part of this report.
Compliance Certificate
A certificate from the Auditors of the Company regarding compliance
of conditions of Corporate Governance as stipulated under Clause
49 of the Listing Agreement is attached to this report.
Acknowledgement
Your Directors would like to express their grateful appreciation for the
assistance and co-operation received from the Financial Institutions,
Banks, Government Authorities, Customers, Vendors and
Shareholders during the year under review. Your Directors wish to
place on record their deep sense of appreciation for the devoted
services of the Executives, Staff and Workers of the Company
for its success.
For and on behalf of the Board of the Directors
Mukesh D. Ambani
Chairman & Managing Director
Mumbai
Dated: 30th September, 2002.
Reliance Industries Limited
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Annexure to Directors' Report
PARTICULARS REQUIRED UNDER THE COMPANIES
(DISCLOSURES OF PARTICULARS IN THE REPORT OF BOARD
OF DIRECTORS) RULES 1988.
A.
a)
CONSERVATION OF ENERGY
Energy conservation measures taken:-
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
Use of process vent gas for heat transfer in POY Dow
vaporiser.
Use of condensate for BFW pre-heating in MEG plant.
Use of low level heat source for process heating in
place of high level heat source.
Reduction in power consumption by trimming the
impeller of pumps
Stoppage of operating pumps by proper rerouting and
optimization of the process system.
Improvement in configuration of PAC discharge line
in PTA plants.
Reduction in suction temperature of compressor in
PTA plant.
Use of cell type air washer in place of spray type air
washer in both LAG AHU and Spinning AHU in POY
plant.
Re-routing of DOW HP condensate to HP condensate
instead of LP DTA Tank in PE plant.
Provision of parallel traps in the condensate line at
RFH outlet of PE plants.
Advanced Process Control implementation in
Aromatics plant.
Replacement of cooling water with makeup DM water
in Raw condensate trim cooler for heat recovery.
Improvement in sealing of GT bypass stack damper
in CPP.
Modification of prefilters and moisture separators in
Instrument air dryers to reduce DP in CPP plant.
Change in MOC of fans of Cooling Towers to lighter
material.
Improvement in third stage efficiency of compressor
in Cracker plant.
Installation of extraction turbine in place of totally
condensing steam turbine in PG complex.
Increase in process flash steam pressure to save fresh
steam in PTA plant.
Recovery of boiler house cooling water.
Reduction in fast rinse time and improvement in OBR
of DM Plants.
Stoppage of organic stripper in CP-5 by routing CP-5
column overhead to CP-4 separation column.
Partial EG recycle in CP-6.
Use of effluent from DH column into process.
Use of jet CT blow down for VCT jets at CP-4 VCT.
Commissioning of secondary flash tank for steam
condensate at PSF D/L.
Filtrate from F-538 recycled back to quench pot saving
cooling water in PTA.
Optimization of boiler feed water system.
Reduction in air compressors running hours after
optimization in instrument air system.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
PTA Reactor air control valves replaced with spare
low pressure drop valves thus saving power to
compressors.
Use of daylight in the PTA warehouse saving lighting
power during daytime.
Direct melt spinning on SM#5,6.
Water jet Cooling Tower at CP-6.
Change of spinning metering pump from Sandwich
to Planetory on 9 Machines.
Replacement of eddy current drive & motor with
inverter drive & motor for one Lummus cutter.
Making POY extruder system redundant by giving
polymer to SM#14 directly from CP-V.
Stoppage of atomizer steam to all gas fired burners
and regular soot blowing in all oil fired furnaces to
improve Furnace efficiency.
Reduction in excess air for Aromatic Coker, Crude
and HDT Furnaces.
Stoppage of third compressor in Platformer of
Aromatics plant.
Debottlenecking of heat exchangers in Coker complex
to increase MP steam generation.
Reduction in MP steam in Light Coker Gas Oil &
Heavy Coker Gas Oil stripper in Coker.
Antifoulant injection in VR exchangers in CDUs of
Crude improved fouling factor.
PRT and R7R pressure optimization in FCC complex.
Reduction of Amine regenerator acid gas PRC set
pressure has resulted in energy savings.
Reducing operating pressure in Clause Air Blower has
resulted in savings in power consumption.
Conversion from glands to Mechanical seals has lead
to improvement in power consumption in Utility pumps.
Offline & Online water washing of Gas Turbine
compressor blades has improved compressor
efficiency leading to lower fuel consumption in Gas
Turbine.
(b)
Additional Investment/proposals being implemented for
reduction of consumption of Energy
1.
2.
3.
4.
5.
6.
7.
8.
9.
Use of pump in VCM column bottom in VCM plant.
Use of MP steam in place of HP steam for reactor
feed heater, HP tracers and export of MP steam in
Octane run in PE plant.
Use of hot cyclohaxene as hot flush in PE plant.
Providing intermediate flash vessel for E2-1211
condensate for PTA-1 &2.
PSF Drawline condensate recovery system by taking
the original flash tank in line in PSF plant.
FF CP-8 polymerization spare jet steam stoppage.
CT pump internal coating to improve pump efficiency
in CPP.
To reduce radiation heat loss from all the HRSG’s of
CPP.
Insulation of phase-1 return condensate header in
CPP.
10.
Installation of booster pump at Ethylene terminal using
propylene terminal return water, thereby stopping CPP
CT booster pump.
58
Reliance Industries Limited
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42.
43.
44.
45.
46.
47.
Lighting load reduction by providing improved lighting
arrangement for SM#5,6 and 7.
Alternative for UPS # 4.
Heat integration by Pinch Technology in PTA plant
and P-X plant.
GT inlet air cooling for better heat rates.
Installation of Define unit at LAB will help enhanced
production.
Use of light ends in Lab FE as GT fuel will increase
fuel flexibility.
(c)
Impact of measures at (a) & (b) above for reduction in
consumption of energy and on the cost of production of
goods.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
Use of process vent gas in POY Dow vaporiser has
resulted in saving of Rs 1.36 Crores / annum in POY
plant.
BFW pre-heating using condensate has resulted in
saving of Rs 3.16 Crores / annum in MEG plant.
Use of LP steam in heads column 1 & 2 in place of IP
steam in VCM plant has resulted in saving of Rs 1.25
Crores / annum.
Trimming of Impeller of G 207 pumps in PTA-1 &2
has resulted in saving of Rs 35.8 Lakhs / annum.
Increasing diameter of PAC discharge line in PTA#1
and PTA#2 has resulted in saving of Rs 84 Lakhs /
annum.
Suction chilling of PAC in PTA-2 plant has resulted in
saving of Rs 4.2 Crores / annum.
Cell type air washer in place of spray type air washer
in both LAG AHU and Spinning AHU in POY plant
has resulted in saving of Rs 44.8 Lakhs / annum.
Replacement of annealer HP steam by MP steam in
Draw Machines in PSF plant has resulted in saving
of Rs 1.6 Crores / annum.
Re-routing of DOW HP condensate of Area 200 to
HP condensate instead of LP DTA Tank in PE plant
has resulted in saving of Rs 37 Lakhs / annum.
Use of MP steam in place of HP steam for tracers in
PE-II has resulted in saving of Rs 92 Lakhs /annum.
Provision of parallel traps in the condensate line at
RFH outlet of PE-1/2 has resulted in saving of Rs 78
Lakhs / annum.
Use of MP steam in place of HP steam for tracers in
PE-I has resulted in saving of Rs 78 Lakhs / annum.
APC implementation in Aromatics plant has resulted
in saving of Rs 269 Lakhs / annum.
Replacing cooling water with makeup DM water in
Raw condensate trim cooler to recover the heat has
resulted in saving of Rs 2 Crores / annum.
Proper sealing of GT bypass stack damper in CPP
has resulted in saving of Rs 9.75 Crores / annum.
Modification of pre-filters and moisture separators in
Instrument air dryers to reduce DP in CPP plant has
resulted in saving of Rs.47 Lakhs / annum.
Change in MOC of 42 Fans of Site Cooling Towers
from GRP to hollow FRP has resulted in saving of Rs
3.35 Crores / annum.
Replacing flare MP steam by LP steam in PP plant
has resulted in saving of Rs 59 Lakhs / annum.
Improvement in third stage efficiency of CGC comp
in Cracker plant has resulted in saving of Rs 3 Crores
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
Installation of auto transformer for electrical energy
conservation in the complex.
Process fans replacement from solid metallic/GRP to
hollow FRP in the complex.
Use of LP Steam instead of MP steam in Glycol bleed
flasher-II Reboiler in MEG.
Optimization of feed tray location in Hiboil column in
VCM plant.
Use of IP Steam in Oxy reactor preheaters in VCM
plant.
To increase IP steam header pressure to 10 kg/cm2g
from 7.5 kg/cm^2g in VCM plant.
Use of IP Steam in WWS ejector in VCM.
Reducing the pressure drop in the discharge side of
reactor feed pump in PE plant.
Generation of MP & LP steam from HP Condensate
in PP plant.
Generation of LLP steam from total condensate of
plant and to be used in Degassing column Reboiler
after boosting the pressure in PP plant.
Fractionating Benzene prior to Xylene and swapping
MSTDP Detol tower with Extract Detol tower in
Aromatics plant.
Side Reboiler to Stripper column to substitute 10 TPH
LP steam for MP Steam in Aromatics plant.
Replacing 40k steam with 17k steam for extract detol
column reboiler in Aromatics plant.
22 KSCg steam for atomising and continuous purge
in BHEL Boilers to be tapped from alternative source
instead of let down from SHP and HP in CPP.
Increasing supplementary firing efficiency by HRSG
modification in CPP.
Raise E438 Area for heating DM bottoms by cracked
gas in Cracker plant.
LP C2 vapor export to VCM/EDC from ethylene tower
in Cracker plant.
New control system for two process air compressors
at PTA.
On line water wash of GTs.
To provide Inverter in one of the cooling tower fan to
optimize its use and fine control on supply
temperature.
Recovery of water from DM Plant effluent.
Burning of Biogas in PX Heaters.
Recovery of heat from HRSGs exit flue gas.
DM Plants degasser outlet to be made common at
RPU.
Replacement of Electrical heaters with waste steam
heaters for instrument air dryers.
Heat recovery (Tatoray) project based on Pinch
technology.
Using Jet CT blow down for VCT jets at MPP I, II and
CP-5 VCT.
Scheme to reduce EG recovery load by avoiding
processing of EG samples.
Reduction in impeller size for MPP I jet CW pump.
Old chilled water system to be converted into closed
circuit system at RPU.
41.
Installation of hollow blade fan in new CT.
Reliance Industries Directors Report.p65 #
Reliance Industries Limited
59
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20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
/ annum.
Use of pump in VCM column bottom has a saving
potential of Rs.1.27 Crores / annum.
Use of MP steam in place of HP steam for reactor
feed heater, HP tracers & export of MP steam in
Octane run in PE plant has a saving potential of Rs.1.8
Crores/annum.
Use of hot cyclohexane as hot flush in PE plant has a
saving potential of Rs.72 Lakhs / annum.
Providing intermediate flash vessel for E2-1211
condensate in PTA-1 &2 has a saving potential of
Rs.3.8 Crores / annum.
PSF Drawline condensate recovery system by taking
the original flash tank in line has a saving potential of
Rs.41 Lakhs / annum in PSF plant.
FF CP-8 polymerisation spare jet steam stoppage has
a saving potential of Rs.44 Lakhs / annum.
CT pump internal coating to improve pump efficiency
has a saving potential of Rs.77 Lakhs / annum.
Radiation heat loss from all the HRSGs has a saving
potential of Rs.3 Crores / annum.
Insulation of phase-1 return condensate header has
a saving potential of Rs.39 Lakhs / annum.
Installation of booster pump at ethylene terminal using
propylene terminal return water, thereby stopping CPP
CT booster pump has a saving potential of Rs.27.6
Lakhs in Tank Farm.
Installation of auto transformer for electrical energy
conservation has a saving potential of Rs.3.6 Crores
/ annum.
Process Fans replacement from solid metallic/GRP
to hollow FRP has a saving potential of Rs.93 Lakhs
/ annum.
Use of LP Steam instead of MP steam in Glycol bleed
flasher-II Reboiler has a saving potential of Rs.59
Lakhs / annum in MEG plant.
Optimization of feed tray location in Hiboil column has
a saving potential of Rs.2.5 Crores / annum in VCM
plant.
Use of IP Steam in Oxy reactor pre-heaters has a
saving potential of Rs.26 Lakhs / annum in VCM plant.
Increase in IP steam header pressure to 10 kg/cm2g
from 7.5 kg/cm^2g has a saving potential of Rs.35
Lakhs / annum in VCM plant.
Use of IP Steam in WWS ejector has a saving potential
of Rs.35 Lakhs / annum in VCM plant.
Reducing the pressure drop in the discharge side of
reactor feed pump has a saving potential of Rs.62
Lakhs / annum in PE plant.
Generation of MP & LP steam from HP Condensate
has a saving potential of Rs.41 Lakhs / annum in PP
plant.
Generation of LLP steam from total condensate of
plant and to be used in Degassing column Reboiler
after boosting the pressure, if required has a saving
potential of Rs.40 Lakhs / annum in PP plant.
Fractionating Benzene prior to Xylene and swapping
MSTDP Detol tower with Extract Detol tower has a
saving potential of Rs.3 Crores / annum in Aromatics
plant.
41.
Side Reboiler to Stripper column to substitute 10 TPH
LP steam for MP Steam has a saving potential of
Rs.1.5 Crores / annum in Aromatics plant.
Replacing 40k steam with 17k steam for extract detol
column reboiler has a saving potential of Rs.2.8 Crores
/ annum in Aromatics plant.
22 KSCg steam for atomising and continuous purge
in BHEL Boilers to be tapped from alternative source
instead of let down from SHP and HP has a saving
potential of Rs.63.8 Lakhs / annum in CPP.
Increasing supplementary firing efficiency by HRSG
modification has a saving potential of Rs.20.15 Crores
/ annum.
Raise E438 Area for heating DM bottoms by cracked
gas has a saving potential of Rs.3 Crores / annum in
Cracker plant.
LP C2 vapor export to VCM/EDC from ethylene tower
has a saving potential of Rs.72 Lakhs / annum in
Cracker plant.
Installation of extraction turbine in place of totally
condensing steam turbine has a saving potential of
Rs 11.5 Crores / annum.
LAB Back end heater modifications resulted in saving
Rs 250 Lakhs / annum.
Process Flash steam pressure increased to save on
fresh steam in PTA resulted in saving of Rs 116 Lakhs
/ annum.
Reduction in fast rinse time and improvement in OBR
of DM Plants resulted in saving of Rs 50 Lakh /annum.
Commissioning of secondary flash tank for steam
condensate at PSF D/L resulted in saving of Rs 29
Lakh / annum.
Reduction in air compressors running hours after
optimization in instrument air system resulted in saving
power by 800 MWh / annum.
Conversion of old CHW system into closed loop
system and stopping of both running CHW circulation
pumps resulted in saving power by Rs 63 Lakh /
annum.
New control system for two process air compressors
at PTA would save Rs 110 Lakh / annum.
On line water wash of GTs would reduce power cost
by Rs 54 Lakh / annum.
Burning of biogas in PX Heaters would save fuel by
Rs 80 Lakh / annum.
Recovery of heat from HRSGs exit flue gas would
result into saving of Rs. 400 Lakh / annum.
Heat recovery project based on Pinch technology
would save fuel by Rs 43 Lakh / annum.
Heat integration by Pinch Technology in PX plant
would save Rs 221 Lakh /annum.
Heat integration by Pinch Technology in PTA plant
has a potential to save Rs 715 Lakh / annum.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
FORM - 'B'
Form for Disclosure of particulars with respect to:
B. RESEARCH AND DEVELOPMENT (R & D)
1.
Specific Areas in which Research and Development
(R & D) is being carried out by the Company:
(i)
(ii)
Heterogeneous Catalyst Development program for
polyolefins
Solvent Recovery Process development
60
Reliance Industries Limited
Reliance Industries Directors Report.p65 #
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(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
(xiv)
(xv)
(xvi)
Hazardous residue treatment development
Metallocene / non metallocene catalyst development
for Olifin polymerization
Analytical method developments for catalyst process
Catalyst design simulation studies
Catalyst development & polyolefin polymerization
studies at Pilot Plant scale
Development of Computational Flow Modeling (CFD)
completed for oxy reactor in VCM
Online prediction of the polymer property data based
on Artificial neural network /Soft sensor model
Trial being carried out in PFF CP EG recovery section
to process MEG Plant residue EGR1 for recovery of
MEG
Collaborative efforts for catalyst development for
manufacturing of Para Diethyl Benzene from mixed
xylenes
Computational Fluid Dynamics (CFD) Model for
Oxidation Reactor
Catalyst & Water Recovery from Purification Mother
Liquor
Catalyst Recovery from Oxidation Section
Azeotropic distillation for acetic acid dehydration
CTA Hydrogenation Catalyst Improvement
(xvii) Development of kinetic reaction model for Pacol
reactor in LAB plant
(xviii) Trial with Kronos 1075, a coated TiO2 in CP-IV
(xix)
(xx)
(xxi)
Denier circular tow (New Prod. Development)
Re-rubberized pinch roll of DuPont draw machines
To assess online performance of new developed
Finger Guide Assembly with circlip arrangement for
DuPont DM crimper
(xxii)
Production of 2.0 Bright fiber using 4.25" crimper on
DM#2
(xxiii) Switch over from UFPP to finisher hotwell EG as
stability EG
(xxiv) Use of new improved silicon rubber gaskets in Spg. (
Vaco Seals), Alternate Vendor development
(xxv)
To produce 3.0 denier circular bright fiber (New
product development)
(xxvi) To produce 3.0 denier circular tow (New product
development)
(xxvii) To produce 3.0 denier uncrimped tow for flocking
application
(xxviii) To substitute PF30 finish with RE24 for TBL product
(xxix) DryFiem finish in PFY
(xxx) Use of Recovered SS powder in PFY
(xxxi) Development of indigenous POY finish
(xxxii) Development of Teran for SDY and FDY
(xxxiii) Non-CFC silicon spray for PFY
(xxxiv) Development of new product for ECBT machine
(xxxv) Krones TiO2 in PFY
2.
Benefits derived as a result of above R & D:
(i)
(ii)
Catalyst Process developed for polyolefins & scaled
up.
Hazardous Residue treatment process developed
scaled up and implemented at plant scale.
(iii)
Better understanding of the effects of changes in the
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
reactor geometry on the velocity fields inside the
reactor and on the operational reliability of oxy reactor
of VCM plant.
Reduction in the offspec product downgradation and
consistent in quality in PE plant.
The trials at PP Pilot plant will enable new grades to
be tried at pilot plant before startup of a larger volume
at plant level, reducing offspec generation.
Processing of MEG residue results in value addition
of EGR1.
Catalyst development for manufacturing of Para Di-
ethyl Benzene from mixed xylenes would enable us
to recover PDEB.
Detailed Computational Fluid Dynamics Model for
Oxidation Reactor has been developed which enables
better understanding of the process.
Catalyst & Water Recovery from Purification Mother
Liquor: This will reduce the effluent load and also
reduce the demineralised water consumption.
Catalyst Recovery from Oxidation Section: This newer
method gives better catalyst recovery than from
recovery from ash.
The azeotrope boils at a lower temperature than the
original components, thereby saving the energy. This
system has a lower capital cost and also reduces the
operating cost.
The improvement of CTA hydrogenation catalyst will
result in reduced offspec generation and Palladium loss.
Development of kinetic reaction model for Pacol
reactor in LAB plant would give better understanding
of the process and have better control of quality of
LAB.
3.
Future Plan of Action
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
(xiv)
New generation & higher generation catalyst
development for polyolefins
Improve solvent Recovery process for polyolefin
catalysts
Analytical method developments for heterogeneous
catalyst.
PP Product development
New grade development and catalyst trials in the PP
pilot plant help in reducing off-spec production
Development of new PP grades with different
technology catalyst
APC implementation in Esterification section after
installation of DEG/COOH analyzer
Paraxylene oxidation trials on pilot plant to study
reaction kinetics: The paraxylene oxidation
experiments on Pilot Plant will help us to understand
the reaction kinetics. These will be further used for
reactor modeling & design for better performance of
the plant.
Azeotropic distillation for acetic acid dehydration is in
progress
Explore new
Hydrogenation
improved Catalyst
for CTA
Process heat integration using Pinch technology in
LAB
Methyl acetate recovery from off gases in PTA
Reduction in unwinding defect by six sigma approach
Trial of 530/38/POY with higher drawability
Reliance Industries Limited
61
Reliance Industries Directors Report.p65 #
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4. Expenditure on R & D
a) Capital
b) Recurring
Total
c) Total R &D Expenditure as a
Percentage of Total Turnover
Rs. Crores
15.20
74.94
90.14
0.16%
C.
1.
T E C H N O L O G Y A B S O R P T I O N , A D O P T I O N A N D
INNOVATION
Efforts made towards technology absorption, adoption
and innovation
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
(xiv)
(xv)
(xvi)
(xvii)
Improved Corrosion Inhibitor formulation for Dilution
Steam generation system in consultation with vendor
in Cracker plant.
Plant Capacity increase by overhauling and improving
the efficiency of 3rd stage of Cracked Gas Compressor
in cracker plant.
In house implementation of APC for Aromatics, VCM
plant.
Preparation of a Blend of Paraxylene & Mix Xylene, a
blend products to cater Pour Point Dispersants .
Optimization of Oxidation Reactor Conditions for
minimizing catalyst and acetic acid in PTA plant.
Installation of gas foil agitator in reactor and
crystallizers for high productivity and improved quality
of PTA Product.
Development of new catalyst vendor for Purification
Reactor of PTA plant.
Installation and commissioning of process air
compressor suction chilling for PTA plant.
Modification of methyl acetate recovery system for
minimizing VOC emissions in PTA plant.
Usage of low pressure air using available equipment
in first crystallizer as a secondary air in PTA plant.
Use of Dry gas seal for recycle compressor for
improved reliability in MEG plant.
Development of alternative chemicals to improve
product quality, and reduce operating cost in PVC,
PE and PP plant.
Successful trials completed with new antioxidants
package to improve thermal stability of flexible PVC
grades.
Optimization of K-57 recipe of PVC plant to reduce
operating cost and improve quality.
Optimization of water to monomer ratio to improve
productivity in K-67 pipe grade of PVC plant.
Capacity enhancement by revamping of the
polyethylene plant by 8 KTA.
Benchmarking study by fingerprinting through
strategic alliance with M/s NCL pune for grade
improvements in wire and cable, blowmoulding and
pipe grades.
(xviii)
In house development of the color measurement
techniques
(xix) Whiteness index of the polyethylene resin.
(xx)
New grade developed in PP plant for the application
of pipe, fittings, sheets, washing machines tubes and
compounding.
2.
a.
(xxi)
(xxii)
Trials taken with different additives, clarifying agents,
and chemicals and also material from different source
in PP plant.
Increase in rate of production in PP plant by change
in product receiver size and controlling catalyst particle
size.
(xxiii) Minimizing the variability in PSF b colour by optimizing
Process conditions, Polymer Transfer Line heating
improvements.
Benefits derived as a result of the above efforts:
(ii)
(v)
(iii)
(vi)
(iv)
(vii)
(viii)
Product Development / Improvement and Cost Reduction
Improved Corrosion Inhibitor formulation for Dilution
(i)
Steam generation system in cracker plant resulted in
savings on Rs 80 Lakhs / annum.
Improved efficiency of the cracker gas compressor
resulted in 2% plant Capacity increase achieved on a
sustained basis.
Implementation of APC for Aromatics , VCM plant
resulted in reduction of Steam consumption by 5TPH
and better quality.
New product developed to cater Pour Point
Dispersants resulted in additional revenue of Rs.1
Crore/annum.
Optimization of Oxidation Reactor Conditions for
minimizing catalyst and acetic acid in PTA plant
resulted in benefits of Rs 300 Lakhs / annum.
Installation of gas foil agitator in reactor and
crystallizers for high productivity and improved quality
of PTA Product of Rs 30 Crores / annum.
Commissioning of process air compressor suction
chilling for PTA plant resulted in potential saving of
Rs 4 Crores/annum.
Usage of low pressure air first crystallizer as a
secondary air resulted in increase in PTA production.
Development of alternative cost effective chemicals
in PVC plant resulted in Rs 50 Lakhs / annum.
Optimization of K-57 recipe in PVC plant resulted in
reduced operating cost of Rs 35 Lakhs / annum.
Optimization of water to monomer ratio to improve
productivity in K-67 pipe grade of PVC plant resulted
in increase in yield and reduced operating cost of Rs
30 Lakhs / annum.
Capacity enhancement of the polyethylene plant
resulted in additional contribution of Rs 12 Crore /
annum.
Development of alternate source cost effective catalyst
chemical and additives for polyethylene plant gave a
benefit of Rs.1 Crore / annum.
New grade developed in polyethylene plant to cater
for high volume of lube oil containers and wire/cable
application with improved mechanical properties.
3 New grade developed in PP plant helped in better
market penetration.
Trials taken with cost effective chemical and additives
in PP plant resulted in savings on Rs 4 Crores/annum.
(xvii) Change in product receiver size of PP plant resulted
(xiv)
(xvi)
(xiii)
(xv)
(xii)
(xi)
(ix)
(x)
in rise in production to the tune of @ 15-25 TPD.
b.
Import Substitution
Imported catalysts and chemicals substituted with indigenous
catalysts in various processes.
62
Reliance Industries Limited
Reliance Industries Directors Report.p65 #
Information regarding Imported Technology
Product
Technology from
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Ethylene & Cracker Products
Stone & Webster Engineering Corp.USA
Purified Terepthalic Acid
John Brown Engineers, UK (ICI PLC-UK)
Mono Ethylene Glycol
Shell (Lummus Crest B.V.Holland)
PVC Expansion
Polypropylene
Geon Co.,U.S.A.
John Brown Engineers,
(Shell/Union Carbide)
Polyethylene Terephthalate
Sinco Engineering –Italy
High Density Polyethylene
Navacor, Canada
Polyester Staple Fibre Fill
Dupont (U.S.A.) /Chemtex U.S.A.
Paraxylene
Polypropylene
UOP Inter America Inc.-U.S.A.
Union Carbide U.K.
Year of
Import
1992
1994
1996
1994
1994
1994
1995
1998
1999
1999
Status of
implementation/
Absorption
Full
Full
Full
Full
Full
Full
Full
Full
Full
Full
D. FOREIGN EXCHANGE EARNINGS AND OUTGO
2. Total Foreign exchange used and earned
Rs. Crores
1. Activities relating to export, initiatives to increase
exports, Developments of New export markets for
Products and Services and Export Plan.
The Company has continued to maintain focus and avail
of export opportunities based on economic considerations.
During the year, the Company has exports (FOB Value)
worth Rs.9,965.85 Crores (US$ 2042.18 million).
a. Total Foreign exchange earned
9,965.85
b. Total savings in foreign exchange through
products manufactured by the Company and
deemed exports (US$ 6,943 million)
Sub total (a + b)
c. Total Foreign Exchange used
33,881.33
43.847.18
26,443.98
Annexure to Directors' Report
Form ‘A’
Form for disclosure of particulars with respect to Conservation of Energy
Part 'A'
Power & Fuel Consumption
April,01 to March,02
April,00 to March,01
1 Electricity
a) Purchased Units ( Lacs )
Total Cost ( Rs. In Crores )#
Rate/Unit (Rs.)
b) Generation by/through third party captive power facilities
through Steam Turbine/Generator
Units ( Lacs )
KWH per unit of fuel
Total Cost (Rs. in Crores)
Cost/Unit (Rs.)
c) Own Generation
1) Through Diesel Generator
Units ( Lacs )
KWH per unit of fuel
Fuel Cost/Unit (Rs.)
59.03
3.25
5.50
22,117.45
5.28
611.58
2.77
50.21
3.28
4.00
113.36
5.28
4.65
7,954.65
4.76
335.34
4.22
82.31
3.86
3.31
Reliance Industries Limited
63
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Annexure to Directors' Report
2) Through Steam Turbine/Generator
Units ( Lacs )
KWH per unit of fuel
Fuel Cost/Unit (Rs.)
2 Furnace Oil
Quantity ( K.Ltrs )
Total Cost ( Rs. In Crores )
Average rate per Ltr.( Rs )
3 Others/Internal Generation
a) Gas
Quantity ( 1000 M3 )
Total Cost ( Rs. In Crores )
Average rate per 1000M3 ( Rs )
b) Liquid Fuels
Quantity ( K.Ltrs )
Total Cost ( Rs. In Crores )
Average rate per Ltr.( Rs )
# Excluding Demand Charges
Part ‘B’
Consumption per Unit of Production
22,962.95
3.58
1.88
152,918.04
113.24
7.41
1,010,051.77
772.11
7,644.22
929,656.56
904.82
9.73
22,702.80
4.49
1.64
165,747.10
130.25
7.86
333,108.53
110.64
3,321.54
249,205.70
299.44
12.02
Fabrics
Per 1000 Mtrs.
Current
Year
PFY
Per MT
PSF
Per MT
PTA
Per MT
LAB
Per MT
MEG
Per MT
PVC
Per MT
HDPE
Per MT
PP
Per MT
FF
Per MT
CRACKER
Per MT
PET
Per MT
PX
Per MT
Previous Current
Year
Year
Previous Current Previous
Year
Year
Year
Current Previous Current Previous Current
Year
Year
Year
Year
Year
Previous
Year
Current Previous Current
Year
Year
Year
Previous Current
Year
Year
Previous Current
Year
Year
Previous Current
Year
Year
Previous Current Previous Current Previous
Year
Year
Year
Year
Year
PETRO. PRODUCTS
Per MT
Current Previous
Year
Year
Electricity (KWH)
3,575
2,964
Furnace Oil (Ltrs)/
HSD/HFHSD
LSHS (Kgs)
Gas (SM3)
4
–
9
–
623
1,491
889
41
2
38
965
52
18
48
484
27
0
35
556
63
22
32
408
8
5
–
435
21
–
3
604
308
148
–
565
303
210
–
596
638
543
511
317
293
341
384
752
985
161
163
278
291
244
274
55
–
–
–
–
–
1
–
–
–
–
–
4
–
–
–
–
–
3
–
–
–
–
–
2
–
–
–
–
53
65
–
–
–
–
–
6
–
–
82
–
–
87
2
–
–
6
–
–
–
–
–
–
–
–
–
Note : The above figures in addition to direct consumption also include allocated consumption in the supporting utilities and facilities applicable to respective products.
Mumbai,
Dated: 30th September, 2002
For and on behalf of the Board of the Directors
Mukesh D. Ambani
Chairman & Managing Director
Auditors’ Report on Corporate Governance
To the Members of
RELIANCE INDUSTRIES LIMITED
We have examined the compliance of conditions of Corporate
Governance by Reliance Industries Limited, for the year ended on
31st March, 2002, as stipulated in Clause 49 of the Listing
Agreement of the said Company with Stock Exchanges.
The compliance of conditions of Corporate Governance is the
responsibility of the Management. Our examination has been
limited to a review of the procedures and implementations thereof
adopted by the Company for ensuring compliance with the
conditions of the Corporate Governance as stipulated in the said
Clause. It is neither an audit nor an expression of opinion on the
financial statements of the Company.
In our opinion and to the best of our information and according to
the explanations given to us, and based on the representations
made by the Directors and the Management, we certify that the
Company has complied with
the conditions of Corporate
Governance as stipulated in Clause 49 of the above mentioned
Listing Agreement.
As required by the Guidance Note issued by the Institute of
Chartered Accountants of India we have to state that no investor
grievances were pending for a period of one month against the
Company as per the records maintained by the Shareholders /
Investor’s Grievance Committee.
We further state that such compliance is neither an assurance as
to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the
affairs of the Company.
For Chaturvedi & Shah
Chartered Accountants
D. Chaturvedi
Partner
Mumbai
Dated: 30th September, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
64
Reliance Industries Limited
Reliance Industries Directors Report.p65 #
Statement persuant to Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules,
1975, for the year ended 31st March, 2002, forming part of the Directors’ Report.
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
NAME
AGE
QUALIFICATION
DESIGNATION
ABDUL RAZACK *
ACHARYA DILIPKUMAR B *
ACHARYA KIRITKUMAR J *
ACOOLI PRADUTKUMAR L *
ADESHARA INDRAVADAN N *
ADHYARU MAHENDRA A *
AGARWAL ALOK
AGRAWAL SHREE BHAGWAN
AMBANI A D
AMBANI ATULKUMAR U *
AMBANI CHANDRESH B *
AMBANI D H
AMBANI M D
AMBANI VIJAY B *
AMBANI VINOD M
ANANTA NARAYANA G
ANSARI MOBINALI ABDULRAUF *
APPASWANY RANJINI *
ATUL LAUL
AWADESH N SINHA
B NARAYANAN *
BAGCHI ANUP
BALASUBRAMANIAN R
BALASUBRAMANIAN V
BALESHWAR P N SINHA
BALIRAM M SIRAKE *
BANARJEE SUNDER S *
BANERJEE SISIR Y *
BARVALIYA VINODRAY P *
BHAGDEV PRABHUDAS M *
BHANDARI ANANT J *
BHANDARI ASHOKANAND K *
BHARAT B SETHI
BHAT V V
BHATIA PRAKASH M *
BHATT DILIPKUMAR R *
BHATT HEMANT K *
BHATT JAGDISHCHANDRA T *
BHATT JAYSHANKAR D *
BHATT R S
BHATTY ASHISH V *
BHAVSAR BHUPENDRA C *
BHAVSAR DASHRATH G *
BHAVSAR LAXMAN S *
BHONDWE ILA S *
BHONSLE MADHUKAR D *
BHUSHAN AMBALAL K *
BIJLANI HASMUKH N *
BORAH MANICK CHANDRA
BRAHMBHATT JAYESHKUMAR M *
BUCH CHIRANTAN B *
BUDHURAM KHARPATI *
CHAINI M N
CHAMPANERI ARVIND J *
CHAMPANERI PRAFULKUMAR C *
CHAMPAWAT UDESING M *
CHANDRASEKHAR S
CHATTERJEE DEBASHIS S *
CHATURVEDI ASHOKKUMAR R *
CHATURVEDI DAMODAR D *
CHATURVEDI SURENDRA R *
CHAUDHRI A P *
CHAUHAN ASHISH KUMAR
CHAUHAN JASVANTSINGH D *
CHAVDA KARANSINH M *
CHHAYA ARUNCHANDRA S *
CHHIPA AHMED K *
53
50
53
53
47
46
44
56
43
38
39
70
45
41
57
43
48
46
41
64
49
49
52
64
64
56
47
48
49
54
45
49
42
58
40
46
43
45
52
47
33
48
49
56
45
56
40
46
54
38
39
59
60
44
39
52
45
46
50
46
49
65
34
49
44
58
51
NON MATRIC
SSC
M COM
NON MATRIC
B COM
B A
BTECH (ELECT.), PGDM
OFFICER - SALES
SR OFFICER - DATA ENTRY
SR OFFICER - DESPATCH
ASSTT SUPDT - MAINT
SR ASSISTANT
JR ASSISTANT
TREASURER
BSC(CH), BE(M) ,AMIE(E)
ASSTT. VICE PRESIDENT
BSC(HON),MBA
MANAGING DIRECTOR
B COM
B COM
EXP IN SR MGT
BTECH(CHEM),MBA
NON MATRIC
B.COM, FCA, DTM
B.Tech, MMM
NON MATRIC
SSLC
BE
PG.Sc.B.A
SSLC
M.TECH.
BSC, ACA, CAIIB
BA
B.Sc., AMIE
7th Standard
MATRIC
B SC (TECH)
B COM
SSC
B COM
B SC
B.Com, ACA
BSC, LLB
SSC
B COM
B COM LLB
SY B A
SSC
B.COM, LLB, FCA
DTM
B FINE ARTS
SSC
B COM
SY B A
DTT
HSC
CERT IBM SSC
B.COM (HONS), FCA
HSC
B SC DTC
ILLITERATE
JR ASSISTANT
SR ASSISTANT
CHAIRMAN
VICE CHAIRMAN & MD
ASSISTANT
PRESIDENT
ASSISTANT VICE PRESIDENT
SR TRACER
STENO-SECRETARY
VICE PRESIDENT
PRESIDENT
SR OFFICER - SALES A/C
SR. VICE PRESIDENT
SENIOR VICE PRESIDENT
GROUP PRESIDENT
VICE PRESIDENT
WORKER
TRACER
MANAGER - JET WVG
OFFICER - ACCOUNTS
SR ASSISTANT
ASSISTANT
SHIFT INCHARGE - PRODN
ASSISTANT VICE PRESIDENT
SR TRACER
JR ASSISTANT
JR OFFICER - LEGAL
JR ASSISTANT
SR ASSISTANT - PRINTING
SR.EXECUTIVE VICE PRESIDENT
SHIFT INCHARGE - PRODN
SR ARTIST
SR TECH ASSISTANT
OFFICER - B.C.C.
CASHIER
SHIFT INCHARGE - PRODN
SR TRACER
JR OFFICER - OPERATIONS
SR. VICE PRESIDENT
JR ASSISTANT
SR SUPERVISOR
WORKER
BE(CHEM), DBM
GROUP PRESIDENT
B COM
DTM
SSC
MBA,Ph.D(Leeds)-
Organisational Behaviour
B COM
B SC
ITI CTI SSC
SSC
ME
JR OFFICER - ACCOUNTS
SHIFT INCHARGE - PRODN
ASSISTANT
PRESIDENT - HR
DY G M - MKTG
DY SUPDT - RYD
OFFICER - TRAINING
SEMI CLERK
PRESIDENT
PGDM, B.TECH (MECH)
VICE PRESIDENT-EXCHANGE
SSC
B COM
B SC
NON MATRIC
SUPERVISOR - PRODN
SR ASSISTANT
DY SUPDT - WTP
SR ARTIST
JOINING
DATE
02-May-68
26-Dec-75
01-Jul-77
06-Dec-69
02-Dec-75
01-Nov-83
GROSS
EARNINGS
5 35 552
4 74 957
4 25 717
6 03 577
3 51 396
2 19 091
17-Mar-93
41 74 120
21-Jan-87
29 97 404
01-Jan-81
7 20 34 383
23-Jun-82
16-May-83
2 85 632
3 18 316
11-Feb-66
8 94 74 667
21-Feb-81
7 21 38 987
20-Apr-79
3 25 393
03-May-73
44 19 150
02-Nov-95
32 82 495
01-Jun-75
16-Feb-76
4 87 380
3 85 232
23-Jun-94
37 83 927
01-Dec-98
46 10 224
13-Sep-78
3 77 819
21-Aug-00
24 81 906
06-Dec-90
38 04 917
01-Apr-74
48 23 462
17-Jul-97
26 51 478
01-Sep-66
01-Oct-81
05-Dec-80
01-Jun-77
01-Mar-79
01-Feb-80
31-Mar-80
4 04 860
3 65 881
5 06 101
3 73 344
2 98 301
2 72 080
3 13 522
29-Dec-97
27 16 481
01-Aug-78
01-Apr-87
06-Jun-79
02-Jan-82
01-Sep-80
3 78 763
2 61 544
3 55 553
2 60 032
3 55 374
19-Oct-81
25 45 870
01-Sep-89
09-Aug-79
02-Nov-71
02-Dec-77
16-Oct-93
11-Feb-78
14-Sep-81
12-Jun-80
2 61 200
3 12 472
4 09 024
3 33 788
2 63 274
2 77 073
3 28 576
2 81 358
03-Mar-95
27 35 583
03-Jul-82
20-Jun-85
20-Oct-72
2 52 277
2 86 959
3 01 864
01-Nov-85
27 06 801
15-Dec-83
25-Mar-85
09-Jul-84
2 35 825
3 31 518
2 16 277
07-Feb-00
27 62 977
14-Feb-76
28-Dec-81
01-Oct-79
20-Feb-72
7 90 560
3 33 437
3 42 367
2 83 744
15-Jul-96
17 28 949
27-Mar-00
48 15 227
01-Nov-86
19-Jul-79
04-Sep-72
11-Apr-77
3 96 915
3 44 771
7 24 852
4 34 967
EXP
PREVIOUS ORGANISATION
PREVIOUS DESIGNATION
33
30
33
33
27
26
21
34
20
19
19
49
21
22
34
20
28
26
19
40
29
23
30
40
41
36
27
28
29
34
25
29
20
36
23
26
23
25
32
22
13
28
29
36
25
36
20
26
32
19
19
39
35
24
19
32
24
26
30
26
29
42
12
29
24
38
31
FIRST EMPLOYMENT
DR R K BHANSHALI,A,BAD
U P PLASTO CHEMICALS LTD,
NEPAL KNITTING MILLS,NEPAL
NAVNEET PRAKASHAN KENDRA,A'BAD
KALPANA PRINTING PRESS,A'BAD
BANK OF AMERICA
SWADESHI POLYTEX LTD.
-
FIRST EMPLOYMENT
FIRST EMPLOYMENT
OWN BUSINESS
-
FIRST EMPLOYMENT
A F FERGUSON & CO.
-
COMPOUNDER
ACCOUNTANT
FOREMAN
CLERK
CLERK
TREASURER
MAINT. IN CHARGE
-
-
-
-
-
-
ASST. TAX MANAGER
RELIANCE PETROLEUM LIMITED
ASSISTANT VICE PRESIDENT
GAJJAR PVT.LTD.,
TRACER
DIVISIONAL ENGINEER(H) ,MADRAS-600015
RECORD CLERK
RELIANCE PETROLEUM LIMITED
RELIANCE PETROLEUM LIMITED
SLM MANEKLAL INDUSTRIES LTD.
GE PLASTICS (INDIA) LTD.
SYNDICATE BANK
DHRANGADHRA CHEM WORKS LTD.
VICE PRESIDENT
PRESIDENT
STENO TYPIST
VICE PRESIDENT (MARKETING)
OFFICER
EXECUTIVE
RELIANCE PETROLEUM LIMITED
VICE PRESIDENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
BOMBAY DYEING & MFG LTD,BOMBAY
EGALE ENGINEERING PVT.LTD.,
FIRST EMPLOYMENT
M G SODA FACTORY
IIM
RELIANCE PETROLEUM LIMITED
DATAMATICS CONSULTANTS LTD
FIRST EMPLOYMENT
FIRST EMPLOYMENT
SHAH TRADING CO.A'BAD
K T CORPORATION
FIRST EMPLOYMENT
GREEVES COTTON CO. LIMITED
ASIAN GROUP CO., SURAT
AJAY SCREENING DESIGN WORKS
JAGDISH TEXTILE
M K ASSOCIATE
FIRST EMPLOYMENT
-
-
JR ASST
CLERK
-
CLERK
RESEARCH ASST
ASSISTANT VICE PRESIDENT
EXECUTIVE DIRECTOR
-
-
TYPIST
CLERK CUM TYPIST
-
INTERNAL AUDIT OFFICER
WEAVING SUPERVISOR
TRACER
-
AUDIT ASST.
-
GWALIOR RAYON SILK MFG CO.LTD.,
SUPERVISOR
FIRST EMPLOYMENT
-
THE AHMEDABAD NEW COTTON MILLS, A'BAD.
PUNCH OPERATOR
INDIAN OIL CORPORATION
GENERAL MANAGER
FIRST EMPLOYMENT
FIRST EMPLOYMENT
NEK TILES
CHEMTEX ENGINEERING OF INDIA
FIRST EMPLOYMENT
FIRST EMPLOYMENT
CISF
NIIT
-
-
OPERATOR
VICE-PRESIDENT
-
-
SECUIRTY GUARD
VICE PRESIDENT
MCGRAW RAVINDRA LABORATORIES
SALES REPRESENTATIVE
RAJASTHAN TEXTILE MILLS
WVG.SUPERVISOR
FIRST EMPLOYMENT
FIRST EMPLOYMENT
RELIANCE PETROLEUM LIMITED
NATIONAL STOCK EXCHANGE
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
PRESIDENT
VICE PRESIDENT
-
-
-
SHAH PHOTO SUVEGE FARM
ARTIST
GROUP PRESIDENT-MANAGEMENT SERVICES
01-Sep-87
56 62 687
Salary of RIL.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:16)(cid:8)(cid:17)(cid:18)
Reliance Industries Limited
65
NAME
AGE
QUALIFICATION
DESIGNATION
56
43
51
45
57
47
52
49
50
55
42
49
41
40
52
47
53
48
50
46
47
51
53
47
48
29
50
58
29
44
43
46
46
59
50
51
52
63
50
53
48
44
49
42
51
52
46
47
49
46
46
55
40
45
54
47
45
46
41
43
40
42
57
57
53
50
41
48
52
50
CHHIPA SHAMSUDDIN S *
CHOGANWALA LINKER B *
CHOKSHI ASHOKKUMAR S *
CHOKSHI HIMANSHU T *
CHOWDHARY SARUP
CHRISTION ELIZA V *
CHRISTION KISHAN VICTOR *
DABHI VARJANGBHAI S *
DANI UPENDRAKUMAR K *
DAS BANKABEHARI L *
DATE SHANTANU S
DAVE ASHOK C *
DAVE BHARATKUMAR S *
DAVE GHANSHYAM M *
DAVE HARISH R *
DAVE KALPESH N *
DAVE NARESH R *
DAVE PANKAJ R *
DAVE PAWAN *
DAVE PROMODKUMAR V *
DAVE RAJESH S *
DAVE YASHWANT L *
DELIWALA CHANDRAKANT R *
DEPALA HASMUKH V *
DESAI BHARAT
DESAI HARIN K *
DESAI HEMANT I
DESAI JALAMSINGH N *
DESAI JIGNESH R *
DESAI NAGJIBHAI M *
DESAI NITIN T *
DESAI PRAKASH G *
DESAI SHAILESH B *
DESAI YOGESH
DESAI YOGESHKUMAR A *
DESHBHARTAR R *
DESHMUKH N B
DEV KRISHEN *
DHADDA R K
DHUVAD CHAMPAKLAL B *
DIASARA SHARAD T *
DINESHA L G *
DIPANKAR D SEN
DODIA SHARADKUMAR A *
DODIYA BHUPAT M *
DOSHI CHINUBHAI B *
DOSHI DINESH B *
DOSHI NILKANTH L *
DOSHI PRADIP T *
DR KUSH ANIL
DR TOTEY SATISH M
DR. KELKAR J V
D'SILVA JOHN PHILIP L *
D'SOUZA MARK *
D'SOUZA RUZAI THOMAS *
D'SOUZA STANLEY JOHN *
FOZDAR PROMODINI B *
G ANJANEYULU *
GAJJAR ANIL I *
GAJJAR DINESHKUMAR G *
GAJJAR JAYENDRAKUMAR D *
GAJJAR MUKESH C *
GAJJAR PRABHUDAS N *
GAJJAR PRAVINKUMAR M *
GAJJAR SHANTILAL N *
GAJJAR VIKRAM S *
GAJJAR VINODCHANDRA P *
GANAPATHY SUBRAMANIAN R *
GANAPATI M
GANDHI ASHVINKUMAR N *
66
NON MATRIC
B A
NON MATRIC
B COM
B.TECH, IIT (DELHI)
FY B A
SSC
B COM
DMTT DMTC
PRE COM
B TECH(CHEM)
B COM
B COM
B COM
SSC
B A
B A
B COM
MSC, MBA
B A
B COM
B COM
B SC DTC
B A
BCOM
B E (MECHANICAL)
BCOM
NON MATRIC
B E (ELECTRICAL)
SY B COM
B COM
B COM
B A
AMIIE
SSC
NON MATRIC
M.TECH (CHEM.)
BTECH (CHEM.)
BE
B SC DTC
DMMF
M.Sc, DMS
FY B COM
DIP COM ARTS
SSC
B COM
B COM
B A
Ph.D, M.Sc
Ph.D, MVSC,BVSC
BTECH.(CHEM.),PHD
SSC
B.COM, MBA
NON MATRIC
NON MATRIC
B A
LME
NON MATRIC
M COM
B SC
NON MATRIC
SSC
MATRIC
SSC
SSC
FY B COM
B.Sc, ACA
M.TECH (CHEM.)
B SC
ASSISTANT VICE PRESIDENT (PP/FCP)
02-Apr-86
50 46 848
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
JOINING
DATE
GROSS
EARNINGS
15-Apr-77
01-Jun-79
01-Nov-71
20-Oct-78
3 61 647
3 11 595
4 95 613
3 86 921
22-Mar-00
63 54 921
19-Jan-81
01-Nov-86
08-Jul-78
01-Jul-74
01-Jan-81
2 77 615
3 61 577
3 05 002
6 59 340
2 70 329
02-Jan-86
05-Oct-81
09-Jul-81
03-Sep-76
13-Apr-79
26-Sep-73
07-Jan-75
3 19 485
3 18 928
2 42 195
3 83 277
2 92 720
3 72 265
3 31 485
11-Apr-01
31 23 076
20-Aug-79
03-Oct-75
05-Sep-73
01-Mar-74
09-Dec-81
2 71 516
3 88 680
4 65 720
4 98 024
2 38 905
11-Dec-00
24 86 272
01-May-94
2 67 455
08-Dec-82
43 82 690
16-Dec-71
15-Feb-95
09-Sep-79
05-Feb-82
11-Sep-81
19-Mar-79
3 50 315
2 15 296
2 57 497
2 48 759
3 47 650
3 14 530
29-Aug-94
32 21 033
02-Oct-77
01-Jan-83
2 96 608
4 07 475
01-Aug-86
26 25 411
03-Jul-00
27 96 971
21-Mar-01
47 46 699
20-May-78
01-Aug-78
01-Sep-92
5 39 844
4 41 997
8 40 760
23-Jan-98
39 26 670
01-May-80
03-Nov-76
01-Jan-83
03-Aug-78
11-May-76
06-May-72
3 46 920
3 31 946
3 34 362
3 14 517
3 51 324
3 82 633
SR ARTIST
ASSISTANT
ASSTT SUPDT - PRODN
OFFICER - WASTE SALES
PRESIDENT
SR TRACER
SUPERVISOR
ASSISTANT
MANAGER - D&D
ASSISTANT
SR OFFICER - TRAINING
SR ASSISTANT
ASSISTANT
ASSISTANT - PRINTING
SR ASSISTANT
JR OFFICER - IR
SR ASSISTANT
SR. VICE PRESIDENT
JR ASSISTANT
SR ASSISTANT
ASSTT SUPDT - PRINTING
ASSTT SUPDT - PRODN
ASSISTANT
SR. VICE PRESIDENT
ASSTT ENGINEER
SR. EXECUTIVE VICE PRESIDENT
DRIVER
ASSTT SUPDT - MAINT
CLERK
JR ASSISTANT
SR ASSISTANT
SR ASSISTANT
PRESIDENT
ASSISTANT
SR TECH ASSISTANT
ADDL. VICE PRESIDENT
PRESIDENT
SR. VICE PRESIDENT
DY SUPDT
SR ARTIST
SR. VICE PRESIDENT
SR TRACER
PHOTOGRAPHER
COLOUR CHEMIST
ASSISTANT
SR ASSISTANT
SR ASSISTANT
VICE PRESIDENT - PLANT BIOTECHNOLOGY
07-Dec-00
26 07 402
RESEARCH LEADER
SENIOR EXECUTIVE VICE PRESIDENT
SUPERVISOR
VICE PRESIDENT
SR TECH ASSISTANT
SR TECH ASSISTANT
ASSISTANT
SUPERVISOR - MAINT.
TECH ASSISTANT
ASSISTANT
SHIFT INCHARGE - PRODN
SR TRACER
DY SUPDT - MAINT
ASST MANAGER - DESIGN
SR TRACER
SR TRACER
SR TRACER
SR. VICE PRESIDENT
GROUP SR. VICE PRESIDENT
OFFICER - FOLDING
05-Mar-01
25 91 040
01-Oct-91
29 05 418
01-Mar-85
2 74 754
29-Oct-01
11 34 328
01-Apr-78
07-May-74
01-Nov-80
15-Apr-82
01-Aug-82
07-Jun-82
02-Sep-82
01-Aug-78
19-Feb-81
02-Nov-84
01-Jun-75
01-Jun-75
01-May-80
3 66 235
4 72 673
2 75 279
2 45 975
2 89 888
2 87 636
3 28 883
3 37 150
5 13 227
4 53 519
4 03 255
3 98 314
3 47 195
09-Jul-01
19 33 994
13-Jun-85
33 61 608
06-Jun-77
4 70 640
Reliance Industries Limited
EXP
PREVIOUS ORGANISATION
PREVIOUS DESIGNATION
36
23
31
25
35
27
32
29
30
35
21
29
21
20
32
27
33
28
28
26
27
31
33
27
29
9
28
38
9
24
23
26
26
33
30
31
26
39
28
33
28
20
26
22
31
32
26
27
29
19
21
30
20
18
34
27
25
26
21
23
20
23
37
37
33
30
21
29
31
30
PALIWALA MOHMADBAHI JAMALBHAI
ARTIST
GUJARAT METEL INDUSTRIES
GODOWN KEEPER
FIRST EMPLOYMENT
-
POLICE COMMISONNER OFFICE,SHAHIBAUG
JR CLERK
GE PLASTICS
FIRST EMPLOYMENT
FIRST EMPLOYMENT
STATE BANK OF SAURASTRA
FIRST EMPLOYMENT
VICTOR CAST LINO POLSION LTD.,
MANAGING DIRECTOR & CE
-
-
CLERK
-
CHECKER
RASHTRIYA CHEMICALS & FERTILIZER
JR ENGINEER (CHEMICAL)
GUJARAT SAMACHAR
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
SHRI AMBICA FOLDING AND TEXTILE
FIRST EMPLOYMENT
S P FORCE
DABHOL POWER CORPORATION
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
JOURNALIST
-
-
-
CLERK
-
SUPERVISOR
GENERAL MANAGER
-
-
-
VOLGA FOOD PRODUCTS MUMBAI
SALES REPRESENTATIVE
FIRST EMPLOYMENT
ARVIND MILLS LTD.
FIRST EMPLOYMENT
CONSULTING ENGINEERS
-
HEAD, COTTON & YARN SOURCING
-
CONSULTANT
KALA MANDIR TEXTILE,BARODA
ELECTRICIAN CUM DRIVER
SOMA TEXTILE LTD.,
FIRST EMPLOYMENT
B K TRADERS
PIRAMAL MILLS
FIRST EMPLOYMENT
ASEA BROWN BOVERIE
TRAINEE ENGINEER
-
SALES MAN
CLERK
-
PRESIDENT CORPORATE COMMN
THE AHMEDABAD LAXMI COTTEN MILLS
FIRST EMPLOYMENT
CLERK
-
BONGAIGAON REFINERY & PETROCHEMICALS LTD. DY. MANAGER
CENTURY ENKA LTD.
RELIANCE PETROLEUM LIMITED
NEW SORAK MILLS
ARVIND MILL
STATE BANK OF HYDERABAD
RELIANCE PETROLEUM LIMITED
FIRST EMPLOYMENT
A B ADVERTISING
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
SR. PRESIDENT
SR. VICE PRESIDENT
JR ASST.
TRACER
MANAGER
SR. VICE PRESIDENT
-
PHOTOGRAPHER
-
-
-
-
INDO AMERICAN HYBRID SEEDS P.LTD
VICE PRESIDENT
NATIONAL INSITITUTE OF IMMUNOLOGY
STAFF SCIENTIST & HEAD
NATIONAL ORGANIC CHEMICAL INDUSTRIES LTD
PRODUCTION MANAGER
FIRST EMPLOYMENT
P&O CONTAINERS
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
DHAL ENTERPRISE
JYOTI PROCESSERS PVT.LTD.,
ARUNA ARTS
DHALL ENTERPRISE,A'BAD
FIRST EMPLOYMENT
N S SILK MILLS LTD.,
KAMAL SCREEN DESIGNER
BHARAT VIJAY MILLS LTD., KALOL
RELIANCE PETROLEUM LIMITED
INDU NISSAN INDUSTRIES LTD.
-
BUSINESS DEVELOPMENT MANAGER
-
-
-
-
-
ACCOUNT CLERK
PTG SUPERVISOR
TRACER
ERRECTOR
-
TRACER
TRACER
TRACER
SR. VICE PRESIDENT
CHEMICAL ENGINEER
FIRST EMPLOYMENT
-
M.SC(Tech), PGDT&AC
DY. GENERAL MANAGER
Salary of RIL.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:16)(cid:8)(cid:17)(cid:18)
NAME
AGE
QUALIFICATION
DESIGNATION
GANDHI DILIPKUMAR N *
GANDHI MUKESH C *
GANDHI V K
GANDHI VIJAY S *
GAUR RAKESH R
GHICHAJIWALA SABIRMOHAMAD *
GILL U P S
GOEL ALOK *
GOKHALE C S
GOPALAKRISHNAN K
GOR DINESHCHANDRA A *
GOSWAMI KANUBHARTI S *
GOUTAM YUGESH *
GUPTA MANMOHAN INDRAPRAKASH
GUPTA PREMCHANDRA
HARKAULI VIVEK *
HARVINDERJEET SINGH PANNU
IDRIS MOHAMMED D *
IYER ANNATHORAI VENKATARAMAN
IYER RAJU M.N *
JADHAV LAHANU F *
JAGANNATHA G V KUMAR
JAIN SOHANLAL C *
JANARDHAN M K
JANI HARSHAD J *
JESUDASAN ANTHONY
JOGLEKAR PRABHAKAR MADHAV
JOHN P M *
JOSHI ASHOK KUMAR C *
JOSHI BHADRESHKUMAR U *
JOSHI CHANDRAKANT C *
JOSHI GAUTAMKUMAR C *
JOSHI KIRAT S *
JOSHI NARESH N *
JOSHI PANKAJ N *
JOSHI PANKAJKUMAR P *
JOSHI RAJESH R *
JOSHI SHASHIKANT M *
JOSHI TANSHUKHRAI C *
KABRA R L
KADAM SANDESH CHANDRAKANT
KAKKADI RAVEENDRAN K *
KAKUWALA YAKUB A *
KALYANI KALPANA R *
KALYANI KISHOREKUMAR D *
KALYANI RAJANIKANT H *
KANDHARI VASUDEV P *
KANOJIA MADHUSUDHAN D *
KANSAL S K *
KANSARA HARSHAD J *
KAPIL P K
KAPOOR RAJESH N *
KARDKAR PRADIP S *
KARGATIA BABUBHAI K *
KAUL VIVEK *
KAVI RAVINDRA J *
KAYARAT SREEDHARAN H *
KELKAR ANIL KRISHNA
KHEDAWALA IBRAHIM F *
KISHANGADHWALA FARIDMOHMAD *
KISHORCHANDRA B AMBANI *
KK REMANAN KARTHA *
KOLADIA THAKARSI L *
KUCHERWALA UMMAR FARUQ S *
KUCHMANWALA MOHMADHUSAIN I *
KULBUSHAN MEHRA *
KULKARNI SANJEEV
KUMAR NARENDRA
LADHER JASWANTBHAI C *
LALIT SAWHNEY *
44
53
47
47
48
53
48
44
57
53
45
45
37
51
51
49
51
57
62
43
52
40
61
60
51
50
58
52
36
40
51
49
45
45
49
44
45
43
45
59
41
47
51
43
47
45
49
53
58
58
57
58
48
56
46
54
45
49
42
52
58
55
45
42
56
41
42
59
44
52
B SC
B SC
ACA, ICWA
SSC
BE, PGDBA
NON MATRIC
BSC, MBA
B.E., PGDM
BSC
B.Sc. (Engg.)
B A
B SC DTC
BCOM, PGPM&IR
ME (CHEM.)
BSC(CHEM)ENGG
BE
MA
NON MATRIC
AMIE (MECH.)
SSLC
SSC
SR CHEMIST
SR ASSTT LAB
SR. VICE PRESIDENT (COMMERCIAL)
JR OFFICER - CIVIL MAINT.
SENIOR EXECUTIVE VICE PRESIDENT
SR ARTIST
SENIOR EXECUTIVE VICE PRESIDENT
VICE PRESIDENT
PRESIDENT
VICE PRESIDENT
OFFICER - PURCHASE
SHIFT INCHARGE
VICE PRESIDENT
PRESIDENT
VICE PRESIDENT(PTA)
SR. VICE-PRESIDENT
SR. VICE PRESIDENT
ASSTT SUPDT - PRODN
GROUP SR. VICE PRESIDENT
ASSISTANT/TYPIST
SR SUPERVISOR - PRODN
BTECH, MBA (FIN.)
VICE PRESIDENT
M SC
B.Sc Engg
SSC
BSC, MBA
BA, MSW
B A
SY B COM
B A LLB
NON MATRIC
SSC
B SC DTC
B A
B A
B COM
B COM
B A
B A
M.COM
SR MANAGER - PROCESSING
SR. VICE PRESIDENT
ASSISTANT
SR. EXECUTIVE VICE PRESIDENT
GROUP SR. VICE PRESIDENT
SR ASSISTANT/TYPIST
MANAGER - SALES
ASSISTANT/TYPIST
SR ASSISTANT
OFFICER - PACKING
ASSTT SUPDT - PROCESSING
ASSISTANT
ASSISTANT
OFFICER - COSTING
ASSISTANT
ASSISTANT
ASSISTANT - LAB
SR. EXECUTIVE VICE PRESIDENT
LTM, BTEXT, MTECH(CH)
ASSTT. VICE PRESIDENT
STENO-TYPIST
SR ARTIST
RECEPTIONIST
SR ASSISTANT
JR OFFICER - AUDIT
MANAGER - TRAINING
ASSISTANT
ADDL. VICE PRESIDENT
ASSTT MANAGER - IR
PRESIDENT
CHIEF MANAGER - YARN DYNG
TECH ASSISTANT
SHIFT INCHARGE - PRODN
SR. VICE PRESIDENT
CHIEF MANAGER - B.C.C.
ASSISTANT
SSLC
NON MATRIC
B COM
B A
SSC
DIRPM DHRD LLB
HSC
DME (MECH)
MLW B A LLB
B.Tech
B TEXT
SSC
SSC
B.A., ACA
ICWA
SSLC
BTECH (CH)
NON MATRIC
NON MATRIC
10th Standard
SSLC
B SC
NON MATRIC
NON MATRIC
B.Sc, LLB
BSC (ENGG)
BTECH (CHEM.)
SSC
B.Tech, PGDBM
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
JOINING
DATE
GROSS
EARNINGS
16-Oct-78
22-Apr-80
3 50 127
3 20 127
14-Nov-95
50 11 370
22-Dec-75
4 32 177
15-Apr-98
37 66 429
01-Aug-78
2 84 172
14-Jan-99
33 87 582
27-Apr-01
26 46 896
31-Jan-90
49 77 418
24-Feb-99
28 31 075
21-Mar-77
01-Sep-84
4 14 218
3 99 575
01-Sep-01
21 41 425
04-Jul-88
54 22 239
17-Oct-94
30 95 435
02-May-99
10 14 545
07-Nov-96
24 98 944
01-Jul-72
5 73 529
22-Aug-87
53 67 682
10-Nov-79
14-Jul-77
3 15 886
3 21 285
20-May-00
31 07 533
01-Sep-77
3 48 714
14-Sep-98
41 62 300
15-Apr-82
2 07 120
15-Feb-90
38 33 952
27-Jul-89
48 48 122
08-Apr-77
10-May-73
21-Jun-82
08-Sep-71
29-Mar-79
13-Aug-81
01-Jan-86
25-Dec-78
06-Dec-79
17-Dec-81
17-Jul-80
20-Jul-78
3 62 816
7 37 035
2 70 323
4 10 119
3 72 204
4 23 253
2 85 667
2 83 543
3 58 171
2 86 709
2 80 667
2 69 984
20-Oct-94
43 05 662
19-Jun-85
35 77 955
14-Jun-78
01-Aug-78
02-Dec-80
27-Nov-76
22-Sep-79
29-Dec-74
18-Dec-78
2 92 525
4 17 453
2 80 529
3 45 895
3 30 322
6 00 626
2 38 603
17-Jun-86
11 01 317
18-Nov-69
6 37 673
08-Jul-96
50 25 110
21-Jan-73
10 67 193
01-Jan-83
01-Jul-73
3 09 499
5 40 020
09-Apr-01
52 45 060
01-Feb-79
08-Oct-76
6 20 490
2 96 531
EXP
PREVIOUS ORGANISATION
PREVIOUS DESIGNATION
24
33
23
27
25
33
29
22
37
30
25
25
15
27
30
27
26
37
37
23
32
18
41
35
31
27
26
32
28
20
31
29
25
25
29
24
25
23
25
35
16
27
31
23
27
25
29
33
37
38
33
38
28
36
24
34
25
26
22
32
38
35
25
22
36
21
20
35
24
28
FIRST EMPLOYMENT
FIRST EMPLOYMENT
RELIANCE PETROLEUM LIMITED
KOTYARK LANE CORPORATION
JCT LIMITED
MR AJAY SCREEN, RAIPUR
JCT LIMITED
INDORAMA SYNTHETICS LTD
PETROFILS CO-OPERATIVE LIMITED
RELIANCE PETROLEUM LIMITED
FIRST EMPLOYMENT
THE A'BAD MFG
BECTON DICKINSON ASIA PTE LTD.
INDIAN RAYON & INDUSTRIES
NIRAJ PETROCHEMICALS LTD
INDORAMA SYNTHETICS LTD
RELIANCE PETROLEUM LIMITED
VINAR LTD., CALCUTTA
HINDUSTAN PETROLEUM CORPN. LTD.
NEELAM INDUSTRIES,NARODA,A'BAD
NATIONAL ENGINEERING WORKS
I C I C I
GWALIOR RAYON,MP
RELIANCE PETROLEUM LIMITED
JILLAPANCHAYAT EDUCATION
USIS COUNTRY MEDIA
ISPAT PROFILES (INDIA) LTD.
FIRST EMPLOYMENT
C M AUTOMOBILES,A'BAD
C H ENGR. PVT.LTD.,
FIRST EMPLOYMENT
-
-
SR. VICE PRESIDENT (COMMERCIAL)
CLERK
VICE PRESIDENT
ARTIST
BUSINESS HEAD
SR. VICE PRESIDENT
EXECUTIVE DIRECTOR
VICE PRESIDENT
-
SUPERVISOR
DIRECTOR - HR
GENERAL MANAGER
SR GENERAL MANAGER
BUSINESS HEAD
SR. VICE PRESIDENT
OPERATOR
SR. MANAGER
TYPIST
FITTER
JT. GENERAL MANAGER
SHIFT INCHARGE
SR. VICE PRESIDENT
CLERK
MEDIA ADVISOR
ASST. GENERAL MANAGER
-
COUNTER SALESMAN
TYPIST
-
GOLDEN TOBECO CO.PVT.LTD.
ASST SUPERVISOR
AHMEDABAD NEW TEXTILE MILLS LTD., RAIPUR,A TRAINEE SUPERVISOR
FIRST EMPLOYMENT
-
AFCONS RADIO ENGINEERING CO.
ASST STORE KEEPER
FIRST EMPLOYMENT
BADOPALIA TEXTILE IND.
FIRST EMPLOYMENT
FIRST EMPLOYMENT
CENTURY ENKA LTD.
J.K.SYNTHETICS LIMITED
FIRST EMPLOYMENT
ALANKAR SCREEN
FIRST EMPLOYMENT
MANEKLAL HARILAL MILLS
FIRST EMPLOYMENT
KORES INDIA LTD.,
FIRST EMPLOYMENT
TOYO ENGINEERING
FIRST EMPLOYMENT
RELIANCE PETROLEUM LIMITED
J K SYNTHETICS
FIRST EMPLOYMENT
ENGINEERING INSTITUTE, BARODA
-
ACCOUNTANT
-
-
MATERIALS MANAGER
MANAGEMENT TRAINEE
-
ARTIST
-
CLERK
-
OPERATOR
-
SR. ENGINEER
-
PRESIDENT
DYEING ASST.
-
ATTENDENT
HONEYWELL INTERNATIONAL [INDIA] PVT. LTD
DIRECTOR - FINANCE
ARVIND MILLS
FIRST EMPLOYMENT
COST ACCOUNTANT
-
BONGAIGAON REFINERY & PETROCHEMICALS LTD. SR. PROJECT ENGINEER
FIRST EMPLOYMENT
NUTAN PHOTO
FIRST EMPLOYMENT
HOTEL VOLGA, AHMEDABAD
PWD , A'BAD
NTC
ADVANCE SCREEN MAKERS
RELIANCE PETROLEUM LIMITED
LOHIA MACHINES LTD. (FIBRE DIVN.)
INDIA POLYFIBRES LTD.
-
SR TRACER
-
ASSISTANT
CLERK
TRACER
TRACER
STATE HEAD
SR. ENGINEER
SR. VICE PRESIDENT
HIGH POLYMIER CHEMICAL INDUSTRIES
CHEMICAL SUPERVISOR
RELIANCE PETROLEUM LIMITED
SR. VICE PRESIDENT
GROUP VICE PRESIDENT - POLY TECH SERV
02-Mar-81
52 79 378
TRACER
SR TRACER
WORKER
SR OFFICER - CATERING
SHIFT INCHARGE - PRODN
SR TRACER
SR TRACER
STATE HEAD
GENERAL MANAGER
SR. VICE PRESIDENT
SR ASSISTANT - LAB
SR. VICE PRESIDENT
14-Sep-81
11-Apr-77
24-Mar-76
16-Aug-85
01-Aug-81
20-Sep-79
01-Jun-75
2 73 697
3 67 499
2 66 724
2 78 690
3 42 862
3 11 624
3 90 685
18-Sep-01
19 14 480
21-Apr-87
01-Apr-00
15-Apr-78
42 58 220
24 40 720
3 42 999
27-Aug-01
35 17 370
Salary of RIL.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:16)(cid:8)(cid:17)(cid:18)
Reliance Industries Limited
67
NAME
AGE
QUALIFICATION
DESIGNATION
54
57
52
51
58
59
55
54
56
50
59
61
58
54
59
48
60
58
43
43
54
58
43
52
46
56
50
47
51
44
53
45
41
43
46
49
42
31
51
42
34
36
39
39
45
48
60
49
46
50
41
50
49
56
59
45
46
44
41
40
40
39
56
51
53
61
50
54
46
B SC
7th Standard
NON MATRIC
SSLC
7th Standard
7th Standard
BE, MS
B.E., MTECH
NON MATRIC
B SC DTC
DME
B.Sc Engg
DME
DME DEE
GD ARTS DRG-PRT
BTECH (CHEMICAL),
MTECH (CHEMICAL)
ILLITERATE
7th Standard
S S C
B TECH (CH)
OFFICER - OPERATIONS
WORKER
MUKADAM
STENOGRAPHER
WORKER
WORKER
PRESIDENT
SR. VICE PRESIDENT
ASSTT SUPDT - PRODN
ASSTT SUPDT - DYEING
SR OFFICER - SECURITY
SR. VICE PRESIDENT
DY SUPDT - MAINT
DY SUPDT - MAINT
SUPDT - AUTO PTG
VICE PRESIDENT
WORKER
WORKER
TRACER
ASSTT. VICE PRESIDENT
BTECH.(MECH.),MS (MECH.)
GROUP SR. EXEC. VICE PRESIDENT
BSC (ENGG.) CHEM., DIP. IN MGMT. GROUP SR. VICE PRESIDENT
B COM
SSC
B COM
B A
DIP DRG & PTG
S Y B A
B E (MECHANICAL)
B COM
SSC
B A
B COM
SY B COM
B A
B A
DTC
B E (ELECTRICAL)
SSC
B.COM, FCA
ASSISTANT
ASSISTANT
ASSTT SUPDT - PRODN
MANAGER - FOLDING
ARTIST
CLERK
DY SUPDT - MAINT
ASSISTANT
SR ASSISTANT
JR ASSISTANT
JR ASSISTANT/TYPIST
CLERK
ASSISTANT
ASSISTANT
SR SUPERVISOR - PRODN
ASSTT SUPDT - PRODN
SR TRACER
CONTROLLER - ACCOUNTS
BSC(CHEM), MBA(WHARTON)
EXECUTIVE DIRECTOR
B.TECH(CHEM)
EXECUTIVE DIRECTOR
SSC
DME
SSC
SR SUPERVISOR
SUPERVISOR
COLOUR CHEMIST
NON MATRIC
SR ASSISTANT - PRINTING
BE
B SC
B COM
B COM
B A
NON MATRIC
FY B.A.
NON MATRIC
BE(MECH.)
B SC
SSLC
B FINE ARTS
SSLC
NON MATRIC
SSLC
SSLC
BSC(CHEM)
BA, PGD in PM&IR
M.TECH. (CHEM.)
M.COM
SSC
BE
B FINE ARTS
GENERAL MANAGER
SHIFT INCHARGE
ASSISTANT
SR ASSISTANT
ASSISTANT
SR ARTIST
TRACER
OFFICER - CONSTN
SR. EXECUTIVE VICE PRESIDENT
DY SUPDT - PRODN
ASSISTANT/TYPIST
ASSTT MANAGER - DESIGN
SR ASSISTANT/TYPIST
SR TRACER
SR ASSISTANT/TYPIST
SR TRACER
PRESIDENT
SR. VICE PRESIDENT
GROUP SR. EXEC. VICE PRESIDENT
PRESIDENT
WORKER
VICE PRESIDENT
SR TRACER
LANGALIA GUNVANTRAI P *
LAXMAN TUKARAM *
LIMBADIA NANALAL S *
LOUIS K K *
M.J.GADHVI *
MADANSINGH BIRBALSINGH *
MAHENDRA KUMAR AGRAWAL
MAHESHWARI S *
MAHTRE BALARAM T *
MAJMUDAR CHAITANYA H *
MAKWANA ARUNKUMAR T *
MALHOTHRA S C
MALHOTRA DHARAMVIR M *
MALI PRAVINKUMAR H *
MALLA RAMCHANDR S *
MANDLEKAR JAYANT M
MANGABHAI KACHARABHAI *
MANILAL NARANDAS VALAND *
MANSURI MOHMADIQBAL M *
MARATHE VINAYAK RAMCHANDRA
MASHRUWALLA S U *
MATHEW THOMAS
MEHTA AMIT V *
MEHTA ANANTRAI G *
MEHTA ARUNKUMAR N *
MEHTA DINESH L *
MEHTA HARISIDDH P *
MEHTA JAGDISH K *
MEHTA JASHWANTLAL T *
MEHTA JAYANTKUMAR P *
MEHTA KAMALKUMAR K *
MEHTA KISHORKUMAR G *
MEHTA MANOJKUMAR V *
MEHTA PRAKASH P *
MEHTA RAJNIKANT H *
MEHTA RAMESH C *
MEHTA VIJAY H *
MEHTA VISHAL D *
MENDAJWALA MOSHAFI M *
MERCHANT L V
MESWANI H R
MESWANI N R
MISHRA AKHILESH A *
MISHRA BASHISTH B *
MISHRA GANESH C *
MISTRY PRAVINCHANDRA M *
MITRA ASHOK KUMAR
MODI BIPINCHANDRA K *
MODI DIPAK R *
MODI KAMLESH C *
MOHNANI GHANSHYAM D *
MOMIN LIYAKATALI G *
MR SOLANKI JASUBHAI S *
MUCHHALA RAMESHBHAI B *
MURALI D *
NAIR CHANDRAMOHAN *
NAIR NANDKUMARAN N *
NAIR RAMBHADRAN *
NAIR RAVINDRAN P G *
NAIR SHASHIKUMAR G *
NAIR UNNIKRISHANAN T *
NAIR VIJAYKUMAR G *
NANAVATY KAMAL P
NANDALAL NARAYANAN *
NARAYAN B
NARAYAN K
NARAYANBHAI UKABHAI *
NIRANJAN S VARMA *
OZA SHANKARBHAI S *
68
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
JOINING
DATE
GROSS
EARNINGS
15-Mar-75
14-Feb-67
05-Aug-75
14-Jun-75
01-Sep-79
01-Jun-73
3 58 019
3 90 932
2 41 869
3 38 500
2 32 697
2 72 918
01-Nov-00
48 00 328
01-Jul-01
19 48 528
01-Sep-70
29-Dec-77
16-Jul-76
6 06 111
4 22 433
3 31 181
01-Jun-96
27 11 385
25-Feb-85
25-Sep-81
24-Mar-77
3 27 166
4 78 955
4 11 794
02-Dec-88
28 28 890
18-Jul-69
01-Jan-79
10-Aug-79
2 55 984
2 24 763
3 05 436
04-May-87
24 14 079
01-Mar-81
2 41 373
22-Jan-86
64 21 335
12-Sep-81
21-Sep-71
16-Jul-81
27-Sep-67
18-Dec-78
10-Apr-79
16-Feb-76
09-Apr-81
22-Nov-82
01-Apr-78
17-May-82
01-Mar-90
20-Apr-79
15-Jan-81
01-Sep-91
01-Aug-94
11-Apr-77
2 48 465
3 29 473
4 11 344
5 01 480
2 75 986
2 13 118
5 71 844
2 68 241
2 55 248
3 22 941
2 35 696
2 57 848
2 93 373
2 57 766
2 02 513
2 29 983
3 74 455
01-Jun-96
62 86 479
26-May-90
1 92 86 345
26-Jul-88
1 93 39 933
02-Jul-83
17-Jun-85
01-Jan-83
01-Sep-80
2 85 879
2 48 205
3 91 002
3 84 163
15-Oct-97
26 32 959
01-Apr-77
30-Oct-81
11-Feb-82
30-Dec-81
01-May-80
01-Sep-78
01-Apr-70
03-Apr-89
01-Jan-81
25-Aug-81
08-Jun-81
29-Jan-82
01-May-80
15-Feb-86
01-Apr-81
10-Apr-89
3 67 672
2 33 903
2 90 047
2 53 968
2 88 988
3 40 844
4 91 746
6 10 996
4 48 445
2 70 829
5 13 177
2 83 269
3 62 280
2 49 233
3 23 052
52 99 516
18-May-01
48 94 272
18-Oct-79
47 97 006
08-Apr-71
46 86 515
18-Aug-70
3 62 876
17-Apr-01
23 72 473
01-Aug-78
3 28 238
EXP
PREVIOUS ORGANISATION
PREVIOUS DESIGNATION
34
38
32
31
38
39
32
31
36
30
39
40
38
34
39
26
40
38
23
21
26
30
23
32
26
36
30
27
31
24
33
25
21
23
26
29
22
11
31
19
11
13
19
19
25
28
39
29
26
30
21
30
29
36
38
25
26
24
21
21
20
20
34
28
28
31
31
30
26
FIRST EMPLOYMENT
JOGESHVARI MILLS BOMBAY
FIRST EMPLOYMENT
SHRI RAM CO.
FIRST EMPLOYMENT
SON & SON HOTEL BOMBAY
RELIANCE PETROLEUM LIMITED
APPOLLO FIBRES LIMITED
R V KNITTING WORKS, BOMBAY
DIGVIJAY WOOLLEN MILLS, JAMNAGAR
INDIAN AIR FORCE
-
OPERATOR
-
TYPIST
-
BUTLLER
PRESIDENT
CHIEF EXECUTIVE OFFICER
JOBBER
SUPERVISOR
SGT.
RELIANCE PETROLEUM LIMITED
SR. VICE PRESIDENT
DHAL ENTERPRISES
USHA TALKIES
FIRST EMPLOYMENT
SUPERVISOR
WIREMAN
-
INDIAN PETROCHEMICAL CORPN.LTD.
DEPUTY MANAGER
FIRST EMPLOYMENT
-
SARANGPUR COTTON MILLS , AHMEDABAD.
HELPER
FIRST EMPLOYMENT
-
NIRLON SYNTHETIC FIBRES & CHEMICALS LTD.
SUPERINTENDENT.
NATIONAL RAYON CORPN.
SR. PROJECT ENGINEER
PROJECT & DEVELOPMENT INDIA LTD.
DY. CHIEF EXECUTIVE
UTPAL INVESTMENT PVT. LTD.
ASHOK SILK MILLS , BOMBAY
INDEQUIP ENRG LTD.,
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
M CHIMANLAL & CO.
MEHTA PLASTIC SANAND
FIRST EMPLOYMENT
VIRAMGAM TEXTILE MILLS
FIRST EMPLOYMENT
FIRST EMPLOYMENT
VADILAL CO. LTD., A'BAD.
BALKRISHNA TEXTILE
JYOTI LTD.,
ALANKAR PHOTO
SELF EMPLOYED
-
-
PAREKH & PAREKH
ASSISTANT
CLERK
CLERK
-
-
-
-
ACCOUNTS CLERK
PARTNER
-
CLERK
-
-
CLERK
SHIFT SUPERVISOR
TRAINEE ENGR
SR TRACER
-
-
-
ASST
U P IRRIGATION DEPARTMENT,FAIJABAD
APPRENTICE
FIRST EMPLOYMENT
FIRST EMPLOYMENT
PHILIPS INDIA LIMITED
NAVSHIDH CHEMICAL PVT.LTD.,
KHADI MANDIR, AHMEDABAD
NATIONAL INSURANCE CO. LTD.,
RAMA WORKS
NEW ART ANRAWARTH
FIRST EMPLOYMENT
BOMBAY SYNTHETIC PVT,LTD.,
EURRESTRA INDUSTRIES LTD.
FIRST EMPLOYMENT
-
-
SR.GENERAL MANAGER
LABORATORY CHEMIST
CASHIER
ASST.
CLERK
TEXTILE DESIGNER
-
GODOWN KEEPER
GENERAL MANAGER - OPERATIONS
-
ELECTRO AIR CONDITIONING CO.
STENOGRAPHER
FIRST EMPLOYMENT
C M SHAH & CO.
FIRST EMPLOYMENT
CO-OPTEX
FIRST EMPLOYMENT
RELIANCE PETROCHEMICALS LIMITED
RELIANCE PETROLEUM LIMITED
UNION CARBIDE LTD.
M L D COLLEGE
FIRST EMPLOYMENT
-
TYPIST
-
TYPIST
-
SR.VICE PRESIDENT
SR. VICE PRESIDENT
PROJECT ENGINEER
LECTURER
-
RELIANCE PETROLEUM LIMITED
VICE PRESIDENT
FIRST EMPLOYMENT
-
Salary of RIL.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:16)(cid:8)(cid:17)(cid:18)
Reliance Industries Limited
NAME
AGE
QUALIFICATION
DESIGNATION
PADHIYAR KIRITKUMAR I *
PADIYA PRATIBHA P *
PAI R L
PAL SRINIBASH S *
PANCHAL AMIT M *
PANCHAL CHHAGANLAL H *
PANCHAL JAYANTILAL V *
PANCHAL KANTIBHAI S *
PANCHAL MAHESH A *
PANCHAL RAMANIKLAL M *
PANDYA BHARAT R *
PANDYA MUKESH P *
PANDYA NARESH B *
PANDYA ROHITKUMAR U *
PANKHANIA PRAVIN D *
PAREKH CHANDUBHAI S *
PAREKH KAUSHIK J *
PARIKH JAGDISH P *
PARIKH KISHOR N *
PARIKH MANGALDAS C *
PARIKH PRAGNESH K *
PARIKH SURESHCHANDRA N *
PARIKH VIKRAM D *
PARMAR AMBALAL M *
PARMAR CHANDRAKANT I *
PARMAR DHARMENDRASINH J *
PARTHA MAITRA
PASSI RAJARAM D *
PATEL ARVIND KUMAR B *
PATEL ARVINDKUMAR R *
PATEL ASHOKKUMAR C *
PATEL ASHVINBHAI D *
PATEL BABUBHAI K *
PATEL BACHUBHAI B *
PATEL BHARATKUMAR B *
PATEL BHIKHABHAI M *
PATEL CHAITANYAKUMAR R *
PATEL CHANDRAVADAN R *
PATEL CHIMANLAL D *
PATEL DAHYABHAI A *
PATEL DASHRATH C *
PATEL DASHRATHBHAI C *
PATEL DASHRATHKUMAR S *
PATEL DEVSHIBHAI V *
PATEL DILIPKUMAR R *
PATEL DINESH KUMAR D *
PATEL GOVINDBHAI S *
PATEL HARSHAD I *
PATEL HASMUKH C *
PATEL INDULAL S *
PATEL JANAKKUMAR K *
PATEL JASUBHAI C *
PATEL JAYANTILAL A *
PATEL JITENDRA C *
PATEL JITENDRA R *
PATEL KAMLESHKUMAR G *
PATEL KANTILAL C *
PATEL KANTILAL K *
PATEL KISHORCHANDRA R *
PATEL LALJIBHAI H *
PATEL LAXMANBHAI B *
PATEL MAHADEV K *
PATEL MAHENDRAKUMAR K *
PATEL MANDAKINI C *
PATEL MANILAL C *
PATEL MANILAL S *
PATEL MANILAL T *
PATEL NAIMESHKUMAR F *
PATEL NARENDRA R *
PATEL NATVARLAL G *
55
42
61
47
28
49
51
53
38
45
41
43
42
49
45
53
56
51
39
52
53
49
46
49
53
46
48
46
47
50
53
42
44
46
48
52
46
50
46
55
49
46
54
51
43
44
49
47
52
50
44
46
47
50
47
39
49
49
49
52
46
47
50
37
47
43
46
43
56
44
SSC
DIP ARTS
MARINE ENGG.
B SC
B E (TEXTILES)
DIP ARTS
INTERMEDIATE
B A
B SC
B SC
B SC DTC DIP(SAFETY)
SSC
INT.DRAG.
B A
B COM
NON MATRIC
B COM
B COM
B COM
B COM
DTC DLP BSC LLB
DIP COM ARTS
M SC
B A
DTC
B COM
B.Tech, Ph.D
NON MATRIC
B COM
ITI
M SC
B A
SSC
NON MATRIC
B A
SSC
B COM
B COM
G D ARTS
NON MATRIC
FY B A
SSC
B A
SSC
B COM
DMMF WP
M SC
B COM
B COM
B COM
DME DEE
B A
SSC
B COM
B SC LLB
CERT IBM SSC
B COM
M SC
B COM
SSC
DTM
NON MATRIC
B SC
B COM D COM
NON MATRIC
ITI SSC
B SC DTC
B SC
DME DEE PDRA
HCW SSC
JR ASSISTANT
SR ARTIST
SR. VICE PRESIDENT
SR ASSISTANT - LAB
SHIFT INCHARGE - PRODN
SR ARTIST
SR TRACER
OFFICER - FOLDING
SR ASSISTANT - LAB
SHIFT INCHARGE
SR ASSISTANT - LAB
SR ASSISTANT
TRACER
SR ASSISTANT
ASSISTANT
ENGRAVING ASSISTANT
CASHIER
SR OFFICER - COST
ASSISTANT
OFFICER - ACCOUNTS
SR SUPERVISOR
TRACER
SR OFFICER - SYSTEMS
ASSISTANT/TYPIST
SHIFT INCHARGE
SR ASSISTANT
VICE PRESIDENT
SR COLOUR CHEMIST
SR OFFICER - SALES
ASSTT SUPDT - MAINT
SR ASSISTANT - LAB
ASSISTANT
ASSISTANT
TECH ASSISTANT
STAFF JR YD GODOWN
JR ASSISTANT
SR ASSISTANT
OFFICER AUDIT
TECH ASSISTANT
JR ASSISTANT
STF JR PROCESSING 2
ASSISTANT
OFFICER - EXCISE
JR ASSISTANT
OFFICER - SALES
SHIFT INCHARGE - PRODN
DY SUPDT - S&W
ASSISTANT
ASSTT MANAGER - DESPATCH
ASSISTANT
ASSTT SUPDT - MAINT
SR ASSISTANT
SR SUPERVISOR
STF JR WORSTED FOLDING
ASSTT SUPDT - PRODN
JR ASSISTANT - DATA ENTR
OFFICER - IR
ASSTT SUPDT - PRINTING
SR ASSISTANT
OFFICER - PURCHASE
SHIFT INCHARGE - PRODN
STF JR FOLDING
ASSTT SUPDT - PRODN
JR ASSISTANT
SR ASSISTANT
ASSISTANT
SHIFT INCHARGE
SR SUPERVISOR
DY SUPDT - MAINT
SR SUPERVISOR - PRODN
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
JOINING
DATE
GROSS
EARNINGS
01-Nov-79
19-May-80
2 26 635
2 94 261
04-Apr-94
30 35 691
01-Sep-81
01-Aug-96
01-Aug-78
02-May-74
13-Oct-71
06-Nov-84
24-Feb-82
07-Dec-85
01-Jan-79
01-May-80
03-Feb-81
07-Jul-80
01-Apr-78
01-Feb-71
15-Nov-71
01-Sep-82
22-Aug-75
10-Oct-80
15-May-80
17-Jun-80
01-Sep-81
15-Sep-83
20-Apr-78
15-Jul-94
11-Jul-77
19-Jun-78
21-Oct-72
23-Apr-82
01-Jan-84
01-Dec-82
01-Mar-85
27-Jun-79
01-Apr-78
01-Nov-79
20-Apr-78
01-Jan-81
01-Jun-77
01-Oct-78
25-Jan-75
08-Nov-76
20-Dec-75
29-May-79
01-Jun-82
08-Nov-76
14-May-75
24-Jun-72
18-Jul-78
21-Oct-83
01-Oct-78
01-Dec-82
01-Oct-81
14-Nov-78
16-Mar-84
09-Aug-74
01-Mar-82
08-Nov-76
01-Jan-72
25-Aug-81
01-Jan-83
16-Jul-79
26-Oct-85
01-Nov-85
10-Nov-76
15-Apr-82
21-Aug-79
09-Dec-81
18-Mar-82
2 95 007
2 02 270
3 59 488
3 65 967
4 46 156
2 33 350
2 91 799
2 78 866
3 38 717
2 84 043
3 02 056
2 84 105
4 15 826
5 14 602
5 24 482
2 71 470
3 93 048
2 64 025
2 82 578
4 08 301
2 87 270
2 61 829
3 89 791
25 84 637
3 47 102
3 53 922
4 73 219
2 26 541
2 47 186
3 21 731
3 46 951
2 95 230
2 95 527
3 96 191
3 94 287
3 07 892
2 49 356
4 07 949
3 37 593
3 46 619
3 15 160
4 86 256
3 51 765
5 04 537
3 97 221
6 47 664
3 00 659
3 54 456
3 35 088
3 12 060
2 75 874
4 29 435
2 54 916
4 24 547
3 80 479
3 47 584
4 62 245
3 58 223
3 63 001
4 37 606
2 06 942
3 64 638
3 02 559
3 71 203
3 83 614
5 07 615
2 34 108
EXP
PREVIOUS ORGANISATION
PREVIOUS DESIGNATION
35
22
38
27
8
29
31
33
18
25
21
23
22
29
25
33
36
31
19
32
33
29
26
29
33
26
23
26
27
30
33
22
24
26
28
32
26
30
26
35
29
26
34
31
23
24
29
27
32
30
24
26
27
30
27
19
29
29
29
32
26
27
30
17
27
24
26
23
36
24
BHAKARIA BROTHERS
FIRST EMPLOYMENT
LARSEN & TOUBRO LTD
FIRST EMPLOYMENT
SHORROCK MILLS, NADIAD
CALICO MILL PVT.LTD.,
CALICO MILLS
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
V V TEXTILE MUMBAI
CORBORUNDUM UNIVERSAL LTD.,
FIRST EMPLOYMENT
CASHIER
-
GENERAL MANAGER
-
TECHNICAL OFFICER
TRACER
TRACER
-
-
-
-
-
-
DEPT. INCHARGE
CLERK,
-
INFORMATION CENTRE GUJARAT STATE, RAJKOT
CLERK CUM TYPST
BHARAT BOBINS LTD.,
FIRST EMPLOYMENT
SADAGURU SEVASANG
CNC PVT.LTD,A'BAD
AMBICA MILLS LTD.,
GOVERNMENT OF GUJARAT
FIRST EMPLOYMENT
ARBUDA MILLS, AHMEDABAD
FIRST EMPLOYMENT
ASST STORE KEEPER
-
CASHIER
LAB CHEMIST
TRACER
JR IND. INSPECTOR
-
SUPERVISOR
-
RELIANCE PETROLEUM LIMITED
VICE PRESIDENT
FIRST EMPLOYMENT
DARSHAN & CO. AHMEDABAD
FIRST EMPLOYMENT
-
SALES MAN
-
MADHU PHARMA CHEMICAL INDUSTRIES, VATVA
SUPERVISOR
FIRST EMPLOYMENT
FIRST EMPLOYMENT
HIMSON SILK MILLS LTD , SURAT
CALICO MILLS
FIRST EMPLOYMENT
JAY IND., SARASPUR
B C PATEL & SONS
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
MEHTA CHUNILAL & CO., SANAND
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
WORKER
APPT. CLERK
-
ACCOUNTS CLERK
CLERK
-
-
-
-
CLERK
-
-
MANJUSRI TEXTILE MILLS LTD.,
SHIFT SUPERVISOR
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
UNITED COMMERCIAL BANK
CALICO MILLS LTD.,
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
CHEMENGERS PVT. LTD.,
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
-
CLERK
SUPERVISOR
-
-
-
PRODUCTION SUPERVISOR
-
-
VINAY PROCESSING, SURAT
ASST. PRINTING MASTER
FIRST EMPLOYMENT
FIRST EMPLOYMENT
ANIL SYNTHETIC LTD.
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
MAHENDRA MILLS
FIRST EMPLOYMENT
THE AMBICA MILL,A'BAD
-
-
INVESTIGATOR
-
-
-
-
-
SUPERVISOR
-
SUPERVISOR
NEW GUJARAT SYNTHETICS LTD.,
TRAINEE SUPERVISOR
Salary of RIL.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:16)(cid:8)(cid:17)(cid:18)
Reliance Industries Limited
69
NAME
AGE
QUALIFICATION
DESIGNATION
JOINING
DATE
GROSS
EARNINGS
EXP
PREVIOUS ORGANISATION
PREVIOUS DESIGNATION
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
PRE SCIENCE
SSC
B COM
DMMF WP
B COM
B SC DTC
B COM
DTC
B SC
B A
B COM
B SC DTC
B SC
B A
SSC
B SC DTC
B COM
B SC DTC
NON MATRIC
PRE COM
CERT TX DN SSC
B SC
BTECH (Chem)
NON MATRIC
NON MATRIC
B.TEXT
B SC
SSLC
NON MATRIC
SY B COM
FY B A
DIP APP ARTS
B.Sc
9th Standard
B COM
DTC
CERT CTN WVG
BSC(TECH), DMIT
SSC
CERT
SSC
SSC
SSLC
B.Sc, B.Tech, MS
WPMMT
B A
B.Sc, PGDM
B COM
45
38
46
37
44
43
50
45
44
49
38
46
49
44
45
50
54
51
52
49
37
43
47
54
48
40
56
40
39
49
57
44
49
57
54
39
54
50
51
48
44
48
49
54
51
44
41
51
52
43
52
42
41
43
42
44
28
64
56
58
59
58
57
36
57
52
46
59
44
46
PATEL NATWARLAL N *
PATEL NAYANA G *
PATEL PARSHOTAMBHAI B *
PATEL PRAVINKUMAR P *
PATEL PRAVINKUMAR T *
PATEL RAMESHCHANDRA D *
PATEL RAMESHCHANDRA R *
PATEL RAMNILBHAI J *
PATEL RASIKBHAI N *
PATEL RAVINDRAKUMAR M *
PATEL ROHIT K *
PATEL SAMBHUBHAI A *
PATEL SOMABHAI R *
PATEL SURESH A *
PATEL SURESH H *
PATEL SURESHCHANDRA M *
PATEL VINODKUMAR C *
PATEL VISHNUPRASAD K *
PATEL VITHHALBHAI K *
PATHAK DHIRAJLAL D *
PATHAK KAMLESHKUMAR G *
PATHAK MUKESHKUMAR H *
PATHAK SANJEEV M *
PATIL DEVIDAS D *
PATIL HARESHIWAR J *
PATIL VASANT KRISHNAJI
PAUL ANAND KUMAR *
PAVITHARAN CHAMBADATH G *
PIPDAWALA YUNUS N *
POOJARA HARSHADRAI G *
POPATIA PRAVIN D *
POTDAR HEMANT U *
PRABHAKARAN M *
PRAHLADSINGH D *
PRAJAPATI GANPATBHAI B *
PRAJAPATI KANAIYALAL S *
PRAJAPATI RAMESHCHANDRA B *
PRASAD P M S
PRASAD RAJARAM M *
PURI AJITKUMAR T *
PUROHIT ASHOKKUMAR B *
PUROHIT BHALCHANDRA D *
RADHA RAJAN *
RAGHAVENDRAN P
RAGHVAN P *
RAHEVAR GHANSHYAMSINH C *
RAI KG *
RAIYANI RAGHAVBHAI H *
RAJARAM R
RAJARAMAN J
RAJBHAR SANARAST R *
RAJEEV B SAHI *
RAJKUMAR N PUGALIA
RAJPUT KAILASHKUMAR B *
RAJPUT KULDEEPSINGH D *
RAJPUT MAHENDRASINGH U *
RAJPUT VEDPRAKASHSINGH R *
RAMAMURTHY K
RAMAMURTHY M V
RAMANA B S *
RAMANJI ATAJI *
RAMDHANI BUDHU *
RAMTUJI PUNJAJI *
RASIK N PATEL *
RATANLAL CHATHRAM *
RATHI NANDKUMAR N *
RATHOD VIJAYKUMAR K *
RAU SURYA VENKAT VELAMURI
RAVAL HARESH K *
RAVAL JAGDISHCHANDRA N *
70
ASSISTANT
SR TRACER
JR ASSISTANT
DY SUPDT
ASSISTANT
SHIFT INCHARGE - PRODN
SR ASSISTANT
ASST SUPTD PRINTING
SHIFT INCHARGE - PRODN
SR OFFICER - INSURANCE
ASSISTANT
DY SUPDT - PRINTING
ASSTT SUPDT - PROCESSING
STAFF JR YD GODOWN
ASSISTANT
SUPDT - SAMPLE PTG
SR ASSISTANT
OFFICER LAB
STAFF JR CONSTRUCTION
JR ASSISTANT
ASSISTANT
SR ASSISTANT
SR. VICE PRESIDENT
SR TECH ASSISTANT
COLOUR CHEMIST
GENERAL MANAGER
G M - WEAVING
ASSISTANT/TYPIST
ARTIST
JR ASSISTANT
OFFICER - ACCOUNTS
SR ARTIST
01-Sep-86
02-Oct-81
09-Dec-82
22-Apr-85
15-Sep-78
19-Sep-78
01-Sep-78
01-Aug-83
11-Oct-83
02-Oct-77
01-Nov-85
29-Apr-82
12-Aug-75
24-May-76
23-Feb-74
02-Jun-73
01-Jun-73
12-May-78
04-Nov-80
01-Sep-86
11-Feb-85
06-May-81
3 25 762
2 91 589
2 23 357
4 30 130
3 21 798
4 20 448
3 42 864
3 88 224
3 46 322
4 40 589
2 28 028
4 37 692
4 92 511
3 59 910
3 43 905
5 05 991
3 86 460
3 56 742
2 30 813
2 94 109
2 35 409
3 00 551
04-Jun-01
30 67 496
01-Jan-83
01-Jan-78
3 93 880
4 04 167
10-Jul-92
26 65 142
11-Feb-97
01-Sep-81
14-Sep-81
21-Aug-78
01-Sep-76
01-Jul-81
2 71 565
3 24 555
3 24 266
2 29 156
2 96 845
3 27 433
ADDITIONAL VICE PRESIDENT
20-Apr-01
24 83 211
WORKER
SR ASSISTANT
SR SUPERVISOR - PRODN
SUPERVISOR - PRODN
PRESIDENT
SR OFFICER - FOLDING
DY SUPDT - P & M
SR SUPERVISOR
SR SUPERVISOR - PRODN
STENOGRAPHER
PRESIDENT
MANAGER - QAC
ASSISTANT
ASSISTANT VICE PRESIDENT
OFFICER - PURCHASE
BE, MTECH, MBA
SENIOR EXECUTIVE VICE PRESIDENT
BE
INTERMEDIATE
B.Com, PGDM
B.Com., F.C.A.
B COM
B A
DIP ARTS
B E (MECHANICAL)
BSC, DBM
BE (MECH.)
B SC
7th Standard
ILLITERATE
2nd Standard
SSC
4th Standard
B E (ELECTRICAL)
FY B COM
BSC, BTECH (CHEM.)
B COM
SSC
ADDITIONAL VICE PRESIDENT
SR COLOUR CHEMIST
SR. VICE PRESIDENT
ASSISTANT VICE PRESIDENT
ASSISTANT
SUPERVISOR - PRODN
SR ARTIST
ENGINEER - MAINT
PRESIDENT
SR. VICE PRESIDENT
MANAGER - VELOUR PILE
WORKER
WORKER
WORKER
WORKER
WORKER
MANAGER - ELECT
JR ASSISTANT
PRESIDENT
SR ASSISTANT
JR ASSISTANT
21-Jan-67
12-Mar-70
18-Feb-92
01-Jan-77
3 76 564
3 82 948
2 10 329
2 75 128
29-Aug-81
46 96 570
01-Oct-81
17-May-77
01-Sep-80
28-Dec-72
25-Sep-79
6 15 765
5 24 641
3 77 781
3 67 862
2 60 696
23-Mar-94
54 67 242
20-Jul-95
01-Jan-87
2 05 894
2 83 143
16-Apr-01
21 83 458
10-Dec-76
3 64 809
15-Mar-00
36 94 696
13-Jun-94
31 87 950
01-Sep-72
3 75 155
01-Jun-01
27 71 267
06-Dec-97
26 36 294
23-Dec-83
16-Oct-81
01-Aug-78
01-Mar-95
2 44 047
2 82 100
4 55 404
2 39 981
03-May-93
46 32 718
31-Dec-90
27 89 718
27-Jul-87
01-Sep-66
18-Nov-72
11-Dec-72
01-Feb-92
08-Jan-72
16-Oct-93
01-Sep-80
3 09 967
3 59 461
2 87 783
2 83 975
2 00 883
3 05 107
3 35 579
2 28 571
01-Jun-97
42 60 980
10-Sep-81
12-Nov-75
3 12 694
2 59 636
Salary of RIL.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:16)(cid:8)(cid:17)(cid:18)
Reliance Industries Limited
25
20
26
17
24
23
30
25
24
29
18
26
29
25
27
30
34
31
32
29
17
23
26
34
28
18
36
20
20
29
37
24
29
38
34
19
34
26
31
28
24
28
29
30
31
24
20
31
28
22
32
21
20
23
22
24
8
44
34
38
39
38
37
16
37
32
26
34
24
26
FIRST EMPLOYMENT
FIRST EMPLOYMENT
NABROS TRANSPORT CO.,A'BAD
GARDEN SILK MILS, SURAT
FIRST EMPLOYMENT
MAHESHWERY MILLS LTD.,
G P DAVE & SONS , JAMANAGAR
-
-
CLERK
ASST.PTG MASTER
-
INVESTIGATOR
SHIFT SUPERVISOR
KASHIRAM TEXTILE MILLS, NARODA, A'BAD
SUPERVISOR
B V M POLYESTER & CHEM.LTD.,
PLANT SUPERVISOR
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
NEW COMMERCIAL MILLS LTD., A'BAD
PRINTING SUPERVISOR
BANK OF BARODA
FIRST EMPLOYMENT
FIRST EMPLOYMENT
GUJARAT CO-OPERATIVE MARKETING CO.
TRANSASIA TRANSFORMER, NARODA
PATEL OIL INDUSTRIES
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
TEMP.CLERK
-
-
JR CLERK
CLERK
CHEMIST
-
-
-
-
DE-NOCIL CROP PROTECTION LTD
SIX SIGMA EXPERT
FIRST EMPLOYMENT
YELORA SILK MILL
GSFC LTD. FIBRE UNIT, KOSAMBA
DIGVIJAY WOOLLEN MILLS
FIRST EMPLOYMENT
EXPO INGRAVING WORKS
FIRST EMPLOYMENT
CHIMANLAL VADILAL & CO.
BHADHEJ FOUNDATION
-
COLOUR MIXRER
DY. MANAGER - QC
WVG. MASTER
-
ARTIST
-
ACCOUNTANT
ARTIST
RELIANCE PETROLEUM LIMITED
ADDITIONAL VICE PRESIDENT
BHINAR TEXTILE
FIRST EMPLOYMENT
NUTAN MILLS LTD
AHMEDABAD MILLS LTD.
OPERATOR
-
DYEING ASST
INVESTIGATOR
EAST AFRICAN POWER LIGHTING
INSTRUMENT SUPERINTENDENT
CULCUTTA SILK MILLS,
CUTTER
MODELLA WOOLLEN MILLS, AMRITSAR
WEAVING SUPERVISOR
FIRST EMPLOYMENT
A ONE CO.
THE METAL SAWS PRODUCTS,
RELIANCE PETROLEUM LIMITED
ASSOCIATE CHEMICAL, MUMBAI
FIRST EMPLOYMENT
RELIANCE PETROLEUM LIMITED
SECURITY EQUPMENT MFG.LTD.,
GOOD YEAR INDIA LTD.
-
ACCOUNTS CLERK
STENOGRAPHER
PRESIDENT
LAB ASST.
-
ASSISTANT VICE PRESIDENT
ACCOUNTS ASST.
DIR-COMMERCIAL
RELIANCE PETROLEUM LIMITED
ADDITIONAL VICE PRESIDENT
FIRST EMPLOYMENT
RELIANCE PETROLEUM LIMITED
RELIANCE PETROLEUM LIMITED
D CHATURVEDI & CO., A'BAD
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
CHEMPLAST SANMAR LTD.
SELF-EMPLOYED
MAHARASTRA FABRICS LTD
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
SR. VICE PRESIDENT
ASSISTANT VICE PRESIDENT
AUDIT CLERK
-
-
-
EXECUTIVE DIRECTOR
-
DYEING & FINISHING MANAGER
-
-
-
-
-
NEW SWADESHI MILLS,A'BAD
ASST.ENGINEER
ORIENT MILLS SPEED TRANSPORT SERVICE,A'B
CLERK
N O C I L
MANUBHAI PARIKH & CO.
R.T.I. , A'BAD
EXECUTIVE DIRECTOR
TYPIST
WORKER
NAME
AGE
QUALIFICATION
DESIGNATION
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
JOINING
DATE
GROSS
EARNINGS
27-Mar-73
16-Mar-79
01-Aug-78
01-Dec-75
18-Jul-69
18-Aug-82
01-Dec-79
12-May-77
3 53 569
2 92 206
3 48 222
3 66 079
3 44 450
2 52 652
2 73 838
4 77 845
02-Sep-00
28 66 265
22-Feb-67
02-Jun-80
4 97 476
3 10 636
02-Apr-96
25 88 862
21-Jul-77
3 82 636
16-Mar-75
24 53 594
15-Dec-76
08-Jul-77
18-Feb-02
4 59 164
2 83 164
2 76 356
01-Dec-85
56 57 304
09-Feb-80
12-May-77
3 81 782
4 10 914
19-May-95
31 63 974
01-Apr-72
01-Aug-83
6 84 303
4 67 544
01-Feb-81
48 25 306
01-Jan-90
71 05 948
22-Apr-00
49 76 088
21-Aug-93
37 52 890
01-Jul-73
01-Jan-84
01-Apr-77
03-Mar-80
05-Jul-77
15-Sep-74
14-Jul-81
02-Feb-81
01-Jul-82
21-Mar-91
30-May-78
01-Aug-78
01-Aug-79
01-Mar-74
10-Oct-75
01-Sep-80
6 52 199
3 07 323
3 96 635
2 08 675
3 25 999
4 03 397
2 82 686
2 15 043
3 91 750
2 28 980
5 48 128
3 70 562
2 94 025
3 96 017
3 46 995
2 48 384
27-Aug-85
52 50 051
10-Jan-80
24-Dec-76
19-Mar-84
01-Feb-79
17-May-77
15-Jan-81
14-Oct-78
3 51 411
3 89 845
2 45 927
2 93 029
3 51 294
2 95 021
2 95 089
SY B A
B A
DIP ARTS
B COM
4th standard
B COM
SSLC
HSC
B.Sc Engg
SSC
SSLC
B.COM, ACA
B SC DTC
INTER ARTS
B COM
SSC
B.E., PGDM
BSC(TEXT)
B SC
NON MATRIC
BE
SSC
SY B COM
B TEXT
B.COM, LLB(G), FCA,
ACS, DTM, DMA
BTECH (CHEM.)
B.Com, ACA, FCS
SSC
SSC
NON MATRIC
B COM
SSC
INTER COM
B E (ELECTRICAL)
B COM
B SC DTC
DTM
DTC
DRG EXAM
B A
SSC
B COM
B COM
BE(MECH.), MMS
M COM
B SC B ED
B COM CERT IBM
B COM
SSC
B COM
B COM
SR ASSISTANT
SR ASSISTANT
SR TRACER
OFFICER - COSTING
WORKER
JR ASSISTANT/TYPIST
STENO-TYPIST
OFFICER - FOLDING
SR. VICE PRESIDENT
SR OFFICER - FOLDING
ASSISTANT/TYPIST
VICE PRESIDENT
SR COLOUR CHEMIST
V P - MKTG
ASSTT MANAGER - ACCOUNTS
ASSISTANT
SR. VICE PRESIDENT
PRESIDENT
SR OFFICER - OPERATIONS
SHIFT INCHARGE - PRODN
ADDITIONAL VICE PRESIDENT
SR MANAGER - SALES
SHIFT INCHARGE - MAINT
PRESIDENT - TECHNICAL
SR. EXECUTIVE VICE PRESIDENT
SR. VICE PRESIDENT
SR. VICE PRESIDENT
ASSTT SUPDT - P & M
ASSISTANT
SR SUPERVISOR
ASSISTANT
STF JR DM DIVISION
OFFICER - YARN GODN
SR OFFICER - SAFETY
ASSISTANT
SHIFT INCHARGE - PRODN
SR SUPTD PRODN
DY SUPDT - PROCESSING
SR TRACER
SR ASSISTANT
OFFICER - G.F.
SR ASSISTANT
ASSISTANT/TYPIST
SR. VICE PRESIDENT
OFFICER - SALES
ASSTT MANAGER - SAFETY
ASSISTANT
GODOWN KEEPER
OFFICER - FOLDING
OFFICER - AUDIT
ASSISTANT/TYPIST
BE(CHEM), ICWA
GENERAL MANAGER(TECHNICAL) CTS
29-Apr-89
26 03 145
B TEXT
DTC
B COM
NON MATRIC
B SC DTC
NON MATRIC
SSC
B COM
B COM LLB
B COM
M COM
SSC
B COM
B A
SY B COM CRT IBM
B COM
9th Standard
ASSTT SUPDT - PRODN
ASSTT SUPDT - PROCESSING
SR ASSISTANT
JR ASSISTANT
ASSTT SUPDT - PRINTING
SR ASSISTANT
ASSISTANT
ASSISTANT
ASSISTANT
ASSISTANT
OFFICER - ACCOUNTS
OFFICER - PACKING
SR OFFICER - PF
ASSISTANT
ASSISTANT
ASSISTANT
WORKER
01-Jun-87
25-Dec-75
12-Apr-79
01-Oct-81
02-Sep-78
01-Apr-83
04-May-79
18-Dec-78
15-Jan-79
12-Apr-79
01-Jun-75
01-Apr-78
16-May-74
01-Jun-82
06-May-85
17-Jun-82
01-Sep-82
3 16 037
4 59 716
3 04 806
2 67 535
4 09 923
4 28 467
2 83 000
3 04 880
3 03 934
3 07 335
4 42 933
4 09 018
4 75 504
2 49 305
3 19 601
2 67 939
2 00 363
EXP
PREVIOUS ORGANISATION
PREVIOUS DESIGNATION
28
28
24
27
36
22
24
29
31
37
21
31
24
47
31
29
34
41
33
38
27
36
28
43
36
30
26
32
20
31
34
24
27
36
31
28
15
35
23
26
31
28
25
16
25
30
20
24
24
35
31
20
18
30
26
31
35
30
22
24
26
25
27
27
28
27
21
25
38
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
V K STEEL IND.
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
-
-
-
TYPIST / CLERK
-
-
RELIANCE PETROLEUM LIMITED
SR. VICE PRESIDENT
DIRECTORATE OF INFORMATION & PUBLICATION
CLERK
PARADISE TEXTILE
A.P. PAPER MILLS
FIRST EMPLOYMENT
FIRST EMPLOYMENT
TYPIST
VICE PRESIDENT
-
-
LAXMICHAND BHAGAJI LTD
SR.ACCOUNTANT
THE SUBRIGISTRAR OFFICER,BARODA
CLERK
FINOLEX PLASTRO PLASSON LTD.
CHIEF EXECUTIVE OFFICER
IEL LIMITED
CHIEF EXECUTIVE
OPERATIONS RESEARCH GROUP.,BARODA
ASHOK TEXTILE INDS. LTD., NEPAL
CLERK
KNITTER
RELIANCE PETROLEUM LIMITED
ADDITIONAL VICE PRESIDENT
PREMSONS,BOMBAY
FIRST EMPLOYMENT
SALESMAN
-
TEXTILE PROCESSING CORPORATION I LTD.
MANAGING DIRECTOR
HINDUSTAN LEVER LTD.
GENERAL MANAGER
HALDIA PETROCHEMICALS LTD.
RELIANCE PETROLEUM LIMITED
EXECUTIVE VICE PRESIDENT
SR. VICE PRESIDENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
-
MACHINE PRODUCTS (P) LTD
CLERK
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
JULON FABRICS LTD.,
THE MONOGRAM MILLS LTD.,
BANGAL TEA & FABRICS LTD,
SHORROCK MILL,NADIAD
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
A'BAD EAGLE ENT.PVT. LTD.
FIRST EMPLOYMENT
STANDARD WIRE PRODUCTS
STATE BANK OF SAURASHTRA
FIRST EMPLOYMENT
-
-
-
PUBLIC RELATION OFFICER
INVESTIGATOR
SPINNING SUPERVISOR
JR ASST
-
-
-
A/C CLERK
-
BUSINESS EXECUTIVE
CLERK CUM GODOWN KEEPER
-
GUJARAT STATE KHADI GRAM UDYOG BOARD,
JR CLERK
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
ASHWIN HOSIARY INDUSTRIES
CLERK / SALESMAN
PLYWOOD & TIMBER PRODUCTS AGENCY
CLERK
RELIANCE PETROCHEMICALS LIMITED
SHIFT SUPERINTENDENT
MIHIR TEXTILE MILL LTD.
SUBH SAGAR COTTON MILLS LTD
TECHNICAL TRAINEE
SUPERVISOR
CETRAL CINEMA, GANDHI ROAD, AHMEDABAD
OFFICE ASSISTANT
FIRST EMPLOYMENT
SARNAGPUR MILLS,
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
SUPERVISOR PTG
-
-
KAILASHCHANDRA HIRALAL
ACCOUNTANT
FIRDOS & S CO.
FIRST EMPLOYMENT
STATE BANK OF BIKANER
FIRST EMPLOYMENT
RELIANCE CREDIT SOC.
BANURAM DALAL
FIRST EMPLOYMENT
CLERK
-
CLERK
-
CLERK
CLERK
-
BHARAT CO.OP.REFINERY SOCIETY LTD.,
ACCOUNTANT / CLERK
N MANSUKHRAM & CO.
STORE CLERK
RAVAL MAHENDRA R *
RAVAL RAJESH V *
RAVAL RAMESHCHANDRA G *
RAWAL RAJNIKANT D *
REMEDOZ THOMAS *
RUPARELIA ASHWIN N *
S GEETHA *
SAHOO VASANTKUMAR H *
SAINI S S
SAIYAD ABDULLA M *
SAJEEV JANARDHANAN *
SANCHETI J M
SANGHAVI HITENDRAKUMAR D *
SANGHVI NATWARLAL M *
SANGHVI PRAMODKUMAR D *
SANT PRAFULCHANDRA Y *
SANZGIRI SUBHAS *
SAPRA S P
SARAIYA BHUPESH R *
SARKAR BARUNCHANDRA DEY *
SATISH CHANDRA
SAVLA VERSHI K *
SEN BAJRANGLAL R *
SENGUPTA RANJIT KUMAR *
SETH K K
SETHI PRABHAKAR
SETHURAMAN K
SEVAK ARVIND M *
SHAH AJAY R *
SHAH ARVIND S *
SHAH ARVINDKUMAR M *
SHAH BHARAT H *
SHAH BHARAT J *
SHAH BIPIN G *
SHAH BIPINKUMAR C *
SHAH CHANDRKANT N *
SHAH DHARMENDRA M *
SHAH DILIPBHAI N *
SHAH DILIPKUMAR T *
SHAH DILIPKUMAR V *
SHAH DINUBHAI M *
SHAH DIPAKKUMAR P *
SHAH GOPAL G *
SHAH HARISH
SHAH HARISHKUMAR N *
SHAH HARNISH B *
SHAH JAYESH K *
SHAH JAYESHKUMAR M *
SHAH JAYESHKUMAR S *
SHAH JETENDRA V *
SHAH JITENDRA A *
SHAH JOY M
SHAH KALPESH R *
SHAH KAUSHIK H *
SHAH KIRIT B *
SHAH KIRITBHAI M *
SHAH KIRITKUMAR C *
SHAH KUMUDCHAND B *
SHAH LALITCHANDRA V *
SHAH LALITKUMAR P *
SHAH LAXMIKANT J *
SHAH MAYANK J *
SHAH MUKESHKUMAR M *
SHAH NARENDRA C *
SHAH NARENDRAKUMAR C *
SHAH NARENDRAKUMAR K *
SHAH NIMESH N *
SHAH NITINKUMAR H *
SHAH PRAFUL C *
48
48
44
47
56
42
44
49
54
57
40
55
44
67
51
49
57
65
53
58
47
56
48
69
57
52
51
52
40
51
54
42
47
56
51
48
35
55
41
46
51
48
45
41
45
50
40
44
44
55
51
42
38
50
46
51
55
50
40
44
46
45
47
47
48
47
41
45
58
Salary of RIL.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:16)(cid:8)(cid:17)(cid:18)
Reliance Industries Limited
71
NAME
AGE
QUALIFICATION
DESIGNATION
JOINING
DATE
GROSS
EARNINGS
EXP
PREVIOUS ORGANISATION
PREVIOUS DESIGNATION
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
53
51
44
41
45
46
48
42
42
47
45
45
43
40
49
54
51
41
44
47
43
54
43
40
51
55
42
46
62
48
45
52
49
45
53
50
47
47
53
62
58
41
52
55
55
56
42
52
47
50
48
45
49
47
65
44
51
44
47
46
52
50
46
46
45
48
55
52
42
42
SHAH PRAFULCHANDRA V *
SHAH PRAFULKUMAR M *
SHAH PRAMESHKUMAR T *
SHAH PRIYAKANT R *
SHAH RAJESH R *
SHAH RAJNIKANT L *
SHAH RAMESHCHANDRA P *
SHAH RAMLAL B *
SHAH RASHESH V *
SHAH SATISHKUMAR R *
SHAH SHAILESH J *
SHAH SHAILESH L *
SHAH SHAILESH N *
SHAH SHARAD S *
SHAH SHASHIKANT M *
SHAH SUREDRAKUMAR G *
SHAH UPENDRAKUMAR G *
SHAH VIKRAMKUMAR R *
SHAH VINOD B *
SHAH VIPUL R *
SHAH YOGESH P *
SHAIKH MUKHTARAHMED A *
SHARMA ASHOKKUMAR C *
SHARMA DHARMENDRA J *
SHARMA HARINATH D *
SHARMA JAGDISHPRASAD H *
SHARMA LOKESH L *
SHARMA PRADEEPKUMAR S *
SHARMA R P
SHARMA RAJENDRA R *
SHARMA SHYAMMORARI C *
SHARMA VIRENDRAKUMAR M *
SHASTRI JAYRAJ S *
SHETH SHAILESH S *
SHRIKRISHNA H *
SHRISHI SURESH N *
SHUKLA JANAK N *
SHUKLA KISHOR D *
SIDDHPURWALA YASIN Y *
SINGH M M
SINGH PARASNATH S *
SINGH R K *
SINGH RAJENDRABAHADUR H *
SINGH SUDHIR
SINHAL MURARILAL RAMACHANDRA
SITARAM DUDHNATH *
SOLANKI PIRSING P *
SOMNI SUDHAKAR S *
SONI ASHOK R *
SONI DINESH T *
SONI DIPAK R *
SONI JITENDRA A *
SONI KIRITKUMAR N *
SONI RASIKLAL R *
SUBRAMANIAM M
SUBRAMANIAN K V
SUDHAKARAN SEKHAR *
SUNIL MISHRA
SUTHAR BHAGVANDAS B *
SUTHAR HARENDRAKUMAR C *
SWADAS INDRVADAN T *
T V NARAYANAN *
TAILOR JAGDISH N *
TALATI ANIL J *
THACKER J H
THAKKAR DHIREN C *
THAKKAR PRABHUDAS M *
THAKKAR VINDOCHANDRA P *
THAKKER BHARAT P *
THAKKER KIRANKUMAR C *
72
B SC
NON MATRIC
SSC
B COM
ASSISTANT
ASSISTANT
SR ASSISTANT
SR STORE KEEPER
B COM CERT IBM
SR DATA ENTRY OPERATOR
B COM
B COM
M SC
PRE SCIENCE
M SC
B COM
B COM
B COM
B SC
DIP ARTS
B A
B COM
SSC
B COM
M COM DTPL
B COM
SSC
M COM
B COM
NON MATRIC
SSC
B SC
OFFICER - STORES
OFFICER - EXCISE
OFFICER - TECH
OFFICER - OPTRATIONS
ASSTT SUPDT - PROCESSING
ASSISTANT
SR ASSISTANT
ASSISTANT
SHIFT INCHARGE - PRODN
SR ARTIST
SR ASSISTANT
OFFICER - AUDIT
STAFF JR DM DIVISION
SR SUPERVISOR - PRODN
SR STORES ASSISTANT
JR ASSISTANT
SR ARTIST
ASSISTANT
SR ASSISTANT
SUPERVISOR - PRODN
SUPERVISOR - PRODN
SR SUPERVISOR
B COM DMSM
OFFICER PROD.CO ORDN
PRESIDENT
SR ASSISTANT
ASSISTANT
SR ASSISTANT - LAB
ASSISTANT
SR ASSISTANT
SR SUPERVISOR - MAINT
SR ARTIST
JR ASSISTANT
ASSISTANT
SR ARTIST
PRESIDENT
SR OFFICER - FOLDING
SR.MANAGER
SHIFT INCHARGE - PRODN
VICE PRESIDENT(POY)
SR. VICE PRESIDENT
WORKER
TECH ASSISTANT
SHIFT INCHARGE - PRODN
DY SUPDT - MAINT
SR CHEMIST
SR ASSISTANT
SR ASSISTANT
SR ASSISTANT
JR ASSISTANT
SR. VICE PRESIDENT
SENIOR EXECUTIVE VICE PRESIDENT
SUPERVISOR
ASSISTANT VICE PRESIDENT
SR TRACER
ASSTT SUPDT
OFFICER - DESPATCH
STENO-SECRETARY
SR SUPERVISOR
JR ASSISTANT
M.SC
SSC
HSC
HSC
B COM
B COM LLB
ITI HSC
NON MATRIC
B COM
SSC
NON MATRIC
BSC (ENGG.) CHEM.
SSC
M.TECH.,PGDM
SSC
B TECH(CHEM)
BE (MECH.)
ILLITERATE
NON MATRIC
DTT
DME
SSC
B COM
B COM LLB
FY B COM
SSC
B.E.(CIVIL)
BTECH,CFA,MBA
NON MATRIC
B.Tech
SSC
B SC DTC
B COM
SSLC
B A
SY B COM
BTECH, MBA
NON MATRIC
FY B COM
B COM
B SC
NON MATRIC
Salary of RIL.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:16)(cid:8)(cid:17)(cid:18)
28-Nov-77
01-Apr-78
08-Jul-78
01-Jun-82
06-Jan-81
09-Feb-76
15-Jan-77
18-Aug-82
01-Jan-81
05-Mar-84
08-Feb-80
05-Jun-79
10-Oct-80
15-Dec-81
21-Nov-77
02-May-77
10-Dec-72
13-Jun-78
27-Jun-78
22-Jun-82
15-Feb-82
02-May-74
01-Oct-81
19-Jan-82
01-Nov-86
01-Jul-86
23-Dec-81
08-Sep-77
2 80 509
3 59 815
3 31 420
3 06 805
3 51 246
3 97 066
3 77 123
3 53 270
3 98 172
3 01 028
2 68 077
3 01 065
3 00 856
3 36 523
3 58 705
2 79 855
4 34 180
3 01 392
3 58 147
2 87 364
2 53 076
4 40 052
2 97 260
3 05 339
3 69 764
3 67 157
2 65 814
3 48 798
06-Nov-00
42 19 431
01-Dec-82
09-Jul-79
03-Sep-83
22-Nov-74
23-Jun-80
01-Jan-85
01-Aug-77
02-Apr-79
01-Jan-82
14-Sep-81
3 26 220
2 83 321
2 42 102
3 31 558
3 51 407
4 17 462
3 68 788
2 30 310
3 16 149
3 02 175
13-Aug-90
42 79 670
01-Oct-81
28-Feb-02
01-Apr-92
4 17 974
2 24 722
3 62 310
09-Jul-96
24 37 473
16-Nov-81
45 77 643
16-Nov-68
01-Mar-85
19-Jul-77
06-Aug-79
11-Jul-77
01-Dec-75
06-Aug-81
18-Aug-73
01-Mar-74
3 44 689
3 00 817
3 61 046
4 26 643
3 69 497
4 04 779
3 13 759
3 61 541
2 91 138
18-Apr-94
42 11 467
18-Apr-94
29 22 621
01-Mar-89
4 07 045
14-Dec-95
28 44 745
04-Apr-77
11-Jun-83
11-Jul-73
26-Apr-76
16-May-80
01-Aug-83
3 59 362
3 91 266
4 28 805
3 84 141
3 13 749
2 95 183
33
31
24
21
25
26
28
22
22
27
25
25
23
20
29
34
31
23
24
27
23
34
23
20
31
35
22
26
39
28
25
32
29
25
33
30
27
27
33
37
38
18
32
32
30
36
22
32
27
30
28
25
29
27
44
21
31
23
27
26
32
30
26
26
19
28
35
32
22
22
FIRST EMPLOYMENT
FIRST EMPLOYMENT
MEHTA BROTHERS, CALCUTTA
KALUPUR SAHAKARI LTD.,
ASHISH TRADERS, ABAD.
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
CLERK
CLERK / CASHIRE
CLERK
-
-
-
-
ANIL SYNTHETICS LTD,RAKHIAL,A'BAD
SUPERVISOR
SHAILESH TEXTILE CORPORATION
FIRST EMPLOYMENT
GUJARAT TRANSPORT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
CLERK
-
APRENTICE CLERK
-
-
-
SECURITY EQUIPMENT MFG CO.LTD.,
STORE KEEPER
FIRST EMPLOYMENT
FIRST EMPLOYMENT
POWER BUILED LTD.,
FIRST EMPLOYMENT
-
-
ACCOUNT CLERK
-
SIMPLEX RAYON SILK PROCESS HOUSE
ARTIST / TRACER
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
PETRONET LNG LTD.
FIRST EMPLOYMENT
FIRST EMPLOYMENT
S K SHARMA
FIRST EMPLOYMENT
AMBICA PVT.LTD.,
FIRST EMPLOYMENT
CALICO MILLS, A'BAD
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
-
-
-
-
DIRECTOR
-
-
INSPECTOR TRA
-
TIME KEEPER
-
TRACER
-
-
-
INDIAN PETROCHEMICAL CORPN.LTD.
GENERAL MANAGER (OPERATIONS)
FIRST EMPLOYMENT
ONGC
FIRST EMPLOYMENT
PARASARAMPURIA IND. LTD
JCT MILLS LTD.
I C GANDHI
FIRST EMPLOYMENT
GWALIOR RAYON SILK MFG. CO. LTD.
ROHIT PAPER MILLS LTD.,
FIRST EMPLOYMENT
JBA PRINTING PVT. LTD.
JYOT CO., KALOL
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
-
VICE PRESIDENT (WORKS)
SR. MECHANICAL ENGINEER
PRINTER
-
SUPERVISOR
SHIFT ASST
-
STORE ACCOUNT CLERK
ACCOUNT CLERK
-
-
L&T [ECC CONSTRUCTION]
GENERAL MANAGER-OVERSEAS OPERA
INDIAN PETROCHEMICALS CORPN LTD.
EXEC. ASST. TO CHAIRMAN
FIRST EMPLOYMENT
-
RELIANCE PETROLEUM LIMITED
ASSISTANT VICE PRESIDENT
GUJAR PVT.LTD.,
BHARAT VIJAY MILLS
STUDIO SCENELIGHT
TRUE MACHINE OUT CO.
RAJHANS TEXTILE PRINTERS
PWD, NADIAD
CONSULTANT
NEELKAMAL ENTERPRISES
THE PRAGATI CO-OP.BANK LTD.,A'BAD
JAYANTILAL P THAKKAR
KRISHNA INDUSTRIES
FIRST EMPLOYMENT
TRACER
SUPERVISOR
SALES MAN / CLERK
STENO TYPIST
CLERK
CLERK
-
PARTNER
CLERK
ASSISTANT
CHEMIST
-
SR. VICE PRESIDENT (TECHNOLOGY)
01-Oct-90
1 30 18 622
SR TRACER
JR OFFICER - OPERATIONS
JR OFFICER - CIVIL MAINT.
SR ASSISTANT - COLOUR COM
SR TRACER
01-Jan-73
20-Jan-77
21-Mar-75
01-May-82
20-Aug-79
4 51 882
3 28 279
4 11 581
2 81 723
3 77 320
Reliance Industries Limited
SENIOR EXECUTIVE VICE PRESIDENT
15-Jun-84
43 87 732
NAME
AGE
QUALIFICATION
DESIGNATION
THAKOR ABHESING A *
THAKOR RAMNJI R *
THAKORE MALAJI B *
THAKORE PIYUSHKUMAR V *
THORAT DINKAR A *
TIMBADIA BABUBHAI B *
TRIPATHI HARISH N *
TRIVEDI CHETAN D *
TRIVEDI HARSHUL D *
TRIVEDI PRADIP M *
TRIVEDI RAKESH T *
UDESHI R D
UDESINGH J SOLANKI *
UPADHYAY DEEPAKKUMAR A *
UPADHYAY HASMUKH R *
UPADHYAY SHAKTI N *
VADALIA LAKHALAL G *
VADHER LILADHAR P *
VADHER VIJAYKUMAR M *
VAGADIA K K
VAGHELA PRAVIN N *
VAGHELA PRAVINKUMAR B *
VAJARIA HARISHKUMAR R *
VAKIL S M
VALAND DASHRATHBHAI A *
VALAND SAMBHUBHAI R *
VALANI BALDEVBHAI L *
VALECHA N K
VANKANI KANAIYALAL M *
VARMA AJEET
VARMA VIJAYKUMAR P *
VENKATESHWARA RAO VADUGU *
VIJAYKUMAR P *
VYAS ARVIND C *
VYAS ASHWIN C *
VYAS BIPIN J *
VYAS GAUTAM J *
VYAS LALIT C *
VYAS PUSHKARRAY M *
VYAS SOBHANA S *
WAGH J V *
YADAV KALURAM R *
YADAV RAMKEVL B *
YADAV SURYABALI A *
YADWADKAR S R
YESHWANT RAO *
ZALA MAHAVIRSINH D *
ZALA RANJITSINH J *
ZINJUWADIA SHANTILAL M *
NOTES :
46
48
51
51
40
43
48
44
40
50
33
51
58
44
45
52
49
46
45
64
41
40
46
53
52
48
51
50
57
51
43
45
42
49
51
53
47
53
43
45
59
47
45
54
56
53
41
44
52
B A LLB
SSC
B A
B COM
NON MATRIC
DTM B COM
B COM LLB
B COM LLB
M SC DTC
B E (MECHANICAL)
B TEXT
B.COM, ICWA (I)
4th standard
B A
FY B A
OFFICER - EXCISE
SR ASSISTANT
SR ASSISTANT
ASSISTANT
TRACER
SHIFT INCHARGE - MAINT
SR ASSISTANT
JR OFFICER - ACCOUNTS
SR SUPERVISOR
DY SUPTD MAINTENANCE
ASSTT SUPDT - PRODN
WORKER
ASSISTANT
ASISTANT
Ph.D (Reproductive Biology), DSC
RESEARCH DIRECTOR
SSC
B COM
M COM
ASSISTANT
SR ASSISTANT
SR SUPERVISOR - PRODN
BA, BCOM, LLB
VICE PRESIDENT
B SC
B COM
B COM
BE (CHEM.)
SSC
NON MATRIC
SSC
BE(CHEM), M TECH
B SC
M.SC(ELECTRONICS),
CAIIB, CERT IN CORP FINANCE
B SC
B.Com, MBA
B.Sc, M.Sc, MFM
B COM
SSC
B A
DIP COM ARTS
B SC
B COM LLB
B A
BE, MTECH, DMB
INTERMEDIATE
SSC
NON MATRIC
SHIFT INCHARGE - PRODN
JR SUPERVISOR
OFFICER - FOLDING
GROUP VICE PRESIDENT
SR ASSISTANT - LAB
SR COLOUR CHEMIST
SR ASSISTANT
VICE PRESIDENT
DY SUPDT - PROCESSING
SR VICE PRESIDENT
SHIFT INCHARGE - PRODN
ADDITIONAL VICE PRESIDENT
GENERAL MANAGER
ASSISTANT
SR OFFICER - FOLDING
SR ASSISTANT
SR ARTIST
MANAGER - PACKING
ASSISTANT
JR OFFICER - AUDIT
LOGISTICS ADVISOR
COLOUR CHEMIST
COLOUR CHEMIST
COLOUR CHEMIST
BTECH (CHEM.), MS (CHEM.)
SR. VICE PRESIDENT
B.Sc., CAIIB
DIP ARTS
DEE
B SC
ASSISTANT VICE PRESIDENT
TECH ASSISTANT
SHIFT INCHARGE - MAINT
OFFICER - PRODN.CO ORDN.
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
JOINING
DATE
GROSS
EARNINGS
20-Nov-79
08-Jan-72
01-Mar-74
27-Jan-79
01-May-80
01-Oct-81
01-Aug-81
19-Mar-81
15-Oct-85
01-Jul-78
01-Apr-91
3 29 133
4 02 484
3 83 497
2 89 971
2 59 993
3 71 977
2 72 831
3 09 315
2 80 041
4 72 490
2 94 159
11-Jul-78
01-Nov-79
02-Jul-77
2 47 909
2 69 650
3 02 906
15-Jun-01
20 70 302
01-Jan-82
16-Jun-78
05-Jun-82
3 25 298
3 36 175
2 99 462
24-Aug-95
26 50 214
09-Sep-82
13-Oct-81
26-Sep-77
3 49 493
2 41 448
4 37 833
06-May-86
47 91 608
04-Jun-77
11-Jul-77
03-Apr-78
4 04 694
3 57 815
2 97 181
01-Jul-89
34 30 555
12-Sep-66
7 70 725
20-Aug-93
33 52 687
29-Mar-82
3 37 864
09-May-01
25 45 568
04-Feb-98
10 67 300
15-Jan-77
01-May-68
17-May-76
01-Nov-80
01-May-69
16-Oct-93
28-Aug-78
3 60 657
5 13 947
3 58 910
3 83 007
4 80 841
3 20 339
3 50 090
02-Jan-96
17 04 237
01-Jan-83
01-Jan-78
01-Jan-78
03-Oct-96
19-Oct-01
01-Oct-83
01-Jun-85
15-May-73
4 09 071
3 37 245
3 90 847
53 45 021
26 56 829
2 76 112
3 91 470
4 11 562
EXP
PREVIOUS ORGANISATION
PREVIOUS DESIGNATION
26
29
31
31
21
23
28
24
20
30
13
30
38
24
25
30
29
26
25
38
21
20
26
28
32
28
31
25
37
27
23
23
21
29
33
33
27
33
23
25
37
27
25
34
31
34
21
24
32
A'BAD UNION DYEING MILLS
FIRST EMPLOYMENT
FIRST EMPLOYMENT
AJIT INDIA PVT.LTD,A'BAD
FIRST EMPLOYMENT
GUJRAT COLD STORAGE
SHRI ARBHUDA MILLS
J & K INDUSTRIES,A'BAD
ROHIT MILLS LTD. AHMEDABAD
NEW SORAK MILLS, NADIAD
ROYAL BLENDS LTD.
GLEITLAGER (INDIA) LTD.
EAGLE INDUSTRIES
JYOTI AGENCY
FIRST EMPLOYMENT
CLERK
-
-
CLERK
-
CLERK
CLERK
CLERK
SUPERVISOR
SUPERVISOR
SUPERVISOR
PROJECT IN CHARGE
WELDER
SALESMAN
-
NATIONAL INSITITUTE OF IMMUNOLOGY
CHIEF-IMMUNOPHARMACOLOGY LAB.
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
-
RELIANCE PETROLEUM LIMITED
VICE PRESIDENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
-
INDIAN PETROCHEMICAL CORPN.LTD.
SR. PROJECT ENGINEER (CHEM.)
FIRST EMPLOYMENT
FIRST EMPLOYMENT
MANSUKHRAM GROUP
-
-
CLERK
RELIANCE PETROCHEMICALS LIMITED
PRODUCTION MANAGER
FIRST EMPLOYMENT
BANK OF INDIA
-
VICE PRESIDENT
FIRST EMPLOYMENT
RELIANCE PETROLEUM LIMITED
RELIANCE PETROLEUM LIMITED
THE UNITED CO-OP BANK LTD.,A'BAD
FIRST EMPLOYMENT
POLSAN LTD.,A'BAD
MODERN TEXTILE
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
ADDITIONAL VICE PRESIDENT
GENERAL MANAGER
CLERK
-
TYPIST CUM CLERK
DESIGNER
-
-
-
JAI CORPORATION LIMITED
PRESIDENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FINOLEX INDUSTRIES
-
-
-
PRESIDENT
RELIANCE PETROLEUM LIMITED
ASSISTANT VICE PRESIDENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
FIRST EMPLOYMENT
-
-
-
1.
2.
3.
4.
5.
6.
All appointments are non -contractual and terminable by Notice on either side, except in the case of Managing Directors and Executive Directors.
Remuneration includes salary, bonus, various allowances, contribution to provident and superannuation funds, taxable value of perquisites and gratuity paid but excluding gratuity provision.
None of the employees mentioned above is related to any directors of the Company except Shri Mukesh D. Ambani and Shri Anil D. Ambani, who are related to each other. In addition Shri Nikhil R. Meswani and Shri Hital R.
Meswani, directors, are related to each other. Shri Dhirubhai H. Ambani who passed away on 6th July, 2002 was related to Shri Ramniklal H. Ambani, Shri Mukesh D. Ambani and Shri Anil D. Ambani, directors of the Company.
Information about qualification and last employement is based on particulars furnished by the concerned employee.
Date of commencement of employment, in the case of employees of Reliance Petroleum Limited (RPL) has been reckoned as the date on which, those persons became employees of RPL as per the scheme of amalgamation.
* Refers to employment for part of the year.
Mumbai
Dated : 30th September, 2002
For and on behalf of the Board
Mukesh D. Ambani
Chairman and Managing Director
Salary of RIL.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:16)(cid:8)(cid:17)(cid:18)
Reliance Industries Limited
73
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Auditors’ Report
To the Members,
RELIANCE INDUSTRIES LIMITED
We have audited the attached Balance Sheet of RELIANCE
INDUSTRIES LIMITED as at 31st March, 2002 and the Profit and
Loss Account of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we
plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by
the
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by the Manufacturing and Other Companies
(Auditors' Report) Order, 1988
the Central
Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4
and 5 of the said Order.
issued by
3. Further to our comments in the Annexure referred to in
paragraph 2 above, we report that:
a) We have obtained all the information and explanations
which to the best of our knowledge and belief were
necessary for the purposes of our audit;
For Chaturvedi & Shah
Chartered Accountants
D. Chaturvedi
Partner
Mumbai
Dated: 30th September, 2002
b)
In our opinion, proper books of account, as required by
law, have been kept by the Company, so far as appears
from our examination of such books;
e)
d)
c) The Balance Sheet and Profit and Loss Account dealt with
by this report are in agreement with the books of account;
In our opinion the Balance Sheet and the Profit and Loss
Account dealt with by this report comply with the
mandatory Accounting Standards referred in sub-section
(3C) of section 211 of the Companies Act, 1956;
In our opinion, and based on
information and
explanations given to us, none of the directors are
from being
disqualified as on 31st March, 2002
appointed as directors in terms of clause (g) of sub-
section (1) of section 274 of the Companies Act, 1956;
In our opinion and to the best of our information and
according to the explanations given to us, the said
Balance Sheet and Profit and Loss Account read
together with the Significant Accounting Policies and
other notes thereon give the information required by the
Companies Act, 1956, in the manner so required and
present a true and fair view in conformity with the
accounting principles generally accepted in India:
(i)
in so far as it relates to Balance Sheet, of the state of
affairs of the Company as at 31st March, 2002 and
f)
(ii) in so far as it relates to the Profit and Loss Account,
of the Profit of the Company for the year ended on
that date.
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
Annexure to Auditors’ Report
1. The Company has maintained proper records showing full
particulars including quantitative details and situation of
fixed assets on the basis of information available. According
to the information and explanations given to us, the fixed
assets have been physically verified by the management
during the year in a phased periodical manner which in our
opinion is reasonable, having regard to the size of the
Company and nature of
No material
discrepancies were noticed on such verification.
the assets.
2. None of the fixed assets have been revalued during the year.
3. As explained to us, the stock of stores, spare parts, raw
materials and finished goods have been physically verified
by the management at regular intervals during the year. In
our opinion, the frequency of such verification is reasonable
having regard to the size of the Company and the nature of
its business.
information and
In our opinion and according
explanations given
the procedures of physical
verification of stocks followed by the management are
reasonable and adequate in relation to the size of the
Company and the nature of the business.
to us,
the
to
4.
5. As explained to us, there were no material discrepancies
noticed on physical verification of
the stocks of raw
materials, stores and spares and finished goods, having
regard to the size of the operations of the Company.
8.
7.
6. The valuation of stocks is fair and proper and is in
accordance with
the normally accepted accounting
principles and is on the same basis as in the preceding year.
In respect of loans from companies listed in the register
maintained under Section 301 of the Companies Act, 1956,
and from Companies under the same management as
defined under sub-section (1B) of Section 370 of the
Companies Act, 1956, the rate of interest and other terms
and conditions are not prima facie prejudicial to the interests
of the company.
In respect of loans given to companies listed in the register
maintained under Section 301 and/or to the companies
under the same management as defined under sub-section
(1B) of Section 370 of the Companies Act, 1956, the rate of
interest, where applicable, and other terms and conditions
are not, prima facie, prejudicial to the interests of the
company. The above
to
includes
subsidiaries and advances towards promoters contribution.
Attention is invited to Note No. 10 of Schedule 'O' to the
accounts. In our opinion, having regard to the long term
involvement with these companies and considering the
explanations given to us in this regard, the terms and
conditions of the above are not, prima facie, prejudicial to the
interests of the Company.
In respect of outstanding loans and advances in the nature
interest
loans
free
9.
74
Reliance Industries Limited
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
of loans given by the Company to parties, other than to the
companies mentioned in para 8 above, where stipulated they
are generally repaying the principal amounts as stipulated
and are also generally regular in the payment of interest,
where applicable.
10. In our opinion and according
information and
explanations given to us, there are adequate internal control
procedures commensurate with the size of the Company and
the nature of its business for the purchase of stores, raw
materials
including components, plant and machinery,
equipment and other assets and for the sale of goods.
the
to
to
11. In our opinion and according
the
information and
explanations given to us there are no transactions of
purchases of goods and materials and of sale of goods,
materials and services made in pursuance of contracts or
arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 and aggregating
during the year to Rs.50,000 (Rupees Fifty Thousand only)
or more in respect of any party.
12. According to the information and explanations given to us,
the company has a regular procedure for the determination
of unserviceable or damaged stores, raw materials and
finished goods. Adequate provision has been made in the
accounts for the loss arising on the items so determined.
13. The Company has not accepted any deposits from the public.
14. In our opinion, reasonable records have been maintained by
the Company for the sale and disposal of realizable by-
products and scrap, wherever significant.
For Chaturvedi & Shah
Chartered Accountants
D. Chaturvedi
Partner
Mumbai
Dated: 30th September, 2002
15. In our opinion the internal audit system of the Company is
commensurate with its size and nature of its business.
16. The Central Government has prescribed maintenance of
Cost Records under Section 209 (1)(d) of the Companies
Act, 1956 in respect of certain manufacturing activities of the
Company. We have broadly reviewed the accounts and
records of the Company in this connection and are of the
opinion that, prima facie, the prescribed accounts and
records have been made and maintained. We have not,
however, made a detailed examination of the same.
17. According to the records of the Company, Provident Fund
and Employees State Insurance dues have been regularly
deposited with the appropriate authorities.
18. According to the information and explanation given to us, no
undisputed amounts payable in respect of Income Tax,
Wealth Tax, Sales Tax, Customs Duty and Excise Duty were
outstanding as on 31st March, 2002 for a period of more
than six months from the date of becoming payable.
19. According to the information and explanations given to us
and on the basis of records examined by us, no personal
expenses of employees or directors have been charged to
Revenue Account other
those payable under
contractual obligations or in accordance with generally
accepted business practice.
than
20. The Company is not a sick industrial company within the
meaning of clause (o) of sub-section (1) of Section 3 of the
Sick Industrial Companies (Special Provisions) Act, 1985.
21. In relation to trading activities of the company, we are
informed that there are no damaged goods.
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
International Accountants’ Report
To the Board of Directors of
RELIANCE INDUSTRIES LIMITED
We have audited the Balance Sheet of Reliance Industries
Limited as on 31st March, 2002 and the Profit and Loss Account
of the Company for the year ended on that date (the financial
statements) attached hereto, which have been prepared in
accordance with the Generally Accepted Accounting Principles
in India and Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956.
the
financial statements and whether
preparation of
the
accounting policies are appropriate to the circumstances to the
company, consistently applied and adequately disclosed. We
planned and performed audit so as to obtain all information and
explanations, which to the best of our knowledge and belief were
necessary for the purposes of our audit.
The financial statements dealt with by this report are in
agreement with books of account of the Company.
Respective Responsibilities of
Auditors
the Management and
Opinion
these
financial statements. The
The Management of the Company is responsible for the
preparation of
financial
statements have also been audited by firms of Chartered
Accountants appointed as Auditors under the statute (The
Companies Act) who submit separately
in
accordance with the provisions of the Companies Act. It is our
responsibility to form an independent opinion, based on our
audit of the statements and to report our opinion to you as a
concurrent special assignment.
report
their
In our opinion and to the best of our information and according to
the explanations given to us, the financial statments read with
the accounting policies and notes thereon give a true and fair
view:
(i) In the case of the Balance Sheet, of the state of affairs of
the Company as at 31st March, 2002 and
(ii) In the case of the Profit and Loss Account, of the profit for
the year ended on that date.
Basis of Opinion
We conducted our audit in accordance with the auditing
standards issued by the Institute of Chartered Accountants of
India. An audit includes examination, on a test basis of evidence
relevant to the amounts and disclosures in the financial
statements. It also includes an assessment of the significant
estimates and judgements made by the management in the
Mumbai
Dated: 30th September, 2002
For Deloitte Haskins & Sells
Chartered Accountants
P. R. Barpande
Partner
Reliance Industries Limited
75
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Balance Sheet as at 31st March, 2002
Schedule
As at
31st March, 2002
Rs.
Rs.
(Rs. in Crores)
As at
31st March, 2001
Rs.
Rs.
SOURCES OF FUNDS
Shareholders’ Funds
Share Capital - Equity
Equity Share Suspense
Reserves and Surplus
Deferred Tax Liability
Loan Funds
Secured Loans
Unsecured Loans
TOTAL
APPLICATION OF FUNDS
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Work-in-Progress
Investments
Current Assets, Loans and Advances
Current Assets
Inventories
Sundry Debtors
Cash and Bank Balances
Other Current Assets
Loans and Advances
Less: Current Liabilities and Provisions
Current Liabilities
Provisions
Net Current Assets
Miscellanous Expenditure
(to the extent not written off or adjusted)
[Ref. Note 17, Schedule ‘O’]
TOTAL
Significant Accounting Policies
Notes on Accounts
1,053.56
342.29
26,479.41
1,053.49
—
13,711.88
27,875.26
2,060.82
14,765.37
—
14,188.89
4,739.59
4,068.40
6,067.39
18,928.48
48,864.56
10,135.79
24,901.16
46,727.32
15,076.92
31,650.40
1,533.31
4,974.07
2,722.46
1,760.71
428.12
9,885.36
9,565.30
19,450.66
6,472.29
1,210.54
7,682.83
25,355.99
11,841.53
13,514.46
512.38
33,183.71
3,850.16
14,026.84
6,726.11
2,299.85
1,134.17
100.63
85.13
3,619.78
5,502.73
9,122.51
4,110.80
863.50
4,974.30
11,767.83
62.86
4,148.21
—
48,864.56
24,901.16
‘A’
‘B’
‘C’
‘D’
‘E’
‘F’
‘G’
‘H’
‘I’
‘N’
‘O’
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
D. Chaturvedi
Partner
R. J. Shah
Partner
Mumbai
Dated: 30th September, 2002
M.D.Ambani
A.D.Ambani
N.R.Meswani
H.R.Meswani
H.S.Kohli
U.Mahesh Rao
R.H.Ambani
M.L.Bhakta
T.Ramesh U.Pai
Y.P.Trivedi
Dr.D.V.Kapur
M.P.Modi
V.M.Ambani
76
Reliance Industries Limited
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
- Chairman & Managing Director
- Vice-Chairman & Managing Director
Executive
Directors
- Nominee Director
Directors
}
}
- Company Secretary
Profit and Loss Account for the year ended 31st March, 2002
GROWTH IS LIFE
Schedule
2001-2002
(Rs. in Crores)
2000-2001
Rs.
Rs.
Rs.
Rs.
57,119.57
11,715.69
45,403.88
3,314.98
28,008.25
4,984.08
23,024.17
2,582.82
INCOME
Gross Turnover
Less: Inter Divisional Transfers
Turnover
Less: Excise Duty Recovered on Sales
Net Turnover
Other Income
Variation in Stock
EXPENDITURE
Purchases
Manufacturing and Other Expenses
Interest
Depreciation
Less :
Transferred from General Reserve
[Refer Note 4, Schedule ‘O’]
‘J’
‘K’
‘L’
‘M’
3,435.82
619.68
Profit Before Tax and Extra Ordinary Income
Add :
Extra Ordinary Income
[Ref. Note No. 6, Schedule ‘O’]
Profit Before Tax
Provision for Current Taxation
Provision for Deferred Tax
Profit after Tax
Add :
Balance brought forward from last year
On Amalgamation
Deferred Tax liability for Earlier Years
Investment Allowance (Utilised) Reserve Written Back
Amount Available For Appropriations
APPROPRIATIONS
Capital Redemption Reserve
Debenture Redemption Reserve
Capital Reserve
General Reserve
Interim Dividend on Preference Shares
Proposed Dividend on Equity Shares
(Subject to deduction of tax at source)
Tax on Dividend
—
137.64
4.95
2,000.00
—
663.28
—
Balance Carried to Balance Sheet
Basic & Diluted Earning per Share of Rs. 10 each (In Rupees)
[Ref. Note 14, Schedule ‘O’]
Significant Accounting Policies
Notes on Accounts
‘N’
‘O’
42,088.90
782.34
(907.83)
41,963.41
1,697.84
31,607.33
1,825.10
2,816.14
37,946.41
4,017.00
411.70
4,428.70
190.00
996.00
3,242.70
2,160.65
1,071.50
(1,064.82)
122.07
5,532.10
20,441.35
382.63
317.94
21,141.92
2,935.66
12,644.54
1,215.99
1,565.11
18,361.30
2,780.62
—
2,780.62
135.00
—
2,645.62
1,739.48
—
—
10.00
4,395.10
2,636.73
1,071.62
292.95
344.57
98.11
1,000.00
4.77
447.85
46.20
2,805.87
2,726.23
23.36
2,234.45
2,160.65
25.11
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
D. Chaturvedi
Partner
R. J. Shah
Partner
Mumbai
Dated: 30th September, 2002
M.D.Ambani
A.D.Ambani
N.R.Meswani
H.R.Meswani
H.S.Kohli
U.Mahesh Rao
R.H.Ambani
M.L.Bhakta
T.Ramesh U.Pai
Y.P.Trivedi
Dr.D.V.Kapur
M.P.Modi
V.M.Ambani
}
}
Executive
Directors
- Nominee Director
Directors
- Company Secretary
- Chairman & Managing Director
- Vice-Chairman & Managing Director
RIL Notes of Accoutns.p65
October 8, 2002 @ 8:42 pm
Reliance Industries Limited
77
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Schedules forming part of the Balance Sheet
SCHEDULE ‘B’
RESERVES AND SURPLUS
As at
(Rs. in Crores)
As at
31st March, 2002
31st March, 2001
Rs.
Rs.
Rs.
Rs.
Revaluation Reserve
As per last Balance Sheet
Less: Deduction on retirement of Revalued Assets
2,770.78
32.28
2,771.06
0.28
Capital Reserve
As per last Balance Sheet
Add : On Amalgamation
Add : Transferred from Profit and Loss Account
Capital Redemption Reserve
As per last Balance Sheet
Add : Transferred from Profit and Loss Account
Debenture Redemption Reserve
As per last Balance Sheet
Add : On Amalgamation
Add : Transferred from Profit and Loss Account
Securities Premium Account
As per last Balance Sheet
Add : On Amalgamation
Less: Premium on Redemption of Debentures/Bonds
Less: Calls in arrears - by others
Investment Allowance (Utilised) Reserve
As per last Balance Sheet
Less: Transferred to Profit and Loss Account
Taxation Reserve
As per last Balance Sheet
General Reserve
As per last Balance Sheet
Less: Transferred to Profit and Loss Account *
[Refer Note 4(a) & 4(b), Schedule ‘O’]
Add : Transferred from Profit and Loss Account
Profit and Loss Account
285.68
0.65
4.95
485.07
—
852.46
130.17
137.64
5,449.22
10,739.67
16,188.89
35.08
16,153.81
4.23
198.70
122.07
1,501.53
619.68
881.85
2,000.00
2,738.50
2,770.78
187.57
—
98.11
291.28
285.68
485.07
192.12
292.95
507.89
—
344.57
485.07
1,120.27
852.46
5,449.22
—
5,449.22
—
5,449.22
2.21
16,149.58
5,447.01
198.70
10.00
76.63
10.00
208.70
10.00
1,573.15
1,071.62
501.53
1,000.00
2,881.85
2,726.23
26,479.41
1,501.53
2,160.65
13,711.88
* Cumulative amount transferred on account of Depreciation on Revaluation
Rs. 2,301.38 Crores (Previous Year Rs. 2,131.86 Crores)
RIL Notes of Accoutns.p65
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Reliance Industries Limited
79
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Schedules forming part of the Balance Sheet
SCHEDULE ‘C’
SECURED LOANS
A) DEBENTURES
1
2
Non-Convertible Debentures
Deep Discount Debentures
Less : Unamortised Discounts
B) TERM LOANS
1.
2.
From Banks
Foreign Currency Loans
From Financial Institutions
a) Foreign Currency Loans
b) Rupee Loans
C) WORKING CAPITAL LOANS
From Banks
a) Foreign Currency Loans
b) Rupee Loans
As at
31st March, 2002
Rs.
Rs.
(Rs. in Crores)
As at
31st March, 2001
Rs.
Rs.
8,551.58
600.00
137.98
462.02
4,289.07
4,289.07
—
167.20
167.20
—
719.02
3,352.50
600.00
190.52
409.48
9,013.60
3,761.98
—
—
3.41
65.25
68.66
4,456.27
68.66
69.96
167.80
719.02
14,188.89
237.76
4,068.40
Note:
1.
(a) Debentures referred to in A above to the extent of Rs. 2,650.35 Crores are secured/to be secured by way of mortgage /
charge on all the properties situated at Hazira, District Surat in the State of Gujarat and at Patalganga, District Raigad in
the State of Maharashtra.
(b) Debentures referred to in A above to the extent of Rs. 992.25 Crores are secured by way of mortgage / charge on all the
properties situated at Patalganga, District Raigad in the State of Maharashtra and on the properties of petrochemicals
complex situated at Jamnagar, in the State of Gujarat and on the movable properties situated at Hazira, District Surat, in the
State of Gujarat.
(c) Debentures referred to in A above to the extent of Rs. 162.00 Crores are secured by way of second and subservient charge,
created on all the properties situated at Patalganga, District Raigad in the State of Maharashtra.
(d) Debentures referred to in A above to the extent of Rs. 5,209.00 Crores are secured/to be secured by first pari passu mortgage
and charge in favour of the Trustees on all the immovable and movable properties, both present and future, excluding book
debts, office premises and certain other properties specifically excluded of the refinery division of the Company.
(e)
Debentures referred to in A above consists of:
(1) 16.5% Debentures of Rs. 100 each, aggregating Rs. 25.00 Crores are redeemable at par on the expiry of seventh year
from the date of allotment, commencing from 10th October, 2002. (2) 13% Debentures of Rs. 100 each, aggregating Rs.
145.00 Crores are redeemable at par as follows: viz Rs. 45 Crores on 11th October, 2009 and Rs. 100 Crores on 17th
November, 2009. (3) 14.08% Debentures of Rs. 100 each aggregating Rs. 58.33 Crores are redeemable at par in two
instalments, on the expiry of sixth and seventh year from the date of allotment; commencing from 31st March, 2003 (4)
14.5% Debentures of Rs. 10,00,000 each, aggregating Rs. 112.00 Crores are redeemable at par in 19th May, 2002 (since
redeemed). (5) 13.5% Debentures of Rs. 1,00,00,000 each, aggregating Rs. 50.00 Crores which are redeemable at par
in three equal annual instalments on the expiry of the fifth, sixth and seventh year from the date of allotment; i.e.
commencing from 15th September, 2002. (6) 12.25% Debentures of Rs. 1,00,00,000 each aggregating Rs. 325.00
Crores, are redeemable at par in three annual instalments on the expiry of fifth, sixth and seventh year from the date
of allotment; commencing from 1st January, 2003. (7) 12.5% Debentures of Rs. 1,00,00,000 each aggregating Rs. 110.00
Crores are redeemable at par on the expiry of seventh year from the date of allotment i.e. 1st January, 2005. (8) 13.75%
Debentures of Rs. 1,00,00,000 each aggregating Rs. 110.00 Crores are redeemable at par on the expiry of the tenth
year from the respective dates of allotment i.e. 1st January, 2008. (9) 13.75% Debentures of Rs. 1,00,00,000 each
aggregating Rs. 80.00 Crores are redeemable at par on the expiry of the tenth year from the respective dates of
allotment, i.e. 1st January, 2008. (10) 14.75% Debentures of Rs. 1,00,00,000 each aggregating Rs. 200.00 Crores are
redeemable at par in three equal annual instalments, on expiry of eighth, ninth and tenth year from the respective dates
of allotment; commencing from 13th February, 2006. (11) 14.25% Debentures of Rs. 1,00,00,000 each aggregating Rs.
80
Reliance Industries Limited
RIL Notes of Accoutns.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Balance Sheet
200.00 Crores are redeemable at par on the expiry of the tenth year from the date of allotment; i.e 27th May, 2008. (12)
15.03% Debentures of Rs. 1,00,00,000 each aggregating Rs. 150.00 Crores are redeemable at par on the expiry of the
tenth year from the date of allotment; i.e 12th June, 2008. (13) 15.03 % Debentures of Rs. 25,00,000 each aggregating
Rs. 66.25. Crores which are redeemable at par on the expiry of the tenth year from the date of allotment; i.e. 25th June,
2008. (14) 14.25% Debentures of Rs. 1,00,00,000 each aggregating Rs. 150.00 Crores are redeemable at par on the
expiry of the tenth year from the date of allotment; i.e. 9th September, 2008. (15) 15.03% Debentures of Rs. 1,00,00,000
each aggregating Rs. 21.00 Crores are redeemable at par on the expiry of the tenth year from the date of allotment;
i.e. 27th September, 2008. (16) 15.03% Debentures of Rs. 1,00,00,000 each aggregating Rs. 100.00 Crores are
redeemable at par on the expiry of the tenth year from the date of allotment; i.e. 4th October, 2008. (17) 14.25%
Debentures of Rs. 1,00,00,000 each aggregating Rs. 100.00 Crores are redeemable at par on the expiry of the tenth
year from the date of allotment; i.e. 26th November, 2008. (18) 15.03% Debentures of Rs. 1,00,00,000 each aggregating
Rs. 25.00 Crores are redeemable at par on the expiry of the tenth year from the date of allotment; i.e. 20th October,
2008. (19) 11.50 % Debentures of Rs. 1,00,00,000 each aggregating Rs. 195.00 Crores are redeemable at par on the
expiry of the fifty four months from the date of allotment; i.e. 12th November, 2003. (20) Deep Discount debentures
aggregating Rs. 600.00 Crores are redeemable at par on the expiry of sixty months from the date of allotment; i.e. 1st
June, 2004. (21) 12.10% Debentures of Rs. 1,00,00,000 each aggregating Rs. 50.00 Crores are redeemable at par on
the expiry of third year from the date of allotment; i.e. 15th June, 2002 (since redeemed). (22) 12.10% Debentures of
Rs. 1,00,00,000 each aggregating Rs. 92.00 Crores are redeemable at par on the expiry of fifth year from the date of
allotment; i.e. 1st July, 2004 (since redeemed). (23) 12.70% Debentures of Rs. 1,00,00,000 each aggregating Rs. 100.00
Crores are redeemable at par on 15th December, 2007. (24) 12.36% Debentures of Rs. 1,00,00,000 each aggregating
Rs. 51.00 Crores are redeemable at par on the expiry of fifth year from the respective dates of allotment; commencing
from 24th August, 2004. (25) 12.35% Debentures of Rs. 1,00,00,000 each aggregating Rs. 45.00 Crores are redeemable
at par on the expiry of fifth year from the date of allotment; i.e. 30th August, 2004. (26) Debentures of Rs. 50,00,000
each aggregating Rs. 92.00 Crores carrying an interest rate linked to the interest rate as announced by CRISIL, which
are redeemable at par on the expiry of fifth year from the date of allotment;i.e. 10th February, 2005. (27) 10.85%
Debentures of Rs. 1,00,00,000 each aggregating Rs. 50.00 Crores are redeemable at par on the expiry of fifth year from
the date of allotment; i.e. 24th February, 2005. (28) 11.00% Debentures of Rs. 1,00,00,000 each aggregating Rs. 75.00
Crores are redeemable at par on the expiry of third year from the date of allotment; i.e. 11th July, 2003. (29) 12.10%
Debentures of Rs. 1,00,00,000 each aggregating Rs. 155.00 Crores are redeemable at par on the expiry of fifth year from
the date of allotment; i.e. 15th September, 2005. (30) MIBOR Linked Debentures of Rs. 1,00,00,000 each aggregating
Rs. 60.00 Crores are redeemable at par on the expiry of third year from the date of allotment; i.e. 12th October, 2003.]
(31) 10.90% Debentures of Rs. 1,00,00,000 each aggregating Rs. 100.00 Crores are redeemable at par on the expiry
of third year from the date of allotment; i.e. 19th January, 2004. (32) 9.90% Debentures of Rs. 1,00,00,000 each
aggregating Rs. 50.00 Crores are redeemable at par on the expiry of fifth year from the date of allotment; i.e. 15th June,
2006. (33) 9.90% Debentures of Rs. 1,00,00,000 each aggregating Rs. 50.00 Crores are redeemable at par on the expiry
of fifth year from the date of allotment; i.e. 21st June, 2006. (34) 9.60% Debentures of Rs. 1,00,00,000 each aggregating
Rs. 50.00 Crores are redeemable at par on the expiry of fifth year from the date of allotment; i.e. 22nd June, 2006. (35)
9.55% Debentures of Rs. 1,00,00,000 each aggregating Rs. 50.00 Crores are redeemable at par on the expiry of fifth
year from the date of allotment; i.e. 11th July, 2006. (36) 9.60% Debentures of Rs. 1,00,00,000 each aggregating Rs.
50.00 Crores are redeemable at par on the expiry of fifth year from the date of allotment; i.e. 12th July, 2006. (37) 13.5%
Debentures of Rs.1,00,00,000 each aggregating Rs.200 Crores are redeemable at par in 5 annual installments of 10%,
10%, 10%, 35% and 35% commencing from 30th March, 2005. (38) 13.5% Debentures of Rs.1,00,00,000 each
aggregating Rs.200 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35%
commencing from 31st March, 2005. (39) 13% Debentures of Rs.1,00,00,000 each aggregating Rs.100 Crores are
redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35% commencing from 15th June, 2005. (40)
13% Debentures of Rs.1,00,00,000 each aggregating Rs.100 Crores are redeemable at par in 5 annual installments of
10%, 10%, 10%, 35% and 35% commencing from 28th June, 2005. (41) 12.75% Debentures of Rs.1,00,00,000
aggregating Rs.300 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35%
commencing from 10th August, 2005. (42) 13.55% Debentures of Rs.1,00,00,000 each aggregating Rs.70 Crores are
redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35% commencing from 12th August, 2005 (43)
13% Debentures of Rs.1,00,00,000 each aggregating Rs.105 Crores are redeemable at par on 17th September, 2004
(44) 13.5% Debenture of Rs.1,00,00,000 is redeemable at par in 3 annual installments of 30%, 30% and 40%
commencing from 17th September, 2007. (45) 13.25% Debenture of Rs.1,00,00,000 is redeemable at par in 3 annual
installments of 30%, 30% and 40% commencing from 17th September, 2005. (46) 12.75% Debentures of Rs.1,00,00,000
aggregating 200 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35% commencing
from 17th September, 2005. (47) 13.5% Debentures of Rs.1,00,00,000 each aggregating Rs.145 Crores are redeemable
at par in 3 annual installments of 30%, 30% and 40% commencing from 20th September, 2007. (48) 13.5% Debentures
of Rs.1,00,00,000 each aggregating Rs.272 Crores are redeemable at par in 3 annual installments of 30%, 30% and 40%
commencing from 1st October, 2007. (49) 13.5% Debentures of Rs.1,00,00,000 each aggregating Rs.160 Crores are
redeemable at par in 3 annual installments of 30%, 30% and 40% commencing from 11th October, 2007. (50) 13.5%
Debentures of Rs.1,00,00,000 each aggregating Rs.300 Crores are redeemable at par in 5 annual installments of 10%,
10%, 10%, 35% and 35% commencing from 29th September, 2005. (51) 13.5% Debentures of Rs.25,00,000 each
aggregating Rs.125 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35%
commencing from 25th October, 2005. (52) 13.94% Debentures of Rs.100 each aggregating Rs. 234 Crores are
redeemable at par on 1st July, 2002 (since redeemed). (53) 11.75% Debentures of Rs.1,00,00,000 each aggregating
Rs.300 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35% commencing from 30th
May, 2006. (54) 12.25% Debentures of Rs.1,00,00,000 each aggregating Rs.200 Crores are redeemable at par in 5
annual installments of 10%, 10%, 10%, 35% and 35% commencing from 22nd August, 2006 (55) 11.50% Debentures
of Rs.1,00,00,000 each aggregating Rs.410 Crores are redeemable at par on 6th February, 2006. (56) 11.20%
Debentures of Rs.1,00,00,000 each aggregating Rs.175 Crores are redeemable at par on 24th February, 2004. (57)
11.50% Debentures of Rs.1,00,00,000 each aggregating Rs.500 Crores are redeemable at par in 3 equal annual
Reliance Industries Limited
81
RIL Notes of Accoutns.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Balance Sheet
installments commencing from 1st March, 2006. (58) 11.30% Debentures of Rs.1,00,00,000 each aggregating Rs.50
Crores are redeemable at par on 1st March, 2006. (59) 10.75% Debentures of Rs.1,00,00,000 each aggregating Rs.163
Crores are redeemable on 2nd May, 2004 (since redeemed). (60) 11.15% Debentures of Rs.1,00,00,000 each
aggregating Rs.45 Crores are redeemable at par on 2nd May, 2006. (61) 11.10% Debentures of Rs.1,00,00,000 each
aggregating Rs.50 Crores are redeemable at par on 30th April, 2006. (62) 11.00% Debentures of Rs.1,00,00,000 each
aggregating Rs.20 Crores are redeemable at par on 9th May, 2006. (63) 11.05% Debentures of Rs.1,00,00,000 each
aggregating Rs.100 Crores are redeemable at par in 16th May, 2006. (64) 10.95% Debentures of Rs.1,00,00,000 each
aggregating Rs.25 Crores are redeemable at par on 15th May, 2006. (65) 10.70% Debentures of Rs.1,00,00,000 each
aggregating Rs.268 Crores are redeemable at par on 1st June, 2004 (since redeemed). (66) 9.95% Debentures of
Rs.1,00,00,000 each aggregating Rs.50 Crores are redeemable at par on 8th June, 2003. (67) 9.84% Debentures of
Rs.1,00,00,000 each aggregating Rs.150 Crores are redeemable at par on 26th December 2002. (68) 10.00%
Debentures of Rs.1,00,00,000 each aggregating Rs.40 Crores are redeemable at par on 15 June 2006. (69) 10.00%
Debentures of Rs.1,00,00,000 each aggregating Rs.50 Crores are redeemable at par in 20th June, 2006. (70) 10.00%
Debentures of Rs.1,00,00,000 each aggregating Rs.50 Crores are redeemable at par on 10th July, 2006. (71) 9.90%
Debentures of Rs.1,00,00,000 each aggregating Rs.50 Crores are redeemable at par on 18th July, 2006.
2.
(a) Foreign currency loans referred to in B(1) above to the extent of Rs. 4,289.07 Crores, from Banks are secured/to be secured
by first pari passu mortgage and charge in favour of the Lenders on the immovable and movable properties, both present
and future, excluding book debts, office premises and certain other properties specifically excluded of the refinery division
of the Company.
(b) Rupee Term Loans referred to in B(2) (b) above to the extent of Rs. 100.00 Crores (since repaid) from Financial Institutions
are secured/to be secured by first pari passu mortgage and charge in favour of the Trustees/Lenders on the immovable and
movable properties, both present and future, excluding book debts, office premises and certain other properties specifically
excluded of the refinery division of the Company.
(c) Term Loan referred to in B(2) (b) above, to the extent of Rs.67.20 Crores are secured/to be secured only on the dwelling
units constructed/to be constructed for the employees of the Company.
3.
(a) The charges created on the Debentures referred to in Note 1(a) and 1(b) above shall rank pari passu, inter se.
(b) The charges created on the Debentures referred to in Note 1(d), term loans referred to in Note 2(a) and 2(b), above shall
rank pari passu, inter se.
4.
(a) Working Capital Loans from Banks referred to in C(b) above to the extent of Rs.547.77 Crores are secured by hypothecation
of present and future stock in trade, raw material, stock in process, stores and spares (not relating to Plant and Machinery),
outstanding monies, receivables and Book Debts of the refinery division of the Company.
(b) Working Capital Loans from Banks referred to in C(b) above to the extent of Rs.171.25 Crores are secured by hypothecation
of present and future stock of raw materials, stock-in-process, finished goods, stores and spares, book debts, outstanding
monies, receivable claims, etc. save and except receivable of Oil and Gas Division.
5.
Secured Loans include loans of Rs.31.60 Crores and debentures of Rs. 718.50 Crores repayable / redeemable at par within
one year.
SCHEDULE ‘D’
UNSECURED LOANS
A. Long Term
i)
ii)
From Banks
From Others
B. Short Term
From Banks
As at
31st March, 2002
Rs.
Rs.
(Rs. in Crores)
As at
31st March, 2001
Rs.
Rs.
1,429.25
3,310.34
1,611.84
4,355.55
4,739.59
—
4,739.59
5,967.39
100.00
6,067.39
82
Reliance Industries Limited
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Balance Sheet
SCHEDULE ‘E’
FIXED ASSETS
Description
As At
Acquired On
Additions/
Deductions/
As at
Upto
For the
Deductions
Upto
As At
As At
Gross Block
Depreciation
(Rs. in Crores)
Net Block
Producing Properties
Buildings
Plant & Machinery
Electrical Installations
Equipments
Furniture & Fixtures
Vehicles
Ships
Aircrafts & Helicopters
Jetties
Sub-Total
LEASED ASSETS:
Plant & Machinery
Ships
Sub-Total
Total
1-4-2001
Amalgamation#
Adjustment
Adjustment
31-3-2002
1-4-2001
Rs.
Rs.
Rs.
Rs.
Rs.
Rs.
OWN ASSETS:
Leasehold Land
Freehold Land
52.83
42.99
Development Rights /
1,033.47
—
94.91
—
3.85
21.94
34.36
—
0.10
—
56.68
159.74
3.77
—
1,067.83
178.52
Year
Rs.
0.42
—-
57.77
1,499.45
21,133.44
702.08
318.77
120.51
78.97
213.31
46.92
113.25
775.93
238.92
0.14
2,514.16
416.13
87.76
17,674.42
1,885.83
258.73
40,434.96
10,504.71
3,076.20
16.22
193.78
45.42
16.35
1.47
—
533.72
11.48
35.79
10.52
24.01
—
—
—
0.54
1.55
1.33
14.82
—
—
—
729.24
546.79
175.12
104.51
214.78
46.92
646.97
273.61
125.03
53.29
50.03
151.94
26.66
57.84
73.88
42.89
22.35
13.35
8.80
3.27
42.45
Rs.
—
—
—
0.58
187.20
0.09
0.87
0.78
10.91
—
—
—
31-3-2002
31-3-2002
31-3-2001
Rs.
Rs.
Rs.
4.19
—
236.29
52.49
159.74
831.54
49.06
42.99
854.95
503.31
2,010.85
13,393.71
27,041.25
1,083.32
10,628.73
347.40
167.05
74.86
52.47
160.74
29.93
100.29
381.84
379.74
100.26
52.04
54.04
16.99
546.68
428.47
193.74
67.22
28.94
61.37
20.26
55.41
25,355.99
19,352.22
2,266.70
277.21
46,697.70
11,841.53
3,429.14
*
200.43
15,070.24
31,627.46
13,514.46
—
—
19.64
9.98
29.62
19.64
9.98
29.62
—
—
5.02
1.66
6.68
5.02
1.66
6.68
14.62
8.32
22.94
—
—
—
—
25,355.99
19,352.22
2,296.32
277.21
46,727.32
11,841.53
3,435.82
200.43
15,076.92
31,650.40
13,514.46
Previous Year
24,330.95
—
1,052.07
27.03
25,355.99
9,214.06
2,636.73
9.26
11,841.53
13,514.46
Capital Work-in-Progress
NOTES :
1,533.31
512.38
a)
b)
Leasehold Land includes Rs. 0.21 Crore in respect of which lease-deeds are pending execution.
Buildings include :
i)
ii)
Cost of shares in Co-operative Societies Rs. 0.01 Crore ( Previous Year Rs. 0.01 Crore).
Rs. 93.20 Crores incurred towards purchase/acquisition of 1,94,819 Equity Shares of Re. 1 each of M/s. Mature Trading & Investments Pvt. Ltd. with a right of occupancy
of certain area of a commercial premises.
c)
Capital Work-in-Progress includes :
i)
ii)
Rs. 64.86 Crores on account of project development expenses. (Previous Year Rs. 6.52 Crores)
Rs. 477.04 Crores on account of cost of construction materials at site. (Previous Year Rs. 160.23 Crores).
iii) Rs. 197.62 Crores on account of advance against Capital Expenditure. (Previous Year Rs. 29.23 Crores).
Additions include Rs. 294.29 Crores on account of exchange difference during the year.(Previous Year Rs. 551.42 Crores).
The Ownership of Jetties vests with Gujarat Maritime Board. However, under an agreement with Gujarat Maritime Board, the company has been permitted to
use the same at a concessional rate.
d)
e)
f)
Gross Block includes Rs. 2,738.50 Crores (Previous Year Rs. 2,770.78 Crores) being the amount added on revaluation of Plant & Machinery as at 01-04-1997
* Refer to Note 4(a) & 4(b), Schedule 'O'
# Fair value of assets added on amalgamation of Reliance Petroleum Limited, based on valuers’ report.
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
Reliance Industries Limited
83
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Balance Sheet
SCHEDULE ‘F’
INVESTMENTS
A. LONG TERM INVESTMENTS
Government and other securities
Unquoted
Indira Vikas Patra
Kisan Vikas Patra
(Deposited with Sales Tax Dept.)
(Rs. 20,000 Previous Year Rs. 20,000)
7 years National savings certificate
(Deposited with Sales Tax Dept.)
(Rs. 1,000 previous year Rs. NIL)
Trade Investments
In Equity Shares
Quoted, fully paid up
6,01,23,886 Reliance Capital Ltd., of Rs. 10 each
(6,01,23,886)
69,80,000 Reliance Industrial Infrastructure Ltd., of
(69,80,000) Rs. 10 each
(1,27,25,89,200)
- Reliance Petroleum Ltd., of Rs. 10 each, (Company under
the same management and amalgamated during the year)
Unquoted, fully paid up
5
Bombay Gujarat Art Silk Vepari Mahajan
(5) Co-operative Shops and Warehouse Society Ltd.,
of Rs. 200 each, (Rs 1,000; Previous Year Rs. 1,000)
60 New Piece Goods Bazar Co. Ltd., of Rs. 100 each,
(60)
15
(Rs. 17,000; Previous Year Rs. 17,000)
Pandesara Industrial Co-operative Society Ltd., of
(15) Rs. 100 each (Rs. 1,500; Previous Year Rs. 1,500)
118 Reliance Petroproducts Private Ltd., of Rs. 10 each,
(300)
(Rs. 1,180; Previous Year Rs. 3,000)
11,08,500 Reliance Europe Ltd of Sterling Pound 1 each
(11,08,500)
145 Reliance Global Trading Private Ltd., of Rs. 10 each,
(800)
165
(165)
20
(20)
1,30,00,000
(-)
26,000
(-)
1,00,00,000
(-)
(Rs. 1,450; Previous Year Rs. 8,000)
The Art Silk Co-operative Society Ltd., of Rs. 100 each,
(Rs. 16,500; Previous Year Rs. 16,500)
The Bombay Market Art Silk Co-operative
(Shops and Warehouses) Society Ltd., of
Rs. 200 each, (Rs. 4,000; Previous Year Rs. 4,000)
Petronet V. K. Ltd., of Rs.10 each
Petronet C.I. Ltd., of Rs.10 each
Petronet India Ltd., of Rs.10 each
Unquoted, partly paid up
225 Crimpers Industrial Co-operative Society Ltd., of
(225) Rs.100 each, Rs. 25 paid up
(Rs. 5,625; Previous Year Rs. 5,625)
226 Reliance Global Trading Private Ltd., of Rs.10 each,
(226) Rs. 2.50 paid up (Rs. 565; Previous Year Rs. 565)
182 Reliance Petroproducts Private Ltd., of Rs. 10 each,
(182) Rs.2.50 paid up (Rs. 455; Previous Year Rs. 455)
As at
31st March, 2002
Rs.
Rs.
(Rs. in Crores)
As at
31st March, 2001
Rs.
Rs.
0.51
—
—
486.25
16.58
—
502.83
—
—
—
—
3.93
—
—
—
13.00
0.03
10.00
26.96
—
—
—
—
0.51
—
—
0.51
0.51
486.25
16.58
2,638.37
3,141.20
—
—
—
—
3.93
—
—
—
—
—
—
3.93
—
—
—
—
84
Reliance Industries Limited
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Balance Sheet
SCHEDULE ‘F’ ( contd.)
INVESTMENTS
In Preference Shares
Unquoted, fully paid up
As at
31st March, 2002
Rs.
Rs.
(Rs. in Crores)
As at
31st March, 2001
Rs.
Rs.
1,08,00,000
14% Cumulative Redeemable Preference Shares of
(1,08,00,000) Reliance Ports and Terminals Ltd., of Rs. 100 each
14% Cumulative Redeemble Preference Shares of
Reliance Utilities & Power Ltd., of Rs. 100 each
6% Cumulative Redeemable Preference Shares of
37,50,000
(37,50,000)
86,00,000
(86,00,000 ) Reliance Enterprises Ltd., of Rs. 100 each
2,18,90,000
14% Cumulative Redeemble Preference Shares of
(2,18,90,000) Reliance Salgoankar Power Ltd., of Rs. 10 each
108.00
37.50
86.00
21.89
12,69,000
9% Cumulative Redeemble Preference Shares of
12.69
(12,69,000) Goa Trading Private Ltd., of Rs. 100 each
In Warrant Equity Shares
Quoted, partly paid up
(16,02,52,100)
- Warrant Equity Shares 2001 of Reliance Petroleum
Ltd., Rs. 10 each, Rs. 3 paid up (Company under the
same management and amalgamated during the year)
In Debentures
Unquoted, fully paid up
266.08
—
—
108.00
37.50
86.00
21.89
12.69
266.08
48.08
48.08
(6,40,140)
6,40,140 Deep Discount Bonds of Reliance Communcations
Infrastructure Ltd., (formerly Reliance Infocom Ltd.)
of Maturity Value of Rs. 1,00,000 each
(Company under the same management)
- Deep Discount Bonds of Reliance Power Ltd., of
(1,60,260) Maturity Value of Rs. 1,00,000 each
13,752 Deep Discount Bonds of Reliable Internet
-
Services Ltd., of Maturity Value of Rs. 1,00,000 each
1,600.02
1,600.02
—
70.00
400.01
-
1,670.02
2,000.03
2,465.89
5,459.32
In Equity Shares of Subsidiary Companies
Unquoted, fully paid up
2,10,070
(2,10,070)
Vimal Fabrics Ltd., of Rs.10 each
0.21
14,75,04,400 Reliance Industrial Investments and Holdings Ltd.,
147.50
(14,75,04,400)
of Rs.10 each
20,20,000 Reliance Power Venture Ltd., of Rs. 10 each
(20,20,000)
20,20,000 Reliance Ventures Ltd., of Rs. 10 each
(20,20,000)
45,000 Reliance LNG Private Ltd., of Rs. 10 each
(-)
11,120 Reliance Infocom BV., of 100 EURO Each
(11,120)
88,77,551 Reliance Petroinvestments Ltd., of Rs. 10 each
(-)
(ceased to be a subsidiary with effect from 17/4/2002)
20,20,200 Reliance Strategic Investments Ltd., of Rs.10 each
(-)
Reliance Technologies LLC #
2.02
2.02
0.05
4.48
8.22
2.02
17.54
184.06
0.21
147.50
2.02
2.02
—
4.48
—
—
16.40
172.63
RIL Notes of Accoutns.p65
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Reliance Industries Limited
85
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Balance Sheet
SCHEDULE ‘F’ ( contd.)
INVESTMENTS
In Debentures of Subsidiary Companies
Unquoted, fully paid up
2,79,90,000
(2,79,90,000)
8.25% Unsecured Convertible Debentures of Reliance
Industrial Investments and Holdings Ltd., of
Rs. 100 each
Zero Coupon Optionally Convertible Unsecured
8,83,143
(8,83,143) Debentures of Reilance Industrial Investments
and Holdings Ltd., of Rs. 5,000 each
Other Investments
In Equity Shares
Quoted, fully paid up
15,51,549
(15,51,549)
-
(71,67,781)
BSES Ltd., of Rs.10 each
Larsen & Toubro Ltd., of Rs.10 each
Unquoted, fully paid up
51,02,080 Reliance Telecom Ltd., of Rs. 10 each
(51,02,080)
31,50,00,000 Reliance Infocomm Ltd., (formerly Reliance
(25,00,00,000) Communications Ltd.) of Re 1 each
(Company under the same management)
2,55,00,175 Reliance General Insurance Company Ltd.,
(10,20,00,700)
of Rs. 10 each*
500,175 Reliance Life Insurance Company Ltd., of
(20,00,700) Rs. 10 each*
81,00,00,000 Reliance Communcations Infrastructure Ltd.,
(formerly Reliance Infocom Ltd.) of Re 1 each
(Company under the same management)
Air Control and Chemical Engineering Co. Ltd., of
1,000
(-)
(1,000) Rs. 100 each
TOTAL (A)
B. CURRENT INVESTMENTS
Other Investments
In Units
Quoted
As at
31st March, 2002
Rs.
Rs.
(Rs. in Crores)
As at
31st March, 2001
Rs.
Rs.
279.90
441.58
279.90
441.58
721.48
721.48
905.54
894.11
33.73
—
33.73
5.10
31.50
25.50
0.50
81.00
0.01
143.61
33.73
163.95
197.68
5.10
25.00
102.00
2.00
—
0.01
134.11
177.34
3,549.28
331.79
6,685.73
85,600 Unit Scheme 1964, Unit Trust of India
0.08 @
(85,600)
1,59,900
(161,100)
of Rs. 10 each (Deposited with Mumbai Port Trust)
SBI Magnum Multiplier Plus 1993
of Rs. 10 each.
Unquoted
- Reliance Income Fund - Growth Plan of Rs. 10 each
(2,78,49,807)
23,91,77,917.293 Reliance Liquid Fund of Rs. 10 each
(-)
0.16
0.24
—
300.64
300.64
0.13
0.16
0.29
40.09
—
40.09
TOTAL (B)
TOTAL (A+B)
300.88
3,850.16
40.38
6,726.11
# Investment in Reliance Technologies LLC represents 90% Membership Interest.
* Ceased to be Subsidiaries during the year.
@ Is the net of provision for diminution in value of Rs. 0.05 Crore.
86
Reliance Industries Limited
RIL Notes of Accoutns.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Balance Sheet
SCHEDULE ‘F’ ( contd.)
INVESTMENTS
AGGREGATE VALUE OF
Quoted Investments
Unquoted Investments
As at
31st March, 2002
(Rs. in Crores)
As at
31st March, 2001
Book Value
Rs.
Market Value
Rs.
Book Value
Rs.
Market Value
Rs.
536.80
3,313.36
373.69
3,387.25
3,338.86
7,084.05
The Company has not provided for diminution in market value of long term quoted investments which is lower by Rs. 163.11 Crores as
compared to the book value, as the decline in market value is considered temporary.
Movements during the year
Purchased and Sold
Equity Shares
Larsen & Toubro Ltd.
Reliance Infoinvestments Pvt. Ltd.
Recron Infoinvestments Ltd.
Mutual Fund Units
Reliance Liquid Fund (Treasury Plan)
Reliance Liquid Fund (Serial Plan)
Reliance Income Fund (Growth Plan)
Deep Discount Bonds
Reliance Power Ltd.
Reliance Elastometers Pvt. Ltd.
Reliance Chemicals Pvt. Ltd.
Reliance Chemicals Pvt. Ltd.
Reliance Petrosynth Pvt. Ltd.
Reliance Industrial Enterprises Pvt. Ltd.
Face Value
Rs.
Nos.
Cost
(Rs. in Crores)
10
10
10
24,584,585
210,000
202,020
393.62
0.21
0.20
Face Value
Rs.
Nos.
(In Crores)
Cost
(Rs. in Crores)
10
10
10
Face Value
Rs.
100,000.00
1,000.00
1,000.00
100,000.00
100,000.00
100,000.00
634.55
9.79
506.50
Nos.
24,960
124,995
81,181
17
333
3,816
8,414.78
160.64
5,119.25
Cost
(Rs. in Crores)
200.00
12.50
8.12
0.17
3.33
38.16
RIL Notes of Accoutns.p65
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Reliance Industries Limited
87
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Balance Sheet
SCHEDULE ‘G’
CURRENT ASSETS
INVENTORIES
Stores, Chemicals and Packing Materials
Raw Materials
Stock-in-Process
Finished Goods
SUNDRY DEBTORS (Unsecured) #
Over six months
Considered good
Considered doubtful
Less : Provision for doubtful debts
Others, considered good
CASH AND BANK BALANCES
Cash on hand
Balance with Banks
In Current Accounts with Scheduled Banks
In Fixed Deposit Accounts:
With Scheduled Banks
OTHER CURRENT ASSETS
Interest Accrued on Investments
As at
31st March, 2002
Rs.
Rs.
(Rs. in Crores)
As at
31st March, 2001
Rs.
Rs.
844.34
2,450.39
519.83
1,159.51
112.06
108.47
220.53
108.47
112.06
2,610.40
1.49
187.34
1,571.88
720.12
378.56
177.74
1,023.43
4,974.07
2,299.85
129.40
56.80
186.20
56.80
129.40
1,004.77
2,722.46
1,134.17
1.30
66.90
32.43
1,760.71
428.12
9,885.36
100.63
85.13
3,619.78
# Sundry Debtors include Rs. 166.57 Crores (Previous Year Rs. 219.49 Crores) from Reliance Communications Infrastructure Limited
(formerly Reliance Infocom Limited) and Rs. 0.10 Crore (Previous Year Rs. NIL) from Reliance Infocomm Limited (formerly Reliance
Communications Limited), companies under the same management.
SCHEDULE ‘H’
LOANS AND ADVANCES
UNSECURED - (CONSIDERED GOOD)
Loans to subsidiary companies
Advances recoverable in cash or in kind or for
value to be received
Deposits
Balance with Customs, Central Excise Authorities, etc.
As at
31st March, 2002
Rs.
Rs.
(Rs. in Crores)
As at
31st March, 2001
Rs.
Rs.
2,988.98
5,932.84
499.33
144.15
9,565.30
2,922.58
1,863.99
572.74
143.42
5,502.73
Advances include:
(i) Rs 0.20 Crore to Officers of the Company (Maximum amount outstanding at any time during the year Rs 0.21 Crore).
(ii) Rs. 109.14 Crores towards Shares / Debentures Application money pending allotment (Previous Year Rs 99.21 Crores).
(iii) Rs. 2,213.00 Crores (Previous Year Rs. 10.00 Crores) towards equity share application money pending allotment to Reliance
Communications Infrastructure Limited (formerly Reliance Infocom Limited), a Company under the same management.
(iv) Rs. 42.29 Crores (Previous Year Rs. NIL) receivable from Reliance Communication Infrastructure Limited (formerly Reliance
Infocom Limited) and Rs. 16.39 Crores (Previous Year Rs. NIL) receivable from Reliance Infocomm Limited (formerly Reliance
Communications Limited), companies under the same management, towards net investment in finance Leases given.
88
Reliance Industries Limited
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Balance Sheet
SCHEDULE ‘I’
CURRENT LIABILITIES AND PROVISIONS
CURRENT LIABILITIES
Sundry Creditors - Small scale Industries
Others
Liability for Leased assets
Unclaimed Dividend
Interest accrued but not due on loans
PROVISIONS
Provision for Wealth Tax
Provision for Income Tax
Provision for Gratuity, Superannuation and Leave Encashment
Proposed Dividend
Tax on Dividend
As at
31st March, 2002
Rs.
Rs.
(Rs.in Crores)
As at
31st March, 2001
Rs.
Rs.
1.46 #
6,021.90 *
24.70
35.00
389.23
24.16
486.80
36.30
663.28
—
4.72
3,854.50
—
28.58
223.00
6,472.29
4,110.80
17.85
330.55
21.57
447.85
45.68
1,210.54
7,682.83
863.50
4,974.30
# Small scale industrial undertakings to whom amounts are due has been determined based on the information available with the
Company and are as follows:
Aaa Packaging Technology, Aditya Forge Ltd., Aksh India Ltd., Alliance Fittings & Forgings Limited, Anil Industrial Components, Anthia Machine Tools, Arham Steels
Pvt Ltd., Ashar Industrial Corporation, Associated Products, Atisha Engineers, Baliga Lighting, Equipment, Bhavani Spring Works, Bilimoria (India), Bliss Anand Pvt
Ltd., Brajesh Packaging Pvt.Ltd., Care Office Equipment Pvt. Ltd., CEAG Flameproof Control Gears P Ltd., Chandresh Cables Limited, Chokshi Graphics, Comet Brass
Products, Comet Engineers, Drofketal Chemicals India Pvt. Ltd. EBY Fasteners, Electro Engineering Co Pvt Ltd., Elgi Electric And Industries Limited, Elite Printers,
Essar Enterprises, Fine Polycolloids Pvt.Ltd., Globe Electrical Industries, H R Industries, Hemal Enterprise, Hi-Tech Paper Products, Horizon Offset, Igp Engineers Private
Limited, Industrial Equipments Suppliers, J J Engineering Works, J.B.Industries, J.B.Packaging, Jay Nakoda Industries, Jyoti Paper Products, K.V.Fire Chemicals (India)
Pvt.Ltd., Kantilal Chunilal & Sons Appliances Pvt Ltd., Kumar Tex Industries, Kwality Die Fabricators, Laxmi Air Control (P) Ltd., Malli Polymer Pvt.Ltd., Manlon Engineers
Pvt.Ltd., Metabrite Industries, Metro Brush Works, Micro Engineering Pvt Ltd., Moksha Thermoplastics P.Ltd., MS Fittings Mfg Co, MTL Instruments Pvt Ltd., Nec Containers
Pvt Ltd., Nippon Chemicals, Nitro Polymers, Omicron Unique Products, Paras Gears Pvt.Ltd., Paras Plastic, Pioneer Fabrics & Packaging P.Ltd., PLA Chem Industries,
Polytech Industries, Praful Traders, Precise Tools, Precision Engineering Company, Programmed Engg Products Pvt Ltd., Pushpanjali Enterprises, Pooja Paper Crafts,
Radha Madhav Industries, Ravi Industries, Revathi Electronic & Controls, Sajitha Traders & Engineering Works, Saurashtra Packaging, Semitronik Systems, Serve Tex
Engineers, Sheeba Fabricators, Shiv Ganga Paper Converters (P) Ltd., Shree Ambica Textile Works, Shree Laxmi Krupa Engineering Works, Shree Mahesh Engineering
Works, Shree Ram Engineers, Shyam Enterprise, Sigma Industries, SIP Tools, Sterdill Equipments Pvt Ltd., Sukhvir Engineering Works, Sunrise Paper & Board Mills,
Supertex, Suveg Electronics, Satyam Pharma Chem Pvt. Ltd., Sanghvi Packers, T P Refrigeration, Topack Ceramics Pvt. Ltd., Tex Tube Mfg. Co., Universal Welding
Works, V M Corporation, Vikrant Engineers, Vinay Electricals, Viral Electricals, Wadhwa Polyfilms Pvt. Ltd.
The outstandings are within the period of agreed terms.
* Includes for capital expenditure Rs. 176.16 Crores. (Previous Year Rs. 104.72 Crores)
Schedules forming part of the Profit and Loss Account
SCHEDULE ‘J’
OTHER INCOME
Dividends :
From Current Investments
From Long Term Investments
Interest Received :
From Current Investments
From Long Term Investments
From Others
[Tax Deducted at source Rs. 56.53 Crores;
(Previous Year Rs. 5.17 Crores)]
Profit/(Loss) on Sale of Investments (net)
Current
Long Term
Profit on Sale of Fixed Assets
Discount on Buyback of Bonds/Redemption of Debentures
Miscellaneous Income
Rs.
0.01
23.77
5.08
310.94
225.09
39.43
(4.26)
2001-2002
Rs.
23.78
541.11
35.17
4.08
4.95
173.25
782.34
(Rs. in Crores)
2000-2001
Rs.
0.01
20.10
132.18
28.49
40.90
13.41
0.28
Rs.
20.11
201.57
13.69
0.41
98.11
48.74
382.63
RIL Notes of Accoutns.p65
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Reliance Industries Limited
89
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Profit and Loss Account
SCHEDULE ‘K’
VARIATION IN STOCKS
STOCK-IN-TRADE (at close)
Finished goods
Stock-in-process
STOCK-IN-TRADE (at commencement)
Finished goods
Stock-in-process
Add : On Amalgamation
Finished goods
Stock-in-process
SCHEDULE ‘L’
MANUFACTURING AND OTHER EXPENSES
RAW MATERIALS CONSUMED
MANUFACTURING EXPENSES
Stores, Chemicals and Packing Materials
Electric Power, Fuel and Water
Machinery Repairs
Building Repairs
Labour, Processing and Machinery Hire Charges
Excise Duty provided on Stocks
Lease Rent
Exchange Differences (Net)
PAYMENTS TO AND PROVISIONS
FOR EMPLOYEES (including Managerial Remuneration)
Salaries, Wages and Bonus
Contribution to Provident Fund, Gratuity Fund,
Superannuation Fund, Employee’s State Insurance
Scheme, Pension Scheme, Labour Welfare Fund etc.
Employee’s Welfare and other amenities
SALES AND DISTRIBUTION EXPENSES
Samples, Sales Promotion and Advertisement Expenses
Brokerage, Discount and Commission
Warehousing and Distribution Expenses
Sales Tax including defeased
Provision for Doubtful Debts
ESTABLISHMENT EXPENSES
Insurance
Rent
Rates and Taxes
Other Repairs
Travelling Expenses
Payment to Auditors
Professional Fees
Loss on Sale / Discarding of Fixed Assets
General Expenses
Wealth Tax
Charity and Donations
Less : Project development expenses (net)
2001-2002
(Rs. in Crores)
2000-2001
Rs.
Rs.
Rs.
Rs.
1,159.51
519.83
1,023.43
177.74
1,201.17
603.60
782.40
1,386.00
1,023.43
177.74
1,679.34
1,201.17
787.14
96.09
883.23
—
—
—
2,587.17
(907.83)
883.23
317.94
2001-2002
Rs.
Rs.
Rs.
26,489.41
(Rs. in Crores)
2000-2001
Rs.
9,430.09
1,120.41
739.62
102.23
28.35
146.20
(33.04)
47.91
123.35
440.50
57.15
71.73
23.85
122.43
960.78
213.94
51.67
120.62
20.43
101.86
62.71
46.36
3.66
198.89
18.27
293.78
6.00
30.07
806.15
987.86
70.78
22.22
112.89
(1.99)
31.26
(594.16)
335.33
46.42
59.32
37.23
328.55
388.39
7.61
(5.80)
38.87
27.92
115.59
32.17
35.74
2.56
128.67
2.80
164.48
4.50
30.39
1,435.01
441.07
755.98
583.69
12,645.84
1.30
12,644.54
2,275.03
569.38
1,372.67
902.65
31,609.14
1.81
31,607.33
90
Reliance Industries Limited
RIL Notes of Accoutns.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Profit and Loss Account
SCHEDULE ‘M’
INTEREST
Debentures
Fixed Loans
Others
2001-2002
(Rs. in Crores)
2000-2001
Rs.
Rs.
Rs.
Rs.
1,377.65
299.12
148.33
1,825.10
918.97
166.99
130.03
1,215.99
Significant Accounting Policies
SCHEDULE ‘N’
SIGNIFICANT ACCOUNTING POLICIES
A. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956, except for certain fixed assets which have been revalued.
B. Use of Estimates
The presentation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognised in the period in which the results are known/materialised.
C. Own Fixed Assets
Fixed Assets are stated at cost net of modvat / cenvat and includes amounts added on revaluation, less accumulated depreciation. All costs,
including financing costs till commencement of commercial production, net charges on foreign exchange contracts and adjustments arising
from exchange rate variations attributable to the fixed assets are capitalised.
D. Leased Assets
a) Operating Leases: Rentals are expensed with reference to lease terms and other considerations.
b)
(i) Finance leases prior to 1st April, 2001: Rentals are expensed with reference to lease terms and other considerations.
(ii) Finance leases on or after 1st April, 2001: The lower of the fair value of the assets and present value of the minimum lease rentals is
capitalised as fixed assets with corresponding amount shown as lease liability. The principal component in the lease rental is adjusted
against the lease liability and the interest component is charged to profit and loss account.
c) However, rentals referred to in (a) or (b) (i) above and the interest component referred to in (b) (ii) above pertaining to the period upto the
date of commissioning of the assets are capitalised.
d) All assets given on finance lease are shown as receivables at an amount equal to net investment in the lease. Initial direct costs in respect
of lease are expensed in the year in which such costs are incurred. Income from these assets is accounted by applying the interest rate
implicit in the lease to the net investment.
E. Depreciation
Depreciation on fixed assets has been provided on written down value method at the rates and in the manner prescribed in Schedule XIV to
the Companies Act, 1956 except: on fixed assets pertaining to crude oil refining, polypropylene complex and support services situated at
Jamnagar, depreciation has been charged on straight line method (SLM); on fixed bed catalyst depreciation has been provided over its useful
life ranging from 3 to 5 years; on additions or extensions forming an integral part of existing plants, including incremental cost arising on
account of translation of foreign currency liabilities for acquisition of fixed assets, depreciation has been provided as aforesaid over the
residual life of the respective plants; on development rights and producing properties depreciation has been provided in proportion of oil and
gas production achieved; premium on leasehold land is amortised over the period of lease; cost of jetty has been amortised over the period of
agreement of right to use, provided however that the aggregate amount amortised to date is not less than the aggregate rebate availed by the
company; on revalued assets depreciation has been charged over the residual life of the assets; on assets acquired under finance lease from
1st April, 2001 depreciation is provided over the lease term.
F. Foreign Currency Transactions
(a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.
(b) Monetary items denominated in foreign currencies at the year end and not covered by forward exchange contracts are translated at year
end rates and those covered by forward exchange contracts are translated at the rate ruling on the date of transaction as increased or
decreased by the proportionate difference between the forward rate and exchange rate on the date of transaction, such difference having
been recognised over the life of the contract.
Reliance Industries Limited
91
RIL Notes of Accoutns.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
(c) Non monetary foreign currency items are carried at cost.
(d) Branch income and expenses are translated at average rate. Branch monetary assets and liabilities are translated at year-end rates. Non
monetary items are translated at the rates on the date of transaction.
(e) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss
account except in cases where they relate to acquisition of fixed assets in which case they are adjusted to the carrying cost of such assets.
G.
Investments
Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term Investments are stated at cost.
Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary in the opinion of the
management.
H.
Inventories
Items of inventories are measured at lower of cost or net realisable value. Cost of inventories comprise of all cost of purchase, cost of
conversion and other cost incurred in bringing them to their respective present location and condition. Cost of raw materials, process chemicals,
stores and spares, packing materials, trading and other products is determined on weighted average basis. By-products are valued at net
realisable value. Cost of work-in-progress and finished stock is determined on absorption costing method.
I. Gross Turnover / Turnover
a) Gross Turnover includes sale of goods, services, inter divisional transfers, sales tax and excise duty and sales during trial run period;
adjusted for discounts and gain/loss on corresponding hedge contracts.
b) Turnover represents gross turnover excluding inter divisional transfers.
J. Excise Duty and Sales Tax
Excise Duty has been accounted on the basis of both payments made in respect of goods cleared as also provision made for goods lying in
bonded warehouses. Sales Tax charged to Profit and Loss Account includes payments made for assignment of deferred sales tax liabilities.
K. Employee Retirement Benefits
Company's contributions to Provident Fund and Superannuation Fund are charged to Profit and Loss Account. Gratuity and Leave Encashment
Benefit are charged to Profit and Loss Account on the basis of actuarial valuation.
L. Research and Development Expenses
Expenditure relating to capital items is debited to fixed assets and depreciated at applicable rates. Revenue expenditure is charged to Profit
and Loss Account of the year in which they are incurred.
M. Borrowing Costs
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets.
A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are
charged to revenue.
N. Commodity Hedging Transactions
The Commodity hedging contracts are accounted on the date of their settlement and realised gain/ loss in respect of settled contracts are
recognised in the profit and loss account, along with the underlying transactions.
O. Accounting for Oil and Gas Activity
Assets and liabilities as well as income and expenditure are accounted on the basis of available information on line by line basis with
similar items in the company's financial statements, according to the participating interest of the company in respect of the un-incorporated
joint ventures.
P. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from "timing differences" between book and taxable profit is accounted for using the tax rates and laws that have been
enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent that
there is a reasonable certainty that the asset will be realised in future.
Q. Employee Separation Costs
Compensation to employees who have opted for retirement under the voluntary retirement scheme of the Company is amortised over
60 months.
R.
Issue Expenses
Issue Expenses pertaining to the projects are capitalised.
92
Reliance Industries Limited
RIL Notes of Accoutns.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘O’
1.
(a) The previous year’s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
(b) The figures for the current year include figures of erstwhile Reliance Petroleum Limited (RPL) which is amalgamated with the
Company with effect from 1st April, 2001 and are therefore to that extent not comparable with those of the previous year.
(c) Figures have been presented in ‘Crores’ of rupees with two decimals in accordance with the approval received from the
Company Law Board. Figures less than Rs. 50,000 have been shown at actuals in brackets.
2.
(a)
In terms of the Scheme of Amalgamation (Scheme) sanctioned by order dated 7th June, 2002 of Hon’ble High Court of Bombay
and the order dated 13th September, 2002 of the Hon’ble High Court of Gujarat, Reliance Petroleum Limited (“RPL” - whose core
business is refining of crude oil) has been amalgamated with the Company with effect from 1st April, 2001.
(b)
In accordance with the said Scheme :
(i) The assets, liabilities, rights and obligations of RPL have been vested in the Company with effect from 1st April, 2001 and
have been recorded at their respective fair values under the purchase method of accounting for amalgamation.
(ii) 34,26,20,509 Equity shares of Rs. 10 /- each are to be issued as fully paid-up to the shareholders of RPL, without payment
being received in cash, and pending allotment, these have been shown under the head “Equity Share Suspense” net of calls
in arrears of Rs. 0.33 Crore.
(iii) Equity Share Suspense includes 10,46,60,154 shares of Rs. 10/- each to be allotted to the trust created by Reliance
Industrial Investments Holdings Limited, a wholly owned subsidiary of the Company against its investments in RPL.
(iv) Excess of fair value of net assets taken over by the Company over the paid up value of equity shares to be issued and
allotted and the carrying amount of shares held by the Company in RPL has been dealt with as under:
Rs. 130.17 Crores representing Debenture Redemption Reserve in RPL books, has been credited to Debenture
Redemption Reserve;
Rs. 0.65 Crore representing Capital Reserve in RPL books, has been credited to Capital Reserve;
Rs. 1,071.50 Crores representing balance in Profit and Loss Account in RPL books, has been credited to Profit and Loss
Account and net balance of Rs. 10,739.67 Crores has been credited to Securities Premium Account. As required by
Accounting Standard (AS-14) on Accounting for Amalgamation issued by the Institute of Chartered Accountants of India,
these reserves have been accounted as prescribed in the Scheme. Had the Scheme not prescribed this treatment, these
amounts would have been credited to Capital Reserve.
The computation of the amount credited to Securities Premium Account is as under:
(Rs. in Crores)
(Rs. in Crores)
Fair value of Assets
— Fixed Assets
— Net Current Assets
— Investments
Fair value of Assets
Less : Loan Liabilities
Fair value of Net Assets taken over
Less:
Consideration Payable (34,26,20,509 equity shares of Rs 10 each)
Cancellation of Investment of RIL in RPL
Stamp Duty Payable on Amalgamation
Debenture Redemption Reserve
Capital Reserve
Profit and Loss Account
Calls in Arrears
Amount taken to Securities Premium Account on amalgamation
20,644.12
1,426.23
413.46
22,483.81
7,492.13
342.62
2,686.45
25.00
130.17
0.65
1,071.50
(4.38)
14,991.68
4,252.01
10,739.67
(v) Consequent to the Court Orders, the authorised share capital will be increased to Rs. 3,000 Crores consisting of
250,00,00,000 equity shares of Rs. 10 each and 50,00,00,000 Preference Shares of Rs. 10 each.
3.
Gross Turnover includes inter divisional transfers of Rs. 11,715.69 Crores (Previous Year Rs. 4,984.08 Crores) and Income from
services of Rs. 330.00 Crores (Previous Year Rs. 137.66 Crores)
RIL Notes of Accoutns.p65
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93
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Notes on Accounts
SCHEDULE ‘O’ (Contd.)
4.
(a) The company has changed the method of depreciation from straight line method to written down value method, with effect from
1-4-2001 for Aromatics complex situated at Jamnagar, to provide for earlier replacement on account of technological
advancement.
In compliance with the Accounting Standards (AS-6), on Depreciation Accounting issued by the Institute of Chartered
Accountants of India, depreciation has been recomputed from the date of commissioning on these assets at WDV rates
applicable to those years. Consequent to this there is an additional depreciation charge of Rs. 450.16 Crores which relates to
the previous years and an equivalent amount has been withdrawn from the General Reserve and credited to the Profit and
Loss Account.
Had there been no change in the method of depreciation, the charge for the year would have been lower by Rs. 238.02 Crores
excluding the charge relating to the previous years.
Consequently, the Net Block of Fixed Assets and Reserves and Surplus are lower by Rs. 688.18 Crores.
(b) The Gross Block of Fixed Assets include Rs. 2,738.50 Crores (Previous Year Rs 2,770.78 Crores) on account of revaluation of
Fixed Assets carried out in the past. Consequent to the said revaluation there is an additional charge of depreciation of Rs.
169.52 Crores (Previous Year Rs 236.59 Crores) and an equivalent amount has been withdrawn from General Reserve and
credited to the Profit and Loss Account.
5.
6.
The expenditure on account of exchange difference on outstanding forward exchange contracts to be recognised in
the Profit and Loss Account of subsequent accounting period aggregate to Rs.133.61 Crores. (Previous Year Income
of Rs 0.83 Crore).
Extraordinary Income includes income of Rs 358.34 Crores, on account of sale of equity shares of Larsen and Toubro
Limited and Rs. 53.36 Crores on account of Insurance claims received against the damage caused by the earthquake of
January, 2001.
7.
(a) Payment to Auditors :
Audit Fees
Tax Audit Fees
i)
ii)
iii) For Certification and Consultation in finance and tax matters
iv) Expenses reimbursed
(b) Cost Audit Fees
8. Managerial Remuneration :
i)
Salaries
ii) Perquisites
iii) Sitting Fees (Paid by erstwhile RPL)
iv) Commission
v) Contribution to Provident Fund and Superannuation Fund
vi) Provision for Gratuity
2001-2002
1.47
0.53
1.41
0.21
3.62
0.04
2001-2002
2.35
2.04
0.03
30.12
0.59
0.45
35.58
(Rs. in Crores)
2000-2001
1.16
0.47
0.68
0.21
2.52
0.04
(Rs. in Crores)
2000-2001
2.35
2.04
—
22.69
0.59
0.10
27.77
94
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RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘O’ (Contd.)
Computation of net profit in accordance with Section 198 read with Section 309(5) of the Companies Act, 1956.
Profit before Taxation
Add: Depreciation as per accounts
Provision for Doubtful Debts / (Written Back)
Loss on Sale of Fixed Assets
Managerial Remuneration
Less: Depreciation as per Section 350 of Companies Act 1956
Discount on Buyback of Bonds/Redemption of Debentures
Profit on Sale of Fixed Assets
Profit on Sale of Investments
Net Profit for the year
Salaries, Perquisites and Commission
@ 1.00 % of the above.
Less: Salaries, Perquisites and Sitting Fees of Directors eligible for commission
Balance commission
(Rs. in Crores)
2001-2002
2000-2001
4,428.70
2,816.14
51.67
18.27
35.30
7,350.08
3,435.82
4.95
4.08
393.51
3,511.72
35.12
5.00
30.12
2,780.62
1,565.11
(5.80)
2.80
27.08
4,369.81
1,565.11
98.11
0.41
13.69
2,692.49
26.92
4.23
22.69
9.
10.
A sum of Rs. 7.07 Crores (net debit) (Previous Year Rs. 3.01 Crores (net debit) is included in General Expenses representing Net
Prior Period Items.
The company has an investment of Rs. 0.21 crore in the Share Capital, loan of Rs. 11.96 Crores in Vimal Fabrics Ltd. (VFL),
a wholly owned subsidiary company. The Company also has an investment of Rs. 17.54 Crores in the capital of Reliance
Technologies LLC (RTLLC), representing 90% membership interest. The losses of VFL and RTLLC exceed their paid-up
Capital and Reserves as on 31st March, 2002. In view of the long-term involvement of the company in the said companies, no
provision has been made in the accounts for the loss that may arise.
11.
(a) Fixed assets taken on finance lease prior to April 1,2001, amount to Rs. 330.23 Crores. (Previous year Rs. 344.66 Crores).
Future obligations towards lease rentals under the lease agreements as on 31st March, 2002 amount to Rs. 97.13 Crores
(Previous year Rs. 38.78 Crores) as follows:
Within one year
Later than one year and not later than five years
Later than five years
Total
(Rs. in Crores)
27.52
67.05
2.56
97.13
(b) The Company has acquired certain items of Plant & Machinery and Ships on finance lease after 1st April, 2001, amounting to
Rs. 29.62 Crores. The minimum lease rentals outstanding as of 31st March, 2002 in respect of these assets are as follows:
Due
Within one year
Later than one year and not later than five years
Later than five years
Total
Total Minimum
Lease Payments
outstanding as on
31.03.2002
8.93
18.69
0.37
27.99
Future
interest on
Outstanding
(Rs. in Crores)
Present value of
Minimum Lease
Payments
0.51
2.60
0.18
3.29
8.42
16.09
0.19
24.70
(c) General description of lease terms
i) Lease rentals are charged on the basis of agreed terms.
ii) Assets are taken on lease over a period of 3 to 15 years.
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
Reliance Industries Limited
95
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘O’ (Contd.)
12. a) Assets given on finance lease on or after 1st April, 2001
Particulars
Gross investment
Less: Unearned finance income
Present value of minimum lease rentals
Total
112.93
54.25
58.68
Not later than
one year
Later than one year and not
later than five years
Later than
five years
11.37
8.32
3.05
45.49
28.32
17.17
56.07
17.61
38.46
(Rs. in Crores)
b) General description of lease terms
Lease rentals are charged on the basis of agreed rate of interest.
i)
ii) Assets are given on lease for a period of ten years.
c) Miscellaneous Income includes income from lease of Rs. 0.59 Crore (Previous Year Rs. NIL).
13.
As per Accounting Standard (AS-22) on Accounting for taxes on Income issued by the Institute of Chartered Accountants of
India, the provision for deferred tax as at 1.4.2001 has been computed at Rs.1,064.82 Crores, and is charged to revenue
reserves. The deferred tax liability as at 31st March, 2002 comprises of the following:
a. Deferred Tax Liability
Related to Fixed Assets
b. Deferred Tax Assets
Disallowances under Income Tax Act, 1961
Provision for Doubtful Debts
c. Provision for Deferred Tax Liability (Net)
14.
EARNINGS PER SHARE
a. Net Profit available for equity shareholders
(Numerator used for calculation)
b. Weighted Average No. of equity shares
used as denominator for calculating EPS
(Including shares to be issued to erstwhile
RPL shareholders)
c. Basic and Diluted Earnings per share (Rs.)
(Equity Share of face value of Rs. 10 each)
(Rs. in Crores)
2,289.70
228.88
2,060.82
188.90
39.98
(Rs. in Crores)
2001-2002
2000-2001
3,242.70
2,645.62
138,83,25,291
1,05,37,57,027
23.36
25.11
96
Reliance Industries Limited
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘O’ (Contd.)
15. As per Accounting Standard (AS-18) on Related party disclosures issued by the Institute of Chartered Accountants of India,
the disclosure of transactions with the related party as defined in the Accounting Standard are given below:
(i) List of Related Parties with whom transactions have taken place and Relationships :
Sr No.
Name of the Related Party
Vimal Fabrics Limited
Reliance Industrial Investments and Holdings Limited
Reliance Power Ventures Limited
Reliance Ventures Limited
Reliance Petroinvestments Limited
Reliance Strategic Investments Limited
Reliance LNG Private Limited
Reliance Infocom Inc.
Reliance Technologies LLC.
Reliance Infocom B.V.
Reliance Life Insurance Company Limited
(Subsidiary upto 14th January, 2002)
Reliance General Insurance Company Limited
(Subsidiary upto 14th January, 2002)
Reliance Capital Limited
BSES Limited
Reliance Infocomm Limited
(formerly Reliance Communications Limited)
Reliance Communications Infrastructure Limited
(formerly Reliance Infocom Limited)
Reliance Telecom Limited
Reliance Industrial Infrastructure Limited
Reliance Europe Limited
Reliance Ports and Terminals Limited
Reliance Utilities and Power Limited
Reliance Salgaoncar Power Company Limited
Reliance Enterprises Limited
Reliance Global Trading Private Limited
Unincorporated Oil & Gas Joint Ventures
Late Sh. Dhirubhai H. Ambani
Sh. Mukesh D. Ambani
Sh. Anil D. Ambani
Sh. Nikhil R. Meswani
Sh. Hital R. Meswani
Sh. H. S. Kohli
Sh. R. H. Ambani
Smt. K. D. Ambani
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Relationship
Subsidiary Companies
Associate Companies & Joint Ventures
Key Management Personnel
Relatives of Key Management Personnel
Dhirubhai Ambani Foundation
Others
Jamnaben Hirachand Ambani Foundation
Hirachand Govardhandas Ambani Public Charitable Trust
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
Reliance Industries Limited
97
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘O’ (Contd.)
(ii) Transactions during the year with related parties:
Nature of Transaction
Sr.
No.
Subsi-
diaries
Associates
Relatives Others
Total
(Rs. in Crores)
Key
Management
of Key
Personnel Management
Personnel
A)
B)
C)
D)
E)
F)
(a)
(b)
(c)
G)
H)
I)
J)
K)
99.46
905.52
18.38
257.96
191.57
2,988.98
Loans
Taken during the year
Repaid during the year
Balance as at 31st March, 2002
Fixed Assets/ Capital Work in Progress
Assets taken on Lease during the year
Balance of Assets taken on Lease as at 31st March, 2002
Assets given on Lease during the year
Assets purchased during the year
Assets sold during the year
Investments
Purchased during the year
Sold during the year
Balance as at 31st March, 2002
Interest accrued on Investments
Sundry Debtors as at 31st March, 2002
Loans & Advances
Loans
Given during the year
Returned during the year
Balance as at 31st March, 2002
Advances recoverable in cash or in kind
Given during the year
Returned during the year
Balance as at 31st March, 2002
Deposits
Given during the year
Returned during the year
Balance as at 31st March, 2002
Sundry Creditors
Balance as at 31st March, 2002
Turnover
Other Income
Dividend
Interest Received
Lease Rental Income
Miscellaneous Income
Purchases
Expenditure
Interest Paid
Payments to and provisions for Directors
Sitting Fees (Rs 28,690)
Electric Power, Fuel and Water
Rent
Telephone Charges
Lease Rentals
Professional Fees
Charter Hire Charges
Insurance Premium
Assignment of Liability
Tank Farm Charges
Hire Charges
Donations
Warehousing and Distribution Charges
L)
Others
Guarantees Issued
Financial Guarantees
Performance Guarantees
2.25
0.08
31.40
65.59
10.00
29.62
207.43
58.68
4.66
406.54
78.00
2,537.70
398.47
166.94
14,006.73
12,833.16
1,926.52
2,235.46
53.70
2,322.14
40.00
2.83
42.74
0.12
1,155.31
582.22
23.09
20.29
415.66
0.59
98.00
0.09
40.93
420.13
3.00
2.99
56.69
18.09
10.52
49.55
167.09
6.20
46.55
830.51
1.25
624.40
3,548.77
35.58
—
26.89
31.40
65.59
10.00
29.62
207.43
58.68
6.91
0.08
506.00
78.00
3,443.22
416.85
166.94
14,264.69
13,024.73
4,915.50
2,235.46
53.70
2,322.14
40.00
2.83
42.74
1,155.43
582.22
20.29
438.75
0.59
98.00
0.09
40.93
35.58
—
420.13
3.00
2.99
56.69
18.09
10.52
49.55
167.09
6.20
46.55
26.89
830.51
1.25
624.40
3,548.77
Note: Related Party disclosure for previous year is not included in above, as Accounting Standard (AS-18) issued by the Institute of Chartered Accountant of India has
become mandatory from 1st April, 2001.
98
Reliance Industries Limited
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘O’ (Contd.)
16. As per Accounting Standards (AS-21), on Consolidated Financial Statements issued by the Institute of Chartered Accountants of
India, the Company has presented Consolidated Financial Statement including subsidiaries separately in this annual report.
17. Miscellaneous Expenditure (to the extent not written off / or adjusted) of Rs. 62.86 Crores (Previous Year Rs. NIL) represents
unamortised portion of amount disbursed on account of Employees Seperation Scheme announced at Naroda during the year.
18. PROJECT DEVELOPMENT EXPENDITURE
(in respect of Projects upto 31st March, 2002 included under Capital work in progress)
Opening Balance
Add: On Amalgamation
2001-2002
Rs.
Rs.
6.52
83.84
Project Development Expenditure
transferred from Profit and Loss Account
Interest Capitalised
1.81
67.49
Less: Project Development Expenses
Capitalised during the year
Closing Balance
19. Additional Information
69.30
159.66
94.80
64.86
(Rs. in Crores)
2000-2001
Rs.
1.30
12.57
Rs.
8.73
—
13.87
22.60
16.08
6.52
As at 31st
March 2002
(Rs. in Crores)
As at 31st
March 2001
(a) Estimated amount of contracts remaining to be executed
on Capital accounts and not provided for
(b) Uncalled liability on partly paid Shares/ Warrant Equity Shares (Rs 19,935)
(c) Contingent Liabilities
(i) Outstanding guarantees furnished to Banks and
Financial Institutions including in respect of Letters of credit
(ii) Guarantees to Banks and Financial Institutions against
credit facilities extended to third parties
(iii) Liability in respect of bills discounted with Banks
(iv) Claims against the Company / disputed liabilities
not acknowledged as debts
(v) Sales tax deferral liability assigned
453.12
—
235.50
624.40
19.19
357.32
2,511.71
221.43
432.68
244.75
861.40
312.81
386.97
235.27
(d) The Income-Tax assessments of the Company have been completed up to Assessment Year 1999-2000. The disputed demand
outstanding up to the said Assessment Year is Rs. 233.32 Crores. Based on the decisions of the Appellate authorities and the
interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted
or substantially reduced in respect of disputed matters which are pending in appeals.
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
Reliance Industries Limited
99
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘O’ (Contd.)
20. LICENSED AND INSTALLED CAPACITY
(As certified by the Management)
Refining of Crude Oil
Mill. MT
N.A.
N.A.
27
-
Licensed Capacity
Installed Capacity
UNIT
2001-2002
2000-2001
2001-2002
2000-2001
a
b
c
d
e
f
g
h
i
j
k
l
i
ii
iii
iv
v
vi
i
ii
i
ii
Ethylene
Propylene
Benzene
Toluene
Xylene
Butadine & Other C4s
Paraxylene
Orthoxylene
Mono Ethylene Glycol
Higher Ethylene Glycol
iii
Ethylene Oxide
i
ii
Chlorine
Caustic Soda
iii Hydrogen
Poly Vinyl Chloride
High/Linear Low Density Poly Ethylene
(Swing Plant)
LDPE
High Density Polyethylene Pipes
Polypropylene
Purified Terephthalic Acid
Polyester Filament Yarn/Polyester Chips
m
Polyester Staple Fibre/ Polyester Chips
n
o
p
q
r
s
Poly Ethylene Terephthalate
Polyester Staple Fibre Fill
Man-made Fibre Spun Yarn on
worsted system (Spindles)
Man-made Fibre on cotton system (Spindles)
i
ii
Man-made Fabrics (Looms)
Knitting M/c
Linear Alkyl Benzene
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
Nos
Nos
Nos
Nos
MT
1,550,000
1,550,000
750,000
750,000
755,000
755,000
365,000
365,000
291,000
291,000
291,000
291,000
197,000
197,000
197,000
197,000
165,000
165,000
165,000
165,000
465,000
465,000
225,000
225,000
1,646,000
1,646,000
1,646,000
1,646,000
150,000
150,000
150,000
150,000
600,000
600,000
300,000
300,000
75,000
75,000
75,000
75,000
37,500
37,500
50,000
50,000
708,800
708,800
800,000
800,000
20,160
20,160
-
-
-
-
-
-
N.A.
N.A.
N.A.
N.A.
300,000
270,000
400,000
320,000
150,000
150,000
-
-
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
22
N.A.
N.A.
80,000
80,000
N.A.
1,000,000
960,000
N.A.
975,000
975,000
N.A.
152,300 +
152 300 +
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
22
N.A.
235,000
235,000
80,000
80,000
30,000
30,000
24,094
24,094
23,040
23,040
323
20
603
20
100,000
100,000
N.A. - Delicensed vide notification No 477(E) dated 27th July, 1991 and press note No 1 (1998 series) dated 8th June, 1998
+
Includes 32,300 MT based on average Denier of 40
100
Reliance Industries Limited
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘O’ (Contd.)
21. The Department of Company Affairs, Government of India vide its Order No. 46/28/2002/CL-III dated March 19, 2002 issued under
Section 211 (4) of the Companies Act, 1956 has exempted the company from disclosure of quantitative details in the Profit and Loss
Account under paras 3(i)(a), 3(ii)(a) and 3(ii)(b) of Part II, Schedule VI to the Companies Act, 1956.
22. PRODUCTION MEANT FOR SALE
Products
Crude Oil
Gas
Petroleum Products
Ethylene
Propylene
Benzene
Toluene
Xylene
Orthoxylene
Paraxylene
Ethylene Glycol
PVC
PE
PP
PTA
Polyester Filament Yarn
Polyester Staple Fibre
PET
Fibre Fill
Fabrics
Normal Paraffin
LAB
23. VALUE OF IMPORTS ON CIF BASIS IN RESPECT OF
Raw Materials
Stores & Spares, Dyes and Chemicals
Capital Goods
24. EXPENDITURE IN FOREIGN CURRENCY
Interest on Foreign Currency Loans
Technical Know-how and Engineering Fees
Oil and Gas Activity
Professional Fees
Freight and Forwarding
Other Matters
Unit
MT
BBTU
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
2001-2002
2000-2001
3,97,100
27,295
4,10,887
27,840
2,44,22,216
-
51,476
2,792
27,763
5,025
1,86,386
2,06,904
85,434
35,891
1,56,768
7,07,088
2,32,370
2,88,864
3,70,055
10,36,258
6,14,226
2,82,250
2,88,415
78,143
14,178
68,963
26,737
1,10,196
11,49,608
2,19,370
2,87,359
3,59,927
8,17,630
6,03,466
2,35,575
3,02,429
70,680
16,313
Mtrs in Lacs
202.74
330.62
MT
MT
19,511
1,06,064
11,866
1,10,164
2001-2002
24,567.77
584.23
117.90
(Rs. in Crores)
2000-2001
3,407.85
395.06
47.73
2001-2002
(Rs. in Crores)
2000-2001
504.82
78.96
50.54
96.57
155.50
161.45
553.86
12.73
112.55
98.11
26.16
48.09
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
Reliance Industries Limited
101
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘O’ (Contd.)
25. VALUE OF RAW MATERIALS CONSUMED
Imported
Indigenous
2001-2002
2000-2001
Rs in
Crores
% of
Consumption
Rs in
Crores
% of
Consumption
25,286.57
1,202.84
95.46
4.54
3,709.88
5,720.21
39.34
60.66
26,489.41
100.00
9,430.09
100.00
26. VALUE OF STORES, CHEMICALS AND PACKING MATERIALS CONSUMED
2001-2002
2000-2001
Rs in
Crores
% of
Consumption
683.84
436.57
61.03
38.97
1,120.41
100.00
Rs in
Crores
374.22
431.93
806.15
% of
Consumption
46.42
53.58
100.00
Imported
Indigenous
27. EARNINGS IN FOREIGN EXCHANGE
FOB Value of Exports
Interest
Others - Charter Hire Income
28. EXPENDITURE ON RESEARCH AND DEVELOPMENT
Total Revenue Expenditure including amortisation of
deferred cost and Unamortised Deferred Research
and Development Expenditure
Capital Expenditure on Research & Development
Total
29. REMITTANCE IN FOREIGN CURRENCY ON ACCOUNT OF DIVIDEND
The Company has paid dividend in respect of shares held by
Non-Residents on repatriation basis. This inter-alia includes
portfolio investment and direct investment, where the amount is
also credited to Non-Resident External Account (NRE A/c). The
exact amount of dividend remitted in foreign currency cannot
be ascertained. The total amount remittable in this respect is
given herein below:
(a) Number of Non-Resident Shareholders
(b) Number of Equity Shares held by them
(c)
(i) Amount of Dividend Paid (Gross) (Rs. in Crores)
Tax Deducted at Source Rs. Nil (Previous Year Nil)
2001-2002
Rs.
9,965.37
0.48
—
(Rs. in Crores)
2000-2001
Rs.
4,710.07
141.24
2.97
2001-2002
Rs.
74.94
(Rs. in Crores)
2000-2001
Rs.
47.68
15.20
90.14
1.99
49.67
2001-2002
2000-2001
19,665
27,682
62,01,32,501
21,23,94,239
126.24
84.96
(ii) Year to which dividend relates
2000-2001
1999-2000
Note :
The amount of dividend for the year 2001-2002 includes Rs. 18.31 Crores paid to 2,099 shareholders of erstwhile RPL
holding 36,61,86,482 shares, for the financial year ended March 31, 2001.
102
Reliance Industries Limited
RIL Notes of Accoutns.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
30. BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE
I.
Registration Details
Registration No. :
1 1
- 1
9 7
8 6
State Code:
Balance Sheet Date :
3 1
- 0
3 -
0 2
II. Capital Raised during the year (Amount Rs. Crores)
Public Issue :
Bonus Issue :
N I
N I
L
L
Rights Issue :
Private Placement :
(Preference Shares)
Conversion of Bonds :
N I
L
Exercise of warrants
III. Position of Mobilisation and Deployment of Funds (Amount Rs. Crores)
1 1
N I L
N I L
N I L
Total Liabilities :
Sources of Funds
5 6
5 4
7 .
3 9
Total Assets :
5
6 5 4 7
. 3 9
Paid-up Capital :
1
0 5
3 .
5 6
Reserves and Surplus :
2
6 4 7 9
. 4 1
Equity Share Suspense
3 4
2 .
2 9
Deferred Tax Liability :
2 0 6 0
. 8 2
Secured Loans :
1 4
1 8
8 .
8 9
Unsecured Loans :
4 7 3 9
. 5 9
Application of Funds
Net Fixed Assets :
3 3
1 8
3 .
7 1
Investments :
3 8 5 0
. 1 6
Net Current Assets:
1 1
7 6
7 .
8 3
Miscellaneous Expenditure
6 2
. 8 6
IV. Performance of Company (Amount Rs. Crores)
Gross Turnover :
5 7
1 1
9 .
5 7
Net Turnover :
4 2
0 8
8 .
9 0
Total Expenditure :
3
7 9 4 6
. 4 1
Profit Before Tax :
4
4 2
8 .
7 0
Profit After Tax :
3 2 4 2
. 7 0
Earnings per share in Rs.
2
3 .
3 6
Dividend : Rs. per share
4
. 7 5
V. Generic Names of Three Principal Products of Company (as per monetary terms)
Item Code No. (ITC Code) :
2 7
.
1 0
Product Description :
B U L K
P E T R O L E U M
P R O D U C T S
Item Code No. (ITC Code) :
3 9 0 2 1 0
.
0 0
Product Description :
P O L Y P R O P Y L E N E
( P P )
Item Code No. (ITC Code) :
5 4 0 2 4 2
.
0 0
Product Description :
P O L Y E S T E R
F I
L A M E N T
Y A R N
( P F Y )
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
D. Chaturvedi
Partner
R. J. Shah
Partner
Mumbai
Dated: 30th September, 2002
M.D.Ambani
A.D.Ambani
N.R.Meswani
H.R.Meswani
H.S.Kohli
U.Mahesh Rao
R.H.Ambani
M.L.Bhakta
T.Ramesh U.Pai
Y.P.Trivedi
Dr.D.V.Kapur
M.P.Modi
V.M.Ambani
}
}
Executive
Directors
- Nominee Director
Directors
- Company Secretary
- Chairman & Managing Director
- Vice-Chairman & Managing Director
RIL Notes of Accoutns.p65
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:11)(cid:14)(cid:8)(cid:16)(cid:17)
Reliance Industries Limited
103
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Statement Pursuant to Section 212 of the Companies Act, 1956, relating to
Company’s Interest in Subsidiary Companies.
Name of Subsidiary Company
Vimal Fabrics Ltd.
Reliance Industrial
Investments and
Holdings Ltd.
Reliance Ventures Ltd.
Reliance Power
Ventures Ltd.
31st March, 2002
31st March, 2002
31st March, 2002
31st March, 2002
30th September, 1985
30th December, 1988
7th October, 1999
13th May, 2000
2,10,070 Equity Shares
of the face value of
Rs.10 each fully paid-up
14,75,04,400 Equity
Shares of the face value
of Rs.10 each fully paid-up
20,20,000 Equity Shares
of the face value of Rs.10
each fully paid-up
20,20,000 Equity
Shares of the face
value of Rs.10 each
fully paid-up
100%
100%
100%
100%
1.
The financial year of the
Subsidiary Companies ended on
2. Date from which they became
Subsidiaries Companies
3 a. Number of shares held by
Reliance Industries Ltd. with its
nominees in the subsidiaries at
the end of the financial year of
the Subsidiary Companies
b. Extent of interest of holding
company at the end of the
financial year of the
Subsidiary Companies
4.
The net aggregate amount of the
Subsidiary Companies Profit /
(Loss) so far as it concerns the
members of the Holding Company
a. Not dealt with in the Holding
Company’s accounts:
i) For the financial year ended
Rs.1.24 Lakhs
Rs.3,760.83 Lakhs
(Rs.0.55 Lakhs)
Rs.856.68 Lakhs
31st March, 2002
ii) For the previous financial years of
the Subsidiary Companies since
they became the Holding Company’s
subsidiaries
b. Dealt with in Holding Company’s
accounts:
(Rs. 1,197.66 Lakhs)
Rs. 8,232.72 Lakhs
(Rs. 0.33 Lakhs)
Rs. 0.84 Lakhs
i) For the financial year ended
NIL
NIL
NIL
31st March, 2002
ii) For the previous financial years of
the Subsidiary Companies since
they became the Holding
Company’s subsidiaries
NIL
Rs. 2,673.89 Lakhs
NIL
NIL
NIL
104
Reliance Industries Limited
RIL Notes of Accoutns.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Statement Pursuant to Section 212 of the Companies Act, 1956, relating to
Company’s Interest in Subsidiary Companies.
Reliance Petro-
Investments Ltd.
(See Note 4)
Reliance
Strategic
Investments Ltd.
Reliance
LNG Private
Ltd.
Reliance
Infocom
B.V.
Reliance
Infocom Inc.
(See Note 1)
Reliance
Technologies
LLC
31st March, 2002
31st March, 2002
31st March, 2002
31st March, 2002
31st March, 2002
31st March, 2002
6th December, 2001
28th December, 2001
2nd January, 2002
31st December, 2000
31st December, 2000
2nd May, 2000
88,77,551 Equity Shares
of the face value of
Rs.10 each fully paid-up
20,20,000 Equity Shares
of the face value of
Rs.10 each fully paid-up
45,000 Equity Shares
of the face value of
Rs.10 each fully
paid-up
11,120 shares of
the face value of
EUR 100 each
fully paid-up
—
100 shares aggregating
to US $ 9,00,000
fully paid-up, held by
Reliance Infocom B.V.
100%
100%
90%
100%
100%
90%
(Rs. 42.36 Lakhs)
Rs. 0.41 Lakhs
(Rs. 0.11 Lakhs)
EUR 5878
(Rs.0.02 Crores)
(US $ 22665)
(Rs. 0.11 Crores)
Not applicable
Not applicable
Not applicable
Not applicable
NIL
NIL
NIL
NIL
Not applicable
Not applicable
Not applicable
NIL
Notes :
1. 100% Subsidiary of Reliance Infocom BV.
2. Figures in bracket represent losses.
3. Following companies ceased to be subsidiaries of the company during the year:
a. Reliance General Insurance Company Limited.
b. Reliance Life Insurance Company Limited.
(US $ 1,274)
(Rs. 59394)
NIL
NIL
4. Reliance Petroinvestments Limited ceased to be a subsidiary of the company with effect from 17th April, 2002.
For and on behalf of the Board
(US $ 2,104,277)
(Rs. 10.04 Crores)
(US $ 1,768,519)
(Rs. 8.24 Crores)
NIL
NIL
M.D.Ambani
A.D.Ambani
N.R.Meswani
H.R.Meswani
H.S.Kohli
U.Mahesh Rao
R.H.Ambani
M.L.Bhakta
T.Ramesh U.Pai
Y.P.Trivedi
Dr.D.V.Kapur
M.P.Modi
V.M.Ambani
Mumbai
Dated: 30th September, 2002
}
}
Executive
Directors
- Nominee Director
Directors
- Company Secretary
- Chairman & Managing Director
- Vice-Chairman & Managing Director
RIL Notes of Accoutns.p65
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Reliance Industries Limited
105
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Cash Flow Statement Annexed to the Balance Sheet
for the period April 2001-March 2002
A: CASH FLOW FROM OPERATING ACTIVITIES :
Net Profit after tax as per Profit and Loss Account
3,242.70
2,645.62
2001-2002
(Rs. in Crores)
2000-2001
Rs.
Rs.
Rs.
Rs.
Adjusted for :
Extra-Ordinary items
Net Prior Year Adjustments
Current Tax Provision
Deferred Tax Provision
Provision for Doubtful Debts
Provision for Diminution in value of Investments
Profit/(Loss) on Sale of Discarded Assets
Depreciation
Transferred from General Reserve
Discount on Buyback of Bonds/Redemption of Debentures
Effect of Exchange Rate Change
Profit on Sale of Investments
Dividend Income
Interest
Interest Expenses
Operating Profit before Working Capital Changes
Adjusted for :
Trade and Other Receivables
Inventories
Trade Payables
(411.70)
7.07
190.00
996.00
51.67
0.05
14.19
3,435.82
(619.68)
(4.95)
76.88
(35.17)
(23.78)
(541.11)
1,825.10
(544.62)
307.61
(383.50)
Cash Generated from Operations
Net Prior Year Adjustments
Taxes Paid
Extra-Ordinary items
Net Cash From Operating Activities
B: CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Fixed Assets
Sale of Fixed Assets
Purchase of Investments
Sale of Investments
Movement in Investment Management Account
Movement in Loans
Interest Income
Dividend Income
Net Cash Used in Investing Activities
—
3.01
135.00
—
(5.80)
—
2.39
2,636.73
(1,071.62)
(98.11)
(548.23)
(13.70)
(20.11)
(201.57)
1,215.99
(591.77)
(476.65)
1,271.91
4,960.39
8,203.09
(620.51)
7,582.58
(7.07)
(105.87)
53.36
7,523.00
(1,681.53)
62.59
(14,830.11)
15,826.55
—
(3,568.81)
239.19
23.78
(3,928.34)
2,033.98
4,679.60
203.49
4,883.09
(3.01)
(132.00)
—
4,748.08
(906.18)
15.10
(4,292.52)
1,521.80
2,124.87
(1,066.51)
159.44
20.11
(2,423.89)
106
Reliance Industries Limited
RIL Notes of Accoutns.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Cash Flow Statement Annexed to the Balance Sheet
for the period April 2001-March 2002
C: CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from Issue of Share Capital (net)
Redemption of Preference Share Capital
Proceeds from Long Term Borrowings
Repayment of Long Term Borrowings
Short Term Loans
Dividends Paid
Interest Paid
Effects of exchange rate change
Net Cash used in Financing Activities
Net Increase/(Decrease) in Cash and Cash Equivalents
Rs.
2001-2002
Rs.
(Rs. in Crores)
2000-2001
Rs.
Rs.
2.11
—
15,717.89
(14,210.94)
(1,061.91)
(685.35)
(1,739.02)
—
(1,977.22)
1,617.44
0.67
(292.95)
8,117.61
(9,689.35)
(368.98)
(425.33)
(1,193.67)
546.89
(3,305.11)
(980.92)
Opening Balance of Cash and Cash Equivalents
On Amalgamation
100.63
42.64
143.27
1,081.55
—
1,081.55
Closing Balance of Cash and Cash Equivalents
1,760.71
100.63
For and on behalf of the Board
M.D.Ambani
A.D.Ambani
N.R.Meswani
H.R.Meswani
H.S.Kohli
U.Mahesh Rao
R.H.Ambani
M.L.Bhakta
T.Ramesh U.Pai
Y.P.Trivedi
Dr.D.V.Kapur
M.P.Modi
V.M.Ambani
Mumbai
Dated: 30th September, 2002
Auditors’ Report
- Chairman & Managing Director
- Vice-Chairman & Managing Director
Executive
Directors
- Nominee Director
Directors
}
}
- Company Secretary
We have verified the attached Cash Flow Statement of Reliance Industries Ltd., derived from audited financial statements and the books
and records maintained by the Company for the year ended 31st March, 2002 and 31st March, 2001 and the records maintained by
erstwhile Reliance Petroleum Limited and found the same in agreement therewith.
For Chaturvedi & Shah
Chartered Accountants
D. Chaturvedi
Partner
Mumbai
Dated: 30th September, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
RIL Notes of Accoutns.p65
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Reliance Industries Limited
107
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108
Reliance Industries Limited
RIL Consolidated Balancesheet.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
CONSOLIDATED FINANCIAL STATEMENTS
AND NOTES
Auditors’ Report on Consolidated Financial Statements
TO THE BOARD OF DIRECTORS
RELIANCE INDUSTRIES LIMITED
We have examined the attached Consolidated Balance Sheet of
Reliance Industries Limited (“the Company”) and its subsidiaries
as at 31st March, 2002, and the Consolidated Profit and Loss
Account for the year then ended annexed thereto. These financial
statements are the responsibility of the Company’s Management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards in India. These Standards require that we plan
and perform the audit to obtain reasonable assurance whether the
financial statements are prepared, in all material respects, in
accordance with an identified financial reporting framework and
are free of material misstatements. An audit includes, examining
on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating
financial
statements. We believe that our audit provides a reasonable basis
for our opinion.
the overall
We did not audit the financial statements of certain subsidiaries,
whose financial statements reflect total assets (net) of Rs. 10.50
Crores as at 31st March, 2002 and total revenues of Rs. 6.97
Crores for the year then ended. These financial statements have
For Chaturvedi & Shah
Chartered Accountants
D. Chaturvedi
Partner
Mumbai
Dated: 30th September, 2002
been audited by other auditors whose reports have been furnished
to us, and our opinion , in so far as it relates to the amounts
included in respect of these subsidiaries, is based solely on the
report of the other auditors.
We report that the consolidated financial statements have been
prepared by the Company in accordance with the requirements of
Accounting Standard (AS) 21, Consolidated Financial Statements,
issued by the Institute of Chartered Accountants of India and on
the basis of the separate audited financial statements of the
Company and its subsidiaries included in the consolidated
financial statements.
On the basis of the information and explanations given to us and
on the consideration of the separate audit reports on individual
audited financial statements of the Company and its subsidiaries,
we are of the opinion that the said consolidated financial
statements give a true and fair view in conformity with the
accounting principles generally accepted in India :
(a) in the case of the Consolidated Balance Sheet, of the
its
the Company and
consolidated state of affairs of
subsidiaries as at 31st March, 2002 and
(b) in the case of the Consolidated Profit and Loss Account, of the
consolidated results of operations of the Company and its
subsidiaries for the year then ended.
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
RIL Consolidated Balancesheet.p65
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Reliance Industries Limited
109
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Consolidated Balance Sheet as at 31st March, 2002
Schedule
(Rs. in Crores)
As at
31st March, 2002
Rs.
Rs.
‘A’
‘B’
‘C’
‘D’
‘E’
‘F’
‘G’
‘H’
‘M’
‘N’
SOURCES OF FUNDS
Shareholders’ Funds
Share Capital - Equity
Equity Share Suspense
Reserves and Surplus
Minority Interest
Deferred Tax Liability
Loan Funds
Secured Loans
Unsecured Loans
TOTAL
APPLICATION OF FUNDS
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Work-in-Progress
Investments
Current Assets, Loans and Advances
Current Assets
Inventories
Sundry Debtors
Cash and Bank Balances
Other Current Assets
Loans and Advances
Less: Current Liabilities and Provisions
Current Liabilities
Provisions
Net Current Assets
Miscellanous Expenditure
(to the extent not written off or adjusted)
[Ref. Note 19, Schedule ‘N’]
TOTAL
Significant Accounting Policies
Notes on Accounts
As per our Report of even date
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
D. Chaturvedi
Partner
R. J. Shah
Partner
Mumbai
Dated: 30th September, 2002
1,053.56
342.29
26,580.91
14,209.75
4,739.59
46,727.47
15,076.94
31,650.53
1,533.31
4,974.07
2,725.54
1,763.56
409.74
9,872.91
6,590.99
16,463.90
6,499.90
1,210.63
7,710.53
27,976.76
0.07
2,060.83
18,949.34
48,987.00
33,183.84
6,986.90
8,753.37
62.89
48,987.00
- Chairman & Managing Director
- Vice-Chairman & Managing Director
Executive
Directors
For and on behalf of the Board
M.D.Ambani
A.D.Ambani
N.R.Meswani
H.R.Meswani
H.S.Kohli
U.Mahesh Rao
R.H.Ambani
M.L.Bhakta
T.Ramesh U.Pai
Y.P.Trivedi
Dr.D.V.Kapur
M.P.Modi
V.M.Ambani
}
}
Directors
- Nominee Director
- Company Secretary
110
Reliance Industries Limited
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Consolidated Profit and Loss Account for the year ended 31st March, 2002
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedule
‘I’
‘J’
‘K’
‘L’
Rs.
57,126.48
11,715.69
45,410.79
3,314.98
3,435.84
619.68
INCOME
Gross Turnover
Less: Inter Divisional Transfers
Turnover
Less Excise Duty Recovered on Sales
Net Turnover
Other Income
Variation in Stock
EXPENDITURE
Purchases
Manufacturing and Other Expenses
Interest
Depreciation
Less :
Transferred from General Reserve
[Refer Note 8, Schedule ‘N’]
Profit Before Tax and Extra Ordinary Income
Add :
Extra Ordinary Income
[Ref. Note No. 10, Schedule ‘N’]
Profit Before Tax
Provision for Current Taxation
Provision for Deferred Tax
Profit after Tax (before adjustment for Minority Interest)
Add :
Share of Loss transferred to Minority
Proft after Tax (after adjustment for Minority Interest)
Add :
Balance brought forward from last year
On Amalgamation
Deferred Tax liability for Earlier Years
Taxation for earlier years
Investment Allowance (utilised) Reserves Written Back
Amount Available For Appropriations
APPROPRIATIONS
Debenture Redemption Reserve
Capital Reserve
General Reserve
Proposed Dividend on Equity Shares
(Subject to deduction of tax at source)
Balance Carried to Balance Sheet
Basic & Diluted Earnings per Share of Rs. 10 each (In Rupees)
[Refer Note 17, Schedule ‘N’]
Significant Accounting Policies
Notes on Accounts
‘M’
‘N’
142.95
4.95
2,000.00
663.28
(Rs. in Crores)
As at
31st March, 2002
Rs.
42,095.81
831.79
(907.83)
42,019.77
1,697.84
31,624.59
1,827.97
2,816.16
37,966.56
4,053.21
411.70
4,464.91
190.03
996.01
3,278.87
1.03
3,279.90
2,219.81
1,071.50
(1,064.82)
1.19
122.07
5,629.65
2,811.18
2,818.47
23.62
As per our Report of even date
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
D. Chaturvedi
Partner
R. J. Shah
Partner
Mumbai
Dated: 30th September, 2002
- Chairman & Managing Director
- Vice-Chairman & Managing Director
Executive
Directors
For and on behalf of the Board
M.D.Ambani
A.D.Ambani
N.R.Meswani
H.R.Meswani
H.S.Kohli
U.Mahesh Rao
R.H.Ambani
M.L.Bhakta
T.Ramesh U.Pai
Y.P.Trivedi
Dr.D.V.Kapur
M.P.Modi
V.M.Ambani
}
}
Directors
- Nominee Director
- Company Secretary
RIL Consolidated Balancesheet.p65
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111
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Schedules forming part of the Consolidated Balance Sheet
SCHEDULE ‘A’
SHARE CAPITAL
Authorised:
Schedule
(Rs. in Crores)
As at
31st March, 2002
Rs.
Rs.
120,00,00,000 Equity Shares of Rs. 10 each
10,00,00,000 Preference Shares of Rs. 100 each
Issued, Subscribed and Paid up:
105,37,57,027 Equity Shares of Rs. 10 each fully
paid up
Less: Calls in arrears - by others
1,053.76
0.20
1,200.00
1,000.00
2,200.00
1,053.56
1,053.56
Notes:
1. Of the above Equity Shares:
(a)
(b)
(c)
48,17,70,552
Shares were allotted as Bonus Shares by capitalisation of Share Premium and Reserves.
18,05,78,290
Shares were allotted pursuant to Schemes of Amalgamation without payments being received in
cash.
33,04,27,345
Shares were allotted on conversion / surrender of Debentures and Bonds, conversion of Term
Loans, exercise of warrants, against Global Depository Shares and re-issue of
forfeited
equity shares.
2. The Company has reserved issuance of 5,26,87,851 Equity Shares of Rs. 10 each for offering to employees under Employees
Stock Option Scheme.
112
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Consolidated Balance Sheet
SCHEDULE ‘B’
RESERVES AND SURPLUS
Revaluation Reserve
As per last Balance Sheet
Less: Deduction on retirement of Revalued Assets
Capital Reserve
As per last Balance Sheet
Add : On Amalgamation
Add : Transferred from Profit and Loss Account
Capital Redemption Reserve
As per last Balance Sheet
Add :
Transferred from Profit and Loss Account
Securities Premium Account
As per last Balance Sheet
On Amalgamation
Add :
Less:
Premium on Redemption of Debentures/Bonds
Less:
Calls in arrears - by others
Debenture Redemption Reserve
As per last Balance Sheet
On Amalgamation
Add :
Transferred from Profit and Loss Account
Add :
Investment Allowance (Utilised) Reserve
As per last Balance Sheet
Less:
Transferred to Profit and Loss Account
Taxation Reserve
As per last Balance Sheet
General Reserve
As per last Balance Sheet
Less:
Transferred to Profit and Loss Account *
[Refer Note 8(a) & 8(b), Schedule ‘N’]
Add :
Transferred from Profit and Loss Account
Profit and Loss Account
(Rs. in Crores)
As at
31st March, 2002
Rs.
Rs.
2,770.78
32.28
285.68
0.65
4.95
485.07
—
5,449.22
10,739.67
16,188.89
35.08
16,153.81
4.23
852.46
130.17
142.95
198.70
122.07
1,505.48
619.68
885.80
2,000.00
2,738.50
291.28
485.07
16,149.58
1,125.58
76.63
10.00
2,885.80
2,818.47
26,580.91
* Cumulative amount transferred on account of Depreciation on Revaluation Rs. 2,301.38 Crores
RIL Consolidated Balancesheet.p65
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Schedules forming part of the Consolidated Balance Sheet
SCHEDULE ‘C’
SECURED LOANS
A) DEBENTURES
1
2
Non-Convertible Debentures
Deep Discount Debenture
Less : Unamortised Discounts
B) TERM LOANS
1.
2.
From Banks
Foreign Currency Loans
From Financial Institutions
Rupee Loans
C) WORKING CAPITAL LOANS
From Banks
Rupee Loans
(Rs. in Crores)
As at
31st March, 2002
Rs.
Rs.
8,551.58
637.20
154.32
482.88
4,289.07
4,289.07
167.20
167.20
719.02
9,034.46
4,456.27
719.02
14,209.75
Note:
1.
(a) Debentures referred to in A above to the extent of Rs. 2,650.35 Crores are secured/to be secured by way of mortgage /
charge on all the properties situated at Hazira, District Surat in the State of Gujarat and at Patalganga, District Raigad in
the State of Maharashtra.
(b) Debentures referred to in A above to the extent of Rs. 992.25 Crores are secured by way of mortgage / charge on all the
properties situated at Patalganga, District Raigad in the State of Maharashtra and on the properties of petrochemicals
complex situated at Jamnagar, in the State of Gujarat and on the movable properties situated at Hazira, District Surat, in the
State of Gujarat.
(c) Debentures referred to in A above to the extent of Rs. 162.00 Crores are secured by way of second and subservient charge,
created on all the properties situated at Patalganga, District Raigad in the State of Maharashtra.
(d) Debentures referred to in A above to the extent of Rs. 5,209.00 Crores are secured/to be secured by first pari passu mortgage
and charge in favour of the Trustees on all the immovable and movable properties, both present and future, excluding book
debts, office premises and certain other properties specifically excluded of the refinery division of the Company.
(e) Debentures referred to in ‘A’ (2) above, includes Rs. 20.86 Crores, secured by way of mortage of residential property situated
at Thane, in the State of Maharashtra and some of the Investments of the subisidiary of the Company, Reliance Industrial
Investments and Holdings Limited.
(f)
Debentures referred to in A above consists of:
(1) 16.5% Debentures of Rs. 100 each, aggregating Rs. 25.00 Crores are redeemable at par on the expiry of seventh year
from the date of allotment, commencing from 10th October, 2002. (2) 13% Debentures of Rs. 100 each, aggregating Rs.
145.00 Crores are redeemable at par as follows: viz Rs. 45 Crores on 11th October, 2009 and Rs. 100 Crores on 17th
November, 2009. (3) 14.08% Debentures of Rs. 100 each aggregating Rs. 58.33 Crores are redeemable at par in two
instalments, on the expiry of sixth and seventh year from the date of allotment; commencing from 31st March, 2003 (4)
14.5% Debentures of Rs. 10,00,000 each, aggregating Rs. 112.00 Crores are redeemable at par in 19th May, 2002 (since
redeemed). (5) 13.5% Debentures of Rs. 1,00,00,000 each, aggregating Rs. 50.00 Crores which are redeemable at par
in three equal annual instalments on the expiry of the fifth, sixth and seventh year from the date of allotment; i.e.
commencing from 15th September, 2002. (6) 12.25% Debentures of Rs. 1,00,00,000 each aggregating Rs. 325.00
Crores, are redeemable at par in three annual instalments on the expiry of fifth, sixth and seventh year from the date
of allotment; commencing from 1st January, 2003. (7) 12.5% Debentures of Rs. 1,00,00,000 each aggregating Rs. 110.00
Crores are redeemable at par on the expiry of seventh year from the date of allotment i.e. 1st January, 2005. (8) 13.75%
114
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Consolidated Balance Sheet
Debentures of Rs. 1,00,00,000 each aggregating Rs. 110.00 Crores are redeemable at par on the expiry of the tenth
year from the respective dates of allotment i.e. 1st January, 2008. (9) 13.75% Debentures of Rs. 1,00,00,000 each
aggregating Rs. 80.00 Crores are redeemable at par on the expiry of the tenth year from the respective dates of
allotment, i.e. 1st January, 2008. (10) 14.75% Debentures of Rs. 1,00,00,000 each aggregating Rs. 200.00 Crores are
redeemable at par in three equal annual instalments, on expiry of eighth, ninth and tenth year from the respective dates
of allotment; commencing from 13th February, 2006. (11) 14.25% Debentures of Rs. 1,00,00,000 each aggregating Rs.
200.00 Crores are redeemable at par on the expiry of the tenth year from the date of allotment; i.e 27th May, 2008. (12)
15.03% Debentures of Rs. 1,00,00,000 each aggregating Rs. 150.00 Crores are redeemable at par on the expiry of the
tenth year from the date of allotment; i.e 12th June, 2008. (13) 15.03 % Debentures of Rs. 25,00,000 each aggregating
Rs. 66.25. Crores which are redeemable at par on the expiry of the tenth year from the date of allotment; i.e. 25th June,
2008. (14) 14.25% Debentures of Rs. 1,00,00,000 each aggregating Rs. 150.00 Crores are redeemable at par on the
expiry of the tenth year from the date of allotment; i.e. 9th September, 2008. (15) 15.03% Debentures of Rs. 1,00,00,000
each aggregating Rs. 21.00 Crores are redeemable at par on the expiry of the tenth year from the date of allotment;
i.e. 27th September, 2008. (16) 15.03% Debentures of Rs. 1,00,00,000 each aggregating Rs. 100.00 Crores are
redeemable at par on the expiry of the tenth year from the date of allotment; i.e. 4th October, 2008. (17) 14.25%
Debentures of Rs. 1,00,00,000 each aggregating Rs. 100.00 Crores are redeemable at par on the expiry of the tenth
year from the date of allotment; i.e. 26th November, 2008. (18) 15.03% Debentures of Rs. 1,00,00,000 each aggregating
Rs. 25.00 Crores are redeemable at par on the expiry of the tenth year from the date of allotment; i.e. 20th October,
2008. (19) 11.50 % Debentures of Rs. 1,00,00,000 each aggregating Rs. 195.00 Crores are redeemable at par on the
expiry of the fifty four months from the date of allotment; i.e. 12th November, 2003. (20) Deep Discount debentures
aggregating Rs. 600.00 Crores are redeemable at par on the expiry of sixty months from the date of allotment; i.e. 1st
June, 2008 and Deep Discount Debenture amounting to Rs. 37.20 Crores issued by RIIHL, are redeemable on 28
February, 2006. (21) 12.10% Debentures of Rs. 1,00,00,000 each aggregating Rs. 50.00 Crores are redeemable at par
on the expiry of third year from the date of allotment; i.e. 15th June, 2002 (since redeemed). (22) 12.10% Debentures
of Rs. 1,00,00,000 each aggregating Rs. 92.00 Crores are redeemable at par on the expiry of fifth year from the date
of allotment; i.e. 1st July, 2004 (since redeemed). (23) 12.70% Debentures of Rs. 1,00,00,000 each aggregating Rs.
100.00 Crores are redeemable at par on 15th December, 2007. (24) 12.36% Debentures of Rs. 1,00,00,000 each
aggregating Rs. 51.00 Crores are redeemable at par on the expiry of fifth year from the respective dates of allotment;
commencing from 24th August, 2004. (25) 12.35% Debentures of Rs. 1,00,00,000 each aggregating Rs. 45.00 Crores
are redeemable at par on the expiry of fifth year from the date of allotment; i.e. 30th August, 2004. (26) Debentures of
Rs. 50,00,000 each aggregating Rs. 92.00 Crores carrying an interest rate linked to the interest rate as announced by
CRISIL, which are redeemable at par on the expiry of fifth year from the date of allotment; i.e. 10th February, 2005. (27)
10.85% Debentures of Rs. 1,00,00,000 each aggregating Rs. 50.00 Crores are redeemable at par on the expiry of fifth
year from the date of allotment; i.e. 24th February, 2005. (28) 11.00% Debentures of Rs. 1,00,00,000 each aggregating
Rs. 75.00 Crores are redeemable at par on the expiry of third year from the date of allotment; i.e. 11th July, 2003. (29)
12.10% Debentures of Rs. 1,00,00,000 each aggregating Rs. 155.00 Crores are redeemable at par on the expiry of fifth
year from the date of allotment; i.e. 15th September, 2005. (30) MIBOR Linked Debentures of Rs. 1,00,00,000 each
aggregating Rs. 60.00 Crores are redeemable at par on the expiry of third year from the date of allotment; i.e. 12th
October, 2003.](31) 10.90% Debentures of Rs. 1,00,00,000 each aggregating Rs. 100.00 Crores are redeemable at par
on the expiry of third year from the date of allotment; i.e. 19th January, 2004. (32) 9.90% Debentures of Rs. 1,00,00,000
each aggregating Rs. 50.00 Crores are redeemable at par on the expiry of fifth year from the date of allotment; i.e. 15th
June, 2006. (33) 9.90% Debentures of Rs. 1,00,00,000 each aggregating Rs. 50.00 Crores are redeemable at par on the
expiry of fifth year from the date of allotment; i.e. 21st June, 2006. (34) 9.60% Debentures of Rs. 1,00,00,000 each
aggregating Rs. 50.00 Crores are redeemable at par on the expiry of fifth year from the date of allotment; i.e. 22nd June,
2006. (35) 9.55% Debentures of Rs. 1,00,00,000 each aggregating Rs. 50.00 Crores are redeemable at par on the expiry
of fifth year from the date of allotment; i.e. 11th July, 2006. (36) 9.60% Debentures of Rs. 1,00,00,000 each aggregating
Rs. 50.00 Crores are redeemable at par on the expiry of fifth year from the date of allotment; i.e. 12th July, 2006. (37)
13.5% Debentures of Rs.1,00,00,000 each aggregating Rs.200 Crores are redeemable at par in 5 annual installments
of 10%, 10%, 10%, 35% and 35% commencing from 30th March, 2005. (38) 13.5% Debentures of Rs.1,00,00,000 each
aggregating Rs.200 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35%
commencing from 31st March, 2005. (39) 13% Debentures of Rs.1,00,00,000 each aggregating Rs.100 Crores are
redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35% commencing from 15th June, 2005. (40)
13% Debentures of Rs.1,00,00,000 each aggregating Rs.100 Crores are redeemable at par in 5 annual installments of
10%, 10%, 10%, 35% and 35% commencing from 28th June, 2005. (41) 12.75% Debentures of Rs.1,00,00,000
aggregating Rs.300 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35%
commencing from 10th August, 2005. (42) 13.55% Debentures of Rs.1,00,00,000 each aggregating Rs.70 Crores are
redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35% commencing from 12th August, 2005 (43)
13% Debentures of Rs.1,00,00,000 each aggregating Rs.105 Crores are redeemable at par on 17th September, 2004
(44) 13.5% Debenture of Rs.1,00,00,000 is redeemable at par in 3 annual installments of 30%, 30% and 40%
commencing from 17th September, 2007. (45) 13.25% Debenture of Rs.1,00,00,000 is redeemable at par in 3 annual
installments of 30%, 30% and 40% commencing from 17th September, 2005. (46) 12.75% Debentures of Rs.1,00,00,000
aggregating 200 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35% commencing
from 17th September, 2005. (47) 13.5% Debentures of Rs.1,00,00,000 each aggregating Rs.145 Crores are redeemable
at par in 3 annual installments of 30%, 30% and 40% commencing from 20th September, 2007. (48) 13.5% Debentures
of Rs.1,00,00,000 each aggregating Rs.272 Crores are redeemable at par in 3 annual installments of 30%, 30% and 40%
commencing from 1st October, 2007. (49) 13.5% Debentures of Rs.1,00,00,000 each aggregating Rs.160 Crores are
redeemable at par in 3 annual installments of 30%, 30% and 40% commencing from 11th October, 2007. (50) 13.5%
Debentures of Rs.1,00,00,000 each aggregating Rs.300 Crores are redeemable at par in 5 annual installments of 10%,
10%, 10%, 35% and 35% commencing from 29th September, 2005. (51) 13.5% Debentures of Rs.25,00,000 each
aggregating Rs.125 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35%
Reliance Industries Limited
115
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Consolidated Balance Sheet
commencing from 25th October, 2005. (52) 13.94% Debentures of Rs.100 each aggregating Rs.234 Crores are
redeemable at par on 1st July, 2002 (since redeemed). (53) 11.75% Debentures of Rs.1,00,00,000 each aggregating
Rs.300 Crores are redeemable at par in 5 annual installments of 10%, 10%, 10%, 35% and 35% commencing from 30th
May, 2006. (54) 12.25% Debentures of Rs.1,00,00,000 each aggregating Rs.200 Crores are redeemable at par in 5
annual installments of 10%, 10%, 10%, 35% and 35% commencing from 22nd August, 2006 (55) 11.50% Debentures
of Rs.1,00,00,000 each aggregating Rs.410 Crores are redeemable at par on 6th February, 2006. (56) 11.20%
Debentures of Rs.1,00,00,000 each aggregating Rs.175 Crores are redeemable at par on 24th February, 2004. (57)
11.50% Debentures of Rs.1,00,00,000 each aggregating Rs.500 Crores are redeemable at par in 3 equal annual
installments commencing from 1st March, 2006. (58) 11.30% Debentures of Rs.1,00,00,000 each aggregating Rs.50
Crores are redeemable at par on 1st March, 2006. (59) 10.75% Debentures of Rs.1,00,00,000 each aggregating Rs.163
Crores are redeemable on 2nd May, 2004 (since redeemed). (60) 11.15% Debentures of Rs.1,00,00,000 each
aggregating Rs.45 Crores are redeemable at par on 2nd May, 2006. (61) 11.10% Debentures of Rs.1,00,00,000 each
aggregating Rs.50 Crores are redeemable at par on 30th April, 2006. (62) 11.00% Debentures of Rs.1,00,00,000 each
aggregating Rs.20 Crores are redeemable at par on 9th May, 2006. (63) 11.05% Debentures of Rs.1,00,00,000 each
aggregating Rs.100 Crores are redeemable at par in 16th May, 2006. (64) 10.95% Debentures of Rs.1,00,00,000 each
aggregating Rs.25 Crores are redeemable at par on 15th May, 2006. (65) 10.70% Debentures of Rs.1,00,00,000 each
aggregating Rs.268 Crores are redeemable at par on 1st June, 2004 (since redeemed). (66) 9.95% Debentures of
Rs.1,00,00,000 each aggregating Rs.50 Crores are redeemable at par on 8th June, 2003. (67) 9.84% Debentures of
Rs.1,00,00,000 each aggregating Rs.150 Crores are redeemable at par on 26th December 2002. (68) 10.00%
Debentures of Rs.1,00,00,000 each aggregating Rs.40 Crores are redeemable at par on 15 June 2006. (69) 10.00%
Debentures of Rs.1,00,00,000 each aggregating Rs.50 Crores are redeemable at par in 20th June, 2006. (70) 10.00%
Debentures of Rs.1,00,00,000 each aggregating Rs.50 Crores are redeemable at par on 10th July, 2006. (71) 9.90%
Debentures of Rs.1,00,00,000 each aggregating Rs.50 Crores are redeemable at par on 18th July, 2006.
2.
(a) Foreign currency loans referred to in B(1) above to the extent of Rs. 4,289.07 Crores, from Banks are secured/to be secured
by first pari passu mortgage and charge in favour of the Lenders on the immovable and movable properties, both present
and future, excluding book debts, office premises and certain other properties specifically excluded of the refinery division
of the Company.
(b) Rupee Term Loans referred to in B(2) (b) above to the extent of Rs. 100.00 Crores (since repaid) from Financial Institutions
are secured/to be secured by first pari passu mortgage and charge in favour of the Trustees/Lenders on the immovable and
movable properties, both present and future, excluding book debts, office premises and certain other properties specifically
excluded of the refinery division of the Company.
(c) Term Loan referred to in B(2) (b) above, to the extent of Rs.67.20 Crores are secured/to be secured only on the dwelling
units constructed/to be constructed for the employees of the Company.
3.
(a) The charges created on the Debentures referred to in Note 1(a) and 1(b) above shall rank pari passu, inter se.
(b) The charges created on the Debentures referred to in Note 1(d), term loans referred to in Note 2(a) and 2(b), above shall
rank pari passu, inter se.
4.
5.
(a) Working Capital Loans from Banks referred to in C(b) above to the extent of Rs. 547.77 Crores are secured by hypothecation
of present and future stock in trade, raw material, stock in process, stores and spares (not relating to Plant and Machinery),
outstanding monies, receivables and Book Debts of the refinery division of the Company.
(b) Working Capital Loans from Banks referred to in C(b) above to the extent of Rs.171.25 Crores are secured by hypothecation
of present and future stock of raw materials, stock-in-process, finished goods, stores and spares, book debts, outstanding
monies, receivable claims, etc. save and except receivable of Oil and Gas Division.
Secured Loans include loans of Rs.31.60 Crores and debentures of Rs. 718.50 Crores repayable / redeemable at par within
one year.
SCHEDULE ‘D’
UNSECURED LOANS
Long Term
i)
ii)
From Banks
From Others
(Rs. in Crores)
As at
31st March, 2002
Rs.
Rs.
1,429.25
3,310.34
4,739.59
4,739.59
116
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Consolidated Balance Sheet
SCHEDULE ‘E’
FIXED ASSETS
Description
As At
Addition On
Additions/
Deductions/
As at
Upto
For the
Deductions
Upto
Gross Block
Depreciation
(Rs. in Crores)
Net Block
As At
OWN ASSETS:
Leasehold Land
Freehold Land
Development Rights/
Producing Properties
Buildings
1-4-2001 Amalgamation #
Adjustment
Adjustment
31-3-2002
1-4-2001
Rs.
Rs.
Rs.
Rs.
Rs.
Rs.
52.83
42.99
1,033.47
1,499.77
—
94.91
—
775.93
3.85
21.94
34.36
238.92
—
0.10
—
0.42
56.68
159.74
3.77
—
1,067.83
2,514.20
178.52
416.25
Year
Rs.
0.42
—
57.77
87.77
Plant and Machinery
21,133.44
17,674.42
1,885.83
258.73
40,434.96
10,504.71
3,076.20
702.08
318.84
120.55
78.97
213.31
46.92
113.25
16.22
193.78
45.42
16.35
1.47
—
533.72
11.48
35.82
10.52
24.01
—
—
—
0.54
1.55
1.36
14.82
—
—
—
729.24
546.89
175.13
104.51
214.78
46.92
646.97
273.61
125.03
53.31
50.03
151.94
26.66
57.84
73.88
42.91
22.35
13.35
8.80
3.27
42.45
25,356.42
19,352.22
2,266.73
277.52
46,697.85
11,841.67
3,429.17
*
200.58
15,070.26
—
—
19.64
9.98
29.62
19.64
9.98
29.62
—
—
5.02
1.66
6.68
5.02
1.66
6.68
—
25,356.42
19,352.22
2,296.35
277.52
46,727.47
11,841.67
3,435.85
200.58
15,076.94
Rs.
—
—
—
0.71
187.20
0.09
0.87
0.80
10.91
—
—
—
31-3-2002
31-3-2002
Rs.
4.19
—
236.29
503.31
Rs.
52.49
159.74
831.54
2,010.89
13,393.71
27,041.25
347.40
167.07
74.86
52.47
160.74
29.93
100.29
381.84
379.82
100.27
52.04
54.04
16.99
546.68
31,627.59
14.62
8.32
22.94
31,650.53
1,533.31
Electrical Installation
Factory Equipments
Furniture and Fixtures
Vehicles
Ships
Aircrafts
Jetties
Sub-Total
LEASED ASSETS:
Plant & Machinery
Ships
Sub-Total
TOTAL
Capital Work-in-Progress
NOTES :
a)
b)
Leasehold Land includes Rs. 0.21 Crore in respect of which lease-deeds are pending execution.
Buildings include :
i)
ii)
Cost of shares in Co-operative Societies Rs. 0.01 Crore.
Rs. 93.20 Crores incurred towards purchase/acquisition of 1,94,819 Equity Shares of Re. 1 each of M/s. Mature Trading & Investments Pvt. Ltd. with a right of
occupancy of certain area of a commercial premises.
c)
Capital Work-in-Progress includes :
i)
ii)
Rs. 64.86 Crores on account of project development expenses.
Rs. 477.04 Crores on account of cost of construction materials at site.
iii) Rs. 197.62 Crores on account of advance against Capital Expenditure.
Additions include Rs. 294.29 Crores on account of exchange difference during the year.
The Ownership of Jetties vests with Gujarat Maritime Board. However, under an agreement with Gujarat Maritime Board, the company has been permitted to
use the same at a concessional rate.
d)
e)
f)
Gross Block includes Rs. 2,738.50 Crores being the amount added on revaluation of Plant & Machinery as at 01-04-1997
* Refer to Note 8(a) & (b), Schedule 'N'
# Fair value of assets added on amalgamation of Reliance Petroleum Limited based on valuers’ report.
RIL Consolidated Balancesheet.p65
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Reliance Industries Limited
117
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Consolidated Balance Sheet
SCHEDULE ‘F’
CURRENT ASSETS
INVENTORIES
Stores, Chemicals and Packing Materials
Raw Materials
Stock-in-Process
Finished Goods
SUNDRY DEBTORS (Unsecured) #
Over six months
Considered good
Considered doubtful
Less : Provision for doubtful debts
Others, considered good
CASH AND BANK BALANCES
Cash on hand
Balance with Banks
In Current Accounts with Scheduled Banks
In Fixed Deposit Accounts:
With Scheduled Banks
OTHER CURRENT ASSETS
Interest Accrued on Investments
(Rs. in Crores)
As at
31st March, 2002
Rs.
Rs.
844.34
2,450.39
519.83
1,159.51
112.06
108.47
220.53
108.47
112.06
2,613.48
1.49
190.19
1,571.88
4,974.07
2,725.54
1,763.56
409.74
9,872.91
# Sundry Debtors include Rs. 166.57 Crores from Reliance Communications Infrastructure Limited (formerly Reliance Infocom Limited)
and Rs. 0.10 Crore receivable from Reliance Infocomm Limited (formerly Reliance Communications Limited), companies under the
same management.
SCHEDULE ‘G’
LOANS AND ADVANCES
UNSECURED - (CONSIDERED GOOD)
Advances recoverable in cash or in kind or for
value to be received
Deposits
Balance with Customs, Central Excise Authorities, etc.
(Rs. in Crores)
As at
31st March, 2002
Rs.
5,947.33
499.51
144.15
6,590.99
Advances include:
(i) Rs 0.20 Crore to Officers of the Company (Maximum amount outstanding at any time during the year Rs 0.21 Crore).
(ii) Rs. 121.19 Crores towards Shares / Debentures Application money pending allotment.
(iii) Rs. 2,213.00 Crores towards equity share application money pending allotment to Reliance Communications Infrastructure
Limited (formerly Reliance Infocom Limited), a Company under the same management.
(iv) Rs. 42.29 Crores receivable from Reliance Communication Infrastructure Limited (formerly Reliance Infocom Limited) and
Rs. 16.39 Crores receivable from Reliance Infocomm Limited (formerly Reliance Communications Limited) towards net
investment in finance Leases given.
118
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules forming part of the Consolidated Balance Sheet
SCHEDULE ‘H’
CURRENT LIABILITIES AND PROVISIONS
CURRENT LIABILITIES
Sundry Creditors - Small scale Industries
Others
Liability for Leased assets
Unclaimed Dividend
Interest accrued but not due on loans
PROVISIONS
Provision for Wealth Tax
Provision for Income Tax
Provision for Gratuity, Superannuation and Leave Encashment
Proposed Dividend
(Rs.in Crores)
As at
31st March, 2002
Rs.
Rs.
1.46 #
6,049.51 *
24.70
35.00
389.23
24.16
486.88
36.31
663.28
6,499.90
1,210.63
7,710.53
# Small scale industrial undertakings to whom amounts are due has been determined based on the information available with the
Company and are as follows:
Aaa Packaging Technology, Aditya Forge Ltd., Aksh India Ltd., Alliance Fittings & Forgings Limited, Anil Industrial Components, Anthia Machine Tools, Arham Steels
Pvt Ltd., Ashar Industrial Corporation, Associated Products, Atisha Engineers, Baliga Lighting, Equipment, Bhavani Spring Works, Bilimoria (India), Bliss Anand Pvt
Ltd., Brajesh Packaging Pvt.Ltd., Care Office Equipment Pvt. Ltd., CEAG Flameproof Control Gears P Ltd., Chandresh Cables Limited, Chokshi Graphics, Comet Brass
Products, Comet Engineers, Drofketal Chemicals India Pvt. Ltd. EBY Fasteners, Electro Engineering Co Pvt Ltd., Elgi Electric And Industries Limited, Elite Printers,
Essar Enterprises, Fine Polycolloids Pvt.Ltd., Globe Electrical Industries, H R Industries, Hemal Enterprise, Hi-Tech Paper Products, Horizon Offset, Igp Engineers Private
Limited, Industrial Equipments Suppliers, J J Engineering Works, J.B.Industries, J.B.Packaging, Jay Nakoda Industries, Jyoti Paper Products, K.V.Fire Chemicals (India)
Pvt.Ltd., Kantilal Chunilal & Sons Appliances Pvt Ltd., Kumar Tex Industries, Kwality Die Fabricators, Laxmi Air Control (P) Ltd., Malli Polymer Pvt.Ltd., Manlon Engineers
Pvt.Ltd., Metabrite Industries, Metro Brush Works, Micro Engineering Pvt Ltd., Moksha Thermoplastics P.Ltd., MS Fittings Mfg Co, MTL Instruments Pvt Ltd., Nec Containers
Pvt Ltd., Nippon Chemicals, Nitro Polymers, Omicron Unique Products, Paras Gears Pvt.Ltd., Paras Plastic, Pioneer Fabrics & Packaging P.Ltd., PLA Chem Industries,
Polytech Industries, Praful Traders, Precise Tools, Precision Engineering Company, Programmed Engg Products Pvt Ltd., Pushpanjali Enterprises, Pooja Paper Crafts,
Radha Madhav Industries, Ravi Industries, Revathi Electronic & Controls, Sajitha Traders & Engineering Works, Saurashtra Packaging, Semitronik Systems, Serve Tex
Engineers, Sheeba Fabricators, Shiv Ganga Paper Converters (P) Ltd., Shree Ambica Textile Works, Shree Laxmi Krupa Engineering Works, Shree Mahesh Engineering
Works, Shree Ram Engineers, Shyam Enterprise, Sigma Industries, SIP Tools, Sterdill Equipments Pvt Ltd., Sukhvir Engineering Works, Sunrise Paper & Board Mills,
Supertex, Suveg Electronics, Satyam Pharma Chem Pvt. Ltd., Sanghvi Packers, T P Refrigeration, Topack Ceramics Pvt. Ltd., Tex Tube Mfg. Co., Universal Welding
Works, V M Corporation, Vikrant Engineers, Vinay Electricals, Viral Electricals, Wadhwa Polyfilms Pvt. Ltd.
The outstandings are within the period of agreed terms.
* Includes for capital expenditure Rs. 176.16 Crores.
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Schedules forming part of the Consolidated Profit and Loss Account
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
SCHEDULE ‘I’
OTHER INCOME
Dividends :
From Current Investments
From Long Term Investments
Interest Received :
From Current Investments
From Long Term Investments
From Others
[Tax Deducted at source Rs. 56.53 Crores]
Profit/(Loss) on Sale of Investments (net)
- Current
- Long Term
Profit on Sale of Fixed Assets
Discount on Buyback of Bonds/Redemption of Debentures
Miscellaneous Income
Rs.
0.07
96.55 *
5.08
287.85
225.25
38.78
(4.24)
(Rs. in Crores)
2001-2002
Rs.
96.62
518.18
34.54
4.17
4.95
173.33
831.79
* Includes Rs. 52.77 Crores, received by Reliance Industrial Investments and Holdings Limited from erstwhile RPL for the financial year 2000-2001.
SCHEDULE ‘J’
VARIATION IN STOCKS
STOCK-IN-TRADE (at close)
Finished goods
Stock-in-process
STOCK-IN-TRADE (at commencement)
Finished goods
Stock-in-process
Add : On Amalgamation
Finished goods
Stock-in-process
Rs.
1,159.51
519.83
1,023.43
177.74
1,201.17
603.60
782.40
1,386.00
(Rs. in Crores)
2001-2002
Rs.
1,679.34
2,587.17
(907.83)
120
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Schedules forming part of the Consolidated Profit and Loss Account
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
SCHEDULE ‘K’
MANUFACTURING AND OTHER EXPENSES
RAW MATERIALS CONSUMED
MANUFACTURING EXPENSES
Stores, Chemicals and Packing Materials
Electric Power, Fuel and Water
Machinery Repairs
Building Repairs
Labour, Processing and Machinery Hire Charges
Excise Duty provided on Stocks
Lease Rent
Exchange Differences (Net)
PAYMENTS TO AND PROVISIONS
FOR EMPLOYEES
Salaries, Wages and Bonus
Contribution to Provident Fund, Gratuity Fund,
Superannuation Fund, Employee’s State Insurance
Scheme, Pension Scheme, Labour Welfare Fund etc.
Employee’s Welfare and other amenities
SALES AND DISTRIBUTION EXPENSES
Samples, Sales Promotion and Advertisement Expenses
Brokerage, Discount and Commission
Warehousing and Distribution Expenses
Sales Tax
Provision for Doubtful Debts
ESTABLISHMENT EXPENSES
Insurance
Rent
Rates and Taxes
Other Repairs
Travelling Expenses
Payment to Auditors
Professional Fees
Loss on Sale of Discarded Assets
General Expenses
Wealth Tax
Charity and Donations
Less : Project development expenses (net)
SCHEDULE ‘L’
INTEREST
Debentures
Fixed Loans
Others
Rs.
1,120.41
739.66
102.23
28.35
146.20
(33.04)
47.91
123.47
440.56
57.16
71.73
23.86
122.42
960.78
213.94
51.67
120.62
20.43
101.88
62.71
46.36
3.69
199.19
18.27
310.46
6.00
30.07
(Rs. in Crores)
2001-2002
Rs.
26,489.41
2,275.19
569.45
1,372.67
919.68
31,626.40
1.81
31,624.59
(Rs. in Crores)
2001-2002
Rs.
1,380.52
299.12
148.33
1,827.97
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Notes on Consolidated Accounts
SCHEDULE ‘M’
SIGNIFICANT ACCOUNTING POLICIES TO THE CONSOLIDATED BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
1.
Principles of consolidation
The consolidated financial statements relate to Reliance Industries Limited ('the Company') and its subsidiary companies. The
consolidated financial statements have been prepared in accordance with Accounting Standard (AS-21) "Consolidated
Financial Statements" issued by the Institute of Chartered Accountants of India on the following basis:
(i) The financial statements of the Company and its subsidiary companies have been combined on a line-by-line basis by adding
together the book values of like items of assets, liabilities, income and expenses, after fully eliminating intra-group balances and
intra-group transactions resulting in unrealised profits or losses.
(ii)
In case of foreign subsidiaries, revenue items have been consolidated at the average rate prevailing during the year. All assets
and liabilities are converted at rates prevailing at the end of the year. Any exchange difference arising on consolidation is
recognised in the profit and loss account except in cases where they relate to acquisition of fixed assets in which case they are
adjusted to the carrying cost of such assets.
(iii) As far as possible, the consolidated financial statements have been prepared using uniform accounting policies for like
transactions and other events in similar circumstances and are presented to, in the same manner as the Company's separate
financial statements.
(iv) Minority Interest's share of net profit of consolidated subsidiaries for the year is identified and adjusted against the income of the
group in order to arrive at the net income attributable to shareholders of the company.
(v) Minority Interest's share of net assets of consolidated subsidiaries is identified and presented in the consolidated balance sheet
separate from liabilities and the equity of the company's shareholders.
Investments other than in Subsidiary Companies have been accounted as per Accounting Standard (AS-13) on Accounting
for Investments issued by the Institute of Chartered Accountants of India.
Other significant accounting policies
These are set out under "Significant Accounting Policies" as given in the financial statements of Reliance Industries Limited and
its Subsidiaries.
2.
3.
SCHEDULE ‘N’
NOTES ON ACCOUNTS TO CONSOLIDATED BALANCE SHEET AND PROFIT AND LOSS ACCOUNT:
1.
The subsidiary companies considered in the consolidated financial statements are :
Name of the subsidiaries
Vimal Fabrics Limited
Reliance Industrial Investments and Holdings Limited
Reliance Power Ventures Limited
Reliance Ventures Limited
Reliance Strategic Investments Limited
Reliance LNG Private Limited
Reliance Infocom B.V.
Reliance Infocom Inc.
Reliance Technologies LLC.
Country of
incorporation
Proportion of
ownership interest
India
India
India
India
India
India
Netherlands
U.S.A.
U.S.A.
100%
100%
100%
100%
100%
90%
100%
100%
90%
2. Reliance Life Insurance Company Limited and Reliance General Insurance Company Limited have ceased to be subsidiaries and hence not
included in preparation of the Consolidated Financial Statements.
3. Reliance Petroinvestment Limited (RPiL) has ceased to be a subsidiary of the Company with effect from 17/04/2002 and being temporary in
nature, it has not been included in preparation of the Consolidated Financial Statements.
122
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Consolidated Accounts
SCHEDULE ‘N’ (Contd.)
4.
5
The financial statements of Reliance Infocom Inc. and Reliance Technologies LLC, have been prepared under US GAAP and of Reliance
Infocom B.V. has been prepared under Netherlands GAAP. The effect of differences in accounting policies between the company and these
subsidiaries are not material.
As this is the first year of adoption of Accounting Standard (AS-21) on Consolidated Financial Statements issued by the Institute of Chartered
Accountants of India, figures for the previous years have not been presented.
6.
(a)
In terms of the Scheme of Amalgamation (Scheme) sanctioned by order dated 7th June, 2002 of Hon’ble High Court of Bombay
and the order dated 13th September, 2002 of the Hon’ble High Court of Gujarat, Reliance Petroleum Limited (“RPL” - whose core
business is refining of crude oil) has been amalgamated with the Company with effect from 1st April, 2001.
(b)
In accordance with the said Scheme :
(i) The assets, liabilities, rights and obligations of RPL have been vested in the Company with effect from 1st April, 2001 and
have been recorded at their respective fair values under the purchase method of accounting for amalgamation.
(ii) 34,26,20,509 Equity shares of Rs. 10 /- each are to be issued as fully paid-up to the shareholders of RPL, without payment
being received in cash, and pending allotment, these have been shown under the head “Equity Share Suspense” net of
calls in arrears of Rs. 0.33 Crore.
(iii) Equity Share Suspense includes 10,46,60,154 shares of Rs. 10/- each to be allotted to the trust created by Reliance
Industrial Investments Holdings Limited, a wholly owned subsidiary of the Company against its investments in RPL.
(iv) Excess of fair value of net assets taken over by the Company over the paid up value of equity shares to be issued and
allotted and the carrying amount of shares held by the Company in RPL has been dealt with as under:
Rs. 130.17 Crores representing Debenture Redemption Reserve in RPL books, has been credited to Debenture
Redemption Reserve;
Rs. 0.65 Crore representing Capital Reserve in RPL books, has been credited to Capital Reserve;
Rs. 1,071.50 Crores representing balance in Profit and Loss Account in RPL books, has been credited to Profit and Loss
Account and net balance of Rs. 10,739.67 Crores has been credited to Securities Premium Account. As required by
Accounting Standard (AS-14) on Accounting for Amalgamation issued by the Institute of Chartered Accountants of India,
these reserves have been accounted as prescribed in the Scheme. Had the Scheme not prescribed this treatment, these
amounts would have been credited to Capital Reserve.
The computation of the amount credited to Securities Premium Account is as under:
(Rs. in Crores)
(Rs. in Crores)
Fair value of Assets
— Fixed Assets
— Net Current Assets
— Investments
Fair value of Assets
Less : Loan Liabilities
Fair value of Net Assets taken over
Less:
Consideration Payable (34,26,20,509 equity shares of Rs 10 each)
Cancellation of Investment of RIL in RPL
Stamp Duty Payable on Amalgamation
Debenture Redemption Reserve
Capital Reserve
Profit and Loss Account
Calls in Arrears
Amount taken to Securities Premium Account on amalgamation
20,644.12
1,426.23
413.46
22,483.81
7,492.13
342.62
2,686.45
25.00
130.17
0.65
1,071.50
(4.38)
14,991.68
4,252.01
10,739.67
7.
8.
(v) Consequent to the Court Orders, the authorised share capital will be increased to Rs. 3,000 Crores consisting of
250,00,00,000 equity shares of Rs. 10 each and 50,00,00,000 Preference Shares of Rs. 10 each.
Gross Turnover includes inter divisional transfers of Rs. 11,715.69 Crores and Income from services of Rs. 336.91 Crores.
(a) The company has changed the method of depreciation from straight line method to written down value method, with
effect from 1-4-2001 for Aromatics complex situated at Jamnagar, to provide for earlier replacement on account of
technological advancement.
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Consolidated Accounts
SCHEDULE ‘N’ (Contd.)
In compliance with the Accounting Standards (AS-6), on Depreciation Accounting issued by the Institute of Chartered
Accountants of India, depreciation has been recomputed from the date of commissioning on these assets at WDV rates
applicable to those years. Consequent to this there is an additional depreciation charge of Rs. 450.16 Crores which relates to
the previous years and an equivalent amount has been withdrawn from the General Reserve and credited to the Profit and
Loss Account.
Had there been no change in the method of depreciation, the charge for the year would have been lower by Rs. 238.02 Crores
excluding the charge relating to the previous years.
Consequently, the Net Block of Fixed Assets and Reserves and Surplus are lower by Rs. 688.18 Crores.
(b) The Gross Block of Fixed Assets include Rs. 2,738.50 Crores on account of revaluation of Fixed Assets carried out in the past.
Consequent to the said revaluation there is an additional charge of depreciation of Rs. 169.52 Crores and an equivalent amount
has been withdrawn from General Reserve and credited to the Profit and Loss Account.
9.
10.
The expenditure on account of exchange difference on outstanding forward exchange contracts to be recognised in the
Profit and Loss Account of subsequent accounting period aggregate to Rs.133.61 Crores.
Extraordinary Income includes income of Rs 358.34 Crores, on account of sale of equity shares of Larsen and Toubro Limited
and Rs. 53.36 Crores on account of Insurance claims received against the damage caused by the earthquake of
January, 2001.
11.
(a) Payment to Auditors :
Audit Fees
Tax Audit Fees
i)
ii)
iii) For Certification and Consultation in finance and tax matters
iv) Expenses reimbursed
(b) Cost Audit Fees
12. Managerial Remuneration :
i)
Salaries
ii) Perquisites
iii) Sitting Fees (Paid by erstwhile RPL)
iv) Commission
v) Contribution to Provident Fund and Superannuation Fund
vi) Provision for Gratuity
(Rs. in Crores)
2001-2002
1.51
0.55
1.41
0.21
3.68
0.04
(Rs. in Crores)
2001-2002
2.35
2.04
0.03
30.12
0.59
0.45
35.58
13.
A sum of Rs. 7.07 Crores (net debit) is included in General Expenses representing Net Prior Period Items.
14.
(a) Fixed assets taken on finance lease prior to April 1,2001, amount to Rs. 330.23 Crores. Future obligations towards lease rentals
under the lease agreements as on 31st March, 2002 amount to Rs. 97.13 Crores as follows:
Within one year
Later than one year and not later than five years
Later than five years
Total
(Rs. in Crores)
27.52
67.05
2.56
97.13
(b) The Company has acquired certain items of Plant & Machinery and Ships on finance lease after 1st April, 2001, amounting to
Rs. 29.62 Crores. The minimum lease rentals outstanding as of 31st March, 2002 in respect of these assets are as follows:
124
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Consolidated Accounts
SCHEDULE ‘N’ (Contd.)
Due
Within one year
Later than one year and not later than five years
Later than five years
Total
Total Minimum
Lease Payments
outstanding as on
31.03.2002
8.93
18.69
0.37
27.99
Future
interest on
Outstanding
(Rs. in Crores)
Present value of
Minimum Lease
Payments
0.51
2.60
0.18
3.29
8.42
16.09
0.19
24.70
(c) General description of lease terms
i) Lease rentals are charged on the basis of agreed terms.
ii) Assets are taken on lease over a period of 3 to 15 years.
15. a) Assets given on finance lease on or after 1st April, 2001
Particulars
Gross investment
Less: Unearned finance income
Present value of minimum lease rentals
Total
112.93
54.25
58.68
Not later than
one year
Later than one year and not
later than five years
Later than
five years
11.37
8.32
3.05
45.49
28.32
17.17
56.07
17.61
38.46
(Rs. in Crores)
b) General description of lease terms
Lease rentals are charged on the basis of agreed rate of interest.
i)
ii) Assets are given on lease for a period of ten years.
c) Miscellaneous Income includes income from lease of Rs. 0.59 Crore.
16.
As per Accounting Standard (AS-22) on Accounting for taxes on Income issued by the Institute of Chartered Accountants of
India, the provision for deferred tax as at 1.4.2001 has been computed at Rs.1,064.82 Crores, and is charged to revenue
reserves. The deferred tax liability as at 31st March, 2002 comprises of the following:
a. Deferred Tax Liability
Related to Fixed Assets
b. Deferred Tax Assets
Disallowances under Income Tax Act, 1961
Provision for Doubtful Debts
c. Provision for Deferred Tax Liability (Net)
17.
EARNINGS PER SHARE
a. Net Profit available for equity shareholders
(Numerator used for calculation)
b. Weighted Average No. of equity shares
used as denominator for calculating EPS
(Including shares to be issued to erstwhile
RPL shareholders)
c. Basic and Diluted Earnings per share (Rs.)
(Equity Share of face value of Rs. 10 each)
(Rs. in Crores)
2,289.71
228.88
2,060.83
188.90
39.98
(Rs. in Crores)
2001-2002
3,279.90
138,83,25,291
23.62
18. The company has identified three reportable segments viz. Petrochemicals, Refining and others. Segments have been identified and reported
taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The accounting
policies adopted for segment reporting are in line with the accounting policy of the company with following additional policies for segment reporting.
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Notes on Consolidated Accounts
SCHEDULE ‘N’ (Contd.)
(a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue
and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as
"Unallocable".
(b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other
assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".
(c) Segment Information:
(i) Primary Segment Information :
(Rs. in Crores)
Particulars
Petrochemicals
Refining
Others
Unallocable
Sub-Total
Eliminations
Total
1 Segment Revenue
- External Turnover
18,129.33
25,953.45
1,328.01
- Intra Segment Turnover
6,444.93
—
- Inter Segment Turnover
19.32
5,210.62
40.82
—
Gross Turnover
24,593.58
31,164.07
1,368.83
Less Excise duty recovered
2,216.95
1,073.03
25.00
Net Turnover
22,376.63
30,091.04
1,343.83
—
—
—
—
—
—
45,410.79
—
45,410.79
6,485.75
(6,485.75)
5,229.94
(5,229.94)
—
—
57,126.48
(11,715.69)
45,410.79
3,314.98
—
3,314.98
53,811.50
(11,715.69)
42,095.81
2 Segment Result before Interest,
Extra ordinary items and Taxes
Less: Interest Expense
Add: Interest Income
Profit before Extra ordinary
items and Taxes
Extraordinary income
(ref Note 6, Schedule 'N')
Profit Before Tax
Current Tax
Deferred Tax
Net Profit after Tax
3 Other Information
Segment Assets
Segment Liabilities
Capital Expenditure
Depreciation
Non Cash Expenses
other than depreciation
Notes:
2,482.99
2,127.82
796.62
—
—
—
—
—
—
(44.43)
1,827.97
518.18
5,363.00
1,827.97
518.18
2,482.99
2,127.82
796.62
(1,354.22)
4,053.21
—
—
—
2,482.99
2,127.82
796.62
411.70
(942.52)
190.03
996.01
411.70
4,464.91
190.03
996.01
3,278.87
15,704.09
24,801.15
2,323.26
13,869.03
56,697.53
1,433.18
3,375.91
419.94
2,481.50
1,004.33
1,609.46
591.28
1,052.88
63.24
76.87
0.03
76.95
51.67
7,710.53
1,658.88
2,816.16
51.67
—
—
—
—
—
—
—
—
—
—
5,363.00
1,827.97
518.18
4,053.21
411.70
4,464.91
190.03
996.01
3,278.87
56,697.53
7,710.53
1,658.88
2,816.16
51.67
a) As per Accounting Standard on Segment Reporting (AS-17), issued by the Institute of Chartered Accountant of India, the Company has
reported segments information on consolidated basis including businesses conducted through its subsidiaries.
b)
The reportable Segments are further described below:
— The petrochemicals segment includes production and marketing operations of petrochemical products namely, High and Low
density Polyethylene, Polypropylene, Polyvinyl Chloride, Polyester Yarn, Polyester Fibres, Purified Terephthalic Acid, Paraxylene,
Ethylene Glycol, Olefins, Aromatics, Linear Alkyl Benzene and Polyethylene Terephthalate.
— The refining segment includes production and marketing operations of the Petroleum refinery.
— The businesses, which were not reportable segments during the year, have been grouped under the "Others" segment. This mainly
comprises of :
• Oil and Gas • Textile
• Infocom business conducted through subsidiaries viz. Reliance Infocom Inc., Reliance Infocom B.V. and Reliance Technologies LLC.
126
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Consolidated Accounts
SCHEDULE ‘N’ (Contd.)
(ii) Secondary Segment Information :
1. Segment Revenue - External Turnover
(Rs. in Crores)
- Within India
- Outside India
Total Revenue
2. Segment Assets
- Within India
- Outside India
Total Assets
34,441.92
10,968.87
45,410.79
55,421.54
1,275.99
56,697.53
3. Segment Liability
- Within India
- Outside India
Total Liability
4. Capital Expenditure
- Within India
- Outside India
Total Revenue
(Rs. in Crores)
7,707.70
2.83
7,710.53
1,658.85
0.03
1,658.88
19. Miscellaneous Expenditure (to the extent not written off / or adjusted) includes Rs. 62.86 Crores inrespect of unamortised portion of
amount disbursed on account of Employees Seperation Scheme announced at Naroda during the year.
20. PROJECT DEVELOPMENT EXPENDITURE
(in respect of Projects upto 31st March, 2002 included under Capital work in progress)
Opening Balance
Add: On Amalgamation
Project Development Expenditure
transferred from Profit and Loss Account
Interest Capitalised
Less: Project Development Expenses
Capitalised during the year
Closing Balance
21. Additional Information
(a) Estimated amount of contracts remaining to be executed
on Capital accounts and not provided for
(b) Uncalled liability on partly paid Shares/ Warrant Equity Shares (Rs 19,935)
(c) Contingent Liabilities
(i) Outstanding guarantees furnished to Banks and
Financial Institutions including in respect of Letters of credit
(ii) Guarantees to Banks and Financial Institutions against
credit facilities extended to third parties
(iii) Liability in respect of bills discounted with Banks
(iv) Claims against the Company / disputed liabilities
not acknowledged as debts
(v) Sales tax deferral liability assigned
(Rs. in Crores)
2001-2002
Rs.
1.81
67.49
Rs.
6.52
83.84
69.30
159.66
94.80
64.86
(Rs. in Crores)
As at 31st
March 2002
453.12
—
235.50
624.40
19.19
357.32
2,511.71
(d) The Income-Tax assessments of the Company have been completed up to Assessment Year 1999-2000. The disputed demand
outstanding up to the said Assessment Year is Rs. 233.32 Crores. Based on the decisions of the Appellate authorities and the
interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted
or substantially reduced in respect of disputed matters which are pending in appeals.
RIL Consolidated Balancesheet.p65
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Notes on Consolidated Accounts
SCHEDULE ‘N’ (Contd.)
22. Related Party Disclosures:
(i) List of Related Parties with whom transactions have taken place and Relationships :
Sr No. Name of the Related Party
Relationship
1.
2
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
Associate Companies and Joint Ventures
Reliance Life Insurance Company Limited
(Subsidiary upto 14th January, 2002)
Reliance General Insurance Company Limited
(Subsidiary upto 14th January, 2002)
Reliance Capital Limited
BSES Limited
Reliance Infocomm Limited
( formerly Reliance Communications Limited)
Reliance Communications Infrastructure Limited
(formerly Reliance Infocom Limited)
Reliance Telecom Limited
Reliance Industrial Infrastructure Limited
Reliance Europe Limited
Reliance Ports and Terminals Limited
Reliance Utilities and Power Limited
Reliance Salgaoncar Power Company Limited
Reliance Enterprises Limited
Reliance Global Trading Private Limited
Unincorporated Oil & Gas Joint Ventures
Late Sh. Dhirubhai H. Ambani
Key Management Personnel
Sh. Mukesh D. Ambani
Sh. Anil D. Ambani
Sh. Nikhil R. Meswani
Sh. Hital R. Meswani
Sh. H. S. Kohli
Sh. R. H. Ambani
Smt. K. D. Ambani
Relatives of Key Management Personnel
Dhirubhai Ambani Foundation
Others
Jamnaben Hirachand Ambani Foundation
Hirachand Govardhandas Ambani Public Charitable Trust
128
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Consolidated Accounts
SCHEDULE ‘N’ (Contd.)
(ii) Transactions during the year with related parties:
Nature of Transaction
Sr.
No.
A)
B)
C)
D)
E)
F)
(a)
(b)
(c)
G)
H)
I)
J)
K)
L)
Loans
Taken during the year
Repaid during the year
Balance as at 31st March, 2002
Fixed Assets/ Capital Work in Progress
Assets taken on Lease during the year
Balance of Assets taken on Lease as at 31st March, 2002
Assets given on Lease during the year
Assets purchased during the year
Assets sold during the year
Investments
Purchased during the year
Sold during the year
Balance as at 31st March, 2002
Interest accrued on Investments
Sundry Debtors as at 31st March, 2002
Loans & Advances
Loans
Given during the year
Returned during the year
Balance as at 31st March, 2002
Advances recoverable in cash or in kind
Given during the year
Returned during the year
Balance as at 31st March, 2002
Deposits
Given during the year
Returned during the year
Balance as at 31st March, 2002
Sundry Creditors
Balance as at 31st March, 2002
Turnover
Other Income
Dividend
Interest Received
Lease Rental Income
Miscellaneous Income
Purchases
Expenditure
Interest Paid
Payments to and provisions for Directors
Sitting Fees (Rs 28,690)
Electric Power, Fuel and Water
Rent
Telephone Charges
Lease Rentals
Professional Fees
Charter Hire Charges
Insurance Premium
Assignment of Liability
Tank Farm Charges
Hire Charges
Donations
Warehousing and Distribution Charges
Others
Guarantees Issued
Financial Guarantees
Performance Guarantees
Associates
Key
Management
Relatives
of Key
Personnel Management
Personnel
(Rs. in Crores)
Others
Total
31.40
65.59
10.00
29.62
207.43
58.68
4.66
406.54
78.00
2,537.70
398.47
166.94
14,006.73
12,833.16
1,926.52
2,235.46
53.70
2,322.14
40.00
2.83
42.74
1,155.31
583.72
34.31
415.66
0.59
98.01
0.09
40.93
420.13
3.00
2.99
56.69
18.09
10.52
49.55
167.09
6.20
46.55
830.51
1.25
624.40
3,548.77
2.25
0.08
35.58
—
26.89
31.40
65.59
10.00
29.62
207.43
58.68
6.91
0.08
406.54
78.00
2,537.70
398.47
166.94
14,006.73
12,833.16
1,926.52
2,235.46
53.70
2,322.14
40.00
2.83
42.74
1,155.31
583.72
34.31
415.66
0.59
98.01
0.09
40.93
35.58
—
420.13
3.00
2.99
56.69
18.09
10.52
49.55
167.09
6.20
46.55
26.89
830.51
1.25
624.40
3,548.77
Note: Related Party disclosure for previous year is not included in above, as Accounting Standard (AS-18), issued by the Institute of Chartered Accountants of India
has become mandatory from 1st April, 2001.
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Consolidated Cash Flow Statement Annexed to the Balance Sheet
for the period April 2001-March 2002
A: CASH FLOW FROM OPERATING ACTIVITIES :
Net Profit after tax as per Profit and Loss Account
3,279.90
Adjusted for :
(Rs. in Crores)
2001-2002
Rs.
Rs.
(1.03)
(411.70)
7.07
190.03
996.01
51.67
0.05
14.09
3,435.84
(619.68)
(4.95)
0.01
77.00
(89.25)
(32.36)
(518.18)
1,827.97
(549.68)
307.63
(368.83)
Minority Interest Share of Loss
Extra-Ordinary items
Net Prior Year Adjustments
Current Tax Provision
Deferred Tax Provision
Provision for Doubtful Debts
Provision for Diminution in value of Investments
Profit/(Loss) on Sale of Discarded Assets
Depreciation
Transferred from General Reserve
Discount on Buyback of Bonds / Redemption of Debentures
Miscellaneous Expenses written off
Effect of Exchange Rate Change
Profit on Sale of Investments
Dividend Income
Interest
Interest Expenses
Operating Profit before Working Capital Changes
Adjusted for :
Trade and Other Receivables
Inventories
Trade Payables
Cash Generated from Operations
Net Prior Year Adjustments
Taxes Paid
Extra-Ordinary items
Net Cash From Operating Activities
B: CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Fixed Assets
Sale of Fixed Assets
Purchase of Investments
Sale of Investments
Movement in Loans
Interest Income
Dividend Income
Net Cash Used in Investing Activities
4,922.59
8,202.49
(610.88)
7,591.61
(7.07)
(105.18)
53.36
7,532.72
(1,681.70)
62.99
(14,996.22)
15,864.81
(3,502.41)
216.77
43.87
(3,991.89)
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Consolidated Cash Flow Statement Annexed to the Balance Sheet
for the period April 2001-March 2002
(Rs. in Crores)
2001-2002
Rs.
Rs.
C: CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from Issue of Share Capital (net)
Proceeds from Long Term Borrowings
Repayment of Long Term Borrowings
Short Term Loans
Dividends Paid
Interest Paid
Effects of exchange rate change
Net Cash used in Financing Activities
Net Increase/(Decrease) in Cash and Cash Equivalents
Opening Balance of Cash and Cash Equivalents
On Amalgamation
103.96
42.64
Closing Balance of Cash and Cash Equivalents
For and on behalf of the Board
2.24
15,717.89
(14,210.94)
(1,061.91)
(632.58)
(1,739.02)
0.45
(1,923.87)
1,616.96
146.60
1,763.56
M.D.Ambani
A.D.Ambani
N.R.Meswani
H.R.Meswani
H.S.Kohli
U.Mahesh Rao
R.H.Ambani
M.L.Bhakta
T.Ramesh U.Pai
Y.P.Trivedi
Dr.D.V.Kapur
M.P.Modi
V.M.Ambani
Mumbai
Dated: 30th September, 2002
- Chairman & Managing Director
- Vice-Chairman & Managing Director
- Nominee Director
Executive
Directors
Directors
}
}
- Company Secretary
Auditors’ Report
We have verified the above consolidated cash flow statement compiled from the consolidated audited financial statements of Reliance
Industries Limited for the year ended 31st March, 2002 and from the separate individual audited financial statements of the Company and its
subsidiaries for the year ended 31st March, 2001 and found the same in agreement therewith. According to the information and explanation
given to us the above consolidated cash flow statement has been prepared in accordance with the requirement of Accounting Standard 3 on
Cash Flow Statements issued by the Institute of Chartered Accountants of India.
For Chaturvedi & Shah
Chartered Accountants
D. Chaturvedi
Partner
Mumbai
Dated: 30th September 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
RIL Consolidated Balancesheet.p65
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Reliance Industries Limited
131
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Reconciliation of Consolidated Net Profit determined under
Indian GAAP to Net Income in accordance with US GAAP
The following reconciliation between Consolidated Profit determined under generally accepted accounting principles in India (“Indian
GAAP”) to Net Income in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) has
been provided as additional disclosure on a voluntary basis to assist readers who may be unfamiliar with Indian GAAP. However, as the
company is not subject to US SEC reporting & disclosure requirements and major part of the revenue of the Company is earned in India,
the accounts should be read as per Indian GAAP.
Reconciliation of Consolidated Profit determined under Indian GAAP with Net Income according to US GAAP.
Year ended 31st March, 2002
Notes
Rs.
(Crores)
US $
(Millions)
Consolidated Net Profit after tax determined under Indian GAAP
Adjustments to conform with US GAAP
Share in Income of Affiliates and Subsidiaries
Leases
Indirect Preoperative Expenses
Foreign Currency and Hedging
Depreciation
Deferred Income Tax
Issue Expenses
Employee Benefits
Cumulative effect of change in accounting principle
(net of Rs.142 crores of deferred income taxes)
Loss on early extinguishment of debt
Consolidated net income in accordance with US GAAP
1
2
3
4
5
6
7
8
9
10
3,280
351
(9)
(2)
(286)
172
(383)
(26)
(82)
(256)
(16)
2,743
672
72
(2)
(0.4)
(59)
35
(78)
(6)
(17)
(52)
(3)
562
1 US $= Rs. 48.80 (Exchange rate as on 31.03.2002)
Notes to Reconciliation of Consolidated profit determined under Indian GAAP with Net Income according to US GAAP.
The following notes show the difference between Indian and US GAAP and necessary adjustments to arrive at consolidated net income
under the US GAAP.
1. Share in income of Affiliates and Subsidiaries
a. Amalgamation of Reliance Petroleum Ltd. (RPL) with the Company
On 8th April, 2002 and 15th April, 2002 respectively, shareholders of the Company and RPL approved a scheme of
amalgamation, which was subsequently sanctioned by order dated 7th June, 2002 of the Honourable High Court of Bombay and
order dated 13th September, 2002 of the Honourable High Court of Gujarat. This transaction was consummated in September,
2002. However, the scheme calls for retroactive amalgamation with effect from 1st April, 2001.
Under Indian GAAP, the consolidated net profit after tax includes the accounts of RPL from the legal date of merger. Under US
GAAP, as the transaction was consummated after the balance sheet date, RPL has been included on the equity basis of
accounting for the year.
b. Other Affiliates and Subsidiaries
Under Indian GAAP investments in affiliates, where RIL generally owns 20% to 50%, are carried at cost. Income from such
affiliates is recognized to the extent dividends are declared.
Under US GAAP, investments in unconsolidated affiliates are accounted for using the equity method, whereby the investment is
carried at RIL’s related share of the net assets of such affiliates. RIL records as income, its share of the net earnings, determined
in accordance with US GAAP, of such affiliates.
With effect from 1st April, 2002, Indian GAAP also requires the use of the equity method by the Company.
Under Indian GAAP, in the current year, the company has also presented consolidated financial statements, which include its
subsidiaries. This treatment is consistent with US GAAP; however, the net income under US GAAP includes the earnings of
subsidiaries determined in accordance with US GAAP.
2.
3.
4.
Leases
Under Indian GAAP in respect of leases entered into before 31st March, 2001, no distinction is made between an operating and a
capital lease. Under US GAAP, leases are classified into operating or capital, based on the underlying characteristics of the lease.
Capital leases are accounted for as though the company had entered into an obligation and invested in an asset, resulting in the
charge to operations being the aggregate of depreciation on the asset and interest on the outstanding obligation. Under Indian
GAAP, for leases entered prior to 31st March, 2001 the charge to operations consists of the lease rental. Adjustment has been made
for reversal of lease rental and the revenue charge of depreciation and interest for capital leases. For leases entered into after 31st
March, 2001 the treatment under US GAAP and Indian GAAP is the same.
Indirect Preoperative Expenses
Under Indian GAAP certain indirect expenses incurred during construction are capitalised. Under US GAAP, such indirect costs are
expensed as incurred.
Foreign Currency and Hedging
Under Indian GAAP foreign exchange difference relating to acquisition of fixed assets is adjusted to the carrying cost of such assets.
Other foreign exchange differences are recognized in the profit and loss account. Under US GAAP, all gains or losses arising out of
foreign exchange differences are required to be included in the determination of net income.
132
Reliance Industries Limited
RIL Consolidated Balancesheet.p65
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The Company also enters into derivative contracts to manage its exposures to fluctuations in interest rates, foreign currencies and
commodity prices. Substantially all such contracts are regulated by agencies of the Government and may be entered into only for the
purposes of hedging. In order to comply with regulations, the company maintains extensive documentation to demonstrate that each
such contract qualifies for, and is effective as, a hedge of cash flows or foreign currency exposures.
Under Indian GAAP, the gain or loss on such derivative contracts are generally recognised when the underlying hedge transaction
settles, or upon earlier termination of the hedge.
Under US GAAP, the accounting for hedge contracts depends upon the nature of the hedge. For a derivative designated as hedging
an exposure to variable cash flow of a forecasted transaction, the effective portion of the derivative’s gain or loss is recognised in
income when the forecasted transaction effects earnings, or upon earlier termination of the hedge.
5. Depreciation
Under Indian GAAP, indirect preoperative expenses incurred during construction are capitalised. Under US GAAP, such indirect
costs must be expensed as incurred. Depreciation has been adjusted to take account of the US GAAP adjustments to fixed assets for
indirect preoperative expenses and foreign currencies.
6. Deferred Income Tax
The provision for taxation under Indian GAAP consists of the estimated tax currently payable and deferred income taxes for timing
differences between accounting income and taxable income at the substantively enacted income tax rates.
US GAAP requires that a provision for such deferred income taxes be made for the future tax effects of temporary differences
between book and tax basis of assets at the enacted tax rates.
Accordingly, the reconciliation provides for an adjustment to reflect the differences due to tax rates and the tax effect of US GAAP
adjustments.
Issue Expenses
Under Indian GAAP, debt issue expenses may be capitalized or charged to share premium. Under US GAAP, debt issue cost are
amortized over the life of the debt.
7.
8. Employee benefits
Under Indian GAAP, provision for leave encashment is accounted for on actuarial valuation basis. Compensation to employees who
have opted for voluntary retirement scheme of the company is amortized over 60 months. Under US GAAP provision for leave
encashment is accounted on actual basis. Compensation towards voluntary retirement scheme is charged in the year in which the
employees accept the offer.
9. Cumulative effect of change in accounting principle
In order to provide for the timely replacement of assets, the Company has changed the method of depreciation for Aromatics complex
situated at Jamnagar from Straight Line to Written Down value method with effect from 1st April, 2001. The new method has been
applied retrospectively to fixed asset acquisitions of prior years.
Under Indian GAAP, consequent to this, there is an additional charge for depreciation during the year relating to previous years and
an equivalent amount has been withdrawn from General Reserve and credited to Profit & Loss Account.
Under US GAAP, the cumulative effect of the change in depreciation method for previous years has reduced the consolidated net
income by Rs. 256 crores (net of Rs. 142 crores in deferred income taxes) after taking into account the adjustments to fixed assets for
indirect preoperative expenses and foreign currencies. Had there been no change in the method of depreciation, the charge for the
year would have been lower by Rs. 210 crores, excluding the charge relating to the previous years.
10. Loss on extinguishment of debt
Under Indian GAAP, debt extinguishment premiums are adjusted against Securities Premium Account. Under US GAAP such
premiums for early extinguishment of debt are expensed as incurred, and generally reported as extraordinary items.
As per our report of even date
For Deloitte Haskins & Sells
Chartered Accountants
P. R. Barpande
Partner
Mumbai
30th September, 2002
For and on behalf of the board
A.D. Ambani
Vice-Chairman & Managing Director
N.R. Meswani
Executive Director
International Accountants’ Report
To the Board of Directors of
RELIANCE INDUSTRIES LIMITED
We have audited the balance sheet of Reliance Industries Limited as of 31st March, 2002 and the Profit and Loss account for the year
then ended and have issued our report thereon dated 30th September, 2002. Our audit also included the accompanying Reconcilliation
of Consolidated Net Profit under Indian GAAP to Net Income in accordance with US GAAP (“the Reconciliation”). This Reconciliation is
the responsibility of the Company’s management. Our responsibility is to express an opinion based on our audit. In our opinion, such
Reconciliation, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects, the
information set forth therein.
For Deloitte Haskins & Sells
Chartered Accountants
Mumbai
Dated: 30th September, 2002
P. R. Barpande
Partner
Reliance Industries Limited
133
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134
Vimal Fabrics Limited
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
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FINANCIAL STATEMENTS
OF SUBSIDIARIES
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
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136
Vimal Fabrics Limited
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
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Directors’ Report
To the Members,
Your Directors have pleasure in presenting the 18th Annual
Report together with the Audited Statement of Accounts for the
financial year ended 31st March, 2002.
Operations
During the year under review, the Company has earned a profit
of Rs.1,23,385/- as against loss of Rs. 2,09,833/- in the
previous year.
Dividend
Your Directors have not recommended any dividend for the
financial year under review.
Directors' Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the
Companies Act, 1956 with respect to Directors' Responsibility
Statement, it is hereby confirmed that:
(i)
(ii)
(iii)
in the preparation of the accounts for the financial year
ended 31st March, 2002,
the applicable accounting
standards have been followed;
them consistently and made
the Directors have selected such accounting policies and
applied
judgements and
estimates that were reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at
the end of the financial year and of the profit of the Company
for the year under review;
the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with
for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and
the Companies Act, 1956
the provisions of
(iv) the Directors have prepared the accounts for the financial
year ended 31st March, 2002 on a ‘going concern’ basis.
Directors
Shri V.M. Ambani retires by rotation and being eligible offers
himself for reappointment at the ensuing Annual General Meeting.
furnished
Auditors and Auditors’ Report
M/s. Chaturvedi & Shah and M/s. Rajendra & Co., Joint Auditors
of the Company, hold office until the conclusion of the ensuing
Annual General Meeting and are eligible for re-appointment. The
Auditors have, under section 224(1-B) of the Companies Act,
1956
re-
appointment. Accordingly, the said Auditors are proposed to be
appointed as Joint Auditors of the Company at the ensuing
Annual General Meeting.
With reference to the observations made by the Auditors in
their report, your Directors are seized of the issue and are
the
contemplating necessary
networth.
the certificate of
required steps
their eligibility
replenish
for
to
Fixed Deposits
The Company has not accepted any fixed deposit from the Public.
Hence, no information is required to be appended to this report.
Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo
in accordance with
Information
the provisions of Section
217(1)(e) of the Companies Act, 1956, read with Companies
(Disclosures of Particulars in the Report of Board of Directors)
Rules, 1988 regarding conservation of energy,
technology
absorption are not required to be furnished since the company
has not undertaken any manufacturing activities. There were no
foreign exchange earnings and outgo during
the year
under review.
Personnel
The Company has not paid any remuneration attracting the
provisions of Companies (Particulars of Employees) Rules, 1975
read with Section 217(2A) of the Companies Act, 1956. Hence, no
information is required to be appended to this report in this regard.
Acknowledgement
Your Directors wish
immense
to place on
appreciation for the assistance and cooperation received from
various Statutory Authorities.
record
their
For and on behalf of the Board
V. M. Ambani
J. B. Dholakia
}
Directors
Mumbai
Dated : 11th July, 2002
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
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Auditors’ Report
c)
d)
e)
f)
To,
The Members of Vimal Fabrics Limited.
We have audited the attached Balance Sheet of Vimal Fabrics
Limited as at 31st March, 2002 and the Profit and Loss Account
for the year ended on that date annexed thereto. These financial
statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
the
financial statements are
We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about
free of material
whether
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
1. As required by the Manufacturing and Other Companies
(Auditors' Report) Order, 1988
the Central
Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of
the said order.
issued by
2.
Further to our comments in the Annexure referred to in
paragraph 1 above, we report that:
a) We have obtained all the information and explanations
which to the best of our knowledge and belief were
necessary for the purpose of our audit.
b)
In our opinion proper books of account as required by
law have been kept by the Company, so far as appears
from our examination of such books.
The Balance Sheet and Profit and Loss Account
referred to in this Report are in agreement with the
books of account.
In our opinion, the Balance Sheet and Profit and Loss
the
Account complies with
mandatory accounting standards referred to in Section
211 (3C) of the Companies Act, 1956.
requirements of
the
In our opinion, and based on
information and
explanations given to us, none of the directors are
from being
disqualified as on 31st March, 2002
appointed as directors in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
Although the Company had incurred substantial losses
in the past resulting in the erosion of its net worth, the
accounts of the Company are prepared on going
concern basis. Subject to above, in our opinion and to
the best of our information and according to the
explanations given to us, the said Balance Sheet and
Profit and Loss Account read together with the notes
thereon, give
the
Companies Act, 1956, in the manner so required and
give a
the
in confirmity with
fair view
accounting principles generally accepted in India :
required by
information
true and
the
i)
ii)
in so far as it relates to the Balance Sheet, of the
state of affairs of the Company as at 31st March,
2002 and
in so far as it relates to the Profit and Loss
Account, of the 'Profit' of the Company for the year
ended on that date.
For Chaturvedi & Shah
Chartered Accountants
H.P. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
138
Vimal Fabrics Limited
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
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Annexure to Auditors’ Report
R e f e r r e d t o i n P a r a g r a p h 1 o f o u r R e p o r t o f e v e n d a t e
1.
The Company had maintained proper records showing full
particulars including quantitative details and situation of its
fixed assets. The Company does not have any fixed assets at
the end of the year.
11.
2. None of the fixed assets have been revalued during the year.
3. According to the information and explanations given to us, the
stock of raw materials had been physically verified by the
Management during the year. In our opinion, the frequency of
such verification is reasonable.
4.
In our opinion, the procedures of physical verification of
stocks followed by the Management are reasonable and
adequate in relation to the size of the Company and the
nature of its business.
5. As explained to us, there were no material discrepancies
noticed on physical verification of the stocks.
6.
7.
8.
9.
10.
There is no stock in trade at the end of the year, hence the
question of valuation of stock in trade does not arise.
The Company has taken an interest free unsecured loans
from its Holding Company. It has not taken any other loan,
secured or unsecured, from companies, firms or other parties
as listed in the register maintained under Section 301 of the
Companies Act, 1956, or from companies under the same
management within the meaning of Section 370(1B) of the
Companies Act, 1956. The terms and conditions of the loan
are not, in our opinion, prima-facie prejudicial to the interests
of the Company.
The Company has not granted any loans, secured or
unsecured to companies, firms, or other parties listed in the
register maintained under Section 301 of the Companies Act,
1956 or to companies under the same management within the
meaning of Section 370 (1B) of the Companies Act, 1956.
The Company has not given any loans and advances in the
nature of loans.
In our opinion and according
information and
explanations given to us, there are adequate internal control
procedures commensurate with the size of the Company and
the nature of its business.
the
to
information and
In our opinion and according
explanations given to us, there are no transactions of
the
to
purchase of goods or materials and sale of goods, materials
and services made in pursuance of contracts or arrangement
entered in the register maintained under Section 301 and
aggregating during the year to Rs.50,000/- or more in respect
of each party.
12. As explained to us, there are no damaged or unserviceable
raw materials.
13. The Company has not accepted any deposit from the Public.
14. As there was no manufacturing activity during the year the
question of by products or realisable scrap does not arise.
15.
In our opinion the Company has an internal audit system
commensurate with its size and the nature of its business.
16. The Central Government has prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956
in respect of the manufacturing activities of the Company.
Since there is no manufacturing activity during the year we
have no comments to offer on the said clause.
17. We have been informed that provisions of the Provident Fund
and Employees' State Insurance are not applicable to the
Company for the year.
18. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-Tax,
Wealth-Tax, Sales-Tax, Excise Duty and Customs Duty were
outstanding as at 31st March, 2002 for a period of more than
six months from the date they became payable.
19. According to the information and explanations given to us, no
personal expenses of Directors have been charged to
revenue account.
20. The Company is not a Sick Industrial Company within the
meaning of clause (o) of sub-section (1) of Section 3 of the
Sick Industrial Companies (Special Provisions) Act, 1985.
For Chaturvedi & Shah
Chartered Accountants
H.P. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
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Balance Sheet as at 31st March, 2002
Schedule
As at
31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
SOURCES OF FUNDS:
Shareholders’ Funds
Capital
Loan Funds
Unsecured Loans (From Holding Company)
TOTAL
APPLICATION OF FUNDS:
Fixed Assets
Gross Block
Less : Depreciation
Net Block
Current Assets, Loans and Advances
Current Assets
Inventories
Sundry Debtors
Cash and Bank Balances
Loans and Advances
Less : Current Liabilities and Provisions
Current Liabilities
Net Current Assets
Profit and Loss Account
TOTAL
Notes on Accounts
‘A’
‘B’
‘C’
‘D’
‘G’
21,01
11,95,57
12,16,58
21,01
12,15,68
12,36,69
30,46
14,44
-
16,02
1,92
13,50
31
15,73
13,67
29,40
6,39
6,39
20,16
11,96,42
12,16,58
23,01
11,97,66
12,36,69
-
-
-
12,31
5
12,36
13,67
26,03
5,87
5,87
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
H.P. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
R.J. Shah
Partner
140
Vimal Fabrics Limited
V.M. Ambani
N.M. Sanghavi
J.B. Dholakia
}
Directors
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
Profit and Loss Account for the year ended 31st March, 2002
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedule
2001-2002
(Rs. in thousands)
2000-2001
Rs.
Rs.
Rs.
Rs.
INCOME
Sales
Other Income
‘E’
EXPENDITURE
Purchases
Manufacturing and Other expenses
‘F’
Depreciation
Profit / (Loss) for the year
Add : Balance brought forward from last year
Balance carried to Balance Sheet
-
10,09
-
8,08
77
10,18
3,09
10,09
13,27
9,37
4,89
1,11
8,85
1,24
(11,97,66)
(11,96,42)
15,37
(2,10)
(11,95,56)
(11,97,66)
Basic and Diluted Earnings per share (Rupees)
0.59
(1.00)
Notes on Accounts
‘G’
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
H.P. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
R.J. Shah
Partner
V.M. Ambani
N.M. Sanghavi
J.B. Dholakia
}
Directors
Vimal Fabrics Limited
141
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Balance Sheet
SCHEDULE ‘A’
SHARE CAPITAL
Authorised:
2,50,000 Equity Shares of Rs. 10 each
Issued, Subscribed and Paid up:
2,10,070 Equity Shares of Rs. 10 each fully paid up
(Held by Reliance Industries Limited,
the Holding Company)
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
25,00
21,01
21,01
25,00
21,01
21,01
Gross Block
Depreciation
Net Block
(Rs. in thousands)
SCHEDULE ‘B’
FIXED ASSETS
Description
Buildings
Furniture and Fixture
Vehicles
Total
Previous Year
SCHEDULE ‘C’
As at
1.4.2001
Rs.
Additions
Rs.
Deduc-
As at
As at
tions 31.3.2002 1.4.2001
Rs.
Rs.
Rs.
27,48
2,97
1
30,46
30,46
-
-
-
-
-
27,48
2,97
1
30,46
-
-
-
-
-
30,46
12,37
2,06
1
14,44
13,33
CURRENT ASSETS, LOANS AND ADVANCES
Current Assets:
Inventories
(as verified, valued and certified by the management)
Raw materials
Sundry Debtors (Unsecured, considered good)*
Over Six months
Cash and Bank Balances
Balance with Scheduled Banks:
In Current Account
Loans and Advances:
(Unsecured, considered good)
Deposits
For the
year
Rs.
64
13
-
77
Deduc-
tions
Rs.
13,01
2,19
1
15,21
Up to
As at
As at
31.3.2002 31.3.2002 31.3.2001
Rs.
Rs.
Rs.
-
-
-
-
-
-
-
-
15,11
91
-
16,02
1,11
-
14,44
16,02
As at
31st March, 2002
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
Rs.
Rs.
-
12,31
5
1,92
13,50
31
12,36
13,67
26,03
15,73
13,67
29,40
* Includes Rs. 12,31 thousand due from Reliance Petroleum Ltd., a Company under the same management which is under
amalgamation with Reliance Industries Limited. (previous year Rs. 12,31 thousand).
142
Vimal Fabrics Limited
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Balance Sheet
SCHEDULE ‘D’
CURRENT LIABILITIES AND PROVISIONS
Current Liabilities
Sundry Creditors :
Due to : Small Scale Industries
Other
Other Liabilities
As at
31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
—
—
—
34
—
5,87
5,87
34
6,05
6,39
Schedules Forming Part of the Profit and Loss Account
SCHEDULE ‘E’
OTHER INCOME
Profit on sale of fixed assets
Excess provision for expenses no longer required (net)
2001-2002
Rs.
9,75
34
(Rs. in thousands)
2000-2001
Rs.
–
3,09
10,09
3,09
SCHEDULE ‘F’
MANUFACTURING AND OTHER EXPENSES
(Rs. in thousands)
2001-2002
2000-2001
Raw Materials Consumed
Stock at commencement
Less: Sold
Less : Stock at close
Establishment Expenses
Electric Power, fuel and water
Retrenchment compensaton
Insurance
Rates and taxes
Payment to Auditors
General Expenses
Rs.
1,92
1,92
–
–
4,34
1,67
–
1,75
26
6
Rs.
–
8,08
8,08
Rs.
1,92
–
1,92
1,92
4,28
–
6
1
26
28
Rs.
–
4,89
4,89
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
Vimal Fabrics Limited
143
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘G’
1. SIGNIFICANT ACCOUNTING POLICIES
a) Basis of preparation of Financial Statements
The Financial Statements have been prepared under the Historical Cost Convention, in accordance with the generally
accepted accounting principles in India and the provisions of the Companies Act, 1956 as adopted consistently by the
Company. The same are prepared on a going concern basis.
b) Fixed Assets and Depreciation
Fixed Assets are stated at acquisition cost less accumulated depreciation.
i)
ii) Depreciation is provided on the straight line method at the rates and in the manner prescribed in Schedule XIV to the
Companies Act, 1956.
c)
Inventories
Raw Material is valued at cost.
2.
The previous year’s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
3. Other income includes extra-ordinary income of profits on sale of fixed assets of Rs. 9,75 thousands (Previous Year Rs. NIL)
4. Auditors’ Remuneration:
Audit fees
5. Earnings per share
Basic, as well as diluted, earnings per equity share (Rs.)
Numerator - profit/(loss) after tax (Rs. in thousands)
Denominator - weighted average number of equity shares
Nominal value per equity share (Rs.)
2001-2002
Rs.
26
2001-2002
0.59
1,24
2,10,070
10
(Rs. in thousands)
2000-2001
Rs.
26
2000-2001
(1.00)
(2,10)
2,10,070
10
6. As the company has not carried out any manufacturing activity during the year, information required under paragraphs
3 and 4 of Schedule VI of the Companies Act, 1956 is given to the extent applicable.
7. Contingent Liability
Claims against the company/disputed liabilities
not acknowledged as debts for ex-employees.
8.
Licensed and Installed Capacity
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
15,93
13,99
Licensed Capacity
Installed Capacity
31.3.2002
31.3.2001
31.3.2002
31.3.2001
N.A.
N.A.
N.A.
N.A.
9. Quantitative Information
UNIT
Quantity
Rs./thousands
Quantity
Rs./thousands
2001-2002
2000-2001
a) Opening stock
Fabrics
b) Closing stock
Fabrics
c) Purchases
Fabrics(Net of purchase return)
d) Sales
Fabrics (Net of sales return)
Mtrs/lacs
Mtrs/lacs
Mtrs/lacs
Mtrs/lacs
–
–
–
–
–
–
–
–
–
–
0.08
0.08
–
–
9,37
10,18
144
Vimal Fabrics Limited
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘G’ (Contd.)
10. Balance Sheet Abstract and Company's General Business Profile as per Part IV of Schedule VI to the Companies Act, 1956.
1. Registration Details:
Registration No.
3 1 5
9 3
State Code
Balance Sheet Date
3 1
- 0 3 -
0 2
2. Capital raised during the year: (Rs. in thousands)
Public Issue
Bonus Issue
N I
N I
L
L
Rights Issue
Private Placement
3. Position of mobilisation and deployment of funds: (Rs. in thousands)
1 1
N I L
N I L
1 2 2 2
4 5
Total Assets
1 2 2 2 4 5
2 1
0 1
Reserves and Surplus
N I L
N I
L
Unsecured Loans
1 1 9 5 5 7
Total Liabilities
Source of Funds:
Paid-up Capital
Secured Loans
Application of Funds:
Net Fixed Assets
Net Current Assets
N I
L
Investments
2 0
1 6
Miscellaneous
Expenditure
Accumulated Losses
1 1 9 6
4 2
4. Performance of Company: (Rs. in thousands)
Turnover/Income
Profit/(Loss) before tax
1 0
0 9
Total Expenditure
1
2 4
Profit/(Loss) after tax
Earnings per Share (Rupees)
0 .
5 9
Dividend Rate (%)
5. Generic names of principal products, services of the Company:
Item Code No.
5 5
1 5 1 1. 0 0
Product Description
F A B R I C S
N I L
N I L
8 8 5
1 2 4
N I L
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
H.P. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
R.J. Shah
Partner
V.M. Ambani
N.M. Sanghavi
J.B. Dholakia
}
Directors
Vimal Fabrics Limited
145
Vimal Industries ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Directors’ Report
To the Members,
Your Directors have pleasure in presenting the 16th Annual Report together with the Audited Statement of Accounts for the financial year
ended 31st March, 2002.
FINANCIAL RESULTS
Profit before taxation
Less: Provision for taxation
Profit after tax
Add: Taxes for the earlier years
Balance brought forward from last year
Amount available for appropriations:
Less: Transferred to Debenture Redemption Reserve
Balance carried forward to Balance Sheet
(Rs. in Thousands)
2001-2002
2000-2001
Rs.
37,60,83
—
37,60,83
1,18,76
78,37,56
117,17,15
531,43
111,85,72
Rs.
26,81
—
26,81
—
78,10,75
78,37,56
—
78,37,56
Operations
During the year, the Company received dividend income of
Rs. 64,21,58,326/- from its investments.
During the year, the Company transferred 92,20,665 Equity
Shares of Larsen and Toubro Limited to Reliance Industries
Limited, the Holding Company, at cost.
Pursuant to the Scheme of Amalgamation of Reliance Petroleum
Limited (RPL) into Reliance Industries Limited (RIL), equity
shares of Rs. 10/- each of RIL are to be issued and allotted to a
Trust under which the Company is the sole beneficiary, against
the equity shares of RPL held by the Company, the Trust having
been settled by the Company on 2nd May, 2002.
Dividend
The Directors have not recommended dividend on Equity shares
for the financial year ended 31st March, 2002.
true and fair view of the state of affairs of the Company at
the end of the financial year and of the profit of the Company
for the year under review;
(iii)
the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with
the provisions of
the Companies Act, 1956
for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and
(iv)
the Directors have prepared the accounts for the financial year
ended 31st March, 2002 on a 'going concern' basis.
Audit Committee
As required by the provisions of Section 292A of the Companies
the Board of Directors has constituted Audit
Act, 1956,
Committee comprising of three directors i.e. Shri S. Seth, Shri
Alok Agarwal and Shri Sandeep Junnarkar.
Directors' Responsibility Statement
Directors
Pursuant to the requirement under Section 217(2AA) of the
Companies Act, 1956, with respect to Directors' Responsibility
Shri Alok Agarwal retires by rotation and being eligible offers
himself for reappointment at the ensuing Annual General Meeting.
Statement, it is hereby confirmed that:
(i)
in the preparation of the accounts for the financial year
ended 31st March, 2002,
the applicable accounting
standards have been followed;
(ii)
the Directors have selected such accounting policies and
them consistently and made
applied
judgements and
estimates that were reasonable and prudent so as to give a
Auditors
M/s. Chaturvedi & Shah and M/s. Rajendra & Co., Joint Auditors
of the Company, hold office till the conclusion of the ensuing
Annual General Meeting and are eligible for re-appointment. The
Auditors have, under section 224(1-B) of the Companies Act,
1956
furnished
the certificate of
their eligibility
for
re-
appointment. Accordingly, the said Auditors are proposed to be
146
Reliance Industrial Investments and Holdings Limited
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
appointed as Joint Auditors of the Company at the ensuing
Annual General Meeting.
technology absorption. There was no foreign exchange earnings
and outgo during the year.
Fixed Deposits
Personnel
The Company has not accepted any fixed deposit during the
year. Hence, no information is required to be appended to this
report in terms of Non-Banking Financial Companies Acceptance
of Public Deposits (Reserve Bank) Directions, 1988.
The Company has not paid any remuneration attracting the
provisions of Companies (Particulars of Employees) Rules, 1975
read with Section 217(2A) of the Companies Act, 1956. Hence, no
information is required to be appended to this report in this regard.
Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo
Acknowledgement
Being an investment company, there are no particulars furnished
in this report as required under Section 217(1)(e) of the
Companies Act, 1956, relating to conservation of energy and
Mumbai
Dated : 11th July, 2002
Your Directors wish
immense
to place on
appreciation for the assistance and cooperation received from
record
their
various Statutory Authorities.
For and on behalf of the Board
Alok Agarwal
S. Seth
}
Directors
Reliance Industrial Investments and Holdings Limited
147
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Auditors’ Report
To,
The Members of Reliance Industrial Investments and Holdings Limited.
We have audited the attached Balance Sheet of Reliance
Industrial Investments and Holdings Limited as at 31st March,
b)
In our opinion proper books of account as required by
law have been kept by the Company, so far as appears
2002 and the Profit and Loss Account for the year ended on that
the
date annexed
financial statements are
thereto. These
responsibility of the Company's management. Our responsibility
is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about
free of material
whether
financial statements are
the
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
1. As required by the Manufacturing and Other Companies
the Central
(Auditors' Report) Order, 1988
issued by
Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of
the said order.
2.
Further to our comments in the Annexure referred to in
paragraph 1 above, we report that:
from our examination of such books.
c)
The Balance Sheet and Profit and Loss Account
referred to in this report are in agreement with the
books of account.
d)
In our opinion, the Balance sheet and Profit and Loss
the
Account complies with
requirements of
the
mandatory accounting standards referred to in Section
211 (3C) of the Companies Act, 1956.
e)
In our opinion, and based on
information and
explanations given to us, none of the directors are
disqualified as on 31st March, 2002
from being
appointed as directors in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
f)
In our opinion and to the best of our information and
according to the explanations given to us, the said
Balance Sheet and Profit and Loss Account read
together with the notes thereon, give the information
required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India :
i)
in so far as it relates to the Balance Sheet, of the
state of affairs of the Company as at 31st March,
2002 and
a) We have obtained all the information and explanations
ii)
in so far as it relates to the Profit and Loss
which to the best of our knowledge and belief were
necessary for the purpose of our audit.
Account, of the 'Profit' of the Company for the year
ended on that date.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
148
Reliance Industrial Investments and Holdings Limited
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Annexure to Auditors’ Report
R e f e r r e d t o i n P a r a g r a p h 1 o f o u r R e p o r t o f e v e n d a t e
1.
The Company has maintained proper records showing full
particulars including quantitative details and situation of its
fixed assets. According to information and explanations given
to us, the fixed assets have been physically verified by the
management at the year end and no material discrepancies
were noticed on such verification as compared to the
available records. In our opinion the frequency of such
7.
8.
information and
In our opinion and according
explanations given to us, the Company has not accepted any
the
to
deposits from the public.
In our opinion
internal audit
arrangement commensurate with its size and the nature of its
the Company has an
business.
verification is reasonable having regard to the size of the
9. According to the information and explanations given to us, the
Company and the nature of its assets.
2. None of the fixed assets have been revalued during the year.
3. Since the Company has not commenced any manufacturing
and / or trading activity, items (iii), (iv), (v), (vi), (x), (xi),
(xii),(xiv) and (xvi) of the Clause A and item (ii) of Clause D of
paragraph 4 of the aforesaid Order are not applicable.
4.
The Company has taken unsecured loans from its Holding
Company. It has not taken any other loan, secured or
unsecured, from companies, firms and other parties as listed
the
the register maintained under Section 301 of
in
Companies Act, 1956, or from companies under the same
management within the meaning of Section 370(1B) of the
Companies Act, 1956. The terms and conditions of such loans
the Employees' Provident Fund and
provisions of
Miscellaneous Provisions Act, 1952 and the Employees' State
Insurance Act, 1948 are not applicable to the Company.
10. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-Tax,
Wealth-Tax, Sales-Tax, Excise Duty and Customs Duty were
outstanding as at 31st March, 2002 for a period of more than
six months from the date they became payable.
11.
In our opinion and according
to
the
information and
explanations given to us, no personal expenses of employees
or Directors have been charged to revenue account.
12. The Company is not a Sick Industrial Company within the
meaning of clause (o) of sub-section (1) of Section 3 of the
are not, in our opinion, prima-facie prejudicial to the interests
Sick Industrial Companies (Special Provisions) Act, 1985.
of the Company.
5.
The Company has not granted any loans, secured or
unsecured to companies, firms, or other parties listed in the
register maintained under Section 301 of the Companies
Act, 1956, or to the companies under the same management
within the meaning of section 370(1B) of the Companies
Act, 1956.
6.
In respect of the loans and advances in the nature of loans
given by the Company, there are no specific stipulations as to
repayment of principal amounts and interest has been
charged wherever stipulated.
13. According to the information and explanations given to us, the
provisions of any special statute applicable to Chit-Fund,
Nidhi or Mutual Benefit Society are not applicable to the
Company.
14.
In our opinion, the Company has maintained proper records
and made timely entries in respect of investments dealt in or
traded by the Company. The Company's investments are held
in its own name, save and except, those in the process of
being transferred in its name.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
Reliance Industrial Investments and Holdings Limited
149
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Balance Sheet as at 31st March, 2002
SOURCES OF FUNDS:
Shareholders’ Funds
Capital
Reserves and Surplus
Loan Funds
Secured Loans
Unsecured Loans
TOTAL
APPLICATION OF FUNDS:
Fixed Asset
Gross Block
Less: Depreciation
Net Block
Investments
Current Assets, Loans and Advances
Current Assets
Cash and bank balances
Loans and Advances
Less:
Current Liabilities and Provisions
Current Liabilities
Provisions
Net Current Assets
TOTAL
Notes on Accounts
Schedule
As at
31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
147,50,44
121,12,31
20,85,96
1601,24,25
147,50,44
82,32,72
268,62,75
229,83,16
17,99,31
1736,49,80
1622,10,21
1890,72,96
1754,49,11
1984,32,27
5,28
49
5,04
33
4,79
4,71
1893,28,03
1988,58,22
58
2,13,58
2,14,16
4,72,74
1,28
4,74,02
1,72
6,41,96
6,43,68
5,23,52
5,50,82
10,74,34
(2,59,86)
1890,72,96
(4,30,66)
1984,32,27
‘A’
‘B’
‘C’
‘D’
‘E’
‘F’
‘G’
‘H’
‘K’
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
R.J. Shah
Partner
Mumbai
Dated : 11th July, 2002
Alok Agarwal
S. Seth
Sandeep Junnarkar
}
Directors
Kalpana Srinivasan
}
Assistant Secretary
150
Reliance Industrial Investments and Holdings Limited
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
Profit and Loss Account for the year ended 31st March, 2002
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedule
2001-2002
2000-2001
Rs.
Rs.
Rs.
Rs.
(Rs. in thousands)
INCOME
Income on Investments
‘I’
63,56,92
26,15,78
Miscellaneous receipts (previous year Rs. 48/-)
Interest received
[Tax Deducted at source Rs.Nil, previous
year Rs.22 thousands]
EXPENDITURE
Establishment and Other Expenses
‘J’
Discount on debentures
Interest
Debentures
Others
Depreciation
—
15,60
15,70
2,86,65
23,09,18
—
16
—
1,24
63,72,52
26,17,02
12,62
2,47,26
23,09,18
21,00
15
Profit before tax
Less: Provision for taxation
Profit after tax
Add: Taxation for earlier years
Balance brought forward from last year
Amount available for appropriations
Less: Transferred to Debenture Redemption Reserve
Balance carried to Balance Sheet
Basic Earnings per share (Rupees)
Diluted Earnings per share (Rupees)
Notes on Accounts
‘K’
26,11,69
37,60,83
—
37,60,83
1,18,76
78,37,56
117,17,15
5,31,43
111,85,72
2.55
0.64
25,90,21
26,81
—
26,81
—
78,10,75
78,37,56
—
78,37,56
0.02
0.01
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
R.J. Shah
Partner
Mumbai
Dated : 11th July, 2002
Alok Agarwal
S. Seth
Sandeep Junnarkar
}
Directors
Kalpana Srinivasan
}
Assistant Secretary
Reliance Industrial Investments and Holdings Limited
151
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Balance Sheet
SCHEDULE ‘A’
SHARE CAPITAL
Authorised:
14,99,90,000 Equity Shares of Rs. 10 each
10,000 11% Non-Cumulative Redeemable
Preference Shares of Rs.10 each
Issued, Subscribed & Paid up :
14,75,04,400 Equity Shares of Rs.10 each fully paid up
(Held by Reliance Industries Limited,
the Holding Company)
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
149,99,00
1,00
149,99,00
1,00
150,00,00
150,00,00
147,50,44
147,50,44
147,50,44
147,50,44
Note : Refer Note of Schedule ‘D’ in respect of option on unissued share capital.
SCHEDULE ‘B’
RESERVES AND SURPLUS
Debenture Redemption Reserve
As at
31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
As per last Balance Sheet
Add: Transfer from Profit and Loss Account
—
5,31,43
—
—
General Reserves:
As per last Balance Sheet
Profit and Loss Account
SCHEDULE ‘C’
SECURED LOANS
12,40,000
Secured, Redeemable, Non-Interest
Bearing, Non-Convertible Debentures
Redemption value
Less: Discount to be written off in future
5,31,43
3,95,16
111,85,72
—
3,95,16
78,37,56
121,12,31
82,32,72
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
37,20,00
16,34,04
20,85,96
37,20,00
19,20,69
17,99,31
Note: The debentures referred above are redeemable at Rs.300 each on maturity i.e. on 28-02-2006 (issued at Rs.100 each) and
are secured by way of a second and subservient charge on the Company's immovable property situated at Mumbai and by way of
pledge of securities.
152
Reliance Industrial Investments and Holdings Limited
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Balance Sheet
SCHEDULE ‘D’
UNSECURED LOANS
(Rs. in thousands)
As at
31st March, 2002
Rs.
As at
31st March, 2001
Rs.
A. Zero Coupon Convertible Unsecured Redeemable
441,57,15
441,57,15
Debentures of Rs.5000 each
8.25 % Fully Convertible Unsecured Debentures of
Rs.100 each
Loans from Holding Company
Interest accrued and due
B.
C.
D.
279,90,00
279,90,00
861,39,00
18,38,10
1601,24,25
997,15,35
17,87,30
1736,49,80
NOTE:
a.
In respect of Debentures referred to in A above, the Company may give at its option a three months notice to the
Debentureholders to opt for conversion of the Debentures into Equity Shares at par at any time after the expiry of 15 years, from
the respective dates of allotment of such Debentures. The debentures are redeemable at a premium of 5% of the face value of
the debentures. In the event of the option not being granted by the Company or debentureholders not exercising their option to
convert, it may redeem the said debentures in part or in full at any time during the tenure of the said debentures but not later than
25 years commencing from the respective dates of allotment. Premium payable on debentures redeemed during any financial
year will become due at the end of the said financial year.
b. Debentures referred to in B above are fully convertible into equity shares of the Company at prevailing book value at any time
after the expiry of 15 years but not later than 20 years from the respective date of allotments.
SCHEDULE ‘E’
FIXED ASSETS
Description
Building
Computer
Total
Previous Year
Gross Block
Additions
Rs.
—
24
24
—
As at
1.4.2001
Rs.
4,57
47
5,04
5,04
Depreciation
Net Block
As at
31.3.2002
Rs.
As at
1.4.2001
Rs.
For the
year
Rs.
As at
31.3.2002
Rs.
As at
31.3.2002
Rs.
As at
31.3.2001
Rs.
(Rs. in thousands)
4,57
71
5,28
5,04
19
14
33
18
7
9
16
15
26
23
49
33
4,31
4,38
33
4,71
48
4,79
4,71
Reliance Industrial Investments and Holdings Limited
153
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Balance Sheet
SCHEDULE ‘F’
INVESTMENTS
As at
31st March, 2002
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
Rs.
Rs.
Investments : (Valued, Verified & Certified by Management)
(A) Long Term Investments
Quoted:
Equity Shares - Fully paid up
1,36,22,707 BSES Ltd. of Rs.10 each
— Larsen & Toubro Ltd. of Rs.10 each
(92,91,438)
115,12,61,700 Reliance Petroleum Ltd. of Rs.10 each *
(105,54,65,700)
214,88,66
—
1654,96,01
40,37,000 India Polyfibres Ltd. of Rs.10 each
4,05,49
214,88,66
95,30,19
1511,26,61
4,05,49
Warrant Equity Shares (WES) - Fully paid up
— WES 2001 of Reliance Petroleum Ltd. of
—
143,69,40
1873,90,16
1825,50,95
(9,57,96,000 ) Rs.15 each
Unquoted:
Equity Shares - Fully paid up
1,700 Farvision Securities Private Ltd.
of Rs.100 each
3,500 Neha Real Estates Private Limited
of Rs.10 each
22,900 Observer (India) Ltd. of Rs.10 each
150 Reliance Aromatics & Petrochemicals
Pvt. Ltd. of Rs.10 each
185 Reliance Energy & Project Development
Pvt. Ltd. of Rs.10 each
1,26,90,000 Reliance Salgoacar Power Company
Limited of Rs.10 each
9,35
24,69
3,79
1
2
9,35
24,69
3,79
1
2
12,69,00
12,69,00
50 Reliance Telecom Ltd. of Rs.10 each
1
1
Preference shares - Fully paid up
63,10,000 14% Cumulative Redeemable Preference
shares (Series I) of Reliance Salgaocar
Power company Ltd. of Rs.10 each
13,06,87
6,31,00
13,06,87
6,31,00
TOTAL (A)
1893,28,03
1988,58,22
(B) Current Investments
Quoted:
Equity Shares - Fully paid up
2,500 MH Mills & Industries Ltd. of Rs.10 each
Debentures - Fully Paid up
1,250 14% Non Convertible Debentures of
MH Mills & Industries Ltd. of Rs.45 each
TOTAL (B)
TOTAL (A+B)
94
56
1,50
94
56
1,50
1893,29,53
1988,59,72
Less : Provision for diminution in the value of investments
1,50
1,50
1893,28,03
1988,58,22
154
Reliance Industrial Investments and Holdings Limited
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Balance Sheet
SCHEDULE ‘F’ (Contd.)
* 1 In terms of the Scheme of Amalgamation of Reliance Petroleum Limited (RPL) with Reliance Industries Limited (RIL, the holding
company) shares in RIL will be alloted against the Company’s investment in shares of RPL to the Trustees of a Trust created by the
company of which the company is the sole beneficiary. The company has formed a Trust, on 2nd May, 2002.
2
The Company’s investment in equity shares to the extent of 84,60,000 shares of Reliance Salgaocar Power Company Limited, are
subject to non-disposal undertaking given to Financial Institutions till the loans granted by them to Reliance Salgaocar Power Company
Limited are outstanding or till their Project is completed, whichever is later.
AGGREGATE VALUE OF
Quoted Investment
Unquoted Investments
SCHEDULE ‘G’
CURRENT ASSETS, LOANS AND ADVANCES
Current Assets:
Cash and Bank Balances
Cash on hand
Balance with Scheduled Banks:
In Current Account
Loans and Advances:
Advances recoverable in cash or in kind or
for value to be received
Advance Payment of Taxes
CHEDULE ‘H’
CURRENT LIABILITIES AND PROVISIONS
Current Liabilities:
Sundry Creditors
Due to : Small Scale Industries
Others
Provisions:
For Taxation
For Gratuity
For Leave encashment
(Rs. in thousands)
As at 31st March, 2002
Market Value
Rs.
Book Value
Rs.
As at 31st March, 2001
Book Value Market Value
Rs.
Rs.
1873,91,66
3279,12,25
1969,21,85
6037,10,45
19,37,87
1893,29,53
19,37,87
1988,59,72
As at
31st March, 2002
(Rs. in thousands)
As at
31st March, 2001
Rs.
4
54
97,38
Rs.
58
Rs.
4
1,68
25,76
Rs.
1,72
1,16,20
2,13,58
6,16,20
6,41,96
2,14,16
6,43,68
As at
31st March, 2002
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
Rs.
Rs.
—
4,72,74
—
41
87
—
5,23,52
4,72,74
5,23,52
5,50,00
28
54
1,28
4,74,02
5,50,82
10,74,34
Reliance Industrial Investments and Holdings Limited
155
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Profit and Loss Account
SCHEDULE ‘I
INCOME OF INVESTMENTS
Dividend
From Long Term Investments
Profit/(loss) on sale of Investments (Net)
From Long Term Investments
From Current Investments
(Rs. in thousands)
2001-2002
Rs.
Rs.
2000-2001
Rs.
Rs.
64,21,58
11,81,55
(64,66)
—
14,33,78
45
(64,66)
63,56,92
14,34,23
26,15,78
SCHEDULE ‘J’
(Rs. in thousands)
ESTABLISHMENT AND OTHER EXPENSES
2001-2002
2000-2001
Salary, Wages and bonus
Contribution to Superannuation, Gratuity etc.
Legal & Professional charges
Trusteeship fee
Filling Fees
Travelling expenses
Custodian fees & demat charges
Miscellaneous expenses
Auditors’ Remuneration:
Audit Fees
Tax Audit Fees
Rs.
1,05
53
Rs.
5,08
40
75
1,01
5
—
4,78
2,05
1,58
15,70
Rs.
1,05
53
Rs.
4,33
36
3
1,00
1
7
5,01
23
1,58
12,62
Notes on Accounts
SCHEDULE ‘K’
1. SIGNIFICANT ACCOUNTING POLICIES
a) Basis of preparation of Financial Statements
The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted
accounting principles in India and the provisions of the Companies Act, 1956 as adopted consistently by the Company.
b) Fixed Assets and Depreciation
Fixed Assets are stated at acquisition cost less accumulated depreciation.
i)
ii) Depreciation is provided on the straight line method at the rates and in the manner prescribed in Schedule XIV to the
Companies Act, 1956.
c) Employees/Retirement Benefits
Gratuity and Leave encashment benefits at the time of retirement are charged to Profit and Loss account on the basis of
management estimates of the said liability.
d)
Investments
Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term Investments
are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than
temporary in the opinion of the management.
2.
The previous year’s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
3. During the year, company has transferred 92,20,665 Equity shares of Larsen and Toubro Ltd. to its Holding Company at cost.
4. No provision is made for premium on redemption of debentures since the amount so payable is uncertain. The premium paid will
therefore be accounted for in the year of redemption.
5. As the Company is not a manufacturing company, information required under paragraphs 3 and 4 of Part II to Schedule VI of the
Companies Act, 1956 is given to the extent applicable.
156
Reliance Industrial Investments and Holdings Limited
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
SCHEDULE ‘K’ (Contd.)
6. Contingent Liabilities
Disputed income tax liabilities
7. Segment Reporting
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
As at 31st March, 2002
(Rs. in thousands)
1,15,98
As at 31st March, 2001
(Rs. in thousands)
—
The company is engaged in business of Investments in shares and securities and there are no separate segments as per
Accounting Standard - 17 “Segment Reporting” issued by the Institute of Chartered Accoutants of India.
8. Earnings per share
(a) Basic earnings per equity share (Rs.)
Numerator - Profit after tax (Rs. in thousands)
Denominator - Weighted average number of equity shares
Nominal value per equity share (Rs.)
(b) Diluted, earnings per equity share (Rs.)
Numerator - Profit after tax (Rs. in thousands)
Denominator - Weighted average number of equity shares
Nominal value per equity share (Rs.)
2001-2002
2.55
37,60,83
14,75,04,400
10
0.64
37,60,83
58,90,75,900
10
2000-2001
0.02
26,81
14,75,04,400
10
0.01
26,81
58,90,75,900
10
9. Related Party Disclosures
List of related parties and Relationships:
Parties where control exists:
Reliance Industries Limited (Holding Company)
Fellow Subsidiaries:
Associates:
Vimal Fabrics Limited
Reliance Ventures Limited
Reliance Power Ventures Limited
Reliance Petroinvestments Limited
Reliance Infocom B.V.
Reliance Technologies LLC
Reliance Strategic Investments Limited
Reliance Infocom Inc.
Reliance Petroleum Limited (in amalgamation with the Holding Company)
Reliance Capital Limited
Reliance Industiral Infrastructure Limited
Reliance Salgaocar Power Company Limited
Reliance Europe Limited
Reliance Communication Infrastructure Limited
Reliance Telecom Limited
Reliance LNG Private Limited
Reliance Infocomm Limited
Reliance Enterprises Limited
Reliance Global Trading Private Limited
BSES Ltd.
10. Transactions during the year
(Rs. in thousands)
Income
Dividend from Associates
Expenditure
Interest on Debentures paid to Holding Company
Custody/Demat charges paid to Associates
Unsecured Loans
From Holding Company
Taken during the year
Repaid during the year
Balance as on 31st March, 2002
Investments:
Sold to holding Company
Associates:
Balance as on 31st March, 2002
58,22,24
23,09,18
4,78
23,70,10
158,95,65
1601,24,25
94,57,64
1888,84,68
Note: Related Party disclosure for previous year is not included in above, as Accounting Standard (AS-18) has become mandatory from 1st April 2001.
Reliance Industrial Investments and Holdings Limited
157
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE ‘K’ (Contd.)
11. Balance Sheet Abstract and Company's General Business Profile as per Part IV of Schedule VI to the Companies Act, 1956.
1. Registration Details:
Registration No.
4 1 0
8 1
State Code
Balance Sheet Date
3 1
- 0 3 -
0 2
2. Capital raised during the year: (Rs. in thousands)
Public Issue
Bonus Issue
N I
N I
L
L
Rights Issue
Private Placement
3. Position of mobilisation and deployment of funds: (Rs. in thousands)
1 1
N I L
N I L
Total Liabilities
Source of Funds:
Paid-up Capital
Secured Loans
Application of Funds:
Net Fixed Assets
1 8
9 5 4 6
9 8
Total Assets
1
8 9 5 4 6 9 8
1
4 7 5 0
4 4
Reserves and Surplus
1 2 1 1 2 3 1
2 0 8 5
9 6
Unsecured Loans
1
6 0 1 2 4 2 5
4
7 9
Investments
1
8 9 3 2 8 0 3
Net Current Assets
(
2 5 9 8
6
Accumulated Losses
N I
)
L
Miscellaneous
Expenditure
4. Performance of Company: (Rs. in thousands)
Turnover/Income
6 3 7 2
5 2
Total Expenditure
Profit/(Loss) before tax
3 7 6 0
8 3
Profit/(Loss) after tax
Earnings per Share (Rupees)
2 .
5 5
Dividend Rate (%)
5. Generic names of principal products, services of the Company:
Item Code No.
Product Description
N A
N A
N I L
2 6 1 1 6 9
3 7 6 0 8 3
N I L
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
R.J. Shah
Partner
Mumbai
Dated : 11th July, 2002
Alok Agarwal
S. Seth
Sandeep Junnarkar
}
Directors
Kalpana Srinivasan
}
Assistant Secretary
158
Reliance Industrial Investments and Holdings Limited
Reliance Ind Investments and holdings ltd..p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Cash Flow Statement Annexed to the Balance Sheet for
the Year April 2001 to March 2002
A Cash Flow from Operating Activities
Net Profit after tax as per Profit and Loss Account
Adjusted for :
Depreciation
Discount on Debentures
Loss / (Profit) on sale of investments
Income from dividend
Provision for Gratuity/leave encashment
Interest income
Interest expenses
Operating Profit before working capital Changes
Adjusted for :
Trade and other receivables
Trade payables
Cash Generated from Operations
Taxes paid
Net Cash from operating activities
B Cash flow from Investing Activities
Purchase of fixed assets
Purchase of investments
Sale of Investments
Interest received
Dividend received
2001-2002
(Rs. in thousands)
2000-2001
Rs.
Rs.
Rs.
37,60,83
Rs.
26,81
16
2,86,65
64,66
(64,21,58)
46
(15,60)
23,09,18
(37,76,07)
(71,61)
(50,78)
(24)
—
94,65,52
15,60
64,21,58
15
2,47,26
(14,34,23)
(11,81,55)
21
(1,24)
23,30,18
( 39,22)
4,01,39
3,20,11
—
(23,05,51)
28,48,08
1,24
11,81,55
(38,98,46)
(1,37,63)
68,76
(68,87)
6,82, 28
7,09,09
62
7,09,71
C Cash flow from financing Activities
Repayment of long-term borrowings (to holding company)
Repayment of Short-term borrowings
Interest paid
(135,76,35)
—
(22,58,38)
16,05,00
(35,00,00)
(5,42,88)
159,02,46
17,25,36
Net Increase/(Decrease) in Cash and Cash equivalents
Opening Balance of Cash and Cash equivalents
Closing Balance of Cash and Cash equivalents
Mumbai
Dated : 11th July, 2002
Auditors’ Report
(158,34,73)
(24,37,88)
(1,14)
1,72
58
( 2,81)
4,53
1,72
For and on behalf of the Board
Alok Agarwal
S. Seth
Sandeep Junnarkar
}
Directors
Kalpana Srinivasan
}
Assistant Secretary
We have verified the attached Cash Flow Statement of Reliance Industrial Investments and Holdings Limited., derived from audited
financial statements and the books and records maintained by the Company for the year ended 31st March, 2002 and 31st March, 2001
and found the same in agreement therewith
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
Reliance Industrial Investments and Holdings Limited
159
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Directors’ Report
To the Members,
Auditors
Your Directors have pleasure in presenting the 3rd Annual Report
together with the Audited Statement of Accounts for the year
ended 31st March, 2002.
Operations
During the year under review your Company has incurred a loss
of Rs.55,795/-.
M/s. Chaturvedi & Shah and M/s. Rajendra & Co., Joint Auditors
of the Company, hold office until the conclusion of the ensuing
Annual General Meeting. The Auditors have under Section
224(1-B) of the Companies Act, 1956 furnished the certificate of
their eligibility for re-appointment. Accordingly, the said Auditors
are proposed to be appointed as Joint Auditors of the Company
at the ensuing Annual General Meeting.
Dividend
Fixed Deposits
Your Directors have not recommended any dividend on equity
shares for the financial year under review.
Directors' Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the
Companies Act, 1956 with respect to Directors' Responsibility
Statement it is hereby confirmed that:
(i)
them consistently and made
in the preparation of the accounts for the financial year ended
31st March, 2002, the applicable accounting standards have
been followed;
the Directors have selected such accounting policies and
judgements and
applied
estimates that were reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at the
end of the financial year and of the loss of the Company for the
year under review;
the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with
for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and
the Directors have prepared the accounts for the financial year
ended 31st March, 2002 on a 'going concern' basis.
the Companies Act, 1956
the provisions of
(ii)
(iii)
(iv)
Directors
Shri M.D.Sudharsan, retires by rotation and being eligible offers
himself for reappointment at the ensuing Annual General Meeting.
The Company has not accepted any fixed deposit during the year.
Hence, no information is required to be appended to this report in
terms of Non-Banking Financial Companies Acceptance of Public
Deposits (Reserve Bank) Directions, 1988.
Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo
Being an investment company, there are no particulars furnished
in this report as required under Section 217(1)(e) of the
Companies Act, 1956, relating to conservation of energy and
technology absorption. There was no foreign exchange earnings
and outgo during the year.
Personnel
The Company has not paid any remuneration attracting the
provisions of Companies (Particulars of Employees) Rules,
1975 read with Section 217(2A) of the Companies Act, 1956.
Hence, no information is required to be appended to this report
in this regard.
Acknowledgement
Your Directors wish
immense
to place on
appreciation for the assistance and cooperation received from
various Statutory Authorities.
record
their
For and on behalf of the Board
L.V. Merchant
Surendra Pipara
}
Directors
Reliance Ventures Limited
Mumbai
Dated : 11th July, 2002
160
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Auditors’ Report
To,
The Members of Reliance Ventures Limited.
We have audited the attached Balance Sheet of Reliance
Ventures Limited as at 31st March, 2002 and the Profit and
Loss Account for the year ended on that date annexed thereto.
the
These
Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
financial statements are
responsibility of
the
We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
1. As required by the Manufacturing and Other Companies
(Auditors' Report) Order, 1988,
the Central
Government of India in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of
the said Order.
issued by
2.
Further to our comments in the Annexure referred to in
paragraph 1 above, we report that:
a) We have obtained all the information and explanations
which to the best of our knowledge and belief were
necessary for the purpose of our audit.
b)
c)
d)
e)
f)
In our opinion, proper books of account as required by
law have been kept by the Company so far as appears
from our examination of such books.
The Balance Sheet and Profit and Loss Account referred
to in this Report are in agreement with the books
of account.
In our opinion, the Balance Sheet and Profit and Loss
the
Account complies with
mandatory accounting standards referred to in Section
211(3C) of the Companies Act, 1956.
requirements of
the
In our opinion, and based on
information and
explanations given to us, none of the directors are
disqualified as on 31st March, 2002
from being
appointed as directors in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and
according to the explanations given to us, the said
Balance Sheet and Profit and Loss Account read
together with the notes thereon, give the information
required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India :
i)
ii)
in so far as it relates to the Balance Sheet, of the
state of affairs of the Company as at 31st March,
2002 and
in so far as it relates to the Profit and Loss
Account, of the 'Loss' of the Company for the year
ended on that date.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
Reliance Ventures ltd.p65
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Reliance Ventures Limited
161
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Annexure to Auditors’ Report
R e f e r r e d t o i n P a r a g r a p h 1 o f o u r R e p o r t o f e v e n d a t e
1. As
the Company has no Fixed Assets during
the
year, clauses 4(A) (i) and (ii) of the said Order are
not applicable.
2. Since the Company has not carried out any manufacturing
and / or trading activity, items (iii), (iv), (v), (vi), (xi), (xii), (xiv)
and (xvi) of the clause A and item (ii) of the clause D of
paragraph 4 of the aforesaid Order are not applicable.
3.
4.
5.
6.
The Company has taken interest-free unsecured loans from
its holding Company. It has not taken any loans, secured or
unsecured from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act,
1956, or from companies under the same management within
the meaning of sub section (1B) of Section 370 of the
Companies Act, 1956. The terms and conditions of such loans
are not, in our opinion, prima-facie prejudicial to the interests
of the Company.
loan, secured or
The Company has not granted any
unsecured to companies, firms, or other parties listed in the
register maintained under Section 301 of the Companies Act,
1956, or to Companies under the same management within
the meaning of sub section (1B) of Section 370 of the
Companies Act, 1956.
The Company has not given any loans or advances in the
nature of loans during the year, and hence clause regarding
repayment is not applicable.
In our opinion and according
information and
explanations given to us, there are adequate internal control
procedures commensurate with the size of the Company and
the nature of its business.
the
to
7.
8.
In our opinion and according
information and
explanations given to us, the Company has not accepted any
deposits from public.
the
to
internal audit
In our opinion
arrangement commensurate with its size and the nature of its
business.
the Company has an
9. According to the information and explanations given to us, the
the Employees' Provident Fund and
provisions of
Miscellaneous Provisions Act, 1952, and the Employees'
State Insurance Act, 1948 are not applicable to the Company.
10. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-tax,
Wealth-tax, Sales-tax, Excise Duty and Customs Duty were
outstanding as at 31st March, 2002 for a period of more than
six months from the date they became payable.
11.
In our opinion and according
information and
explanations given to us, no personal expenses of Directors
have been charged to revenue account.
the
to
12. The Company is not a Sick Industrial Company within the
meaning of clause (0) of sub section (1) of section 3 of the
Sick Industrial Companies (Special Provisions) Act, 1985.
13. According to the information and explanations given to us, the
provisions of any special statute applicable to Chit-Fund,
Nidhi or Mutual Benefit Society are not applicable to the
Company.
14.
In our opinion, the Company has maintained proper records
and made timely entries in respect of investments made by
the Company. The Company's investments are held in its
own name.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
162
Reliance Ventures Limited
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Balance Sheet as at 31st March, 2002
Schedule
As at
31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
SOURCES OF FUNDS:
Shareholders' Funds
Share Capital
Loan Funds
Unsecured loan (from the Holding Company)
Total
APPLICATION OF FUNDS:
Investments
Current Assets, Loans and Advances
Current Assets
Cash and Bank balances
Loans and Advances
‘A’
‘B’
‘C’
Less : Current Liabilities and Provisions
‘D’
Current Liabilities
Provisions
2,02,00
2,02,00
1394,12,62
1396,14,62
1427,21,72
1429,23,72
1384,08,12
1419,88,12
56
12,04,59
12,05,15
13
2
15
35
9,34,19
9,34,54
13
2
15
Net Current Assets
12,05,00
9,34,39
Miscellaneous Expenditure
(To the extent not written off or adjusted)
Profit and Loss Account
Total
62
88
88
33
1396,14,62
1429,23,72
Notes on Accounts
‘E’
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
R.J. Shah
Partner
L.V. Merchant
Surendra Pipara
M. D. Sudharsan
}
Directors
V. Sankaranarayanan
} Assistant Secretary
Reliance Ventures Limited
163
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Profit and Loss Account for the Year ended 31st March, 2002
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
INCOME
EXPENDITURE
Audit fees
Filing fees
General Expenses
Miscellaneous Expenditure written off
Loss before tax
Less: Provision for taxation
Loss after tax
Add: Balance brought forward from last year
Balance carried to Balance Sheet
Schedule
2001-2002
(Rs. in thousands)
2000-2001
Rs.
13
9
6
27
Rs.
13
2
1
27
Rs.
–
55
(55)
–
(55)
(33)
(88)
Rs.
–
43
(43)
–
(43)
10
(33)
Basic and Diluted Earnings per share (Rupees)
(0.03)
(0.02)
Notes on Accounts
‘E’
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
R.J. Shah
Partner
L.V. Merchant
Surendra Pipara
M. D. Sudharsan
}
Directors
V. Sankaranarayanan
} Assistant Secretary
164
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Balance Sheet
SCHEDULE ‘A’
SHARE CAPITAL
Authorised:
20,20,000
Equity Shares of Rs. 10 each
4,80,000 Unclassified Shares of Rs. 10 each
Issued, Subscribed and Paid up:
20,20,000
Equity Shares of Rs. 10 each fully paid up
(Held by Reliance Industries Limited,
the Holding Company)
SCHEDULE ‘B’
INVESTMENTS
Long Term Investments (other Investments)
Unquoted
In Equity Shares - fully paid up
50,000 Rosche Trading Pvt. Ltd. of Rs.10 each
In Preference Shares - partly paid up
90,000
12% Cumulative Redeemable Preference shares of
Rosche Trading Pvt. Ltd. of Rs.100 each, Rs.55 paid up
In Debentures - fully paid up
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
2,02,00
48,00
2,50,00
2,02,00
2,02,00
48,00
2,50,00
2,02,00
2,02,00
2,02,00
(Rs. in thousands)
As at
31st March, 2002
Rs.
Rs.
As at
31st March, 2001
Rs.
Rs.
5,00
49,50
5,00
49,50
40,95,000 Reliance Polyolefins Pvt. Ltd.
409,50,00
420,00,00
(42,00,000)
(Zero coupon Optionally Fully Convertible
Debentures of Rs.1000 each)
2,40,900 Reliance Chemicals Pvt. Ltd. (Series I)
24,09,00
32,10,00
(3,21,000)
(Zero coupon Optionally Fully Convertible
Debentures of Rs.1000 each)
28,84,042 Reliance Chemicals Pvt. Ltd. (Series II)
288,40,42
288,40,42
(Zero coupon Optionally Fully Convertible
Debentures of Rs.1000 each)
33,07,760 Reliance Aromatics and Petrochemicals
330,77,60
339,41,60
(33,94,160)
Pvt. Ltd.
(Zero coupon Optionally Fully Convertible
Debentures of Rs.1000 each)
33,07,660 Reliance Energy & Project Development
330,76,60
339,41,60
(33,94,160)
Pvt. Ltd.
(Zero coupon Optionally Fully Convertible
Debentures of Rs.1000 each)
1383,53,62
1384,08,12
1419,33,62
1419,88,12
Reliance Ventures Limited
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Schedules Forming Part of the Balance Sheet
SCHEDULE ‘C’
CURRENT ASSETS, LOANS AND ADVANCES
Current Assets
Cash and Bank Balances
Balance with Bank
In Current Account with a Scheduled Bank
Loans and Advances
Debenture application money
Advance payment of taxes
SCHEDULE ‘D’
CURRENT LIABILITIES AND PROVISIONS
Current Liabilities
Sundry Creditors:
Due to : Small Scale Industries
Others
Provisions
Provision for taxation
As at
31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
56
35
12,04,50
9
9,34,10
9
12,04,59
12,05,15
9,34,19
9,34,54
As at
31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
—
13
—
13
13
2
15
13
2
15
Notes on Accounts
SCHEDULE ‘E’
1. Significant Accounting Policies
a) General
The financial statements have been prepared in accordance with the generally accepted accounting principles in India and
the provisions of the Companies Act, 1956, as adopted consistently by the company.
b)
Investments
Long term investments are carried at cost and provision for diminution in value is made only if such decline is other than
temporary in the opinion of the management.
c) Preliminary expenses are amortised over a period of five years on pro-rata basis.
2. The Previous year’s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
3. Earnings per share
Basic, as well as diluted, earnings per equity share (Rs.)
Numerator - profit/(loss) after tax (Rs. in thousands)
Denominator - weighted average number of equity shares
Nominal value per equity share (Rs.)
4. Contingent Liabilities
Uncalled liabilities on partly paid Preference shares
2001-2002
(0.03)
(55)
20,20,000
10
2000-2001
(0.02)
(43)
20,20,000
10
As at
31st March, 2002
As at
31st March, 2001
Rs. in thousands
Rs. in thousands
40,50
40,50
5. As the Company is not a manufacturing company, information required under paragraphs 3 and 4 of Schedule VI of the
Companies Act, 1956 are given to the extent applicable.
166
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Notes on Accounts
Schedule 'E' (contd..)
6.
Balance sheet abstract and Company's General Business Profile as per Part IV of Schedule VI to the Companies Act,
1956.
1. Registration Details:
Registration No.
1 2 1 0
0 9
State Code
1 1
Balance Sheet Date
3 1
- 0 3 -
0 2
2. Capital raised during the year: (Rs. in thousands)
Public Issue
Bonus Issue
N I
N I
L
L
Rights Issue
Private Placement
N I L
N I L
3. Position of mobilisation and deployment of funds: (Rs. in thousands)
Total Liabilities
1 3
9 6 1 4
7 7
Total Assets
1
3 9 6 1 4 7 7
Source of Funds:
Paid-up Capital
Secured Loans
Application of Funds:
2 0 2
0 0
Reserves and Surplus
N I L
N I
L
Unsecured Loans
1
3 9 4 1 2 6 2
Net Fixed Assets
N I
L
Investments
1
3 8 4 0 8 1 2
Net Current Assets
1 2 0 5
0 0
Accumulated Losses
8 8
Miscellaneous
Expenditure
4. Performance of Company: (Rs. in thousands)
Turnover/Income
N I
L
Total Expenditure
Profit/(Loss) before Tax
( 5
Earnings per Share (Rupees)
( 0
. 0
5
3
)
)
Profit/(Loss) after Tax
Dividend per Share (Rs)
5. Generic names of principal products, services of the Company:
Item Code
Product Description
N A
N A
6 2
5 5
( 5 5 )
N I L
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
R.J. Shah
Partner
L.V. Merchant
Surendra Pipara
M. D. Sudharsan
}
Directors
V. Sankaranarayanan
} Assistant Secretary
Reliance Ventures Limited
167
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Directors’ Report
To the Members,
Auditors
Your Directors have pleasure in presenting the 2nd Annual
Report together with the Audited Statement of Accounts for the
financial year ended 31st March, 2002.
Operations
During the year under review, the Company has earned a profit
of Rs. 8,56,67,955/-.
Dividend
M/s. Chaturvedi & Shah and M/s. Rajendra & Co., Joint Auditors
of the Company, hold office till the conclusion of the ensuing
Annual General Meeting and are eligible for reappointment. The
Auditors have, under section 224(1-B) of the Companies Act,
re-
1956
appointment. Accordingly, the said Auditors are proposed to be
appointed as Joint Auditors of the Company at the ensuing
Annual General Meeting.
the certificate of
their eligibility
furnished
for
Your Directors have not recommended any dividend for the year
under review.
Fixed Deposits
Directors’ Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the
Companies Act, 1956, with respect to Directors’ Responsibility
Statement, it is hereby confirmed that:
(i)
(ii)
(iii)
in the preparation of the accounts for the financial year ended
31st March, 2002, the applicable accounting standards have
been followed;
them consistently and made
the Directors have selected such accounting policies and
applied
judgements and
estimates that were reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at the
end of the financial year and of the profit of the Company for
the year under review;
the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with
for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and
the Companies Act, 1956
the provisions of
(iv)
the Directors have prepared the accounts for the financial year
ended 31st March, 2002 on a ‘going concern’ basis.
Directors
Shri S. Seth retires by rotation and being eligible offers himself for
reappointment at the ensuing Annual General Meeting.
The Company has not accepted any fixed deposit during the
year. Hence, no information is required to be appended to this
report in terms of Non-Banking Financial Companies Acceptance
of Public Deposits (Reserve Bank) Directions, 1988.
Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo
Being an investment company, there are no particulars furnished
in this report as required under Section 217(1)(e) of the
Companies Act, 1956, relating to conservation of energy and
technology absorption. There was no foreign exchange earnings
and outgo during the year.
Personnel
The Company has not paid any remuneration attracting the
provisions of Companies (Particulars of Employees) Rules, 1975
read with Section 217(2A) of the Companies Act, 1956. Hence,
no information is required to be appended to this report in this
regard.
Acknowledgement
Your Directors wish
immense
to place on
appreciation for the assistance and cooperation received from
various Statutory Authorities.
record
their
For and on behalf of the Board
S. Seth
Atul Dayal
}
Directors
Mumbai
Dated : 11th July, 2002
168
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Auditors’ Report
To,
The Members of Reliance Power Ventures Limited.
We have audited the attached Balance Sheet of Reliance Power
Ventures Limited as at 31st March, 2002 and the Profit and
Loss Account for the year ended on that date annexed thereto.
the
These
Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
financial statements are
responsibility of
the
the
financial statements are
We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about
whether
free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
1. As required by the Manufacturing and Other Companies
(Auditors' Report) Order, 1988,
the Central
Government of India in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of
the said Order.
issued by
2.
Further to our comments in the Annexure referred to in
paragraph 1 above, we report that:
a) We have obtained all the information and explanations
which to the best of our knowledge and belief were
necessary for the purpose of our audit.
b)
c)
d)
e)
f)
In our opinion, proper books of account as required by
law have been kept by the Company so far as appears
from our examination of such books.
The Balance Sheet and Profit and Loss Account
referred to in this Report are in agreement with the
books of account.
In our opinion, the Balance Sheet and Profit and Loss
the
Account complies with
mandatory accounting standards referred to in Section
211(3C) of the Companies Act, 1956.
requirements of
the
In our opinion, and based on
information and
explanations given to us, none of the directors are
from being
disqualified as on 31st March, 2002
appointed as directors in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and
according to the explanations given to us, the said
Balance Sheet and Profit and Loss Account read
together with the notes thereon, give the information
required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India :
i)
ii)
in so far as it relates to the Balance Sheet, of the
state of affairs of the Company as at 31st March,
2002 and
in so far as it relates to the Profit and Loss
Account, of the 'Profit' of the Company for the year
ended on that date.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
For Rajendra & Co.
Chartered Accountants
Apurva R. Shah
Partner
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Annexure to Auditors’ Report
R e f e r r e d t o i n P a r a g r a p h 1 o f o u r R e p o r t o f e v e n d a t e
1. As the Company has no Fixed Assets during the year, clauses
4(A) (i) and (ii) of the said Order are not applicable.
2. Since the Company has not carried out any manufacturing
and / or trading activity, items (iii), (iv), (v), (vi), (xi), (xii), (xiv)
and (xvi) of the clause A and item (ii) of the Clause D of
paragraph 4 of the aforesaid Order are not applicable.
3.
4.
5.
6.
7.
The Company has taken interest-free unsecured loans from
its holding Company. It has not taken any loans, secured or
unsecured from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act,
1956, or from companies under the same management within
the meaning of sub section (1B) of Section 370 of the
Companies Act, 1956. The terms and conditions of such loans
are not, in our opinion, prima-facie prejudicial to the interests
of the Company.
The Company has not granted any
loan, secured or
unsecured to companies, firms, or other parties listed in the
register maintained under Section 301 of the Companies Act,
1956, or to Companies under the same management within
the meaning of sub section (1B) of Section 370 of the
Companies Act, 1956.
The Company has not given any loans or advances in the
nature of loans during the year, and hence clause regarding
repayment is not applicable.
In our opinion and according
information and
explanations given to us, there are adequate internal control
procedures commensurate with the size of the Company and
the nature of its business.
the
to
In our opinion and according
information and
explanations given to us, the Company has not accepted any
deposits from public.
the
to
8.
In our opinion
the Company has an
internal audit
arrangement commensurate with its size and the nature of its
business.
9. According to the information and explanations given to us, the
provisions of
the Employees’ Provident Fund and
Miscellaneous Provisions Act, 1952, and the Employees’
State Insurance Act, 1948 are not applicable to the Company.
10. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-tax,
Wealth-tax, Sales-tax, Excise Duty and Customs Duty were
outstanding as at 31st March, 2002 for a period of more than
six months from the date they became payable.
11.
In our opinion and according
to
the
information and
explanations given to us, no personal expenses of Directors
have been charged to revenue account.
12. The Company is not a Sick Industrial Company within the
meaning of clause (o) of sub section (1) of section 3 of the
Sick Industrial Companies (Special Provisions) Act, 1985.
13. According to the information and explanations given to us, the
provisions of any special statute applicable to Chit-Fund,
Nidhi or Mutual Benefit Society are not applicable to the
Company.
14.
In our opinion, the Company has maintained proper records
and made timely entries in respect of investments made by
the Company. The Company’s investments are held in its own
name, save and except, those in the process of being
transferred in its name.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 11th July, 2002
For Rajendra & Co.
Chartered Accountants
Apurva R. Shah
Partner
170
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Balance Sheet as at 31st March, 2002
SOURCES OF FUNDS
Shareholders' Funds
Share Capital
Reserves and Surplus:
Profit and Loss Account
Loan Funds
Unsecured loan (from the Holding Company)
Total
APPLICATION OF FUNDS
Investments
Current Assets, Loans and Advances
Current Assets
Cash and Bank balances
Loans and Advances
Less : Current Liabilities and Provisions
‘D’
Current Liabilities
Provisions
As at
Schedule 31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
‘A’
2,02,00
8,57,52
2,02,00
84
10,59,52
721,50,50
732,10,02
2,02,84
486,05,50
488,08,34
‘B’
‘C’
754,62,78
492,67,31
1,61
55
2,16
22,55,05
62
22,55,67
78
39
1,17
4,60,59
57
4,61,16
Net Current Assets
Miscellaneous Expenditure
(To the extent not written off or adjusted)
(22,53,51)
75
(4,59,99)
1,02
Total
732,10,02
488,08,34
Notes on Accounts
‘E’
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Apurva R. Shah
Partner
Mumbai
Dated : 11th July, 2002
S. Seth
Atul Dayal
Rohit Shah
}
Directors
R. K. Khandelwal
} Assistant Secretary
Reliance Power Ventures Limited
171
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Profit and Loss Account for the Year ended 31st March, 2002
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INCOME
Dividend on long term investments
Interest
(Tax Deducted at source Rs. NIL,
previous year Rs. 39 thousand)
Miscellaneous income
EXPENDITURE
Payment to Auditors :
Audit fees
Tax Audit fees
Filling fees
Loss on sale of investments
Professional fees
General expenses
Miscellaneous Expenditure written off
Profit before tax
Less : Provision for Taxation
Profit after tax
Add: Balance brought forward from last year
Balance carried to Balance Sheet
Basic and Diluted Earnings per share (Rupees)
Notes on Accounts
‘E’
Schedule
For the year
1-4-2001 to 31-3-2002
Rs.
Rs.
(Rs. in thousands)
For the period
19-1-2000 to 31-3-2001
Rs.
Rs.
8,56,67
—
1,02
13
6
8
32
—
10
27
—
1,76
21
8,57,69
1,97
13
—
1
—
4
6
32
96
8,56,73
5
8,56,68
84
8,57,52
42.41
56
1,41
57
84
—
84
0.04
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Apurva R. Shah
Partner
Mumbai
Dated : 11th July, 2002
S. Seth
Atul Dayal
Rohit Shah
}
Directors
R. K. Khandelwal
} Assistant Secretary
172
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Schedules Forming Part of the Balance Sheet
SCHEDULE ‘A’
SHARE CAPITAL
Authorised:
21,00,000 Equity Shares of Rs.10 each
4,00,000 Unclassified Shares of Rs.10 each
Issued, Subscribed and Paid up:
20,20,000 Equity Shares of Rs.10 each fully paid up
(held by Reliance Industries Limited,
the Holding Company)
SCHEDULE ‘B’
INVESTMENTS
Long Term Investments
Quoted
In Equity Shares - fully paid up
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
2,10,00
40,00
2,50,00
2,02,00
2,02,00
2,10,00
40,00
2,50,00
2,02,00
2,02,00
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
3,28,90,275 BSES Limited of Rs. 10 each
754,62,78
492,67,31
(2,02,38,252)
AGGREGATE VALUE OF
Quoted Investments
Unquoted Investments
754,62,78
492,67,31
As at
31st March, 2002
Book Value Market Value
Rs.
Rs.
As at
31st March, 2001
Book Value
Rs.
Market Value
Rs.
729,17,74
754,62,78
—
754,62,78
492,67,31
—
492,67,31
380,17,56
Note : The Company has not provided for diminution in market value of long term quoted investments which is lower by
Rs. 25,45,04 thousand, compared to the book value, as the decline in value is considered temporary.
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Schedules Forming Part of the Balance Sheet
SCHEDULE ‘C’
CURRENT ASSETS, LOANS AND ADVANCES
Current Assets
Cash and Bank Balances
Cash on hand (Rs. 292/- previous year Rs. NIL)
Balance with Bank
In Current Account with a Scheduled Bank
Loans and Advances
Advances payment of taxes
SCHEDULE ‘D’
CURRENT LIABILITIES AND PROVISIONS
Current Liabilities
Sundry Creditors:
Due to: Small Scale Industries
Ohers
Provisions
Provision for taxation
As at
31st March, 2002
Rs.
Rs.
—
1,61
1,61
55
2,16
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
—
78
78
39
1,17
As at
31st March, 2002
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
Rs.
Rs.
—
22,55,05
—
4,60,59
22,55,05
62
22,55,67
4,60,59
57
4,61,16
Notes on Accounts
SCHEDULE 'E'
1. SIGNIFICANT ACCOUNTING POLICIES
a) General
The financial statements have been prepared in accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956 as adopted consistently by the Company.
b)
Investments
Long term investments are carried at cost and provision for diminution in value is made only if such decline is other than
temporary in the opinion of the management.
c) Preliminary expenses are amortised over a period of five years on pro-rata basis.
2.
The Current financial year is for the period of twelve months, wehreas the previous year was for a period from
19th January, 2000 to 31st March, 2001. The current fiancial year's figures to that extent are not comparable.
3.
The previous year’s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
4. Earnings per share
Basic, as well as diluted, earnings per equity share (Rs.)
Numerator - profit/(loss) after tax (Rs. in thousands)
Denominator - weighted average number of equity shares
Nominal value per equity share (Rs.)
2001-2002
42.41
8,56,68
20,20,000
10
2000-2001
0.04
84
20,20,000
10
5. As the Company is not a manufacturing company, information required under paragraphs 3 and 4 of Schedule VI of the
Companies Act, 1956 are given to the extent applicable.
174
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Notes on Accounts
Schedule 'E' (contd.)
6.
Balance sheet abstract and Company's General Business Profile as per Part IV of Schedule VI to the Companies Act,
1956.
1. Registration Details:
Registration No.
1 2 3 7
3 1
State Code
1 1
Balance Sheet Date
3 1
- 0 3 -
0 2
2. Capital raised during the year: (Rs. in thousands)
Public Issue
Bonus Issue
N I
N I
L
L
Rights Issue
Private Placement
N I L
N I L
3. Position of mobilisation and deployment of funds: (Rs. in thousands)
Total Liabilities
7
5 4 6 5
6 9
Total Assets
7 5 4 6 5 6 9
Source of Funds:
Paid-up Capital
Secured Loans
Application of Funds:
2 0 2
0 0
Reserves and Surplus
8 5 7 5 2
N I
L
Unsecured Loans
7 2 1 5 0 5 0
Net Fixed Assets
N I
L
Investments
7 5 4 6 2 7 8
Net Current Assets
(2 2 5 3
5 1)
Accumulated Losses
N I
L
Miscellaneous
Expenditure
4. Performance of Company: (Rs. in thousands)
Turnover/Income
Profit before Tax
8 5 7
6 9
Total Expenditure
8 5 6
7 3
Profit after Tax
Earnings per Share (Rupees)
4 2 .
4 1
Dividend per Share (Rs)
5. Generic names of principal products, services of the Company:
Item Code
Product Description
N A
N A
7 5
9 6
8 5 6 6 8
N I L
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Apurva R. Shah
Partner
Mumbai
Dated : 11th July, 2002
S. Seth
Atul Dayal
Rohit Shah
}
Directors
R. K. Khandelwal
} Assistant Secretary
Reliance Power Ventures Limited
175
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Directors’ Report
To the Members,
Your Directors have pleasure in presenting the 3rd Annual Report
together with the Audited Statement of Accounts for the financial
year ended 31st March, 2002.
Operations
The Company has incurred a loss of Rs. 42,35,963/- during the
year. Your directors have not recommended any dividend for the
year under review.
After the close of the financial year, the Company acquired 26%
of the voting capital of Indian Petrochemicals Corporation Limited
(IPCL), at Rs.231 per share, in the process of disinvestment of
IPCL. In compliance with the provisions contained under The
Securities and Exchange Board of India (Substantial Acquisition
of Shares and Takeovers) Regulations, 1997 and pursuant to the
terms of Share Purchase Agreement, the Company had made a
Public Announcement on 27th May, 2002 expressing its intent to
acquire fully paid-up equity shares representing 20% of the total
voting capital of IPCL held by the public shareholders. The
Company has successfully completed the acquisition of 20% of
the total voting capital of IPCL. Consequently, the Company’s
holding in IPCL has increased to about 46% of the voting capital.
Change of Name
The name of the company has been changed from WorldTel India
Holdings Limited to Reliance Petroinvestments Limited with effect
from 19th December, 2001. The Company became a subsidiary of
Reliance Industries Limited on 6th December, 2001 and ceased
to be subsidiary on 17th April, 2002.
The Company has been granted Certificate of Registration by the
Reserve Bank of India, to commence the business of non-
banking financial company.
Directors’ Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the
Companies Act, 1956 with respect to Directors’ Responsibility
Statement, it is hereby confirmed that:
(i)
(ii)
(iii)
in the preparation of the accounts for the financial year ended
31st March, 2002, the applicable accounting standards have
been followed;
them consistently and made
the Directors have selected such accounting policies and
applied
judgements and
estimates that were reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at the
end of the financial year and of the loss of the Company for
the year under review;
the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with
for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and
the Companies Act, 1956
the provisions of
(iv)
the Directors have prepared the accounts for the financial year
ended 31st March, 2002 on a ‘going concern’ basis.
Audit Committee
As required by the provisions of Section 292A of the Companies
the Board of Directors has constituted Audit
Act, 1956,
Committee comprising of three Directors i.e. Shri Jyotindra
Thacker, Shri Ajeet Varma and Shri A. V. Betkekar.
Directors
During the year Shri Manoj Modi and Shri S. Seth ceased to be
Directors of the Company. The Board places on record its
appreciation for the valuable guidance received from Shri Manoj
Modi and Shri S. Seth, during their tenure as Director.
Shri Ajeet Varma and Shri A. V. Betkekar were appointed as
additional directors with effect from 1st November, 2001. They
hold office as directors upto the date of the ensuing Annual
General Meeting. The Company has received notices under
section 257 of
their
the Companies Act, 1956, proposing
appointment as directors, subject to retirement by rotation.
Shri Jyotindra Thacker retires by rotation and being eligible offers
himself for reappointment at the ensuing Annual General Meeting.
Auditors
M/s. Chaturvedi & Shah and M/s. Rajendra & Co., Joint
Auditors of the Company, hold office until the conclusion of the
ensuing Annual General Meeting. The Company has received
letters from them to the effect that their appointment, if made,
would be within the prescribed limits under section 224 (1-B) of
the Companies Act, 1956. Accordingly, the said Auditors are
proposed to be appointed as Joint Auditors of the Company at
the ensuing Annual General Meeting.
Fixed Deposits
The Company has not accepted any fixed deposit from the public.
Hence, no information is required to be appended to this report
in terms of Non-Banking Financial Companies Acceptance of
Public Deposits (Reserve Bank) Directions, 1988.
Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo
Being an investment company, there are no particulars furnished
in this report as required under Section 217(1)(e) of the
Companies Act, 1956, relating to conservation of energy and
technology absorption. There was no foreign exchange earnings
and outgo during the year.
Personnel
The Company has not paid any remuneration attracting the
provisions of Companies (Particulars of Employees) Rules, 1975
read with Section 217(2A) of the Companies Act, 1956. Hence,
no information is required to be appended to this report in
this regard.
Acknowledgement
Your Directors wish
immense
to place on
appreciation for the assistance and cooperation received from
various Statutory Authorities.
record
their
For and on behalf of the Board
Ajeet Varma
Jyotindra Thacker
}
Directors
Mumbai
Dated : 3rd September, 2002
176
Reliance Petroinvestments Limited
Reliance Petroinvesments ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Auditors’ Report
b)
c)
d)
e)
f)
To,
The Members of Reliance Petroinvestments Limited.
(Formerly known as Worldtel India Holdings Limited)
We have audited the attached Balance Sheet of Reliance
Petroinvestments Limited as at 31st March, 2002 and the Profit
and Loss Account for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
the
financial statements are
We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about
whether
free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
1. As required by the Manufacturing and Other Companies
the Central
(Auditors’ Report) Order, 1988
Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 , we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of
the said order.
issued by
2.
Further to our comments in the Annexure referred to in
paragraph 1 above, we report that:
a) We have obtained all the information and explanations
which to the best of our knowledge and belief were
necessary for the purpose of our audit.
In our opinion proper books of account as required by
law have been kept by the Company, so far as appears
from our examination of such books.
The Balance Sheet and Profit and Loss Account
referred to in this Report are in agreement with the
books of account.
In our opinion, the Balance sheet and Profit and Loss
Account complies with
the
mandatory accounting standards referred to in Section
211 (3C) of the Companies Act, 1956.
requirements of
the
In our opinion, and based on
information and
explanations given to us, none of the directors are
disqualified as on 31st March, 2002
from being
appointed as directors in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and
according to the explanations given to us, the said
Balance Sheet and Profit and Loss Account read
together with the notes thereon, give the information
required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
i)
ii)
in so far as it relates to the Balance Sheet, of the
state of affairs of the Company as at 31st March,
2002 and
in so far as it relates to the Profit and Loss
Account, of the ‘Loss’ of the Company for the year
ended on that date.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 3rd September, 2002
For Rajendra & Co.
Chartered Accountants
Apurva R. Shah
Partner
Reliance Petroinvestments Limited
177
Reliance Petroinvesments ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Annexure to Auditors’ Report
R e f e r r e d t o i n P a r a g r a p h 1 o f o u r R e p o r t o f e v e n d a t e
1. As the Company has no Fixed Assets during the year, clauses
8.
4(A) (i) and (ii) of the said Order are not applicable.
In our opinion the Company has an internal audit arrangement
commensurate with its size and the nature of its business.
2. Since the Company has not carried out any manufacturing
and / or trading activity, items (iii), (iv), (v), (vi), (xi), (xii), (xiv)
and (xvi) of the clause A and item (ii) of the Clause D of
paragraph 4 of the aforesaid Order are not applicable.
3.
4.
5.
6.
7.
taken any
The Company has not
loans, secured or
unsecured, from companies, firms and other parties as listed
in
the
the register maintained under Section 301 of
Companies Act, 1956, or from companies under the same
management within the meaning of Section 370(1B) of the
Companies Act, 1956.
The Company has not granted any
loan, secured or
unsecured to companies, firms, or other parties listed in the
register maintained under Section 301 of the Companies Act,
1956, or to Companies under the same management within
the meaning of sub section (1B) of Section 370 of the
Companies Act, 1956.
The Company has not given any loans or advances in the
nature of loans during the year, and hence clause regarding
repayment is not applicable.
In our opinion and according
information and
explanations given to us, there are adequate internal control
procedures commensurate with the size of the Company and
the nature of its business.
the
to
In our opinion and according
information and
explanations given to us, the Company has not accepted any
deposits from the Public.
the
to
9. According to the information and explanations given to us, the
provisions of
the Employees’ Provident Fund and
Miscellaneous Provisions Act, 1952 and the Employees’ State
Insurance Act, 1948 are not applicable to the Company.
10. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-Tax,
Wealth-Tax, Sales-Tax, Excise Duty and Customs Duty were
outstanding as at 31st March, 2002 for a period of more than
six months from the date they became payable.
11.
In our opinion and according
information and
explanations given to us, no personal expenses of Directors
have been charged to revenue account.
the
to
12. The Company is not a Sick Industrial Company within the
meaning of clause (o) of sub-section (1) of Section 3 of the
Sick Industrial Companies (Special Provisions) Act, 1985.
13. According to the information and explanations given to us,
the provisions of any special statute applicable to Chit-
Fund, Nidhi or Mutual Benefit Society are not applicable to
the Company.
14.
In our opinion, the Company has maintained proper records
and made timely entries in respect of investments dealt in or
traded by the Company. The Company’s investments are held
in its own name.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 3rd September, 2002
For Rajendra & Co.
Chartered Accountants
Apurva R. Shah
Partner
178
Reliance Petroinvestments Limited
Reliance Petroinvesments ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Balance Sheet as at 31st March, 2002
As at
Schedule 31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
SOURCES OF FUNDS
Shareholders' Funds
Share Capital
Total
APPLICATION OF FUNDS
Investments
Current Assets, Loans and Advances
Current Assets
Cash and Bank balances
Loans and Advances
‘A’
‘B’
‘C’
‘D’
Less : Current Liabilities and Provisions
‘E’
Current Liabilities
Provisions
45,63
4,49,75
4,95,38
1,05
35,75
36,80
Net Current Assets
Miscellaneous Expenditure
(To the extent not written off or adjusted)
Profit and Loss Account
Total
Notes on Accounts
‘G’
8,87,76
8,87,76
2,63,00
4,58,58
23,26
1,42,92
8,87,76
6,95,47
89,01
7,84,48
1,31
29,25
30,56
8,87,76
8,87,76
—
7,53,92
33,28
1,00,56
8,87,76
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Apurva R. Shah
Partner
Mumbai
Dated : 3rd September, 2002
Ajeet Varma
A. V. Betkekar
Jotindra Thacker
Ajit Dhariwal
}
}
Directors
Deputy Secretary
Reliance Petroinvestments Limited
179
Reliance Petroinvesments ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Profit and Loss Account for the Year ended 31st March, 2002
Schedule
2001-2002
2000-2001
(Rs. in thousands)
INCOME
Interest
(Tax Deducted at source Rs. 584 thousands,
previous year Rs. 185 thousands)
Dividend on current investments
Brokerage
(Tax Deducted at source Rs. 1 thousand,
previous year Rs. NIL)
Profit on sale of current investments
Miscellaneous income
EXPENDITURE
Provision for doubtful advances
Personnel expenses
Administrative expenses
Miscellaneous Expenditure written off
‘F’
Loss before tax
Less : Provision for Taxation
Loss after tax
Add: Balance brought forward from last year
Rs.
28,62
6,55
24
—
11
60,00
—
1,36
10,02
Rs.
Rs.
Rs.
8,19
—
—
59,21
2,50
35,52
69,90
1,25,00
10
2,53
10,02
71,38
(35,86)
6,50
(42,36)
(1,00,56)
1,37,65
(67,75)
28,00
(95,75)
(4,81)
Balance carried to Balance Sheet
(1,42,92)
(1,00,56)
Basic and Diluted Earnings per share (Rupees)
(0.48)
(1.08)
Notes on Accounts
‘G’
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Apurva R. Shah
Partner
Mumbai
Dated : 3rd September, 2002
Ajeet Varma
A. V. Betkekar
Jotindra Thacker
Ajit Dhariwal
}
}
Directors
Deputy Secretary
180
Reliance Petroinvestments Limited
Reliance Petroinvesments ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Balance Sheet
SCHEDULE ‘A’
SHARE CAPITAL
Authorised:
5,00,00,000 Equity Shares of Rs.10 each
5,00,00,000 Unclassified Shares of Rs.10 each
Issued, Subscribed and Paid up:
As at
31st March, 2002
Rs.
50,00,00
50,00,00
100,00,00
(Rs. in thousands)
As at
31st March, 2001
Rs.
50,00,00
50,00,00
100,00,00
88,77,551 Equity Shares of Rs.10 each fully paid up
8,87,76
8,87,76
[Acquired by Reliance Industries Limited, (RIL)
the Holding Company during the year. With effect
from 17th April, 2002 RIL has ceased to be
holding company]
SCHEDULE ‘B’
INVESTMENTS
Current Investments (Other than trade)
Unquoted
In Mutual Fund - fully paid up
24,43,343.141 Reliance Income Fund -
(—) Montly Dividend Plan of Rs. 10 each
SCHEDULE ‘C’
CASH AND BANK BALANCES
Balance with banks:
In Current Account with a Scheduled Bank
In Fixed Deposit with a Scheduled Bank
8,87,76
8,87,76
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
2,63,00
2,63,00
—
—
As at
31st March, 2002
(Rs. in thousands)
As at
31st March, 2001
Rs.
5,63
40,00
45,63
Rs.
47
6,95,00
6,95,47
Reliance Petroinvestments Limited
181
Reliance Petroinvesments ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Schedules Forming Part of the Balance Sheet
SCHEDULE ‘D’
As at
31st March, 2002
LOANS AND ADVANCES
Unsecured considered good
Share application money
Advances recoverable in cash or in kind or for value
to be received
Advance towards Debenture application money
Advance payment of taxes
Rs.
—
3,30
4,12,00
34,45
Unsecured considered doubtful
Share application money
Less: provision for doubtful advances
SCHEDULE ‘E’
Rs.
4,49,75
1,85,00
6,34,75
1,85,00
4,49,75
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
60,00
24,34
—
4,67
89,01
1,25,00
2,14,01
1,25,00
89,01
CURRENT LIABILITIES AND PROVISIONS
Rs.
Rs.
Rs.
Rs.
As at
31st March, 2002
(Rs. in thousands)
As at
31st March, 2001
Current Liabilities
Sundry Creditors:
Due to : Small Scale Industries
Others
Provisions
Provision for taxation
—
1,05
—
1,31
1,05
35,75
36,80
1,31
29,25
30,56
Schedules forming part of the Profit and Loss Account
SCHEDULE ‘F’
ADMINISTRATIVE EXPENSES
Auditors remuneration :
Statutory audit fees
Out of pocket expenses
Tax Audit fees
Professional fees
Filing fees
Miscellaneous expenses
2001-2002
Rs.
Rs.
1,05
—
Rs.
1,94
3
(Rs. in thousands)
2000-2001
Rs.
1,05
—
13
12
6
1,36
1,97
26
—
8
22
2,53
182
Reliance Petroinvestments Limited
Reliance Petroinvesments ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
SCHEDULE 'G'
1. SIGNIFICANT ACCOUNTING POLICIES
a) General
The financial statements have been prepared in accordance with the generally accepted accounting principles in India and
the provisions of the Companies Act, 1956, as adopted consistently by the company.
b) Preliminary expenses
Preliminary expenses are amortised over a period of five years on pro-rata basis.
c)
Investments
Current investments are carried at the lower of cost and quoted/fair value, computed category wise.
2. The Previous year’s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
3. Consequent to fresh Certificate of Incorporation dated 19th December, 2001 received from the Registrar of Companies,
Maharashtra, name of the Company has been changed from “Worldtel India Holdings Limited” to “Reliance Petroinvestments
Limited”.
4. Earnings per share
Basic, as well as diluted, earnings per equity share (Rs.)
Numerator - profit/(loss) after tax (Rs. in thousands)
Denominator - weighted average number of equity shares
Nominal value per equity share (Rs.)
2001-2002
(0.48)
(42,36)
88,77,551
10
2000-2001
(1.08)
(95,75)
88,77,551
10
5. As the Company is not a manufacturing company, information required under paragraphs 3 and 4 of Schedule VI of the
Companies Act, 1956 are given to the extent applicable.
Reliance Petroinvestments Limited
183
Reliance Petroinvesments ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes on Accounts
Schedule 'G' (contd.)
6.
Balance sheet abstract and Company's General Business Profile as per Part IV of Schedule VI to the Companies
Act, 1956.
1. Registration Details:
Registration No.
1 2 1 0
3 9
State Code
1 1
Balance Sheet Date
3 1
- 0 3 -
0 2
2. Capital raised during the year: (Rs. in thousands)
Public Issue
Bonus Issue
N I
N I
L
L
Rights Issue
Private Placement
N I L
N I L
3. Position of mobilisation and deployment of funds: (Rs. in thousands)
Total Liabilities
Source of Funds:
Paid-up Capital
Secured Loans
Share application money
Application of Funds:
Net Fixed Assets
Net Current Assets
Accumulated Losses
9 2 4
5 6
Total Assets
9 2 4 5 6
8 8 7
7 6
Reserves and Surplus
Unsecured Loans
N I
N I
L
L
N I L
N I L
N I
L
Investments
2 6 3 0 0
4 5 8
5 8
1 4 2
9 2
Miscellaneous
Expenditure
2 3 2 6
4. Performance of Company: (Rs. in thousands)
Turnover/Income
3 5
5 2
Total Expenditure
7 1 3 8
Profit/(Loss) before Tax
Earnings per Share (Rupees)
( 3 5 8
( 0
. 4
6
8
)
)
Profit/(Loss) after Tax
(
4 2 3 6 )
Dividend per Share (Rs)
N I L
5. Generic names of principal products, services of the Company:
Item Code
Product Description
N A
N A
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Apurva R. Shah
Partner
Mumbai
Dated : 3rd September, 2002
Ajeet Varma
A. V. Betkekar
Jotindra Thacker
Ajit Dhariwal
}
}
Directors
Deputy Secretary
184
Reliance Petroinvestments Limited
Reliance Petroinvesments ltd.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
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Directors’ Report
To the Members,
Your Directors have pleasure in presenting the 4th Annual Report
together with the Audited Statement of Accounts for the year
ended 31st March, 2002.
Operations
During the period under review the Company has earned a profit
of Rs. 41,091/-.
Dividend
Due to inadequacy of profits your Directors have not recomended
any dividend on equity shares for the period under review.
Change in Status
The Company became a wholly owned subsidiary of Reliance
Petroleum Limited (RPL) w.e.f. 28th December, 2001. The status
of the Company has thus changed from Private Limited Company
to Public Limited Company w.e.f. 14th January 2002. Pursuant to
a Scheme of Amalgamation of Reliance Petroleum Limited (RPL)
with Reliance Industries Limited (RIL), the investments in shares
by RPL will vest on RIL. Upon the coming into effect of the said
Scheme of Amalgamation, the Company will be construed a
subsidiary of RIL.
Directors’ Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the
Companies Act, 1956 with respect to Directors' Responsibility
Statement, it is hereby confirmed that:
(i)
(ii)
(iii)
in the preparation of the accounts for the financial year ended
31st March, 2002, the applicable accounting standards have
been followed;
them consistently and made
the Directors have selected such accounting policies and
applied
judgements and
estimates that were reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at the
end of the financial year and of the profit of the Company for
the year under review;
the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with
for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and
the Companies Act, 1956
the provisions of
(iv)
the Directors have prepared the accounts for the financial year
ended 31st March, 2002 on a 'going concern' basis.
for reappointment at
Directors
Shri L. V. Merchant retires by rotation and being eligible offers
himself
the ensuing Annual General
Meeting.
Shri P. Raghavendran was appointed as an additional director
with effect from 28th December, 2001. He holds office as director
upto the date of the ensuing Annual General Meeting. The
Company has received notice under Section 257 of
the
Companies Act, 1956, proposing his appointment as director,
subject to retirement by rotation.
Auditors
M/s. Chaturvedi & Shah and M/s. Rajendra & Co., Joint Auditors
of the Company, hold office until the conclusion of the ensuing
Annual General Meeting and are eligible for re-appointment. The
Auditors have, under Section 224(1-B) of the Companies Act,
1956
re-
appointment. Accordingly, the said Auditors are proposed to be
appointed as Joint Auditors of the Company at the ensuing
Annual General Meeting.
the certificate of
their eligibility
furnished
for
Fixed Deposits
The Company has not accepted any fixed deposit during the
year. Hence, no information is required to be appended to this
report in terms of Non-Banking Financial Companies Acceptance
of Public Deposits (Reserve Bank) Directions, 1988.
Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo
Being an investment company, there are no particulars furnished
in this report as required under Section 217(1)(e) of the
Companies Act, 1956, relating to conservation of energy and
technology absorption. There was no foreign exchange earnings
and outgo during the year.
Personnel
The Company has not paid any remuneration attracting the
provisions of Companies (Particulars of Employees) Rules, 1975
read with Section 217(2A) of
the Companies Act, 1956.
Hence, no information is required to be appended to this report
in this regard.
Acknowledgement
Your Directors place on record their immense appreciation for
the assistance and cooperation
from various
Statutory Authorities.
received
Mumbai
Dated : 18th June, 2002
For and on behalf of the Board
L V Merchant
P Raghavendran
}
Directors
Reliance Strategic Investments Limited
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Auditors’ Report
b)
c)
d)
e)
f)
To,
The Members of Reliance Strategic Investments Limited.
We have audited the attached Balance Sheet of Reliance
Strategic Investments Limited as at 31st March, 2002 and the
Profit and Loss Account for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
the
financial statements are
We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about
whether
free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Manufacturing and Other Companies
(Auditors' Report) Order, 1988,
the Central
Government of India in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of
the said Order.
issued by
2.
Further to our comments in the Annexure referred to in
paragraph 1 above, we report that:
a) We have obtained all the information and explanations
which to the best of our knowledge and belief were
necessary for the purpose of our audit.
In our opinion, proper books of account as required by
law have been kept by the Company so far as appears
from our examination of such books.
The Balance Sheet and Profit and Loss Account
referred to in this Report are in agreement with the
books of account.
In our opinion, the Balance Sheet and Profit and Loss
the
Account complies with
mandatory accounting standards referred to in Section
211(3C) of the Companies Act, 1956.
requirements of
the
In our opinion, and based on
information and
explanations given to us, none of the directors are
disqualified as on 31st March, 2002
from being
appointed as directors in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and
according to the explanations given to us, the said
Balance Sheet and Profit and Loss Account read
together with the notes thereon, give the information
required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India :
i)
ii)
in so far as it relates to the Balance Sheet of the
state of affairs of the Company as at 31st March,
2002 and
in so far as it relates to the Profit and Loss
Account of the 'Profit' of the Company for the year
ended on that date.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 18th June, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
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Annexure to Auditors’ Report
R e f e r r e d t o i n P a r a g r a p h 1 o f o u r R e p o r t o f e v e n d a t e
1. As the Company had no Fixed Assets during the year, clauses
4(A) (i) and (ii) of the said Order are not applicable.
2. Since the Company has not carried out any manufacturing
and / or trading activity clauses (iii), (iv), (v), (vi), (xi), (xii),
(xiv) and (xvi) of the clause A of paragraph 4 of the aforesaid
Order are not applicable.
3.
4.
5.
6.
7.
The Company has not taken any loans, secured or unsecured
from companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956, or
from companies under the same management within the
meaning of sub section (1B) of Section 370 of the Companies
Act, 1956.
loan, secured or
The Company has not granted any
unsecured to companies, firms, or other parties listed in the
register maintained under Section 301 of the Companies Act,
1956, or to Companies under the same management within
the meaning of sub section (1B) of Section 370 of the
Companies Act, 1956.
The Company has not given any loans or advances in the
nature of loans during the year, and hence clause regarding
repayment is not applicable.
information and
In our opinion and according
explanations given to us, there are adequate internal control
procedures commensurate with the size of the Company and
the nature of its business.
the
to
information and
In our opinion and according
explanations given to us, the Company has not accepted any
deposits from public.
the
to
8.
the Company has an
In our opinion
internal audit
arrangement commensurate with its size and the nature of its
business.
9. According to the information and explanations given to us, the
provisions of
the Employees' Provident Fund and
Miscellaneous Provisions Act, 1952, and the Employees'
State Insurance Act, 1948 are not applicable to the Company.
10. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-tax,
Wealth-tax, Sales-tax, Excise Duty and Customs Duty were
outstanding as at 31st March, 2002 for a period of more than
six months from the date they became payable.
11.
In our opinion and according
information and
explanations given to us, no personal expenses of Directors
have been charged to revenue account.
the
to
12. The Company is not a Sick Industrial Company within the
meaning of clause (o) of sub section (1) of section 3 of the
Sick Industrial Companies (Special Provisions) Act, 1985.
13. According to the information and explanations given to us, the
provisions of any special statute applicable to Chit-Fund,
Nidhi or Mutual Benefit Society are not applicable to the
Company.
14.
In our opinion, the Company has maintained proper records
and made timely entries in respect of investments made by
the Company . The Company's investments are held in its own
name.
For Chaturvedi & Shah
Chartered Accountants
Rajesh D. Chaturvedi
Partner
Mumbai
Dated : 18th June, 2002
For Rajendra & Co.
Chartered Accountants
R.J. Shah
Partner
Reliance Strategic Investments Limited
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Balance Sheet as at 31st March, 2002
As at
Schedule 31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
SOURCES OF FUNDS
Shareholders' Funds
Share Capital
Reserves and Surplus:
Profit and Loss Account
Total
APPLICATION OF FUNDS
Investments
Current Assets, Loans and Advances
Current Assets
Cash and Bank Balances
Loans and Advances
‘A’
‘B’
‘C’
Less : Current Liabilities and Provisions
‘D’
Current Liabilities
Provisions
2,02,02
54
2,02,56
2,01,10
2,02,02
13
2,02,15
4,47,50
1,17
42
1,59
13
62
75
41,80
40
42,20
2,88,12
32
2,88,44
Net Current Assets
Miscellaneous Expenditure
(To the extent not written off or adjusted)
84
62
(2,46,24)
89
Total
2,02,56
2,02,15
Notes on Accounts
‘E’
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
R. J. Shah
Partner
L. V. Merchant
M. D. Sudharsan
P. Raghavendran
N. Ravichandran
}
}
Directors
Deputy Secretary
Mumbai
Dated : 18th June, 2002
188
Reliance Strategic Investments Limited
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Profit and Loss Account for the Year ended 31st March, 2002
INCOME
Profit on sale of Current Investments
Brokerage (previous year Rs. 103/-)
(Tax Deducted at source Rs. 3 thousand,
previous year Rs. NIL)
EXPENDITURE
Filling fees
Custodian fees
General expenses
Audit fees
Miscellanceous Expenditure written off
Profit/(Loss) before taxation
Less : Provision for Taxation
Profit/(Loss) after taxation
Add: Balance brought forward from last year
Balance carried to Balance Sheet
Schedule
2001-2002
2000-2001
(Rs. in thousands)
Rs.
6
—
2
—
1
13
27
Rs.
1,10
34
9
22
2
13
27
Rs.
1,44
73
71
30
41
13
54
Rs.
6
43
(37)
—
(37)
50
13
Basic and Diluted Earnings per share (Rupees)
0.02
(0.02)
Notes on Accounts
‘E’
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
R. J. Shah
Partner
L. V. Merchant
M. D. Sudharsan
P. Raghavendran
N. Ravichandran
}
}
Directors
Deputy Secretary
Mumbai
Dated : 18th June, 2002
Reliance Strategic Investments Limited
189
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Schedules Forming Part of the Balance Sheet
SCHEDULE ‘A’
SHARE CAPITAL
Authorised:
21,00,000 Equity Shares of Rs.10 each
4,00,000 Unclassified Shares of Rs.10 each
Issued, Subscribed and Paid up:
20,20,200 Equity Shares of Rs.10 each fully paid up
(held by Reliance Petroleum Limited,
the Holding Company, which is under amalgamation
with Reliance Industries Limited)
SCHEDULE ‘B’
INVESTMENTS
Current Investments (other than trade)
Unquoted
In Equity - fully paid up
— Reliance Petroinvestments Limited of
(43,50,000) Rs. 10 each
In Units - fully paid up
12,34,064 Reliance Income Fund - (Growth Plan) units
(92,034) of Rs. 10 each
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
2,10,00
40,00
2,50,00
2,02,02
2,10,00
40,00
2,50,00
2,02,02
2,02,02
2,02,02
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
—
2,01,10
2,01,10
4,35,00
12,50
4,47,50
190
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Schedules Forming Part of the Balance Sheet
SCHEDULE ‘C’
CURRENT ASSETS, LOAN AND ADVANCES
Rs.
Rs.
Rs.
Rs.
As at
31st March, 2002
(Rs. in thousands)
As at
31st March, 2001
Current assets
Cash and Bank Balances
Cash on hand
Bank Balance:
Balance with Bank in Current Account
with a Schedule Bank
Loans and Advances
Advances recoverable in cash or in kind or for value
to be received
Advance payment of taxes
SCHEDULE ‘D’
1
1,16
8
34
—
41,80
1,17
41,80
10
30
42
1,59
40
42,20
As at
(Rs. in thousands)
As at
31st March, 2002
31st March, 2001
CURRENT LIABILITIES AND PROVISIONS
Rs.
Rs.
Rs.
Rs.
Current Liabilities
Sundry Creditors:
Due to: Small Scale Industries
Others
Other Liabilities:
Advance against debenture application money
—
13
—
—
12
2,88,00
Provisions
Provision for taxation
13
62
75
2,88,12
32
2,88,44
Reliance Strategic Investments Limited
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Notes on Accounts
SCHEDULE 'E'
1. SIGNIFICANT ACCOUNTING POLICIES
a) General
The financial statements have been prepared under the historical cost convention in accordance with the generally
accepted accounting principles in India and the provisions of the Companies Act, 1956, as adopted consistently by
the company.
b)
Investments
Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term Investments
are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than
temporary in the opinion of the management.
c) Preliminary expenses are amortised over a period of five years on pro-rata basis.
2. Consequent to Certificate of change of name dated 14th January, 2002 issued by the Registrar of Companies, Maharashtra,
the name of the company has changed from “Reliance Strategic Investments Private Limited” to “Reliance Strategic
Investments Limited”.
3.
The Previous year’s figures have been reworked, regrouped, rearranged and/or reclassified wherever necessary.
4. Earnings per share
Basic, as well as diluted, earnings per equity share (Rs.)
Numerator - profit/(loss) after tax (Rs. in thousands)
Denominator - weighted average number of equity shares
Nominal value per equity share (Rs.)
2001-2002
0.02
41
20,20,200
10
2000-2001
(0.02)
(37)
20,20,200
10
5. As the Company is not a manufacturing company, information required under paragraphs 3 and 4 of Schedule VI of the
Companies Act, 1956 are given to the extent applicable.
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Notes on Accounts
Schedule 'E' (contd..)
6.
Balance sheet abstract and Company's General Business Profile as per Part IV of Schedule VI to the Companies Act,
1956.
1. Registration Details:
Registration No.
1 2 0 9
1 8
State Code
1 1
Balance Sheet Date
3 1
- 0 3 -
0 2
2. Capital raised during the year: (Rs. in thousands)
Public Issue
Bonus Issue
N I
N I
L
L
Rights Issue
Private Placement
N I L
N I L
3. Position of mobilisation and deployment of funds: (Rs. in thousands)
Total Liabilities
Source of Funds:
Paid-up Capital
Secured Loans
Application of Funds:
Net Fixed Assets
Net Current Assets
Accumulated Losses
2 0 3
3 1
Total Assets
2 0 3 3 1
2 0 2
0 2
Reserves and Surplus
N I
L
Unsecured Loans
5 4
N I L
N I
L
Investments
2 0 1 1 0
8 4
N I
L
Miscellaneous
Expenditure
4. Performance of Company: (Rs. in thousands)
Turnover/Income
Profit before Tax
1
4 4
Total Expenditure
7 1
Profit after Tax
6 2
7 3
4 1
Earnings per Share (Rupees)
0 .
0 2
Dividend per Share (Rs)
N I L
5. Generic names of principal products, services of the Company:
Item Code
Product Description
N A
N A
As per our Report of even date
For and on behalf of the Board
For Chaturvedi & Shah
Chartered Accountants
For Rajendra & Co.
Chartered Accountants
Rajesh D. Chaturvedi
Partner
R. J. Shah
Partner
L. V. Merchant
M. D. Sudharsan
P. Raghavendran
N. Ravichandran
}
}
Directors
Deputy Secretary
Mumbai
Dated : 18th June, 2002
Reliance Strategic Investments Limited
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Directors’ Report
To the Members,
Your Directors have pleasure in presenting the 2nd Annual
Report together with the Audited Statement of Accounts for the
year ended 31st March, 2002.
Operations
During the year the company has incurred a loss of Rs. 10,313/-.
Your Directors have not recommended any dividend on equity
shares for the year under review.
Reliance Petroleum Limited is one of the shareholders of the
company which is under amalgamation with Reliance Industries
Limited (RIL). Pursuant to a scheme of amalgamation, RPL will
merge with RIL. Upon the scheme of amalgamation becoming
effective, more than half in nominal value of the Company’s
equity capital will be held by RIL and consequently the Company
will be a subsidiary of RIL.
Issue of Equity Shares
During the year, the company has increased its Authorised Capital
to Rs. 7,50,000/- divided into 75,000 Equity Shares of Rs. 10/-
each and has issued 49,800 equity shares of Rs. 10 each, thereby
increasing its paid up share Capital up to Rs. 5,00,000/-.
Directors’ Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the
Companies Act, 1956, with respect to Directors’ Responsibility
statement it is hereby confirmed that:
(i)
them consistently and made
in the preparation of the accounts for the financial year ended
31st March, 2002, the applicable accounting standards have
been followed.
the Directors have selected such accounting policies and
applied
judgements and
estimates that were reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at the
end of the financial year and of the loss of the Company for the
year under review;
the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with
for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and
the Companies Act, 1956
the provisions of
(ii)
(iii)
(iv)
the Directors have prepared the accounts for the financial
year ended 31st March, 2002 on a ‘going concern’ basis.
Auditors
M/s. Pathak H D & Associates, Chartered Accountants, who have
been appointed as the Auditors of the Company, retire at the
ensuing Annual General Meeting. The Company has received a
letter from them to the effect that their appointment, if made,
would be within the prescribed limits under Section 224(1-B) of
the Companies Act, 1956. Accordingly, the said Auditors are
proposed to be appointed as Auditors of the Company at the
ensuing Annual General Meeting.
Personnel
The Company has not paid any remuneration attracting the
provisions of Companies (Particulars of Employees) Rules, 1975
read with Section 217(2A) of the Companies Act, 1956. Hence,
no information is required to be appended to this report in this
regard.
Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo
in accordance with
the provisions of Section
Information
217(1)(e) of the Companies Act, 1956, read with Companies
(Disclosures of Particulars in the Report of Board of Directors)
Rules, 1988 regarding conservation of energy,
technology
absorption and foreign exchange earnings and outgo are not
applicable for the year under review, and hence not furnished.
Fixed Deposits
The Company has not accepted any fixed deposit from the public.
Hence, no information is required to be appended to this report.
Acknowledgement
Your Directors wish
immense
to place on
appreciation for the assistance and cooperation received from
various Statutory Authorities.
record
their
Mumbai
Dated : 9th August, 2002
For and on behalf of the Board
Rohit C. Shah
Mangal Kulkarni
}
Directors
194
Reliance LNG Private Limited
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Auditors’ Report
b)
c)
d)
e)
f)
To,
The Members of Reliance LNG Private Limited.
We have audited the attached Balance Sheet of Reliance LNG
Private Limited as at 31st March, 2002 and the Profit and Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on there
financial statements based on our audit.
the
financial statements are
We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about
whether
free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
1. As required by the Manufacturing and Other Companies
(Auditors' Report) Order, 1988,
the Central
Government of India in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of
the said Order.
issued by
2.
Further to our comments in the Annexure referred to in
paragraph 1 above, we report that:
a) We have obtained all the information and explanations
which to the best of our knowledge and belief were
necessary for the purpose of our audit.
In our opinion, proper books of account as required by
law have been kept by the Company so far as appears
from our examination of such books.
The Balance Sheet and Profit and Loss Account
referred to in this Report are in agreement with the
books of account.
In our opinion, the Balance Sheet and Profit and Loss
the
Account complies with
mandatory accounting standards referred to in Section
211(3C) of the Companies Act, 1956.
requirements of
the
In our opinion, and based on
information and
explanations given to us, none of the directors are
disqualified as on 31st March, 2002
from being
appointed as directors in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and
according to the explanations given to us, the said
Balance Sheet and Profit and Loss Account read
together with the notes thereon, give the information
required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India :
i)
ii)
In so far as it relates to the Balance Sheet of the
state of affairs of the Company as at 31st March,
2002 and
In so far as it relates to the Profit and Loss
Account of the 'Loss' of the Company for the year
ended on that date.
Mumbai
Dated : 9th August, 2002
Lalit Mhalsekar
Partner
For Pathak H D & Associates
Chartered Accountants
Reliance LNG Private Ltd.p65
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Reliance LNG Private Limited
195
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Annexure to Auditors’ Report
R e f e r r e d t o i n P a r a g r a p h 1 o f o u r R e p o r t o f e v e n d a t e
1. As the Company had no Fixed Assets during the year, clauses
7.
In our opinion and according
to
the
information and
4(A) (i) and (ii) of the said Order are not applicable.
2. Since the Company has not carried out any manufacturing
explanations given to us, the Company has not accepted any
deposits from public.
and/or trading activity, items (iii), (iv), (v), (vi), (xi), (xii), (xiv)
8. According to the information and explanation given to us and
and (xvi) of the clause A of paragraph 4 of the aforesaid Order
are not applicable.
3.
The Company has not taken any loans, secured or unsecured
from companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956, or
from companies under the same management within the
meaning of sub section (1B) of Section 370 of the Companies
Act, 1956.
4.
loan, secured or
The Company has not granted any
unsecured to companies, firms, or other parties listed in the
in our opinion, internal audit is not statutorily applicable.
9. According to the information and explanations given to us, the
provisions of
the Employees' Provident Fund and
Miscellaneous Provisions Act, 1952, and the Employees'
State Insurance Act, 1948 are not applicable to the Company.
10. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-tax,
Wealth-tax, Sales-tax, Excise Duty and Customs Duty were
outstanding as at 31st March, 2002 for a period of more than
six months from the date they became payable.
Register maintained under Section 301 of the Companies Act,
1956, or to Companies under the same management within
the meaning of sub section (1B) of Section 370 of the
11.
In our opinion and according
information and
explanations given to us, no personal expenses of Directors
the
to
have been charged to revenue account.
Companies Act, 1956.
5.
The Company has not given any loans or advances in the
nature of loans during the year.
6.
information and
In our opinion and according
explanations given to us, there are adequate internal control
the
to
procedures commensurate with the size of the Company and
the nature of its business.
12. The Company is not a Sick Industrial Company within the
meaning of clause (o) of sub section (1) of section 3 of the
Sick Industrial Companies (Special Provisions) Act, 1985.
13.
In our opinion, the Company has maintained proper records and
made timely entries in respect of investments made by the
Company. The Company's investments are held in its own name.
For Pathak H D & Associates
Chartered Accountants
Mumbai
Dated : 9th August, 2002
Lalit Mhalsekar
Partner
196
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Balance Sheet as at 31st March, 2002
As at
Schedule 31st March, 2002
Rs.
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
Rs.
SOURCES OF FUNDS
Shareholders' Funds
Share Capital
Total
APPLICATION OF FUNDS
Investments
Current Assets, Loans and Advances
Current Assets
Cash and Bank Balances
‘A’
‘B’
‘C’
Less : Current Liabilities and Provisions
‘D’
Current Liabilities
Net Current Assets
Miscellaneous Expenditure
(To the extent not written off or adjusted)
Profit and Loss account
Total
Notes on Accounts
‘E’
‘F’
3,89
3,89
13
13
5,00
5,00
83
3,76
22
19
5,00
9
9
21
21
2
2
—
(12)
6
8
2
As per our Report of even date
For Pathak H. D. & Associates
Chartered Accountants
Lalit Mhalsekar
Partner
Mumbai
Dated : 9th August, 2002
For and on behalf of the Board
Rohit Shah
Mangal Kulkarni
}
Directors
Reliance LNG Private Ltd.p65
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Reliance LNG Private Limited
197
Profit and Loss Account for the Year ended 31st March, 2002
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Schedule
For the year
01.04.2001 to 31.03.2002
Rs.
6
1
1
3
Rs.
—
11
(11)
(8)
(19)
(Rs. in thousands)
For the period
24.07.2000 to 31.3.2001
Rs.
Rs.
6
—
1
1
—
8
(8)
—
(8)
INCOME
EXPENDITURE
Audit Fees
Filing Fees (Previous year Rs. 200/-)
General Expenses
Miscellaneous expenses written off
Loss for the year
Add : Balance brought forward from last year
Balance carried to Balance Sheet
Basic and Diluted Earnings per share (Rupees)
(0.59)
(41.18)
Notes on Accounts
‘F’
As per our Report of even date
For Pathak H. D. & Associates
Chartered Accountants
Lalit Mhalsekar
Partner
Mumbai
Dated : 9th August, 2002
198
For and on behalf of the Board
Rohit Shah
Mangal Kulkarni
}
Directors
Reliance LNG Private Limited
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Schedules Forming Part of the Balance Sheet
SCHEDULE ‘A’
SHARE CAPITAL
Authorised:
75,000 Equity Shares of Rs.10 each
(5,000)
— Unclassified Shares of Rs. 10 each
(5,000)
Issued, Subscribed and Paid up:
50,000 Equity Shares of Rs.10 each fully paid up
(200)
[22,500 shares held by Reliance Industries Limited (RIL)
and 22,500 shares held by Reliance Petroleum Limited,
which is under amalgamation with RIL]
SCHEDULE ‘B’
INVESTMENTS
Long Term Investments (Other Investments)
Unquoted
In Equity shares - fully paid up
1,400 Reliance Broadband Communications Pvt. Ltd.
(—) of Rs. 10 each
1,400 Reliance Broadcom Pvt. Ltd. of Rs. 10 each
(—)
1,300 Reliance Cyber Technology.com Pvt. Ltd.
(—) of Rs. 10 each
1,400 Reliance Statellite Pvt. Ltd. of Rs. 10 each
(—)
1,400 Reliance Last Mile Communications Pvt. Ltd.
(—) of Rs. 10 each
1,400 Reliance Last Mile Network Pvt. Ltd. of Rs. 10 each
(—)
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
7,50
—
7,50
5,00
5,00
50
50
1,00
2
2
As at
31st March, 2002
Rs.
(Rs. in thousands)
As at
31st March, 2001
Rs.
14
14
13
14
14
14
83
—
—
—
—
—
—
—
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199
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Schedules Forming Part of the Balance Sheet
SCHEDULE ‘C’
CURRENT ASSETS, LOAN AND ADVANCES
Current Assets
Cash and Bank Balances
Cash on hand
Bank Balance:
Balance with a Schedule Bank in a Current Account
SCHEDULE ‘D’
As at
31st March, 2002
(Rs. in thousands)
As at
31st March, 2001
Rs.
—
3,89
3,89
Rs.
2
7
9
As at
(Rs. in thousands)
As at
31st March, 2002
31st March, 2001
CURRENT LIABILITIES AND PROVISIONS
Rs.
Rs.
Rs.
Rs.
Current Liabilities
Sundry Creditors:
Due to: Small Scale Industries
Others
Other Liabilities:
Advance towards debenture application money
SCHEDULE ‘E’
MISCELLANEOUS EXPENDITURE
Preliminary Expenses:
Add : Addition during the year
Less : Written off during the year
—
13
—
6
13
—
13
6
15
21
As at
(Rs. in thousands)
As at
31st March, 2002
31st March, 2001
Rs.
—
7
Rs.
6
19
Rs.
25
3
22
Rs.
7
1
6
200
Reliance LNG Private Limited
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Notes on Accounts
SCHEDULE 'F'
1. Significant Accounting Policies
a) General
The financial statements have been prepared under the historical cost convention in accordance with the generally accepted
accounting principles in India and the provisions of the Companies Act, 1956 as adopted consistently by the Company.
b)
Investments
Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term Investments are
stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary
in the opinion of the management.
c) Preliminary expenses are amortised over a period of five years on pro-rata basis.
2. As no Manufacturing and/or Trading activities were carried out during the year, information required under para 3 and 4 of schedule
VI to the Companies Act, 1956 are given to extent applicable.
3.
The current financial year is for twelve months, whereas the previous year was for a period from 24-07-2000 to 31-03-2001. The
current financial year's figures to that extent are not comparable.
4.
The previous year's figures have been reworked,regrouped,rearranged and reclassified wherever necessary.
5. Earnings per share
2001-2002
2000-2001
Basic, as well as diluted, earnings per equity share (Rs.)
Numerator - profit/(loss) after tax (Rs. in thousands)
Denominator - weighted average number of equity shares
Nominal value per equity share (Rs.)
(0.59)
(11)
17,550
10
(41.18)
(8)
2,00
10
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201
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Notes on Accounts
Schedule 'F' (contd..)
6.
Balance sheet abstract and Company's General Business Profile as per Part IV of Schedule VI to the Companies Act,
1956.
1. Registration Details:
Registration No.
1 2 7 8
8 5
State Code
1 1
Balance Sheet Date
3 1
- 0 3 -
0 2
2. Capital raised during the year: (Rs. in thousands)
Public Issue
Bonus Issue
N I
N I
L
L
Rights Issue
Private Placement
3. Position of mobilisation and deployment of funds: (Rs. in thousands)
Total Liabilities
Source of Funds:
Paid-up Capital
Secured Loans
Application of Funds:
Net Fixed Assets
Net Current Assets
Accumulated Losses
4. Performance of Company: (Rs. in thousands)
Turnover/Income
Profit before Tax
5
1 3
Total Assets
5
0 0
Share Application Money
N I
L
Unsecured Loans
N I
L
Investments
3
7 6
1 9
Miscellaneous
Expenditure
N I
L
Total Expenditure
N I L
4 9 8
5 1 3
N I L
N I L
8 3
2 2
1 1
Earnings per Share (Rupees)
( 0
. 5
( 1
1
9
)
)
Profit after Tax
Dividend per Share (Rs)
( 1 1 )
N I L
5. Generic names of principal products, services of the Company:
Item Code
Product Description
N A
N A
As per our Report of even date
For Pathak H. D. & Associates
Chartered Accountants
Lalit Mhalsekar
Partner
Mumbai
Dated : 9th August, 2002
For and on behalf of the Board
Rohit Shah
Mangal Kulkarni
}
Directors
202
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Auditors’ Report
We have audited the financial statement of Reliance Infocom B.V.,
Amsterdam, for the year 2001. These financial statements are the
responsibility of the company’s management. Our responsibility is
to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with auditing standards
generally accepted in the Netherlands. Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements give a true and fair view of
the financial position of the company as at December 31, 2001 and
of the result for the year then ended in accordance with accounting
principles generally accepted in the Netherlands and comply with
the financial reporting requirements included in Part 9 of Book 2 of
the Netherlands Civil Code.
Amsterdam
March 29, 2002
Th.A. Verkade
Registeraccountant
Balance Sheet as at December 31, 2001
(before appropriation of results)
Note
4
5
Financial Fixed Assets
Investments
Current Assets:
Cash at banks
Current Liabilities:
Accrued expenses
Capital tax
Net Current Assets / (Liabilities)
Net Assets
Shareholders’ equity
Issued and fully paid share capital
Retained earnings
Net result for the year
See accompanying notes to the financial statements
(in EURO)
December 31, 2001
1,060,695
58,209
58,209
8,750
10,008
18,758
39,451
1,100,146
1,112,000
—
-11,854
1,100,146
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Reliance Infocom B.V.
203
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Profit and Loss Account for the period
July 19, 2000 through December 31, 2001
Note
(in EURO)
December 31, 2001
General and administrative expenses
Management fees
Accounting fees
Audit fee
Tax advisory fees
Legal fees
Bank charges
Capital tax
Other expenses
Financial result
Interest income - banks
Foreign currency exchange result, net
Result before provision for corporate tax
Provision for corporate tax
Net result for the year
See accompanying notes to the financial statements
-8,047
-2,440
-4,930
-2,000
-2,500
-337
-10,008
-2,925
-33,187
138
21,195
21,333
-11,854
—
-11,854
Notes to Financial Statements
1. Group Affiliation and Principal Activites
Only July 19, 2000 the Company was established as a wholly owned subsidiary of Brayden Investments N.V., the Netherlands Antilles.
The Company is a limited liability company and has its statutory seat in Amsterdam. The first statutory year of the Company ends at
December 31, 2001. Effective December 31, 2000 and prior to any activities having been conducted by the Company, Brayden
Investments N. V. transferred all its share in the Company to Reliance Industries Limited. The transaction has been acknowledged in a
notarial deed dated April 5, 2001. On December 28, 2000 the company changed its name to Reliance Infocom B.V. At the same date the
Company issued 10,920 additional shares to Reliance Industries Ltd.
Principal activity of the Company is the holdng and financing of group companies.
Its parent company is stated to be Reliance Industries Limited, a corporation established in Mumbai, India.
2. Consolidation
The company has the following direct participating interests:
— Reliance Infocom Inc., U.S.A. 100%
The company has decided to utilize the exemptions as provided by article 407 Book 2, title 9 of the Dutch Civil Code. Consequently no
consolidation accounts will be prepared. The accompanying financial statements have been prepared in accordance with principles of
accounting generally accepted in The Netherlands.
3. Significant Accounting Policies
a. General
Assets and liabilities are stated at face value unless indicated otherwise.
b.
Financial Fixed Assets
The investments in subsidiaries are stated at historical acquistion cost and a provision is made for any premanent impairment
in the value of the investment.
204
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Notes to Financial Statements
December 31, 2001
c.
Foreign Currencies
Assets and liabilities denominated in foreign currencies are translated into EURO at rates of exchange applicable at the balance
sheet date.
Transactions in foreign currencies are translated at the rates in effect at the dates of transactions.
Resulting exchange gains or losses are accounted for in the profit and loss account.
d. Recognition of Income and Expense
Dividends from investments are recorded as income in the year they are declared. Royalties are recorded as income and
expense in the year they are received or paid, respectively. Other income and expenses, including taxation, are recognised and
reported on an accrual basis.
4.
Investments
December 31, 2001
100% held in Reliance Infocom Inc., U.S.A. (USD 900,000)
1,060,695
The investments are stated at historical cost price. According to management there is no permanent decrease in value of
the group company, which started its operations during the current period.
5. Shareholders’ Equity
The authorised share capital of the Company is EUR 5,560,000 dividend into 55,600 shares of EUR 100 each.
At the balance sheet date a total of 11,120 shares were issued and fully paid.
Movements in the shareholders’ equity accounts are as follows:
Issued and fully paid share capital
Retained earnings
Net result for the year
6.
Taxation
July 19, 2000
Changes for the year
December 31, 2001
20,000
—
—
20,000
1,092,000
—
-11,854
1,080,146
1,112,000
—
-11,854
1,100,146
The corporate tax is based on the fiscal results, taking into account that certain income and expenses as reported in the profit and loss
account are exempted from taxation. Corporate tax has been calculated on the basis of the applicable tax rate in The Netherlands. The
income tax receivable relating to the tax loss carry forward has not been capitalised, as it is not expected that the company will generate
taxable income in the future.
7. Directors and Employees
The Company has no employees other than its director.
The Company had one director during the year. No loans or advances have been given to or received from the director.
The Company has no supervisory directors.
New-1 Reliance Infocom BV.p65
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Reliance Infocom B.V.
205
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Auditors’ Report
We have audited the financial statement of Reliance Infocom B.V.,
Amsterdam, for the year ended March 31, 2002. These financial
statements are the responsibility of the company’s management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with auditing standards
generally accepted in the Netherlands. Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements give a true and fair view of
the financial position of the company as at March 31, 2002 and of
the result for the year then ended in accordance with accounting
principles generally accepted in the Netherlands and comply with
the financial reporting requirements included in Part 9 of Book 2 of
the Netherlands Civil Code.
Amsterdam
April 19, 2002
Th.A. Verkade
Registeraccountant
Balance Sheet as at March 31, 2002
(before appropriation of results)
Note
4
5
Financial Fixed Assets
Investments
Current Assets:
Prepaid expenses
Dividend receivable
Cash at banks
Current Liabilities:
Accrued expenses
Creditors
Capital tax
Net current assets ((liabilities)
Net Assets
Shareholders’ equity
Issued and fully paid share capital
Retained earnings
Net result for the year
See accompanying notes to the financial statements
March 31, 2002
(in EURO)
December 31, 2001
1,060,695
1,060,695
2,320
14,315
58,073
74,708
14,000
5,273
10,008
29,281
45,427
—
—
58,209
58,209
8,750
—
10,008
18,758
39,451
1,106,122
1,100,146
1,112,000
-11,854
5,976
1,106,122
1,112,000
—
-11,854
1,100,146
206
Reliance Infocom B.V.
Reliance Infocom BV.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Profit and Loss Account for the period
January 1, 2002 through March 31, 2002
Note
March 31, 2002
(in EURO)
December 31, 2001
General and administrative expenses
Management fees
Accounting fees
Audit fee
Tax advisory fees
Legal fees
Bank charges
Capital tax
Other expenses
Financial result
Dividend from group company
Interest income - banks
Foreign currency exchange result, net
Result before provision for corporate tax
Provision for corporate tax
Net result For the year
See accompanying notes to the financial statements
-2,654
-750
-2,500
-2,000
—
—
—
-435
-8,339
14,315
—
—
14,315
5,976
—
5,976
-8,047
-2,440
-4,930
-2,000
-2,500
-337
-10,008
-2,925
-33,187
—
138
21,195
21,333
-11,854
—
-11,854
Notes to Financial Statements
March 31, 2002
1. Group Affiliation and Principal Activites
Only July 19, 2000 the Company was established as a wholly owned subsidiary of Brayden Investments N.V., the Netherlands Antilles.
The Company is a limited liability company and has its statutory seat in Amsterdam. The first statutory year of the Company ends at
December 31, 2001. Effective December 31, 2000 and prior to any activities having been conducted by the Company, Brayden
Investments N. V. transferred all its share in the Company to Reliance Industries Limited. The transaction has been acknowledged in a
notarial deed dated April 5, 2001. On December 28, 2000 the company changed its name to Reliance Infocom B.V. At the same date the
Company issued 10,920 additional shares to Reliance Industries Ltd. On March 26, 2002 the Company changed its articles of
association to change the year-end from December 31 to March 31.
Principal activity of the Company is the holdng and financing of group companies.
Its parent company is stated to be Reliance Industries Limited, a corporation established in Mumbai, India.
2. Consolidation
The company has the following direct participating interests:
— Reliance Infocom Inc., U.S.A. 100%
The company has decided to utilize the exemptions as provided by article 407 Book 2, title 9 of the Dutch Civil Code. Consequently no
consolidation accounts will be prepared. The accompanying financial statements have been prepared in accordance with principles of
accounting generally accepted in The Netherlands.
3. Significant Accounting Policies
a. General
Assets and liabilities are stated at face value unless indicated otherwise.
b.
Foreign Currencies
Reliance Infocom B.V.
207
New Reliance Infocom BV.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:17)(cid:8)(cid:18)(cid:19)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes to Financial Statements
March 31, 2002
Assets and liabilities denominated in foreign currencies are translated into EURO at rates of exchange applicable at the balance
sheet date.
Transactions in foreign currencies are translated at the rates in effect at the dates of transactions.
Resulting exchange gains or losses are accounted for in the profit and loss account.
c.
Financial Fixed Assets
The investments in subsidiaries are stated at historical acquistion cost and a provision is made for any premanent impairment
in the value of the investment.
d. Recognition of Income and Expense
Dividends from investments are recorded as income in the year they are declared. Royalties are recorded as income and
expense in the year they are received or paid, respectively. Other income and expenses, including taxation, are recognised and
reported on an accrual basis.
4.
Investments
100% held in Reliance Infocom Inc., U.S.A. (USD 900,000)
March 31, 2002
December 31, 2001
1,060,695
1,060,695
The investments are stated at historical cost price. According to management there is no permanent decrease in value of the group company.
5. Shareholders’ Equity
The authorised share capital of the Company is EUR 5,560,000 dividend into 55,600 shares of EUR 100 each.
At the balance sheet date a total of 11,120 shares were issued and fully paid.
Movements in the shareholders’ equity accounts are as follows:
Issued and fully paid share capital
Retained earnings
Net result for the year
Net result for the year
6.
Taxation
December 31, 2001
Changes for the year
March 31, 2002
1,112,000
—
-11,854
1,100,146
—
-11,854
11,854
5,976
5,976
1,112,000
-11,854
—
5,976
1,106,122
The corporate tax is based on the fiscal results, taking into account that certain income and expenses as reported in the profit and loss
account are exempted from taxation. Corporate tax has been calculated on the basis of the applicable tax rate in The Netherlands. The
income tax receivable relating to the tax loss carry forward has not been capitalised, as it is not expected that the company will generate
taxable income in the future.
7. Directors and Employees
The Company has no employees other than its director.
The Company had one director during the year. No loans or advances have been given to or received from the director.
The Company has no supervisory directors.
208
Reliance Infocom B.V.
Reliance Infocom BV.p65
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(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Independent Auditors’ Report
Board of Directors and Stockholder
Reliance Infocom, Inc.
New York,
We have audited the accompanying balance sheet of Reliance
Infocom, Inc. as of March 31, 2002, and the related statements of
operations and retained earnings and cash flows for the year
then ended. These financial statements are the responsibility of
the Company’s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards
generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
financial
management, as well as evaluating
the overall
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements enumerated above
present fairly, in all material respects, the financial position of
Reliance Infocom, Inc. as of March 31, 2002 and the result of its
operations and its cash flow for the year ended March 31, 2002
in conformity with accounting principles generally accepted in the
United States of America.
New York
April 17, 2002
Eisner LLP
Accountants and Advisors
Balance Sheet as at March 31, 2002
As at March 31, 2002
(US $)
As at March 31, 2001
(US $)
ASSETS
Current assets:
Cash
Accounts receivable
Prepaid expenses and other current assets
Total current assets
Property and equipment, net
Security deposits
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable and accrued expenses
Current taxes
Deferred taxes
Dividends payable (Note F)
Stockholder's equity:
Common stock - no par value, 1,000 shares authorised :
100 shares issued and outstanding
Retained earnings
Total stockholder's equity
306,661
629,735
30,726
967,122
16,310
11,074
994,506
66,163
4,506
2,446
12,500
85,615
900,000
8,891
908,891
994,506
514,951
375,000
9,260
899,211
14,540
8,699
922,450
23,724
—
—
—
23,724
900,000
(1,274)
898,726
922,450
Reliance Infocom inc.p65
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Reliance Infocom Inc.
209
Statement of Operations and Retained Earnings Year Ended March 31, 2002
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Revenue from consulting services (Note A)
General and administrative expenses
Operating net income
Interest income
Income before taxes on income
Taxes on income:
Current
Deferred
Net income
(Deficit), beginning of year
Less dividends
Retained earnings, end of year
2001-02
(US $)
1,449,000
1,430,539
18,461
12,819
31,280
6,169
2,446
8,615
22,665
(1,274)
21,391
(12,500)
8,891
Statement of Cash Flows Year Ended March 31, 2002
Cash flows from operating activities:
Net Income
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization
Changes in:
Accounts receivable
Prepaid expenses and other current assets
Accrued taxes payable - current
Accrued taxes payable - deferred
Accounts payable and accrued expenses
Net cash used in operating activities
Cash flows from investing activities:
Purchases of property and equipment
Security deposit
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from the issuance of common stock
Net decrease in cash and cash equivalents
Cash and cash equivalents - beginning of year
Cash and cash equivalents - end of year
Supplemental disclosure of cash flow information:
Cash paid during the year for income taxes
2001-02
(US $)
22,665
3,431
(254,735)
(21,466)
3,905
2,446
43,039
(200,715)
(5,200)
(2,375)
(7,575)
—
(208,290)
514,951
306,661
2,263
210
Reliance Infocom Inc.
Reliance Infocom inc.p65
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2000-01
(US $)
375,000
389,054
(14,054)
12,780
(1,274)
—
—
—
(1,274)
—
(1,274)
—
(1,274)
2000-01
(US $)
(1,274)
1,601
(375,000)
(9,260)
—
—
23,724
(360,209)
(16,141)
(8,699)
(24,840)
900,000
—
—
514,951
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Notes to Financial Statements
March 31, 2002
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reliance Infocom, Inc. (the “Company”) is a Delaware corporation incorporated on September 21, 2000 as a wholly owned subsidiary of
Reliance Infocom B.V. (“B.V”). On October 17, 2000, 100 shares of common stock were issued to B.V. in exchange for $900,000. During
the year ended March 31, 2002, the Company performed information technology consulting services, consulting services in the business
strategy and biotechnology area, as well as services for business opportunities in the USA for PET-chips (petrochemical sector). Revenue
from such services represents approximately 95% of the consulting revenue earned. Other revenues constitute reimbursements for
expenditures incurred on the behalf of an affiliate.
[1] Cash and cash equivalents:
The Company considers all highly liquid accounts (money market funds) and investments with a maturity of three months or less when
acquired as cash equivalents.
[2] Property and equipment:
Property and equipment are carried at cost. Depreciation is provided using the straight-line method over the useful lives of the assets.
[3] Revenue recognition:
Consulting revenue is recognized as services are performed.
[4] Income taxes:
The liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based
on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws
that will be in effect when the differences are expected to reverse. The deferred tax liability for March 31, 2002 relates principally to book
and tax depreciation differences.
[5] Use of estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
NOTE B - PROPERTY AND EQUIPMENT
Property and equipment are summarized as follows:
Equipment
Furniture and fixtures
Less: accumulated depreciation and amortization
March 31, 2002
(US $)
Estimated Useful
Life
5 years
7 years
18,840
2,501
21,341
5,031
16,310
NOTE C - LEASES
The Company is obligated under two operating leases for office space. The lease in New York expires on January 31, 2003; the monthly
rent is US $3,275. The lease in Maryland is a month-to-month lease; the monthly rent is US $2,624. Rent expense under the leases
amounted to US $96,923 for the year ended March 31, 2002.
NOTE D - EMPLOYMENT CONTRACTS
Two employment agreements provide for annual base payments of US $432,000. Neither agreement provides for a specific term, however,
the agreements provide for termination payments aggregating US $244,000 in the event the employees are terminated without cause. The
agreements call for bonuses to be paid to the employees. Bonuses paid for the year ended March 31, 2002 aggregated US $ 104,000.
NOTE E - PENSION PLAN
A 401(k) salary deferral plan covers all eligible employees as defined in the plan. The Company elected not to make discretionary
matching contributions.
NOTE F - DIVIDENDS
The Company declared a dividend of US $125 per share for shareholders on records as of March 29, 2002.
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Reliance Infocom Inc.
211
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Independent Auditors’ Report
To,
The Members of Reliance Technologies, LLC
We have audited the accompanying balance sheet of Reliance
Technologies, LLC a Delaware company as of March 31, 2002,
and the related statements of income, members’ equity and cash
flows for the year ended March 31, 2002. These financial
statements are the responsibility of the Company’s management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
the
financial statements are
We conducted our audit in accordance with U.S. generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether
free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
presents fairly, in all material respects, the financial position of
Reliance Technologies, LLC. For the year ended March 31, 2002,
and the results of its operations and its cash flows for the year
ended March 31, 2002 in conformity with U.S. generally accepted
accounting principles.
JAMES F. SEXTON & ASSOC., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
April 22, 2002
Balance Sheet as at March 31, 2002
As at March 31, 2002
(US $)
As at March 31, 2001
(US $)
ASSETS
CURRENT ASSETS:
Cash
Capital Subscription Receivable
Total current assets
OTHER ASSETS:
Organizational Expense
Amortization Allowance
Investment - eVision, LLC
Total Other assets
TOTAL ASSETS
LIABILITIES AND MEMBERS’ EQUITY
CURRENT LIABILITIES
Accrued Expenses
Total Current Liabilities
MEMBERS’ EQUITY:
Members’ Contributed Capital
Current Period Loss
Total Members’ Equity
TOTAL LIABILITIES AND MEMBERS’ EQUITY
212,008
26,111
238,119
3,000
(1,150)
7,400
9,250
247,369
—
—
2,351,646
(2,104,277)
247,369
247,369
39,803
5,555
45,358
3,000
(550)
2,057,000
2,059,450
2,104,808
14,274
14,274
4,055,555
(1,965,021)
2,090,534
2,104,808
212
Reliance Technologies, LLC
Reliance Technologies LLC.p65
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Statement of Income and Members’ Equity Year Ended March 31, 2002
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Revenue
Operating Expenses
Bank Service Charges
Legal & Professional
Amortization Expense
License & Taxes
Total Operating Expenses
Operating Income (Loss)
Other Income (Expenses)
Interest income
Equity in loss of eVision, LLC
Total Other Income (Expenses)
Net Income (Loss)
Members’ Equity - Beginning
Members’ Current Contributions
Members’ Initial Capital
Members’ Equity - Ending
2001-02
(US $)
420
54,202
600
—
55,222
(55,222)
545
(2,049,600)
(2,049,055)
(2,104,277)
2,090,534
261,112
—
247,369
2001-02
(US $)
150
28,212
550
100
29,012
(29,012)
6,991
(1,943,000)
(1,936,009)
(1,965,021)
—
—
4055,555
2,090,534
Statement of Cash Flows Year Ended March 31, 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization
Equity in loss of eVision, LLC
(Increase) decrease in capital subscription receivable
Increase (decrease) in accrued expenses
2001-02
(US $)
2000-01
(US $)
(2,104,277)
(1,965,021)
600
2,049,600
(20,556)
(14,274)
550
1,943,000
(5,555)
14,274
Net Cash Provided by (Used in) Operating Activities:
(88,907)
(12,752)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in eVision, LLC
Organizational costs
Proceeds from members’ capital
Net Cash Provided by (Used in) Investing Activities:
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
Cash and cash equivalents
Beginning of the year
End of the year
Amount Included in Operating Expenses Above
Interest Expenses
Income Taxes
—
—
261,112
261,112
172,205
39,803
212,008
—
—
(4,000,000)
(3,000)
4,055,555
52,555
39,803
—
39,803
—
—
Reliance Technologies LLC.p65 (cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:8)(cid:11)(cid:12)(cid:12)(cid:11)(cid:8)(cid:13)(cid:8)(cid:14)(cid:15)(cid:16)(cid:11)(cid:8)(cid:17)(cid:18)
Reliance Technologies, LLC
213
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Notes on Financial Statements
Note 1. Summary of Significant Accounting Policies
Nature of Business
The Company was formed in Delaware to make business investments and is not involved in any other business activity.
Cash Equivalents
Holdings in highly liquid investments with maturities of three months or less when purchased are considered to be cash equivalents.
Investment in Affiliate
The Company’s investments in 20% to 50% - owned affiliates are accounted for using the equity method.
Amortization
Organization costs are amortized using the straight-line method over five years.
Income Tax Status
The Company is treated for federal income tax purposes as a pass-through entity. Shares of income, deduction, etc are taken into account
by the respective members for federal income tax purposes. Therefore, no provision, liability or benefit for federal income taxes has been
included in the financial statements.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual
results could differ from those estimates.
Concentration of Risk
The Company has invested in the development stage company described below. The future value of the investment is uncertain.
Note 2. Investment in Affiliate
The Company’s investment in affiliate consists initially of approximately 34% interest in eVision LLC, a developer of visual recognition
technology designed for media creators, media users and their customers. Condensed eVision LLC financial data for the year ended
March 31, 2002 is summarized below:
Current assets
Fixed assets (Net)
Other assets
Current liabilities
Members’ equity
Revenue
Operating expenses
Other income - Interest
Net Income (loss)
34,400
600,900
32,400
651,700
16,000
4,000
2,108,700
28,200
(2,076,500)
The Company recorded the amount of US $2,049,600 as the loss for the year ended March 31, 2002 applicable to its interest under the
equity method of accounting for the investment.
Note 3. Membership Ownership
The Company ownership consists of two members, Reliance Industries Limited (90% interest) and Ram Tech Holdings, Inc. (10% interest)
whose membership contributions amounted to US $3,885,000 and US $431,666 respectively, which includes US $5,555 paid in May 2001
by Ram Tech Holdings and US $26,111 outstanding as of March 31, 2002.
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Reliance Technologies, LLC
Reliance Technologies LLC.p65
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CIRCULAR TO THE SHAREHOLDERS
Dear Shareholder(s),
As you are aware, according to the provisions of the Finance Act, 2002, the incidence of tax on dividend income would be on the recipient of
dividend. The Act further provides for deduction of tax at source (TDS) on dividend. However, in case of a resident individual, no such deduction
will be made if the amount of dividend does not exceed Rs. 2,500. Income Tax will not be deducted, where such dividend amount exceeds
Rs. 2,500, if the Resident Shareholder furnishes declaration in Form 15G in duplicate to the Registrar and Transfer Agents of the Company on or
before 25th October, 2002.
In all cases where tax has been deducted at source, the Company is required to issue TDS certificates inter alia quoting the Permanent Account
Number (PAN) of the Shareholders. Under Section 139A(5A) of the Income Tax Act, 1961 obligation is cast on the shareholder, receiving dividend
after TDS, to intimate his/her Permanent Account Number (PAN)/General Index Register (GIR) Number to the Company. The relevant part of the
said Section is reproduced below for your information:
Section 139A(5A): "Every person receiving any sum or income or amount from which tax has been deducted under the provisions of Chapter
XVIIB, shall intimate his permanent account number to the person responsible for deducting such tax under that Chaper."
"Provided further that a person referred to in this sub section shall intimate the General Index Register Number till such time permanent account
number is allotted to such person."
In the above circumstances we request you to kindly furnish us your PAN/GIR No. to enable us to print the same on the TDS certificate to be issued
to you. In case you are holding shares in dematerialised form you are requested to furnish the said details to your Depository Participant (DP).
We request you to send the above information at the earliest.
(cid:1)
(cid:1)
Form for intimating PAN Number
1. Name of the First/Sole Shareholder
2. DP ID
3. Client ID
4. Folio No. (in case of physical holding)
5. No. of Shares held
6. Address :
7. PAN No. / GIR No.
8. Signatures
(As per specimen lodged with the Company)
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Reliance Industries Limited
215
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Notes
216
Reliance Industries Limited
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To,
Reliance Industries Limited
C/o Karvy Consultants Ltd.
46, Avenue 4, Street No.1
Banjara Hills
Hyderabad 500 034
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:12)
Nomination Form
[To be filled in by individual(s)]
From
Folio No.
No. of Shares
I am / we are holder(s) of Shares of the Company as mentioned above. I/We nominate the following person in whom all rights of
transfer and/or amount payable in respect of Equity Shares shall vest in the event of my/our death.
Nominee’s name
Age
To be furnished in case the nominee is a minor
Date of Birth
Guardian’s Name & Address *
Occupation of
Nominee Tick ((cid:2))
1
5
Service
Professional
2
6
Business
Farmer
3
7
Nominee’s
Address
Telephone No.
Email Address
Specimen signature of Nominee /
Guardian (in case nominee is minor)
* To be filled in case nominee is a minor
Kindly take the aforesaid details on record.
Student
4
Household
Others
Pin Code
Fax No.
Std Code
Name and address of equity shareholder
{as appearing on the Certificate(s)}
Signature & Date
(as per specimen with company)
Date..................................
Name and Address
Signature & Date
Thanking you,
Yours faithfully,
Sole/1st holder
(address)
2nd holder
3rd holder
4th holder
Witnesses (two)
1.
2.(cid:1)
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Reliance Industries Limited
217
INSTRUCTIONS :
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1.
2.
3.
4.
5.
6.
7.
8.
9.
Please read the instructions given below very carefully and follow the same to the letter. If the form is not filled as
per instructions, the same will be rejected.
The nomination can be made by individuals only. Non individuals including society, trust, body corporate, part-
nership firm, Karta of Hindu Undivided Family, holder of power of attorney cannot nominate. If the Shares are
held jointly all joint holders shall sign (as per the specimen registered with the Company) the nomination form.
A minor can be nominated by a holder of Shares and in that event the name and address of the Guardian shall be
given by the holder.
The nominee shall not be a trust, society, body corporate, partnership firm, Karta of Hindu Undivided Family, or a
power of attorney holder. A non-resident Indian can be a nominee on re-patriable basis.
Transfer of Shares in favour of a nominee shall be a valid discharge by a company against the legal heir(s).
Only one person can be nominated for a given folio.
Details of all holders in a folio need to be filled; else the request will be rejected.
The nomination will be registered only when it is complete in all respects including the signature of (a) all
registered holders (as per specimen lodged with the company) and (b) the nominee.
Whenever the Shares in the given folio are entirely transferred or dematerialised, then this nomination will
stand rescinded.
10.
Upon receipt of a duly executed nomination form, the Registrar and Transfer Agent of the company will register
the form and allot a registration number. The registration number and folio no. should be quoted by the nominee
in all future correspondence.
11.
The nomination can be varied or cancelled by executing fresh nomination form.
12.
13.
14.
The company will not entertain any claims other than those of a registered nominee, unless so directed by
a Court.
The intimation regarding nomination / nomination form shall be filed in duplicate with the Registrar and Transfer
Agents of the Company who will return one copy thereof to the Shareholders.
For shares held in dematerialised mode nomination is required to be filed with the Depository Participant in their
prescribed form.
FOR OFFICE USE ONLY
Nomination Registration Number
Date of Registration
Checked by (Name and Signature)
218
Reliance Industries Limited
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FORM NO. 15G
[ See rule 29(c) ]
Client Id: __________________
DP ID :____________________
DP Name:_________________
Folio No:_________________
Declaration under section 197A(1) of the Income Tax act, 1961, to be made by an individual claiming receipt
of dividend without deduction of tax.
I_________________________________________________________________ son / daughter / wife of
___________________________________resident of @ _____________________________________________
___________________________________________________________________________ do hereby declare :-
1.
2.
that I am a shareholder in Reliance Industries Limited, Maker Chamber No.4, 3rd floor, Nariman Point,
Bombay-400021.
that the shares in the said company, particulars of which are given below, stand in my name and are beneficially
owned by me, and the dividends therefrom are not includable in the total income of any other person under
section 60 and 64 of the Income Tax Act 1961:
No of
Shares
Class of shares &
Face Value of
each share
Total Face
value of Shares
Distinctive numbers
of the shares
Date(s) on which
shares were acquired
by the Declarant
3.
that my present occupation is _____________________________.
4. That my estimated total income including the dividends from the shares referred to in paragraph 2 above, computed
in accordance with the provision of income tax act 1961, for the previous year ending on 31.3.2003 relevant to
the assessment year 2003-2004 will be nil.
5.
* That I have not been assessed to income tax at any time in the past but I fall within the jurisdiction of the Chief
Commissioner or Commissioner of Income -Tax……………….. OR
That I was assessed to income tax for the assessment year—————by the (Assessing Office/Circle/ward/
District and the Permanent Account Number allotted to me is ……………………..
6.
that I am resident in India within the meaning of section 6 of the Income tax Act 1961.
(cid:1)
Signature of the declarant
Reliance Industries Limited
219
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V E R I F I C A T I O N
I, _________________________________________________ do hereby declare that to the best of knowledge
and belief what is stated above is correct, complete and is truly stated.
Verified today, the ………………….day of …………………..2002
Place :- ——————————————
Notes:
1. @ Give complete address.
2. The declaration should be furnished in duplicate.
3.
*Delete whichever is not applicable.
Signature of the declarant
4. Before signing the verification, the declarant should satisfy himself that the information furnished in the declaration
is true correct and complete in all respects. Any person making a false statement in the declaration shall be liable
to prosecution under section 277 of the Income -tax Act 1961 and on conviction punishable.
(i)
(ii)
In a case where tax sought to be evaded exceeds one lakh rupees with rigorous imprisonment which shall
not be less than six months but which may extend to seven years and with fine;
In any other case, with rigorous imprisonment which shall not be less than three months but which may
extend to three years and with fine.
FOR USE BY THE PERSON TO WHOM THE DECLARATION IS FURNISHED
1. NAME & ADDRESS OF THE COMPANY
Reliance Industries Limited
Registered Office: 3rd floor,
Maker Chambers IV, 222,
Nariman Point, Mumbai 400 021.
2. DATE ON WHICHTHE DECLATION WAS FURNISHED BY THE DECLARANT
3. DATE OF DECLARATION,DISTRIBUTION OR PAYMENT OF DIVIDENDS
4. PERIOD IN RESPECT OF WHICH DIVIDEND HAS BEEN DECLARED
5. AMOUNT OF DIVIDEND PAID
FORWARDED TO THE CHIEF COMMISSIONER OR COMMISSIONER OF INCOME TAX
PLACE :
DATE :
SIGNATURE OF THE PRINCIPAL
OFFICER OF THE COMPANY
220
Reliance Industries Limited
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FORM NO. 15G
[ See rule 29(c) ]
Client Id: __________________
DP ID :____________________
DP Name:_________________
Folio No:_________________
Declaration under section 197A(1) of the Income Tax act, 1961, to be made by an individual claiming receipt
of dividend without deduction of tax.
I_________________________________________________________________ son / daughter / wife of
___________________________________resident of @ _____________________________________________
___________________________________________________________________________ do hereby declare :-
1.
2.
that I am a shareholder in Reliance Industries Limited, Maker Chamber No.4, 3rd floor, Nariman Point,
Bombay-400021.
that the shares in the said company, particulars of which are given below, stand in my name and are beneficially
owned by me, and the dividends therefrom are not includable in the total income of any other person under
section 60 and 64 of the Income Tax Act 1961:
No of
Shares
Class of shares &
Face Value of
each share
Total Face
value of Shares
Distinctive numbers
of the shares
Date(s) on which
shares were acquired
by the Declarant
3.
that my present occupation is _____________________________.
4. That my estimated total income including the dividends from the shares referred to in paragraph 2 above, computed
in accordance with the provision of income tax act 1961, for the previous year ending on 31.3.2003 relevant to
the assessment year 2003-2004 will be nil.
5.
* That I have not been assessed to income tax at any time in the past but I fall within the jurisdiction of the Chief
Commissioner or Commissioner of Income -Tax……………….. OR
That I was assessed to income tax for the assessment year—————by the (Assessing Office/Circle/ward/
District and the Permanent Account Number allotted to me is ……………………..
6.
that I am resident in India within the meaning of section 6 of the Income tax Act 1961.
(cid:1)
Signature of the declarant
Reliance Industries Limited
221
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V E R I F I C A T I O N
I, _________________________________________________ do hereby declare that to the best of knowledge
and belief what is stated above is correct, complete and is truly stated.
Verified today, the ………………….day of …………………..2002
Place :- ——————————————
Notes:
1. @ Give complete address.
2. The declaration should be furnished in duplicate.
3.
*Delete whichever is not applicable.
Signature of the declarant
4. Before signing the verification, the declarant should satisfy himself that the information furnished in the declaration
is true correct and complete in all respects. Any person making a false statement in the declaration shall be liable
to prosecution under section 277 of the Income -tax Act 1961 and on conviction punishable.
(i)
(ii)
In a case where tax sought to be evaded exceeds one lakh rupees with rigorous imprisonment which shall
not be less than six months but which may extend to seven years and with fine;
In any other case, with rigorous imprisonment which shall not be less than three months but which may
extend to three years and with fine.
FOR USE BY THE PERSON TO WHOM THE DECLARATION IS FURNISHED
1. NAME & ADDRESS OF THE COMPANY
Reliance Industries Limited
Registered Office: 3rd floor,
Maker Chambers IV, 222,
Nariman Point, Mumbai 400 021.
2. DATE ON WHICHTHE DECLATION WAS FURNISHED BY THE DECLARANT
3. DATE OF DECLARATION,DISTRIBUTION OR PAYMENT OF DIVIDENDS
4. PERIOD IN RESPECT OF WHICH DIVIDEND HAS BEEN DECLARED
5. AMOUNT OF DIVIDEND PAID
FORWARDED TO THE CHIEF COMMISSIONER OR COMMISSIONER OF INCOME TAX
PLACE :
DATE :
SIGNATURE OF THE PRINCIPAL
OFFICER OF THE COMPANY
222
Reliance Industries Limited
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ATTENDANCE SLIP
Reliance Industries Limited
Registered Office: 3rd floor, Maker Chambers IV, 222, Nariman Point, Mumbai 400 021.
PLEASE FILL ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL.
Joint shareholders may obtain additional Attendance Slip at the Venue of the meeting
DP. Id*
Client Id*
NAME AND ADDRESS OF THE SHAREHOLDER
No. of Share(s) held:
Master Folio No.
I hereby record my presence at the 28TH ANNUAL GENERAL MEETING of the Company held on Thursday,
the 31st October, 2002 at 11.00 a.m. at Birla Matushri Sabhagarh, New Marine Lines, Mumbai 400 020.
Signature of the shareholder or proxy
* Applicable for investors holding shares in electronic form.
TEAR HERE
Reliance Industries Limited
Registered Office: 3rd floor, Maker Chambers IV, 222, Nariman Point, Mumbai 400 021.
DP. Id*
Client Id*
I/We
hereby appoint
PROXY FORM
Master Folio No.
being a member/members of Reliance Industries Limited
of
of
or failing him
of
as my/our proxy to vote for me/us and on my/our behalf at the 28th Annual General Meeting to be held on
Thursday, the 31st October, 2002 at 11.00 a.m. or at any adjournment thereof.
Signed this
day of
2002.
* Applicable for investors holding shares in electronic form.
Affix a 30
paise
Revenue
Stamp
Note:
(1) The Proxy in order to be effective should be duly stamped, completed and signed and must be deposited at the Registered Office of the
Company not less than 48 hours before the time for holding the aforesaid meeting. The Proxy need not be a member of the Company.
(2) Members holding shares under more than one folio may use photocopy of this Proxy Form for other folios. The Company shall provide
additional forms on request.
(cid:1)
Reliance Industries Limited
223
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Book Post
To,
If undelivered please return to:
Karvy Consultants Limited
46, Avenue 4, Street No. 1
Hyderabad 500 034
India.
Tel. Nos.: 91-40-3320666/3320711/3323037
Fax No.: 91-40-3323058
E-mail: rilinvestor@karvy.com
224
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