The Directors are pleased to present the Forty first Annual Report and
the Company's audited financial statement for the financial year ended
The Company's financial performance, for the year ended March 31,2015
is summarised below:
Rs. crore $ million* Rs. crore $ million*
PROFIT BEFORE TAX 29,468 4,715 27,818 4,643
Less: Current Tax 6,124 980 5,812 970
Deferred Tax 625 100 22 4
PROFIT FOR THE YEAR 22,719 3,635 21,984 3,669
Add: Balance in Profit
and Loss Account 9,326 1,973 8,610 1,853
SUB-TOTAL 32,045 5,608 30,594 5,522
Adjustment relating to
Fixed Assets 318 51 - -
Transferred to General
Reserve 18,000 2,880 18,000 3,004
Proposed dividend on
Equity Shares 2,944 471 2,793 466
Tax on dividend 615 98 475 79
CLOSING BALANCE 10,168 2,108 9,326 1,973
* 1 $ = Rs. 62.5 Exchange Rate as on March 31, 2015 (1 $ = Rs. 59.915 as on
March 31, 2014)
RESULTS OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS
The highlights of the Company's performance are as under:
Revenue from operations decreased by 15.1% to Rs. 3,40,814 crore ($ 54.5
Exports decreased by 17.1% to Rs. 2,28,651 crore ($ 36.6 billion).
PBDIT increased by 1.3% to Rs. 40,323 crore ($ 6.5 billion).
Profit before Tax increased by 5.9% to Rs. 29,468 crore ($ 4.7 billion).
Cash Profit increased by 3.4% to Rs. 31,832 crore ($ 5.1 billion).
Net Profit increased by 3.3% to Rs. 22,719 crore ($ 3.6 billion).
Gross Refining Margin was $ 8.6 / bbl for the year ended March 31,2015.
The consolidated revenue from operations of the Company for year ended
March 31, 2015 was down by
13% to Rs. 3,88,494 crore ($ 62.2 billion). The decline in turnover
reflects a sharp fall in crude oil prices during the second half of the
year. Strong operating performance from the refining business and
stable petrochemicals business performance led to higher operating
profits. Consolidated operating profits before other income and
depreciation increased by 7.3% on a year on year basis from Rs. 34,799
crore to Rs. 37,364 crore. Profit after Tax was higher by 4.8% at Rs.
23,566 crore as against Rs. 22,493 crore in the previous year.
The financial year 2014-15 has been a very successful and important
year for the Company. The Company's refining business delivered record
earnings in a year when the collapse of oil prices unsettled the
hydrocarbons market. During the year, RIL Jamnagar refineries
processed 67.9 MMT of crude, achieving an average utilization rate of
110%. The Company was able to capitalize on the market conditions
through its operational excellence, higher efficiency and well executed
strategies around crude sourcing and product placement. The revenue
from Petrochemicals segment decreased reflecting lower product prices
resulting from sharp decline in crude and feedstock prices.
KG-D6 field produced 1.96 million barrels of crude oil, 0.32 million
barrels of condensate and 158 BCF of natural gas in 2014-15, reflecting
a growth of 12% in case of Condensate and a reduction of 3% and 12% of
Crude Oil and Natural Gas respectively on a year on year basis. The
decline in production was largely due to natural decline in fields
coupled with partial shutdown of MA field due to Hudhud cyclone.
The capital expenditure of Reliance on a consolidated basis for 2014-15
was ' 1,00,247 crore including exchange rate difference capitalization.
The capital expenditure was principally on account of ongoing expansion
projects in petrochemicals and refining business at Jamnagar, Dahej and
Hazira, Broadband access and US Shale gas projects.
During the year, the Company commissioned its new PBR Plant at Hazira,
Gujarat, with capability to produce Nickel and Neodymium grade PBR.
With the commissioning of this facility, the Company's total PBR
capacity is now at 115 KTPA. RIL also started its new 150 KTPA SBR
plant during the year which is expected to stabilise in the coming
During the last quarter of 2014-15, RIL started phase-1 PTA capacity of
1,150 KTPA and 650 KTPA of PET capacity at Dahej, Gujarat. Both these
plants are expected to stabilise operations in the coming months and
will be advantageously positioned to reap the benefits of integration.
The new PET resin facility is one of the largest bottle-grade PET resin
facility at a single location globally.
The new PTA plant has been built with Invista technology and is highly
energy efficient and environment friendly. Indian market is currently
deficit in PTA by over 1.5 MMTPA. The start-up of the new PTA plant at
Dahej will take India closer to self-sufficiency in PTA.
The Company has made offerings of Senior Unsecured Notes priced under
Rule 144A/Regulation S of the Securities Act, 1933 (USA) aggregating US
$ 1.75 billion during January and February 2015. These funds will be
utilized for ongoing capital expenditure.
The Company is one of India's largest contributors to the national
exchequer primarily by way of payment of taxes and duties to various
government agencies. During the year, a total of Rs. 33,322 crore ($ 5.3
billion) was paid in the form of various taxes and duties.
The Company is featured in the Fortune Global 500 list of the world's
largest corporations for the eleventh consecutive year and was ranked
114th in terms of revenues and 155th in terms of profit.
No material changes and commitments have occurred after the close of
the year till the date of this Report, which affect the financial
position of the Company.
Your Directors have recommended a dividend of Rs. 10 (i.e. 100%) per
equity share (last year Rs. 9.50 per equity share) for the financial year
ended March 31, 2015, amounting to Rs. 3,559 crore (inclusive of tax of Rs.
615 crore), one of the highest payout by any private sector company in
India. The dividend payout is subject to approval of members at the
ensuing Annual General Meeting.
The dividend will be paid to members whose names appear in the Register
of Members as on May 11,2015 and in respect of shares held in
dematerialised form, it will be paid to members whose names are
furnished by National Securities Depository Limited and Central
Depository Services (India) Limited, as beneficial owners as on that
The dividend payout for the year under review has been formulated in
accordance with the Company's policy to pay sustainable dividend linked
to long term growth objectives of the Company to be met by internal
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
The developments in business operations / performance of major
subsidiaries consolidated with RIL are as below:
Shale Gas Business
Reliance's shale gas business continued on its growth trajectory with
revenues and EBIT increasing 20.1% and 36.3% respectively, despite a
challenging price environment. RIL's share of net sales volume was at
168 BCFe, compared to 131 BCFe in 2013. EBITDA of $ 775.1 million in
2014, was up 26% y-o-y.
Operationally, the business continued its strong performance during
calendar year 2014, with production reaching the new record levels
across the JVs. Gross JV production averaged at ~1.2 Bcfe/day,
reflecting growth of 26% over the levels achieved in calendar year
2013. The business has reached an overall development maturity (with a
significant part of the acreages held by production) and this provides
adequate investment flexibility in managing the low price environment
through prioritizing well capex in the most prolific areas.
Reliance Retail business grew by 21.2% to reach revenue of Rs. 17,640
crore as against Rs. 14,556 crore registered in the previous financial
year. It continued to grow profitably, achieving profits before
depreciation, finance cost and tax expense (PBDIT) of Rs. 784 crore, an
increase of 116% on a year on year basis. The format sectors
collectively witnessed a five-year CAGR of 31% in revenues.
During the year, Reliance Retail consolidated its market leadership in
all of the focus sectors of digital, lifestyle and value sectors.
During the year, Reliance Retail undertook an unprecedented store
opening plan on an accelerated pace and added a net total of 930 stores
to further increase its reach in the underserved markets. A total of
0.9 million square feet area was added. As on 31st March 2015, Reliance
Retail operated 2,621 stores, covering an area of 12.5 million square
feet across 200 cities.
RIL's subsidiary, Reliance Jio Infocomm Limited (RJIL) is the only
private player with Broadband Wireless Access (BWA) spectrum in all the
22 telecom circles of India. It plans to provide reliable fast internet
connectivity through the 20 MHz, contiguous, pan-India BWA spectrum.
RJIL has also successfully acquired 1800 MHz spectrum across 14 key
circles in February, 2014.
In March 2015, RJIL has successfully acquired the right to use spectrum
in 800 MHz & 1800 MHz in 13 key circles across India in the Spectrum
Auction conducted by Department of Telecommunications (DoT), Government
of India. With this acquisition, in addition to the pan-India 2300 MHz
spectrum, RJIL has spectrum in either 800 MHz or 1800 MHz or both in 20
out of the total of 22 circles in the country. RJIL's total equivalent
spectrum footprint has increased from 597.6 MHz to 751.1MHz (including
uplink and downlink), strengthening its position as the largest holder
of liberalized spectrum.
This combined spectrum footprint across frequency bands provides
significant network capacity and deep in-building coverage. RJIL plans
to provide seamless 4G services using LTE in 800 MHz, 1800 MHz and 2300
MHz through an integrated ecosystem.
RJIL is working aggressively in achieving the minimum roll out
obligations as specified in the Notice Inviting Application for the
spectrum auction in 2010, per the Test Schedule Test Procedure (TSTP)
issued by DoT in March, 2015.
Media and Entertainment
During the year, Independent Media Trust (IMT), of which RIL is the
sole beneficiary, acquired the control of Network18 Media & Investments
Limited (Network18), including its subsidiary TV18 Broadcast Limited
(TV18). This acquisition will differentiate Reliance's Jio Infocomm
business by providing a unique amalgamation at the intersect of
telecom, web and digital commerce via a suite of premier digital
Network18 has interests in television, digital content, filmed
entertainment, digital commerce, magazines, mobile content and allied
businesses. Network18, through its group companies, operates a combined
bouquet of over 30 channels. Network18 operates a number of digital and
mobile properties offering digital content and commerce, including home
shopping and online ticketing. It also publishes special interest
magazines and has a presence in film production and distribution.
From the date of acquisition of control to 31st March, 2015, Network
18's operating revenue stood at Rs. 2,747 crore and EBIT at Rs. 135 crore,
on a consolidated basis.
The Company's financial discipline and prudence is reflected in the
strong credit ratings ascribed by rating agencies as given below:
Instrument Rating Agency Rating Outlook Remarks
International Debt S&P BBB+ Stable Two notches above India's sovereign
International Debt Moody's Baa2 Stable One notch above India's
Long Term Debt CRISIL AAA Stable Highest rating awarded by CRISIL
Long Term Debt Fitch Ind AAA Stable Highest rating awarded by Fitch
CONSOLIDATED FINANCIAL STATEMENT
In accordance with the Companies Act, 2013 (the Act) and Accounting
Standard (AS) - 21 on Consolidated Financial Statements read with AS -
23 on Accounting for Investments in Associates and AS - 27 on Financial
Reporting of Interests in Joint Ventures, the audited consolidated
financial statement is provided in the Annual Report.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
During the year under review, companies listed in Annexure I to this
Report have become or ceased to
be Company's subsidiaries, joint ventures or associate companies. A
report on the performance and financial position of each of the
subsidiaries, associates and joint venture companies as per the
Companies Act, 2013 is provided as Annexure A to the consolidated
financial statement and hence not repeated here for the sake of
brevity. The Policy for determining material subsidiaries as approved
may be accessed on the Company's website at the link:
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors state that:
a) in the preparation of the annual accounts for the year ended March
31, 2015, the applicable accounting standards read with requirements
set out under Schedule III to the Act, have been followed and there are
no material departures from the same;
b) 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 March 31,2015 and of the profit of the Company for
the year ended on that date;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d) the Directors have prepared the annual accounts on a 'going concern'
e) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively; and
f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements set out
by SEBI. The Company has also implemented several best corporate
governance practices as prevalent globally. The report on Corporate
Governance as stipulated under the Listing Agreement forms an integral
part of this Report. The requisite certificate from the Auditors of the
Company confirming compliance with the conditions of corporate
governance is attached to the report on Corporate Governance.
BUSINESS RESPONSIBILITY REPORT
As stipulated under the Listing Agreement, the Business Responsibility
report describing the initiatives taken by the Company from
environmental, social and governance perspective is attached as part of
the Annual Report.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in the ordinary
course of business and on an arm's length basis. During the year, the
Company had not entered into any contract / arrangement / transaction
with related parties which could be considered material in accordance
with the policy of the Company on materiality of related party
The Policy on materiality of related party transactions and dealing
with related party transactions as approved by the Board may be
accessed on the Company's website at the link:
Your Directors draw attention of the members to Note 32 to the
financial statement which sets out related party disclosures.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Corporate Social Responsibility and Governance Committee (CSR&G
Committee) has formulated and recommended to the Board, a Corporate
Social Responsibility Policy (CSR Policy) indicating the activities to
be undertaken by the Company, which has been approved by the Board.
The CSR Policy may be accessed on the Company's website at the link:
The key philosophy of all CSR initiatives of the Company is guided by
three core commitments of Scale, Impact and Sustainability.
The Company has identified six focus areas of engagement which are as
Rural Transformation: Creating sustainable livelihood solutions,
addressing poverty, hunger and malnutrition.
Health: Affordable solutions for healthcare through improved access,
awareness and health seeking behaviour.
Education: Access to quality education, training and skill enhancement.
Environment: Environmental sustainability, ecological balance,
conservation of natural resources.
Protection of National Heritage, Art and Culture: Protection and
promotion of India's art, culture and heritage.
Disaster Response: Managing and responding to disaster.
The Company would also undertake other need based initiatives in
compliance with Schedule VII to the Act.
During the year, the Company has spent Rs. 761 crore (around 2.85% of the
average net profits of last three financial years) on CSR activities.
The Annual Report on CSR activities is annexed herewith marked as
During the year, your Directors have constituted a Risk Management
Committee which has been entrusted with the responsibility to assist
the Board in (a) Overseeing and approving the Company's enterprise wide
risk management framework; and (b) Overseeing that all the risks that
the organization faces such as strategic, financial, credit, market,
liquidity, security, property, IT, legal, regulatory, reputational and
other risks have been identified and assessed and there is an adequate
risk management infrastructure in place capable of addressing those
risks. A Group Risk Management Policy was reviewed and approved by the
The Company manages, monitors and reports on the principal risks and
uncertainties that can impact its ability to achieve its strategic
objectives. The Company's management systems, organisational
structures, processes, standards, code of conduct and behaviors
together form the Reliance Management System (RMS) that governs how the
Group conducts the business of the Company and manages associated
The Company has introduced several improvements to Integrated
Enterprise Risk Management, Internal Controls Management and Assurance
Frameworks and processes to drive a common integrated view of risks,
optimal risk mitigation responses and efficient management of internal
control and assurance activities. This integration is enabled by all
three being fully aligned across Group wide Risk Management, Internal
Control and Internal Audit methodologies and processes.
INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weakness in the design or operation
DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Act and the Articles of
Association of the Company, Shri Hital R. Meswani and Shri P.M.S.
Prasad, Directors of the Company, retire by rotation at the ensuing
Annual General Meeting and being eligible have offered themselves for
re-appointment. Shri Mahesh P. Modi, Independent Director of the
Company passed away in February 2015. The Board places on record its
deep appreciation for the valuable contribution made by him during his
tenure as Director of the Company. Shri Maheswar Sahu, who was
appointed as an additional director, demitted office as a Director
effective March 30, 2015.
During the year under review, the members approved the appointments of
Smt. Nita M. Ambani as a non-executive Non-Independent Director who is
liable to retire by rotation and of Shri Mansingh L. Bhakta, Shri
Yogendra P. Trivedi, Dr. Dharam Vir Kapur, Prof. Ashok Misra, Prof.
Dipak C. Jain, Dr. Raghunath A. Mashelkar and Shri Adil Zainulbhai as
Independent Directors who are not liable to retire by rotation. The
members have also re-appointed Shri Mukesh D. Ambani as the Managing
Director and Shri Hital R. Meswani and Shri P.M.S. Prasad as whole-time
directors, designated as executive directors.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of
independence as prescribed both under the Act and Clause 49 of the
Listing Agreement with the Stock Exchanges.
The Company has devised a Policy for performance evaluation of
Independent Directors, Board, Committees and other individual Directors
which includes criteria for performance evaluation of the non-executive
directors and executive directors.
The Company had engaged two consultants for looking at the best
practices prevalent in the industry and advising with respect to
evaluation of Board members. On the basis of recommendations of the
consultants and the Policy for performance evaluation of Independent
Directors, Board, Committees and other individual Directors, a process
of evaluation was followed by the Board for its own performance and
that of its Committees and individual Directors.
The details of programmes for familiarisation of Independent Directors
with the Company, their roles, rights, responsibilities in the Company,
nature of the industry in which the Company operates, business model of
the Company and related matters are put up on the website of the
Company at the link:
The following policies of the Company are attached herewith marked as
Annexure IIIA and Annexure IIIB:
a) Policy for selection of Directors and determining Directors
b) Remuneration Policy for Directors, Key Managerial Personnel and
EMPLOYEES' STOCK OPTION SCHEME
The Human Resources, Nomination and Remuneration Committee of the Board
of Directors of the Company, inter alia, administers and monitors the
Employees' Stock Option Scheme of the Company in accordance with the
applicable SEBI Guidelines.
The applicable disclosures as stipulated under the SEBI Guidelines as
on March 31, 2015 (cumulative position) with regard to the Employees'
Stock Option Scheme (ESOS) are provided in Annexure IV to this Report.
The issue of equity shares pursuant to exercise of options does not
affect the Statement of Profit and Loss of the Company, as the exercise
is made at the market price prevailing as on the date of the grant plus
taxes as applicable.
The Company has received a certificate from the Auditors of the Company
that the Scheme has been implemented in accordance with the SEBI
Guidelines and the resolution passed by the members. The certificate
would be placed at the Annual General Meeting for inspection by
Voting rights on the shares issued to employees under the ESOS are
either exercised by them directly or through their appointed proxy.
AUDITORS AND AUDITORS' REPORT Statutory Auditors
M/s. Chaturvedi & Shah, Chartered Accountants, Deloitte Haskins & Sells
LLP, Chartered Accountants and M/s. Rajendra & Co., Chartered
Accountants, Statutory Auditors of the Company, hold office till the
conclusion of the ensuing Annual General Meeting and are eligible for
re-appointment. They have confirmed their eligibility to the effect
that their re-appointment, if made, would be within the prescribed
limits under the Act and that they are not disqualified for
The Notes on financial statement referred to in the Auditors' Report
are self-explanatory and do not call for any further comments. The
Auditors' Report does not contain any qualification, reservation or
The Board has appointed the following cost auditors for conducting the
audit of cost records of the Company for various segments for the
financial year 2014-15:
(i) For Textiles Business - M/s. Kiran J. Mehta & Co., Cost
(ii) For Chemicals Business - M/s. Diwanji & Associates, Cost
Accountants, M/s. K.G. Goyal & Associates, Cost Accountants, M/s. V.J.
Talati & Co., Cost Accountants, M/s. Kiran J. Mehta & Co., Cost
M/s. Bandyopadhyaya Bhaumik & Co., Cost Accountants, M/s. Shome &
Banerjee, Cost Accountants and M/s. Dilip M. Malkar & Co., Cost
(iii) For Polyester Business - Shri Suresh D. Shenoy, Cost Accountant
and M/s. V. Kumar & Associates, Cost Accountants;
(iv) For Electricity Generation - M/s. Dilip M. Malkar & Co., Cost
(v) For Petroleum Business - M/s. V.J. Talati & Co., Cost Accountants;
(vi) For Oil & Gas Business - Shri Suresh D. Shenoy, Cost Accountant
and M/s. Shome & Banerjee, Cost Accountants.
M/s. Shome & Banerjee, Cost Accountants, were nominated as the
Company's Lead Cost Auditor.
The Board has appointed Dr. K.R. Chandratre, Practising Company
Secretary, to conduct Secretarial Audit for the financial year 2014-15.
The Secretarial Audit Report for the financial year ended March 31,
2015 is annexed herewith marked as Annexure V to this Report. The
Secretarial Audit Report does not contain any qualification,
reservation or adverse remark.
The CSR&G Committee comprises Shri Yogendra P. Trivedi (Chairman), Shri
Nikhil R. Meswani, Dr. Dharam Vir Kapur and Dr. Raghunath A. Mashelkar
as other members.
The Audit Committee comprises Independent Directors namely Shri
Yogendra P. Trivedi (Chairman), Dr. Raghunath A. Mashelkar and Shri
Adil Zainulbhai as other members. All the recommendations made by the
Audit Committee were accepted by the Board.
The Vigil Mechanism of the Company, which also incorporates a whistle
blower policy in terms of the Listing Agreement, includes an Ethics &
Compliance Task Force comprising senior executives of the Company.
Protected disclosures can be made by a whistle blower through an
e-mail, or dedicated telephone line or a letter to the Task Force or to
the Chairman of the Audit Committee. The Policy on vigil mechanism and
whistle blower policy may be accessed on the Company's website at the
Meetings of the Board
Seven meetings of the Board of Directors were held during the year. For
further details, please refer report on Corporate Governance on page
no. 128 of this Annual Report.
Particulars of Loans given, Investments made, Guarantees given and
Particulars of loans given, investments made, guarantees given and
securities provided along with the purpose for which the loan or
guarantee or security is proposed to be utilized by the recipient are
provided in the standalone financial statement (Please refer to Note
11, 12, 13 and 37 to the standalone financial statement).
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo
The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required to be
disclosed under the Act, are provided in Annexure VI to this Report.
Extract of Annual Return
Extract of Annual Return of the Company is annexed herewith as Annexure
VII to this Report.
Particulars of Employees and related disclosures
In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, a statement showing the names and
other particulars of the employees drawing remuneration in excess of
the limits set out in the said rules are provided in the Annual Report.
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are
provided in the Annual Report.
Having regard to the provisions of the first proviso to Section 136(1)
of the Act and as advised, the Annual Report excluding the aforesaid
information is being sent to the members of the Company. The said
information is available for inspection at the registered office of the
Company during working hours and any member interested in obtaining
such information may write to the Company Secretary and the same will
be furnished on request. The full Annual Report including the aforesaid
information is being sent electronically to all those members who have
registered their email addresses and is available on the Company's
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these
items during the year under review:
1. Details relating to deposits covered under Chapter V of the Act.
2. I ssue of equity shares with differential rights as to dividend,
voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the
Company under any scheme save and except ESOS referred to in this
4. Neither the Managing Director nor the Whole-time Directors of the
Company receive any remuneration or commission from any of its
5. No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Company's
operations in future.
Your Directors further state that during the year under review, there
were no cases filed pursuant to the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the financial institutions,
banks, Government authorities, customers, vendors and members during
the year under review. Your Directors also wish to place on record
their deep sense of appreciation for the committed services by the
Company's executives, staff and workers.
For and on behalf of the Board of Directors
Mukesh D. Ambani
Chairman and Managing Director
April 17, 2015