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Reliance Industries
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« Mar 14
Auditor's Report (Reliance Industries) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 Reliance Industries Limited (the Company), which comprise the Balance
 Sheet as at March 31, 2015, the Profit and Loss Statement, the Cash
 Flow Statement for the year then ended and a summary of significant
 accounting policies and other explanatory information.
 
 MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
 
 The Company's Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these standalone financial statements that give a
 true and fair view of the financial position, financial performance and
 cash flows of the Company in accordance with the accounting principles
 generally accepted in India including the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014.  This responsibility also includes
 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 frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial controls,
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 AUDITORS' RESPONSIBILITY
 
 Our responsibility is to express an opinion on these standalone
 financial statements based on our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. Those Standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatements.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements.  The
 procedures selected depend on the auditor's judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company's preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by the Company's directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 OPINION
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial statements
 give the information required by the Act in the manner so required and
 give a true and fair view in conformity with the accounting principles
 generally accepted in India, of the state of affairs of the Company as
 at March 31, 2015, and its profit and its cash flows for the year ended
 on that date.
 
 
 OTHER MATTERS
 
 The financial statements and other financial information include the
 Company's proportionate share in jointly controlled assets of Rs. 967
 crore, liabilities of Rs. 190 crore, expenditure of Rs. 440 crore and the
 elements making up the Cash Flow Statement and related disclosures in
 respect of an Unincorporated Joint Venture which is based on statements
 from the respective Operators and certified by the management.
 
 Our opinion is not qualified / modified in respect of this matter.
 
 
 REPORT ON OTHER LEGAL AND REGULATORY
 
 REQUIREMENTS
 
 As required by Section 143(3) of the Act, we report that:
 
 a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit;
 
 b) In our opinion, proper books of account as required by law have been
 kept by the Company so far as it appears from our examination of those
 books.
 
 c) The Balance Sheet, the Profit and Loss Statement, and the Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account.
 
 d) In our opinion, the aforesaid standalone financial statements comply
 with the Accounting Standards specified under Section 133 of the Act,
 read with Rule 7 of the Companies (Accounts) Rules, 2014;
 
 e) On the basis of the written representations received from the
 directors as on March 31, 2015, taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2015,
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 f ) With respect to the other matters to be included in the Auditor's
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 (i) The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements as referred to in Note
 33.2 (d), (e) and Note 34 to the financial statements.
 
 (ii) The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 and as required on long-term contracts including derivative contracts.
 
 (iii) There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company except a sum of Rs. 15 crore, which are held in abeyance due to
 pending legal cases.
 
 For Chaturvedi & Shah 
 Chartered Accountants 
 (Registration No. 101720W)
 D. Chaturvedi 
 Partner 
 Membership No.: 5611
 
 For Deloitte Haskins & Sells LLP 
 Chartered Accountants 
 (Registration No. 117366W/ W-100018)
 
 A. B. Jani 
 Partner 
 Membership No.: 46488
 
 For Rajendra & Co.  
 Chartered Accountants 
 (Registration No. 108355W)
 
 A. R. Shah 
 Partner 
 Membership No.:47166
 
 Mumbai
 Date : April 17, 2015
Source : Dion Global Solutions Limited
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