The Directors have pleasure in presenting the ninth Annual Report
 together with the audited statement of accounts of the Company for the
 year ended March 31, 2009.
 
 Financial Results
 
 The performance of the Company for the financial year ended March 31,
 2009 is summarised below:
 
 Particulars                  Financial Year ended Financial Year ended
                                    March 31, 2009       March 31, 2008
 
                       Rs in Lakh US $ in million *  Rs in Lakh US $ in 
                                                              million *
 
 Total Income           47,141.09           92.94     36,730.65   91.55
 Gross Profit 
 before depreciation     7,194.22           14.18      9,269.44   23.10
 Less: Depreciation          5.99            0.01        694.64    1.73
 Profit before tax       7,188.23           14.17      8,574.80   21.37
 Less: Provision for
 Current tax               170.06            0.34      1,692.56    4.22
 Fringe benefit tax         11.54            0.02         11.60    0.03
 Deferred tax liability     19.61            0.04         10.77    0.03
 Profit after tax        6,987.02           13.77      6,859.87   17.10
 Add : Balance of 
 profit brought from     9,554.27           18.84      2,694.40    6.71
 previous year
 Profit available 
 for appropriation      16,541.29           32.61      9,554.27   23.81
 
 Appropriations               -               -            -        -
 Balance carried 
 to balance sheet       16,541.29           32.61      9,554.27   23.81
 
 * Rs 50.72 = US $ 1 Exchange Rate as on March 31, 2009 (Rs 40.12 = US$
 1 as on March 31, 2008)
 
 Financial Performance
 
 During the year under review, your Company recorded a total income of
 Rs 471.41 crore, against Rs 367.31 crore in the previous year, an
 increase of 28.34 per cent. Net Profit for the financial year ended
 March 31, 2009 rose to Rs 69.87 crore from Rs 68.60 crore in the
 previous year.
 
 Dividend
 
 Your Directors have not recommended any dividend on equity shares for
 the year under review.
 
 Management Discussion and Analysis
 
 Management Discussion and Analysis of financial condition including the
 results of operations of the Company for the year under review as
 required under clause 49 of the listing agreement with the stock
 exchanges, is given as a separate statement in this Annual Report.
 
 Subsidiary Companies
 
 The Company, as of March 31, 2009 had seven subsidiaries, among which
 Reliance Fuel Resources Limited, Reliance Natural Resources (Singapore)
 Pte Ltd and Reliance Cementation Private Limited are wholly owned
 subsidiaries of the Company. Besides, Reliance Cement Corporation
 Private Limited, Reliance Cement Works Private Limited, Reliance Cement
 and Infra Private Limited and Reliance Cement Resources Private Limited
 became wholly owned subsidiaries of Reliance Cementation Private
 Limited, a subsidiary of the Company, during the year under review and
 in terms of Section 4(1) (c) of the Companies Act, 1956, these four
 companies have become subsidiaries of the Company.
 
 In terms of the approvals granted by the Central Government under
 Section 212(8) of the Companies Act, 1956, copies of the Balance Sheet,
 Profit and Loss Account, Report of the Board of Directors and Auditors
 of the subsisting subsidiaries have not been attached with the Balance
 Sheet of the Company. However, these documents will be made available
 upon request by any member of the Company interested in obtaining the
 same. As directed by the Central Government, the financial data of the
 subsidiaries has been furnished in the Notes on consolidated financial
 statements, which forms part of the Annual Report. The annual accounts
 of the Company including that of subsidiaries will be kept for
 inspection by any member. Further, pursuant to Accounting Standard - 21
 (AS-21) prescribed under the Companies (Accounting Standard) Rules,
 2006, Consolidated Financial Statements presented by the Company
 include financial information about its subsidiaries.
 
 Fixed Deposits
 
 The Company has not accepted any fixed deposits during the year.
 
 Directors
 
 At the ensuing Annual General Meeting, Dr Bakul Dholakia retires by
 rotation and is eligible for re-appointment. Brief resume of Dr Bakul
 Dholakia, the nature of his expertise in specific functional areas,
 name of companies in which he holds directorships and the
 memberships/chairmenship of committees of the Board, his shareholding,
 etc., as stipulated under clause 49 of the listing agreement with the
 stock exchanges in India, are provided in the report on Corporate
 Governance forming part of the Annual Report.
 
 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) in the preparation of the accounts for the financial year ended
 March 31, 2009, the applicable accounting standards have been followed
 and that there are no material departures from the same;
 
 (ii) 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, 2009 and of the profit of the Company
 for the said period;
 
 (iii) the Directors have taken proper and sufficient care to the best
 of their knowledge and ability 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 March 31, 2009 on a going concern basis.
 
 The above statements have been noted by the audit committee at its
 meeting held on April 22, 2009.
 
 Group
 
 Pursuant to an intimation from the Promoters, the names of the
 Promoters and entities comprising group as defined under the
 Monopolies and Restrictive Trade Practices (MRTP) Act, 1969 are
 furnished in the Annual Report for the purpose of the SEBI (Substantial
 Acquisition of Shares and Takeovers) Regulations, 1997.
 
 Consolidated Financial Statements
 
 The Audited Consolidated Financial Statements, based on the Financial
 Statements received from subsidiary companies as approved by their
 respective Board of Directors, have been prepared in accordance with
 the Accounting Standard - 21 (AS-21) - Consolidated Financial
 Statements and Accounting Standard - 23 (AS-23) - Accounting for
 Investments in Associates in Consolidated Financial Statements
 notified under Section 211 (3C) of the Companies Act, 1956 read with
 the Companies (Accounting Standards) Rules, 2006, as applicable.
 
 Auditors
 
 Pathak H D & Associates, Chartered Accountants, Statutory Auditors of
 the Company hold office until the conclusion of the ensuing Annual
 General Meeting and are eligible for re-appointment. 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 (1B) of
 the Companies Act, 1956, and that they are not disqualified for such
 appointment within the meaning of Section 226 of the Companies Act,
 1956.
 
 Particulars of Employees
 
 In terms of the provisions of Section 217 (2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975,
 the names and other particulars of employees are set out in the
 Annexure to the Directors report. However, having regard to the
 provisions of Section 219 (1) (b) (iv) of the Companies Act, 1956, the
 Annual Report is being sent to all members of the Company excluding the
 aforesaid information. Any member interested in obtaining such
 particulars may write to the Company Secretary at the registered office
 of the Company.
 
 Energy Conservation, Technology Absorption and Foreign Exchange
 Earnings and Outgo
 
 Information in accordance with the provisions of Section 217(1)(e) of
 the Companies Act, 1956, read with the Companies (Disclosures of
 Particulars in the Report of Board of Directors) Rules, 1988 regarding
 conservation of energy and technology absorption are not given as the
 Company has not undertaken any manufacturing activity. During the year
 under review, the Company earned Rs 1.61 crore in foreign exchange
 (previous year Rs 12.92 crore) and utilized foreign exchange worth Rs
 235.98 crore (previous year Rs 85.60 crore).
 
 Corporate Governance
 
 The Company has adopted the Reliance Anil Dhirubhai Ambani Group -
 Corporate Governance Policies and Code of Conduct which has set out the
 systems, processes and policies conforming to international standards.
 As per clause 49 of the listing agreement, a separate section on
 Corporate Governance forms part of the Annual Report.  A certificate
 from the Auditors of the Company regarding compliance of conditions of
 Corporate Governance under clause 49 of the listing agreement is given
 in Annexure hereto.
 
 Acknowledgements
 
 Your Directors wish to place on record their appreciation for the
 continued support and cooperation of the shareholders, bankers, various
 regulatory and government authorities and employees of the Company.
 
 
                                    On behalf of the Board of Directors
 
 Mumbai                                                   Anil D Ambani
 April 23, 2009                                                Chairman