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Dear Members,
Your Directors are pleased to present the Forty first Annual Report and the Companys
audited financial statement for the financial year ended March 31, 2015.
The Companys financial performance, for the year ended March 31, 2015 is
summarised below:

` crore
Less: Current Tax
Deferred Tax


Add: Balance in Profit and Loss Account




$ million*

` crore

$ million*





Adjustment relating to Fixed Assets
Transferred to General Reserve
Proposed dividend on Equity Shares
Tax on dividend


* 1 $ = ` 62.5 Exchange Rate as on March 31, 2015 (1 $ = ` 59.915 as on March 31, 2014)


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 billion).

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
The financial year 201415 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.

KGD6 field produced 1.96 million barrels of crude oil, 0.32 million barrels of condensate
and 158 BCF of natural gas in 201415, 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 201415 was Rs. 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 months.
During the last quarter of 201415, RIL started phase1 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 bottlegrade 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
startup of the new PTA plant at Dahej will take India closer to selfsufficiency 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 date.
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 cash accruals.


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% yoy.
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.

Retail Business
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.

Jio Infocomm
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, panIndia 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
panIndia 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 inbuilding 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 properties.
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.


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.


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: <>9a8d42ffa23c


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' basis;
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.


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.


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 transactions.
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: <>20aa4b329a5b
Your Directors draw attention of the members to Note 32 to the financial statement which
sets out related party disclosures.


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: <>d5fd70efe01947e5bb83
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 under:

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.

Corporate Overview Management Review Governance Financial Statements

Shareholder Information 157

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 Annexure II.

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 Committee.
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 risks.
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.


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 were observed.


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 nonexecutive NonIndependent 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 wholetime 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 nonexecutive 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 familiarization 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 independence; and
b) Remuneration Policy for Directors, Key Managerial Personnel and other employees.


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 members. Voting rights on the shares issued to employees under the ESOS are either
exercised by them directly or through their appointed proxy.


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 reappointment. 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 reappointment.
The Notes on financial statement referred to in the Auditors' Report are selfexplanatory and
do not call for any further comments. The Auditors' Report does not contain any qualification,
reservation or adverse remark.

Cost Auditors
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 201415:
(i) For Textiles Business M/s. Kiran J. Mehta & Co., Cost Accountants;
(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 Accountants, 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 Accountants;
(v) For Petroleum Business M/s. V.J. Talati & Co., Cost Accountants; and
(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

Secretarial Auditor
The Board has appointed Dr. K.R. Chandratre, Practising Company Secretary, to conduct
Secretarial Audit for the financial year 201415. 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.

CSR&G Committee
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.

Audit Committee
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.

Vigil Mechanism
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 email, 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 link: <


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 Securities

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

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

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 Report.
4. Neither the Managing Director nor the Wholetime Directors of the Company receive any
remuneration or commission from any of its subsidiaries.
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

Date : April 17, 2015




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.


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.

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 there under.
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.

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.

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.


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
(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 longterm 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
Membership No.: 5611
For Deloitte Haskins & Sells LLP
Chartered Accountants
(Registration No. 117366W/ W100018)
A. B. Jani

Membership No.: 46488

For Rajendra & Co.
Chartered Accountants
(Registration No. 108355W)
A. R. Shah
Membership No.:47166
Place : Mumbai
Date : April 17, 2015