Financial Statement Analysis of Oil & Gas Companies: Project On

PROJECT ON:
FINANCIAL STATEMENT ANALYSIS OF

OIL & GAS COMPANIES
SUBJECT:
ANALYSIS OF FINANCIAL STATEMENT SEMESTER II
ACADEMIC YEAR:
2011 2012
SUBMITTED BY:
KEVIN GOYAL PGDM B 75
AKSHAY PATIL PGDM B 92
PROJECT GUIDE:
PROF. MISHU TRIPATHI
TABLE OF CONTENTS
CHAPTER
TOPIC
NO.
1.
About Oil & Gas Sector
1.1 Oil & Gas Government Initiatives
1.2 Demand for Petroleum Products in India
1.3 Highlights in the Petroleum & Natural Gas Sector 2009-10
1.4 Growth of Indian Petroleum Industry At Glance
PAGE NO.
1-4
1
1
2
3-4
2.
Methodology
2.1 Type of Research
2.2 Data Collection Sources
2.3 Objective of Research
5
5
5
5
3.
About Company & Competitors

3.1 About Competitors
3.1.1 Hindustan Petroleum Corporation Limited (HPCL)
3.1.1.1 Major Ongoing Projects
3.1.1.2 Core Management
3.1.2 Bharat Petroleum Corporation Limited (BPCL)
3.1.2.1 Corporate Social Responsibility
3.2 About Company
3.2.1 Reliance Industries Limited
3.2.1.1 Principles of Corporate Governance at Reliance is
based on the following
6-11
6-9
6-7
6
7
8-9
8
9
10-11
10-11
10-11
4.
Reliance Industries Analysis

4.1 Common Size Statements
4.1.1 Common Size Income Statement
4.1.2 Common Size Asset Summary
4.1.3 Common Size Liability Summary
4.2 Ratio Analysis
4.3 Trend Analysis
4.3.1 Sales Trend
4.3.2 Profit Trend
4.3.3 Earnings Per Share (EPS) Trend
12-24
12-17
12-13
14-15
16-17
18-22
23-24
23
23
24
5.
Reliance Industries Cash Flow Analysis

5.1 Cash Flow Analysis
5.1.1 Operating Activity
5.1.2 Investment Activity
5.1.3 Financing Activity
25
25
25
25
25
6.
Impact of Above Mentioned Reasons On Share Prices
26
7.
Conclusion & Suggestion
27
11
8.
Annexure
8.1 Income Statement
8.1.1 Income & Expenditure Summary of HPCL
8.1.2 Income & Expenditure Summary of BPCL
8.1.3 Income & Expenditure Summary of Reliance Industries Ltd.
8.2 Assets Summary
8.2.1 Assets Summary of HPCL
8.2.2 Assets Summary of BPCL
8.2.3 Assets Summary of Reliance Industries Ltd.
8.3 Liabilities Summary
8.3.1 Liabilities Summary of HPCL
8.3.2 Liabilities Summary of BPCL
8.3.3 Liabilities Summary of Reliance Industries Ltd.
References
2828-33
28-29
30-31
32-33
34-39
34-35
36-37
38-39
4040-41
42-43
44-45
46
LIST OF FIGURES
FIGURE NO.
1.1
1.2
4.1
4.2
4.3
4.4
4.5
4.6
4.7
5.1
8.1
8.2
8.3
8.4
8.5
8.6
8.7
8.8
8.9
TOPIC
Product Wise Demand & Growth
Growth of Indian Petroleum Industry
Reliance Industries Common Size Income Statement
Reliance Industries Common Size Asset Summary
Reliance Industries Common Size Liability Summary
Ratio Analysis
Reliance Industries Sales Trend Analysis
Reliance Industries Profit Trend
Reliance Industries Earnings Per Share (EPS) Trend
Reliance Industries Cash Flow
Income & Expenditure of HPCL
Income & Expenditure of BPCL
Income & Expenditure of Reliance Industries Ltd.
Assets Summary of HPCL
Assets Summary of BPCL
Assets Summary of Reliance Industries Ltd.
Liabilities Summary of HPCL
Liabilities Summary of BPCL
Liabilities Summary of Reliance Industries Ltd.
PAGE NO.
1
3-4
12-13
14-15
16-17
18-22
23
23
24
25
28-29
30-31
32-33
34-35
36-37
38-39
40-41
42-43
44-45
CHAPTER 1
ABOUT OIL & GAS SECTOR
Oil and gas sector is one of the key catalysts in fuelling the growth of Indian economy. With a 1.2 billion
population and an economy that has consistently at approximately 8 per cent annually, India's energy needs
are increasing fast, warranting a robust demand for oil and natural gas in the country. India has emerged as
the 5th largest refining country in the world, accounting for 4 per cent of the world's refining capacity. India
exported 50 million tonnes (MT) of refined petroleum products during 2010-11. With our refining capacity
increasing further, this figure is likely to touch about 70 MT by 2014, making India one of the world's major
4exporters of petroleum products.
The share of oil and natural gas in India's total primary energy demand is 40 percent. In addition, India is
also the world's fourth largest importer of oil. The petroleum and natural gas industry in India has attracted
foreign direct investment (FDI) worth US$ 3.280.72 million from April 2000 to September 2011, according
to the data provided by Department of Industrial Policy and Promotion (DIPP). The Department further
recorded US$ 144 million during AprilSeptember 2011-12, in the industry.
1.1 OIL & GAS - GOVERNMENT INITIATIVES
1) New Exploration Licensing Policy (NELP), implemented by Government of India, permits 100 per cent
FDI for small and medium sized oil fields via competitive bidding.
2) Public-private partnerships (PPP) as well as only private investments can foray into the refining sector.
In case of an Indian private company, 100 per cent FDI is allowed.
3) 100 per cent FDI is allowed for petroleum products and pipeline sector as well as natural gas/ LNG
pipeline, for infrastructure related to marketing of petroleum products, market study of formulation and
investment financing.
4) Minimum 26 per cent equity is covered over five years, in case of trading and marketing.
1.2 DEMAND FOR PETROLEUM PRODUCTS IN INDIA
The demand for petroleum products in India increased from 130.5 MMT to 134.4 MMT, reflecting a growth
of 2.9% in FY-11. The Indian refining capacity increased to 184.1 MMT from 179.9 MMT. Details of
product-wise demand and growth during the last year are as follows:
Product-wise Demand and Growth
(In KT)
Diesel
Gasoline
ATF
LPG
Kerosene
Total (incl. others)
FY 2009-10
56,148
12,818
4,627
12,728
9,304
FY 2008-09
51,649
11,258
4,454
11,935
9,303
Growth (%)
8.70%
13.90%
3.90%
6.60%
0.00%
1,30,542
1,24,171
5.10%
Figure 1.1
Source: Reliance Industries Ltd., Annual Report 2010-11, Page 20
An increase in per capita income led to higher penetration of personal vehicles (cars and two-wheelers)
which resulted in double digit growth in gasoline demand. Higher economic activity resulted in higher diesel
1
demand as well as increased air travel. Increase in availability of natural gas resulted in reducing demand for
naphtha while improved distribution of LPG and lower domestic production impacted sales of kerosene.
1.3 HIGHLIGHTS IN THE PETROLEUM & NATURAL GAS SECTOR DURING 2009-10
1. India has total reserves (proved & indicated) of 757 million metric tonnes of crude oil and1241
billion cubic metres of natural gas as on 1.4.2011.
2. The total number of exploratory and development wells and metreage drilled in onshore and offshore
areas during 2010-11 was 420 and 1005 thousand metres respectively.
3. Crude oil production during 2010-11at 37.71 million metric tonnes is 11.91% higher than 33.69
million metric tonnes produced during 2009-10.
4. Gross Production of Natural Gas in the country at 52.22 billion cubic metres during 2010-11 is
9.95% higher than the production of 47.50 billion cubic metres during 2009-10.
5. The flaring of Natural Gas in 2010-11at 1.85% of gross production is lower than at 2.00% in 200910.
6. The refining capacity in the country increased to 187.386 million metric tonnes per annum
(MMTPA) as on 1.4.2011 from 183.386 MMTPA as on 1.4.2010.
7. The total refinery crude throughput during 2010-11 at 206.15 million metric tonnes is higher about
7% than 192.77 million metric tonnes crude processed in 2009-10 (including data in respect of RIL,
SEZ Refinery.)
8. The production of petroleum products during 2010-11 was 190.364 million metric tonnes (including
2.168 million metric tonnes of LPG production from natural gas) against the last years production at
179.769 million metric tonnes (including 2.243 million metric tonnes of LPG production from
natural gas).
9. The country exported 59.13 million metric tonnes of petroleum products against the imports of 26.31
million metric tonnes (including 8.95 million metric tonnes of LNG) during 2010-11.
10. The consumption of petroleum products during 2010-11 was 141.785 million metric tonnes
(including sales through private imports) which is 3.60% higher than that of 138.196 million metric
tonnes during 2009-10.
11. The total number of retail outlets of Public Sector Oil Marketing Companies as on 1-4-2011 has gone
up to 38964 from 36462 on 1.4.2010.
12. The total number of LPG consumers of Public Sector Oil Marketing Companies as on 1.4.2011 were
125.266 million against 114.952 million as on 1.4.2010.
13. The number of persons employed (including contract employees) in petroleum industry has been
increased from 139865 on 1st April 2010 to 141929 on 1st April, 2011.
1.4 GROWTH OF INDIAN PETROLEUM INDUSTRY AT GLANCE

ITEM
1
UNIT
2
2006-07
4
2007-08
5
2008-09
6
2009-10
7
2010-11
8
725.38
770.12
773.29
774.66
757.44
1054.52
1089.97
1115.26
1148.56
1241.00
146.55
156.10
160.77
192.77
206.15
120.75
128.95
133.60
138.20
141.79
33.99
34.12
33.51
33.69
37.71
135.26
144.93
150.52
179.76
190 36
2.09
2.06
2.16
2.24
2.17
111.50
121.67
132.78
159.26
163.59
6.81
8.32
8.06
8.83
8.95
17.66
22.46
18.52
14.66
17.34
135.97
152.45
159.36
182.75
189.88
2190.29
56.50
411.60
2658.39
2726.99
71.97
610.00
3408.96
3481.49
95.48
608.46
4185.43
3753.78
101.96
337.54
4193.28
4559.09
127.19
558.12
5244.40
1. Reserves I
(Balance Recoverable)
(i)
Crude Oil
(ii)
Natural Gas
Mn.
Tonne
Bn. Cub.
M tr.
1. Consumption
Crude Oil (in terms of
(i)
refinery crude throughput)
Petroleum Products (excl.
(ii)
RBF)
3. Production
(i)
Crude Oil
(ii)
Petroleum Products
(iii) LPG from natural gas
Mn.
Tonne
Mn.
Tonne
Mn.
Tonne
Mn.
Tonne
Mn.
Tonne
4. Imports & Exports

(i) Gross Imports:
(a)
Qty: Crude Oil

LNG
Pol. Products
Total (a)
(b)
(ii)
Value: Crude Oil

LNG
Pol. Products
Total (b)
Exports
(a) Qty:
Mn.
Tonne
Mn.
Tonne
Mn.
Tonne
Mn.
Tonne
Rs. Billion
Rs. Billion
Rs. Billion
Rs. Billion
Pol. Products
Mn.
Tonne
33.62
40.78
38.90
50.97
59.13
Value:
Pol. Products
(iii) Net Imports
Rs. Billion
810.94
1107.89
1220.64
1440.37
1961.12
Mn.
Tonne
111.50
121.67
132.78
159.26
163.59
(b)
(a)
Qty: Crude Oil
(CONTD.)
ITEM
1
Pol. Products
Total (a)
(b)
Value: Crude Oil

Pol. Products
Total (b)
(iv)
Unit Value of Crude Oil

Imports(Gross)
5. Indias Total Exports

Pol. Imports/Exports as % of
India's total exports
(i) Imports
(ii) Exports
Contribution of Oil Sector to
7.
Centre/State Resources
UNIT
2
Mn.
Tonne
Mn.
Tonne
Rs.
Billion
Rs.
Billion
Rs.
Billion
2006-07
4
2007-08
5
2008-09
6
2009-10
7
2010-11
8
-15.96
-18.32
-20.38
-36.31
-41.80
102.35
111.67
120.46
131.78
130.75
2190.29
2726.99
3481.49
3753.78
4559.09
-399.34
-497.89
-612.18
-1102.83
-1403.00
1847.45
2301.07
2964.79
2752.91
3283.28
Rs./MT
19643.50
22412.63
26220.98
23570.28 27868.29
Rs.
Billion
5717.79
6558.64
8407.55
8455.34 11188.23
%
%
46.49
14.18
51.98
16.89
49.78
14.52
49.59
17.04
46.87
17.53
58.57
65.44
71.55
61.55
91.21
10.75
14.84
16.24
18.00
25.27
71.77
71.56
68.87
70.96
83.14
718.93
783.73
705.57
717.66
1026.17
539.49
564.45
633.49
649.99
NA
115.27
94.74
98.61
67.63
NA
6.
(i)
Royally from crude oil
(ii)
Royally from gas
(iii) Oil Development Cess

(iv) Excise & Custom duties
(v)
Sales Tax
(vi) Dividend
Rs.
Billion
Rs.
Billion
Rs.
Billion
Rs.
Billion
Rs.
Billion
Rs.
Billion
8. Natural Gas
(i)
Gross Production
Bn.
Cub.
Mtr.
31.75
32.42
32.85
47.50
52.22
Figure 1.2 Growth of Indian Petroleum Industry

Source: Public Sector Undertakings / OGCI&S. Kolkata / Ministry of Finance/Petroleum Planning & Analysis Cell
Notes:
NA: - Not Available
CHAPTER 2
METHODOLOGY
2.1 TYPE OF RESEARCH
Analytical Research, we have used data, which was already available, and analyzed these to make a critical
evaluation of the information. All the financial data such as Balance sheet, Income Statement, and Cash flow
statements are available from secondary sources, which has to be analyzed.
2.2 DATA COLLECTION SOURCES
Prowess Software, Annual Report, Newspapers, and Lecture Notes
2.3 OBJECTIVE OF RESEARCH
1. To study various companies in the oil and gas sector in India.
2. To understand the financial performance of the companies in this oil and gas sector.
3. To gain knowledge about the how companies in oil and gas sector are growing over the years.
4. To study various ratios of the company and also compare it with the industrial average.
5. To prepare common size statement which will enhance our knowledge by evaluating various
operational activities of the company as compared to sales, total assets or liability.
6. To study growth of the company from past 5 years by doing trend analysis.
CHAPTER 3
ABOUT COMPANY & COMPETITORS
3.1 ABOUT COMPETITORS
3.1.1 HINDUSTAN PETROLEUM CORPORATION LIMITED (HPCL)
HPCL is a Government of India Enterprise with a Navratna
Status, and a Fortune 500 and Forbes 2000 company, with
an annual turnover of Rs. 1,32,670 Crores and sales/income
from operations of Rs 1,43,396 Crores (US$ 31,546
Millions) during FY 2010-11, having about 20% Marketing
share in India among PSUs and a strong market
infrastructure. HPCL's Crude Thruput and Market Sales
(including exports) are 14.75 Million Metric Tonnes
(MMT) and 27.03 MMT respectively in the same period.
HPCL operates 2 major refineries producing a wide variety
of petroleum fuels & specialties, one in Mumbai (West
Coast) of 6.5 Million Metric Tonnes Per Annum (MMTPA)
capacity and the other in Vishakapatnam, (East Coast) with
a capacity of 8.3 MMTPA. HPCL holds an equity stake of
16.95% in Mangalore Refinery & Petrochemicals Limited,
a state-of-the-art refinery at Mangalore with a capacity of 9
MMTPA. In addition, HPCL is constructing a 9 MMTPA
refinery at Bathinda, in the state of Punjab, as a Joint
Venture with Mittal Energy Investments Pvt. Ltd.
HPCL also owns and operates the largest Lube Refinery in the India producing Lube Base Oils of
international standards, with a capacity of 335 TMT. This Lube Refinery accounts for over 40% of the
India's total Lube Base Oil production.
HPCL's vast marketing network consists of 13 Zonal offices in major cities and 101 Regional Offices
facilitated by a Supply & Distribution infrastructure comprising Terminals, Pipeline networks, Aviation
Service Stations, LPG Bottling Plants, Inland Relay Depots & Retail Outlets, Lube and LPG
Distributorships. HPCL, over the years, has moved from strength to strength on all fronts. The refining
capacity steadily increased from 5.5 MMTPA in 1984/85 to 14.8 MMTPA presently. On the financial front,
the turnover has grown from Rs. 2687 Crores in 1984-85 to an impressive Rs 1,32,670 Crores in FY 201011.
3.1.1.1 MAJOR ONGOING PROJECTS
In order to strengthen core processes and modernize, HPCL has developed ambitious plans for expansion
and diversification in the areas of increasing energy demand, technological upgradation and environment
management. HPCL has proposed capital expenditure (including equity investments in Joint Ventures) of
Rs. 11487 Crores during the eleventh plan. Currently, several projects are in progress in different parts of
India.
6
3.1.1.2 CORE MANAGEMENT
S Roy Choudhury - Chairman and Managing director
B Mukherjee - Director (Finance)
K Murali - Director
Gitesh K Shah - Director
S K Roongta - Director
V Vizia Saradhi - Director (Human Resources)
Nishi Vasudeva - Director (Marketing)
L N Gupta - Director
Anil Razdan - Director
3.1.2 BHARAT PETROLEUM CORPORATION LIMITED (BPCL)

Success in the corporate world emanates from the relentless
pursuit of excellence to make a difference in the lives of
people. At Bharat Petroleum, it is all about clear vision,
discovering new avenues for growth and harnessing latest
technology to drive customer application. Post our
nationalization in 1976, the growth has been phenomenal,
which has helped us achieve international recognition. In
fact, Bharat Petroleum is often referred to with admiration as
an MNC in PSU garb.
BPCL is a Fortune 500 company and a leading Navratna
Public Sector Company with an all India presence, engaged
in Refining, Marketing and Distribution of Petroleum
products. Company is also diversifying into Exploration of
oil and gas. The growth post nationalisation in 1976 has
been phenomenal.
The core strength of BPCL has always been pursuit of
qualitative excellence for maximization of customer satisfaction. Company is one of the single digit Indian
representative in the Fortune 500 & Forbes 2000 listings and a pioneer in marketing initiatives employing
Best in Class practices
BPCL provides a platform for a challenging career in Engineering, Marketing, Finance, Information
Technology, HR, Legal and R&D in the Refinery and Marketing Divisions.
3.1.2.1 CORPORATE SOCIAL RESPONSIBILITY
Bharat Petroleum understands its responsibilities towards the society and regularly contributes to social
causes some of which start within their work domain. Our Pure for Sure campaign ensures quality fuel to
each and every Indian. As a step towards empowering the Indian women, we have employed women at
various driveways.
Bharat Petroleum has also done tremendous work for the society at large: we have adopted 37 villages
across India making them fully self-reliant providing them fresh drinking water, sanitation facilities, medical
facilities, enhancing their income standards by imparting vocational training and agricultural innovations.
Another focus area is the commitment to the cause of AIDS control This involves personal involvement,
counselling centres and corporate support for creating awareness among people about the disease and how to
prevent it.
R K Singh - Chairman and Managing director
S K Joshi - Director (Finance)
Haresh M Jagtiani - Director
N Venkiteswaran - Director
P. K. Sinha - Director
S Varadarajan - Director (Finance)
K K Gupta - Director (Marketing)
I P S Anand - Director
B K Datta - Director
S K Barua - Director
Alkesh Kumar Sharma - Director
S P Gathoo - Director (Human Resources)
3.2 ABOUT COMPANY

3.2.1 RELIANCE INDUSTRIES LIMITED
The Reliance Group, founded by Dhirubhai H. Ambani
(1932-2002), is India's largest private sector enterprise,
with businesses in the energy and materials value chain.
Group's annual revenues are in excess of US$ 58 billion.
The flagship company, Reliance Industries Limited, is a
Fortune Global 500 company and is the largest private
sector company in India.
Mukesh Ambani is the Managing Director of RIL. Nikhil
R Meswani, Hital R Meswani, H S Kohli and P M S
Prasad are Executive Directors. Late R Ravimohan - who
was with Crisil as Managing Director & CEO for 16 years joined the Reliance Board as Executive Director
in August 2007. However, his tenure ended soon after his demise in December 2009.
The companys business spans the entire petroleum value chain. It operates in three major segments viz.
exploration & production of crude oil & gas, refining & marketing of petroleum products and production of
petrochemicals & its intermediates. In 2002--03, RIL acquired 26 per cent stake in IPCL through
Government of Indias disinvestment plan. Later, RIL increased its holding and finally merged IPCL into
itself during 2006--07. This acquisition enabled RIL expand its hold in the petrochemicals market.
The companys Jamnagar refinery plant in Gujarat is a 33 million tonnes per annum fully integrated refinery
with downstream petrochemicals units. It accounts for 22.2 per cent of the total refining capacity in India. It
produces a range of petroleum products including cooking gas, transport fuels and petrochemical feedstocks.
With a complexity index of 11.3 (as defined by the Nelson Complexity Index) RILs refinery is able to
process heavier and sour varieties of crude oil as compared to other refineries in India. This enables the
company to benefit from lower input cost compared to light crude oils.
3.2.1.1 PRINCIPLES OF CORPORATE GOVERNANCE AT RELIANCE IS BASED ON THE FOLLOWING
1) Constitution of a Board of Directors of appropriate composition, size, varied expertise and
commitment to discharge its responsibilities and duties.
2) Ensuring timely flow of information to the Board and its Committees to enable them to discharge
their functions effectively.
3) Independent verification and safeguarding integrity of the Companys financial reporting.
4) A sound system of risk management and internal control.
5) Timely and balanced disclosure of all material information concerning the Company to all
stakeholders.
6) Transparency and accountability.
7) Compliance with all the applicable rules and regulations.
10
8) Fair and equitable treatment of all its stakeholders including employees, customers, shareholders and
investors.
Mukesh D Ambani - Chairman and Managing director
Hital R Meswani - Executive Director
Pawan Kumar Kapil - Executive Director
Nikhil R Meswani - Executive Director
P M S Prasad - Executive Director
Ramniklal H Ambani - Non Executive Director
Yogendra P Trivedi - Non Executive Director
Mahesh P Modi - Non Executive Director
Dipak C Jain - Non Executive Director
11
CHAPTER 4
RELIANCE INDUSTRIES ANALYSIS
4.1 COMMON SIZE STATEMENTS
4.1.1 COMMON SIZE INCOME STATEMENT
Reliance Industries Ltd.
Currency: Rs. Million (NonAnnualized)
March 2010
(12 months)
Total Income
20,36,266.80
Sales
March 2011
(12 months)
26,21,607.40
20,03,997.90
100
25,86,511.50
100
20,03,288.10
99.96
25,85,712.00
99.96
709.8
0.03
799.5
0.03
31,238.10
1.55
34,263.20
1.32
21,081.80
1.05
26,207.90
1.01
24.1
0.0012
24
0.0009
10,050.80
0.50
7,973.50
0.3
744
0.03
590.1
0.02
286.8
0.01
242.6
0.009
39,478.90
1.97
32,430.50
1.25
19,13,389.00
95.47
24,51,174.90
94.76
17,57,380.10
87.69
22,44,093.40
86.76
15,06,931.90
75.19
19,66,119.00
76.01
29,958.20
1.49
14,643.10
0.56
Power, fuel & water charges
27,067.10
1.35
22,550.70
0.87
Compensation to employees
23,503.80
1.17
26,241.70
1.01
89,130.80
4.44
1,13,253.80
4.37
1,078.90
0.05
1,034.70
0.04
Repairs & maintenance
6,601.80
0.32
9,040.50
0.34
Insurance premium paid
4,865.80
0.24
5,285.70
0.2
17,749.30
0.88
22,837.20
0.88
5,376.40
0.26
6,796.50
0.26
1.9
9.48
2.1
8.11
Industrial sales
Income from non-financial services
Income from financial services
Interest income
Dividends
Income from treasury operations
Other income
Prior period and extra-ordinary income
Change in Stock
Total Expenses
Operating expenses
Raw materials, stores & spares
Purchase of finished goods
Packaging and packing expenses
Indirect taxes
Royalties, technical know-how fees,
etc.
Rent & lease rent
Outsourced manufacturing jobs

Outsourced professional jobs
Directors' fees
12
Selling & distribution expenses
35,590.00
1.77
45,970.80
1.77
597.2
0.02
741.3
0.02
8,927.00
0.44
9,576.30
0.37
19,972.10
0.99
23,276.20
0.89
215.3
0.01
195.3
0.007
19,756.80
0.98
23,080.90
0.89
19,756.80
0.98
23,080.90
0.89
92,494.30
4.61
1,33,534.70
5.16
1,04,965.30
5.23
1,36,075.80
5.26
292.8
0.01
579.2
0.02
43,249.70
2.15
49,691.40
1.92
Profit After Tax
1,62,356.70
8.10
2,02,863.00
7.84
PBDITA
3,30,328.50
16.48
4,11,711.10
15.91
PBDTA
3,10,571.70
15.49
3,88,630.20
15.02
PBT
2,05,606.40
10.25
2,52,554.40
9.76
Travel expenses
Communications expenses
Printing & stationery expenses
Miscellaneous expenditure
Other operational exp. of industrial ent
Other operational exp. of non-fin.
services, ent
Share of loss in other enterprises
Financial charges
Fee based financial services expenses
Fund based financial services expenses
Interest paid
Financial charges on instruments
Total provisions
Non-cash charges
Depreciation
Amortisation
Prior period and extra-ordinary
expenses
Provision for direct tax
Figure 4.1 Reliance Industries Common Size Income Statement
COMMENTS: 1) Income from industry is 99%, which shows that company earns more income from its core activity,
which is a good sign.
2) The company's expenses are mostly on purchase of Raw materials, which is a good sign.
3) The company earns PBT of only 10% - 9% respectively years.
4) The Company pays tax 2% of the sales.
13
4.1.2 COMMON SIZE ASSET SUMMARY

Currency: Rs. Million (Non-Annualised)
March 2010
(12 months)
Gross fixed assets

Cumulative depreciation
Arrears of depreciation
Net fixed assets
Intangible assets
Land
Buildings
Plant & machinery, computers and
electrical assets
Transport & communication equipment and
infrastructure
Furniture, social amenities and other fixed
assets
21,58,647.10
6,26,048.20
85.91
24.91
22,12,519.70
7,85,455.00
77.65
27.56
15,32,598.90
5,44,638.70
25,592.70
53,506.30
60.99
21.67
1.01
2.12
14,27,064.70
4,96,227.00
25,320.20
52,950.20
50.08
17.41
0.88
1.85
8,54,969.60
34.02
7,96,882.90
27.97
3,478.20
0.13
3,147.20
0.11
50,413.40
2.00
52,537.20
1.84
Capital work-in-progress
Net pre-operative exp. pending allocation
1,06,856.20
14,532.00
4.25
0.57
1,09,335.30
18,860.30
3.83
0.66
Investments
Investment in equity shares
Investment in preference shares
Investment in mutual funds
Investment in debt instruments
Investment in approved securites
Investment in assisted companies
Investment in others
Less: provn. for dimin. in value of
investments
2,32,286.20
81,386.30
59,406.00
7,790.70
83,699.70
9.24
3.23
2.36
0.31
3.33
3,76,515.40
1,39,035.10
77,685.50
58,970.00
1,00,824.60
13.21
4.88
2.72
2.06
3.53
3.5
0.0001
0.2
7.02
1,47,907.10
84,325.20
5.88
3.35
2,23,835.40
1,52,630.60
7.85
5.35
90,272.90
3.59
1,58,393.10
5.55
2,429.50
0.09
1,809.50
0.06
5,46,966.10
1,34,626.50
2,69,816.20
1,42,523.40
21.76
5.35
10.73
5.67
7,98,840.00
2,71,348.60
2,98,253.80
2,29,237.60
28.03
9.52
10.46
8.04
March 2011
(12 months)
Net lease reserve adjustment
Memorandum
Investments in group companies
Investments in non-group companies
Market value of quoted investments
Deferred tax assets
Current assets
Cash & bank balance
Inventories
Receivables
14
Assets held for sale and transfer

Loans & advances
Miscellaneous expenses not written off
Total assets
76,824.90
3.05
1,16,578.30
4.09
25,12,493.80
100
28,49,003.50
100
Figure 4.2 - Reliance Industries Common Size Asset Summary
COMMENTS: 1) Net fixed assets of the company are maximum percentage of the total assets this is good sign that
company is rich with assets.
2) Current assets also constitute good percentage in total assets.
3) Good percentage of total assets is in investments 9% and 13% respectively.
15
4.1.3 COMMON SIZE LIABILITY SUMMARY

Currency: Rs. Million (Non-Annualised)
March 2010
(12 months)
Shareholder's funds
12,83,663.40
51.09
14,60,818.50
51.27
32,703.70
1.30
32,733.70
1.14
85.3
0.002
Share capital
Paid up equity capital
Forfeited equity capital
Paid up preference capital
Capital contribution, suspense & appln. money
Convertible warrants
March 2011
12 months
13,39,002.40
7,29,994.50
5,20,965.20
88,042.70
53.29
29.05
20.73
3.50
14,82,669.50
9,05,138.60
5,22,860.90
54,670.00
52.04
31.77
18.35
1.91
Borrowings
Bank borrowings
Short term bank borrowings
Long term bank borrowings
Secured financial institutions borrowings
Central & state govt. (usually sales tax
deferrals)
Debentures and bonds
Convertible debentures
Non-convertible
Fixed deposits
Foreign borrowings
External commercial borrowings
Of which: euro convertible bonds
Foreign suppliers' credit
Borrowings from corporate bodies
Group and associate cos.
Borrowings from promoters and directors
Commercial paper
Hire purchase loans
Interest accrued and due
Deferred credit
Other borrowings
6,24,946.90
4,71,595.90
42,156.20
4,29,439.70
24.87
18.77
1.68
17.09
6,73,966.80
5,30,852.30
1,19,921.70
4,10,930.60
23.65
18.63
4.20
14.42
96,828.20
3.85
1,00,078.20
3.51
96,828.20
1,00,078.20
3.51
12,346.70
3.85
0.00
0.49
3,121.70
0.10
5,000.00
0.20
183.1
38,993.00
152.2
39,762.40
0.005
1.39
Deferred tax liability
1,11,692.50
0.01
1.55
0.00
4.45
1,17,427.50
4.12
Reserves and funds

Free reserves
Specific reserves
Revaluation reserves
Accumulated losses
16
Current liabilities & provisions

Sundry creditors
Acceptances
Deposits & advances from customers, etc.
Interest accrued but not due
Share application money and advances oversubscribed and refundable amount
Other current liabilities
Provisions
Total liabilities
Contingent liabilities
4,04,148.30
3,60,556.00
16.09
14.35
5,42,120.70
4,88,375.90
19.02
17.14
4,692.20
0.19
4,908.20
0.17
13.6
3,232.20
35,654.30
0.00
0.13
1.42
13.6
3,188.20
45,634.80
0.0004
0.11
1.60
25,12,493.80
100.00
28,49,003.50
100
3,28,832.20
5,96,436.00
50,000.00
32,703.70
50,000.00
32,733.70
Memorandum
Authorised equity capital
Issued equity capital
Figure 4.3 Reliance Industries Common Size Liability Summary
COMMENTS: 1) Shareholders fund is the major in the total liability on the company which is good sign as the company
has maximum of own fund rather than debt.
2) Debt is about 23-24 %of the total assets which shows company has less of debt as compared to equity.
3) Major portion of current liability consist of sundry creditors.
17
4.2 RATIO ANALYSIS
LIQUIDITY RATIOS
1. Current Ratio
Current Assets
Current Liabilities
Current Assets/Current Liabilities
2. Quick Ratio
Quick Assets (Current Assets - Inventories)
Quick Liabilities
Quick Assets/Quick Liabilities
3. Cash Ratio
Cash + Marketable Securities
Current Liabilities
Cash + Marketable Securities/Current
Liabilities
INDUSTRY
AVERAGES
2010
2011
1.2:1
0.4:1
0.1:1
RELIANCE
INDUSTRIES
2010
2011
BHARAT PETROLEUM
2010
2011
HINDUSTAN
PETROLEUM
2010
2011
1.2:1
5,46,966.10
4,04,148.30
1.35:1
7,98,840.00
5,42,120.70
1.47:1
1,94,207.60
1,71,311.50
1.13:1
2,45,969.10
2,19,583.20
1.12:1
1,97,516.60
1,65,551.20
1.19:1
2,56,419.60
1,96,996.40
1.30:1
0.5:1
2,77,149.90
4,04,148.30
0.68:1
500586.2
5,42,120.70
0.92:1
5,00,586.20
1,71,311.50
2.92:1
92218.3
2,19,583.20
0.41:1
71,724.40
1,65,551.20
0.43:1
90196.8
1,96,996.40
0.45:1
5,46,966.10
4,04,148.30
7,98,840.00
5,42,120.70
1,94,207.60
1,71,311.50
2,45,969.10
2,19,583.20
1,97,516.60
1,65,551.20
2,56,419.60
1,96,996.40
1.35:1
1.47:1
1.13:1
1.12:1
1.19:1
1.30:1
0.1:1
COMMENTS ON LIQUIDITY RATIO

The company has good liquidity ratio, company believes in maintaining good amount of cash balance as it has more cash balance
as compared to the industrial average. Also the company's inventories has decreased in 2011 as compared to 2010 this shows that
Reliance
it has kept optimum level of inventories.
Liquidity ratio of this company is very close to the industrial average. This company has cash ratio above the industrial average
for 2 consecutive years but the company is trying to reduce it to optimum it can be noticed from decrease in the cash ratio of the
Bharat Petroleum
company from 2010 to 2011.Also the company has reduced its inventories considerably which is visible in Quick ratio.
18
In 2010 this company had higher liquidity ratio it has managed to reduces its liquidity ratio to optimum level in 2011. to achieve
this company has reduced its inventories considerably which is visible quick ratio. Also the company has reduced its cash balance
Hindustan Petroleum
which is visible in cash ratio.
Overall Liquidity Ratio Bharat Petroleum has a good liquidity ratio as compared to the other companies as its all the 3 ratio close to the industrial ratio.
CAPITAL STRUCTURE RATIO

1. Debt To Equity Ratio
Debt
Equity
Debt/Equity
INDUSTRY
AVERAGES
2010
2011
0.8
0.8
2. Interest Coverage Ratio

PBIT + depreciation + non cash expenses non cash incomes
Interest
PBIT/Interest
3. Debt Service Coverage Ratio

PBDIT
Interest
1-Tax Rate
PBIT + Depreciation + Non Cash
Expenses Non Cash Income / (Interest
Obligation + Loan Installment/ (1 Tax
Rate))
7.3
times
6.3
times
RELIANCE INDUSTRIES
BHARAT PETROLEUM
HINDUSTAN
PETROLEUM
2010
2011
2010
2011
2010
2011
4,29,439.70
12,83,663.40
0.33
4,10,930.60
14,60,818.50
0.28
24,554.80
1,30,867.10
0.18
22,788.80
1,40,576.20
0.16
1,15,579.70
0
1,25,458.00
0
2,90,814.90
3,65,549.30
26,300.70
30,081.60
23,279.80
27,867.40
19,756.80
23,080.90
9,735.30
9,700.10
9,037.50
8,840.00
14.71 times
15.83 times
2.70 times
3.10 times
2.57 times
3.15 times
2,90,814.90
19,756.80
0.7
3,65,549.30
23,080.90
0.7
26,300.70
9,735.30
0.7
30,081.60
9,700.10
0.7
23,279.80
9,037.50
0.7
27,867.40
8,840.00
0.7
21.02 times
22.62 times
3.85 times
4.43 times
3.67 times
4.50 times
19
COMMENTS
Reliance believes In shareholders fund rather then in debt capital so it has less of debt equity ratio. Further because of low debt
the company is also paying less of interest leading to less of interest coverage ratio.
Bharat Petroleum believes in more of debt so it has more amount of debt capital and less of equity due to which it has to pay
Bharat Petroleum
more interest on this debt funds. Leading to less of capital ratio as compared to the industrial ratio.
HP does not have long-term capital it believes purely on equity capital for financing its long term needs. The company has short
Hindustan Petroleum
term debt and its paying interest on it but the interest is very less as compared to the industrial ratio.
There is huge investments involved in this sector because of which most of the company believe in raising capital through equity
share as it is cheap source of capital because payment of divided to equity is not mandatory and also the rate of divided is less as
Overall Liquidity
compared to the debt's interest. Further it is long-term capital which will remain in the business during the life time of the
Ratio
company.
Reliance
PROFITABILITY RATIOS
1. Gross Profit Ratio
EBIT
SALES
EBIT/SALES*100
2. Net Profit Ratio
PAT
SALES
PAT / SALES *100
3. Return On Capital Employed
EBIT ( 1- TAX)
NET ASSETS
EBIT (1-TAX)/NET ASSETS*100
INDUSTRY
AVERAGES
2010
2011
3.1%
2%
8.6%
RELIANCE INDUSTRIES
BHARAT PETROLEUM
HINDUSTAN
PETROLEUM
2010
2011
2010
2011
2010
2011
2.9%
185849.6
20,03,997.90
9.27%
229473.5
25,86,511.50
8.87%
13877.5
13,14,997.20
1.06%
13527.6
16,32,182.10
0.83%
11635.8
11,60,499.40
1.00%
13797.9
14,37,768.30
0.96%
2.2%
162356.7
20,03,997.90
8.10%
202863
25,86,511.50
7.84%
15375.3
13,14,997.20
1.16%
15465.3
16,32,182.10
0.94%
13011.8
11,60,499.40
1.12%
15388.2
14,37,768.30
1.07%
8%
130094.72
25,12,493.80
5.17%
160631.45
28,49,003.50
5.63%
9714.25
5,43,165.40
1.78%
9469.32
5,70,480.10
1.65%
8145.06
5,16,730.80
1.57%
9658.53
6,06,981.00
1.59%
20
4. Return on Equity
PAT
NETWORTH
PAT/NET WORTH*100
14.8%
14.1%
5. Earnings Per Share (EPS)

6. Dividend Per Share (DPS)
162356.7
12,83,663.40
12.64%
202863
14,60,818.50
13.88%
15375.3
1,30,867.10
11.74%
15465.3
1,40,576.20
11.00%
13011.8
1,15,579.70
11.25%
15388.2
1,25,458.00
12.26%
49.7
12
62
14
42.53
14
42.78
14
38.43
12
45.45
14
COMMENTS
Reliance
Bharat Petroleum
Hindustan
Petroleum
Overall
Profitability Ratio
This company's profitability ratio is higher than the industry average. Gross profit and net profit ratio of the company is very high
but the company low return on capital and equity this shows that the company is paying lot of interest on the borrowed fund and
also end up paying huge taxes because of higher profits.
This company has less gross and net profit as compared to industry averages this shows that the company's sales are not yielding
much profits even though the sales has increased over the years. The company has less of borrowed fund so it ends up paying less of
interest because of which there is more residual left for the equity share holders.
This company has very low profits as compared to the industry average. Also the company has less borrowing so it ends up paying
less of interest.
Bharat petroleum has good profitability ratio as compared to other companies and industrial ratio. The company has good return on
equity which is a good sign for the company.
WORKING CAPITAL RATIO

1. Current Assets Turnover Ratio
Sales
Avg. Current Asset
Sales/ Avg. Current Assets
INDUSTRY
AVERAGE
2010
2011
RELIANCE INDUSTRIES
BHARAT PETROLEUM
2010
2011
2010
2011
20,03,997.90
5,46,966.10
3.66
25,86,511.50
7,98,840.00
3.23
13,14,997.20
1,94,207.60
6.77
16,32,182.10
2,45,969.10
6.63
21
HINDUSTAN
PETROLEUM
2010
2011
11,60,499.40
1,97,516.60
5.87
14,37,768.30
2,56,419.60
5.60
2. Net Current Asset Turnover

Sales
Net Current Assets
Sales/Net Current Assets
3. Current Asset Holding Period
Current Assets
Sales
Current Assets/Sales*365
4. Debtor Turnover Ratio
Sales
Debtor
Sales/debtor
5. Debtor Holding Period
Debtor
Sales
Debtor/sales*365
14.3
68.5
36.6
10
17.4
20,03,997.90
142817.8
14.03
25,86,511.50
256719.3
10.07
13,14,997.20
22896.1
57.43
16,32,182.10
26385.9
61.85
11,60,499.40
31965.4
36.304
14,37,768.30
59423.2
24.19
77.6
5,46,966.10
20,03,997.90
99 Days
7,98,840.00
25,86,511.50
112.7296747
1,94,207.60
13,14,997.20
53.90564634
2,45,969.10
16,32,182.10
55.00533396
1,97,516.60
11,60,499.40
62.12287486
2,56,419.60
14,37,768.30
65.09613128
31.2
20,03,997.90
1,42,523.40
14.06083422
25,86,511.50
2,29,237.60
11.28310321
13,14,997.20
70,495.40
18.65365967
16,32,182.10
88,418.60
18.45971436
11,60,499.40
69,292.70
16.74778728
14,37,768.30
89,396.80
16.08299514
11.7
1,42,523.40
20,03,997.90
25
2,29,237.60
25,86,511.50
32.34 Days
70,495.40
13,14,997.20
19 Days
88,418.60
16,32,182.10
19 Days
69,292.70
11,60,499.40
21.793 Days
89,396.80
14,37,768.30
22.694 Days
COMMENTS
Reliance
Bharat
Petroleum
Hindustan
Petroleum
Overall Working
Capital Ratio
This company has greater working capital ratio as compared to industrial average this shows that the company believes in maintaining
more of WC to serve its short term obligations. The net working capital has increased this shows that it is not getting adequate returns
from its Working Capital. Also the company is not efficient in recovering from its debtors.
This company has huge net current asset this shows that the company is not efficient in getting returns from the working capital. Also
the company takes lot of time to covert its current assets into sales.
This company has high working capital ratio as compared to industrial average. Net working capital is decreased this shows that the
company is trying to maintain optimum working capital.
All the 3 companies are not able to meet the optimum working capital ratio as compared to the industrial average. It is not always bad
to have more of Working Capital. The company might have some short term obligations to meet so they must be having more of
Working Capital.
Figure 4.4 Ratio Analysis
22
4.3 TREND ANALYSIS

4.3.1 SALES TREND
Sales Trend
250
Percentage
200
150
100
50
0
Sales
2007
2008
2009
2010
2011
100
117.672
123.636
169.323
218.541
Figure 4.5 Reliance Industries Sales Trend Analysis
The companys sale has shown an increasing trend over the period of the years. The turnover achieved for
the year ended March 31, 2011 was Rs. 2,58,651 crore, a growth of 29% over the previous year. The
increase in sales was due to 11% rise in volumes and 18% rise in prices of oil and gas in the international
markets. The sales of the company are more than double since 2007. This is very good sign for the company.
4.3.2 PROFIT TREND
Percentage
PROFIT TREND
200.00
180.00
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
2007
2008
2009
2010
2011
PBT
100.00
158.757
126.962
141.512
173.825
PAT
100.00
163.317
128.177
135.933
169.846
Figure 4.6 Reliance Industries Profit Trend
The profits of the company has considerably the main reason is the companys sale has increased
considerably. Further the companys PBT has increased to 173% where as the companys PAT has increased
only 169 % this is because the company has earned more profits in the years because of which tax payable
liability of the company has also increased. The is able to increase it profits more than 50% in last 5 years
but the companys is not consistent through the 5 years.
23
4.3.3 EARNINGS PER SHARE (EPS) TREND
EPS
140
128.102
120
Percentage
100
100
80
75.426
60.462
EPS
60
60.462
40
20
0
2007
2008
2009
2010
2011
Figure 4.7 Reliance Industries Earnings Per Share (EPS) Trend
The companys EPS has decreased considerably in past 5 years because the company has issued new equity
shares. The other reason may be the profits of the company were less as compare to 2007. But the company
is trying hard to increase its profits this is visible in the above chart. The EPS has increased in the year 2011
from 2010, which is a positive sign for the company.
24
CHAPTER 5
RELIANCE INDUSTRIES CASH FLOW ANALYSIS
Cash flows for Reliance Industries Ltd. March 2011
PARTICULARS
Net cash flow from operating activities
Net cash inflow from investing activities
Net cash inflow or (outflow) from financing activities
AMOUNT
3,64,608.20
-2,38,594.20
10,708.10
Figure 5.1 Reliance Industries Cash Flow
5.1 CASH FLOW ANALYSIS

5.1.1 OPERATING ACTIVITY
Operating activities of the company are high which shows that company earns more from its core activities.
The company is well established and has a good operating income this shows that the company is healthy
and is doing well by earning more income from its core activity. It can be also forecasted that the company
has great opportunity of expanding its production capacity in future.
5.1.2 INVESTMENT ACTIVITY
Investment activities of Reliance Industries Ltd is negative this is because the company has purchased fixed
assets and investments of Rs. 26,99,070.10. The company is having plans for expanding its production
activities so it has purchased new machinery. The company is also making good effort by reinvesting the
amount that is equivalent worth of the depreciation amount.
5.1.3 FINANCING ACTIVITY
The company wants to expand its business so it has borrowed more during the year. The company has
issued equity share and also taken debt in order to raise capital. The company has also paid its
previous long-term debts and has incurred expenses on interest and dividend payment.
25
CHAPTER 6
IMPACT OF ABOVE MENTIONED REASONS ON SHARE PRICES
The share price of Reliance Industries Ltd. has been decreased to a greater extent from 31st March 2011 to
1st March 2011. This may be because of following reasons1) Company has issued equity shares
2) Company has less EPS
3) Oil prices have increased considerably in the international markets
To bring the Share price up and also to gain confidence of the people about the company the company has
buy-back shares of Rs. 1.2 crore .
26
CHAPTER 7
CONCLUSION & SUGGESTION
CONCLUSION
Oil and gas sector has grown tremendously in fast few years. The companies in this sector are very huge
having huge turnovers and profits. This has lead most of these companies to be part of the Fortune 500
company list. The companies in this sector have a strong financial position and they have become backbone
for the Indian economy as these contribute major in the GDP of India. Further these companies also generate
huge employment opportunities in the country. The sector has more opportunities to expand. This project
gave insight to how the company in this sector are raising their capital. Most of the company prefers Equity
to Debt, as it is a capital-intensive sector. Also it analyzed how the company has allocated these funds to
generate huge profits and grow at a faster rate.
SUGGESTION
Vast areas of Indias sedimentary basins remain unexplored. The exceptional discoveries of oil and gas in
recent years have placed India firmly on the global oil and gas map and brought about a paradigm shift in
the minds of potential investors in the upstream sector in India. India imports more than 70 per cent of its
crude requirement, which is the single biggest item of foreign exchange outgo. Also the companies should
find ways to extract shale gas from the rocks, which are very efficient as the produces, less of smoke and
gives better performance.
27
CHAPTER 8
ANNEXURE
8.1 INCOME STATEMENT
8.1.1 INCOME & EXPENDITURE SUMMARY OF HPCL
Hindustan Petroleum
Corpn. Ltd.
Currency: Rs. Million (NonAnnualised)
March 2007
(12 months)
March 2008
(12 months)
Total income
Sales
Industrial sales
Income from non-financial
services
Income from financial
services
Interest income
Dividends
Income from treasury
operations
Other income
Prior period and extraordinary income
Change in stock
10,28,087.40 11,45,935.10
9,76,884.00 11,30,472.20
9,76,471.30 11,30,008.40
Total expenses
Operating expenses
Raw materials, stores &
spares
Packaging and packing
expenses
Power, fuel & water
charges
Compensation to
employees
Indirect taxes
Royalties, technical knowhow fees, etc.
Rent & lease rent
10,14,813.10 11,58,184.10
9,94,796.50 11,33,724.00
March 2009
(12 months)
March 2010
(12 months)
March 2011
(12 months)
13,36,576.00 11,76,416.80 14,52,877.20

13,25,886.20 11,60,499.40 14,37,768.30
13,25,371.50 11,59,883.50 14,37,060.30
412.7
463.8
514.7
615.9
708
5,214.10
9,828.60
6,125.60
13,875.90
12,842.60
2,952.40
215.1
4,967.40
244.8
5,370.70
368.4
8,074.20
462.5
6,839.50
820.7
2,037.10
4,609.20
378.3
5,333.00
5,182.20
42,856.70
1,457.70
2,407.70
1,951.30
2,266.30
3,132.60
4,176.60
2,156.50
90.2
2,435.50
23,595.90
-18,367.80
32,499.60
34,387.80
13,12,460.30 11,95,904.60 14,71,876.80

12,72,659.00 11,57,896.60 14,36,128.00
3,91,590.90
3,81,185.10
4,11,165.80
3,79,018.60
4,04,786.70
4,77,726.30
6,22,059.40
7,33,946.10
6,26,778.20
8,53,968.60
1,051.10
1,119.10
1,271.20
1,363.90
1,434.20
1,605.80
1,908.20
1,921.90
4,737.10
6,156.80
7,312.30
8,712.60
11,362.60
16,173.20
20,171.60
81,548.50
78,205.60
69,064.90
76,371.20
92,292.80
1,267.80
3,023.30
192
1,094.10
3,622.60
207.3
1,272.20
4,551.80
171.8
1,436.00
5,596.90
218.1
1,449.50
6,488.10
251.6
28
Outsourced manufacturing
jobs
Outsourced professional
jobs
Directors' fees
Selling & distribution
expenses
Travel expenses
Printing & stationery
expenses
Other operational exp. of
industrial ent
non-fin. services ent
Share of loss in other
enterprises
Financial charges
Fee based financial services
expenses
Fund based financial
services expenses
Interest paid
Financial charges on
instruments
Total provisions
525.1
645.1
871.6
921
1,079.90
25,887.10
31,085.50
32,553.70
38,577.60
42,886.10
742.5
946.1
982
973.9
1,144.50
99.6
88.4
95.5
107.5
124.9
2,023.10
2,679.80
2,710.90
3,067.20
2,962.40
201.1
165.1
717
2,556.20
930.3
4,430.10
9,683.00
25,671.30
9,605.00
11,191.40
4,265.70
9,683.00
25,671.30
9,605.00
11,191.40
4,065.40
7,661.00
20,828.40
9,037.50
8,840.00
1,474.00
36.7
77.1
204.7
364.2
7,088.70
7,040.00
10,654.80
8,509.70
11,209.40
9,812.90
19,926.50
11,644.00
15,825.10
14,069.50
34.1
261.6
84.3
610.3
1,118.40
6,989.70
3,824.00
2,759.20
7,661.50
7,249.70
Profit after tax
15,709.80
11,346.90
5,747.90
13,011.80
15,388.20
PBDITA
PBDTA
PBT
33,804.90
29,739.50
22,699.50
31,341.60
39,148.40
41,354.80
45,547.40
23,680.60
18,320.00
32,317.30
36,707.40
15,170.90
8,507.10
20,673.30
22,637.90
Figure 8.1 Income & Expenditure of HPCL
Non-cash charges
Depreciation
Amortisation
Prior period and extraordinary expenses
164.4
29
8.1.2 INCOME & EXPENDITURE SUMMARY OF BPCL

Bharat Petroleum Corpn.
Ltd.
Currency: Rs. Million
(Non-Annualised)
March 2007
(12 months)
March 2008
(12 months)
March 2009
(12 months)
March 2010
(12 months)
March 2011
(12 months)
Total income
Sales
Industrial sales
Income from nonfinancial services
services
Interest income
Dividends
operations
Other income
Change in stock
10,82,455.40
10,74,522.70
10,73,218.70
12,32,503.20
12,16,840.70
12,16,840.70
14,69,462.30 13,37,731.10 16,51,579.40

14,53,920.70 13,14,997.20 16,32,182.10
14,53,920.70 13,14,997.20 16,32,182.10
Total expenses
Operating expenses
spares
Purchase of finished
goods
expenses
Power, fuel & water
charges
Compensation to
employees
Indirect taxes
Royalties, technical
know-how fees, etc.
Rent & lease rent
Outsourced
manufacturing jobs
jobs
Directors' fees
expenses
Travel expenses
1,304.00
4,809.70
10,505.90
8,304.00
18,197.10
11,154.50
3,612.20
968.2
5,033.50
1,352.10
6,805.90
1,185.50
11,548.70
1,082.70
8,451.20
1,200.40
192.7
4,107.10
300.2
5,565.30
1,502.90
2,707.80
3,430.30
6,798.40
4,150.30
4,233.50
415.2
1,726.30
439.2
386.5
4,009.30
2,054.40
-3,925.00
-15,758.80
39,898.50
20,560.50
10,66,456.00
10,39,417.50
12,12,773.50
11,82,659.60
4,23,802.00
4,91,036.00
5,41,553.10
5,06,719.70
6,27,836.50
4,63,904.40
5,26,646.40
6,78,678.10
6,44,092.10
7,81,051.00
778.2
871.9
1,075.10
1,331.70
1,392.80
666.4
617.5
671.7
2,371.20
4,758.90
10,037.00
12,972.00
18,848.80
21,411.50
28,028.50
1,09,328.10
1,15,107.60
1,13,515.70
99,857.10
1,24,157.70
1,461.90
3,506.00
270.7
1,392.20
3,475.90
262.1
1,223.90
4,609.60
258.2
2,260.10
4,935.90
277.8
1,571.40
5,375.10
322.3
2.7
2.3
2.8
2.7
3.7
18,758.00
20,523.90
24,261.40
25,854.70
28,548.00
935.5
1,180.80
1,096.60
988.1
1,132.60
30
14,46,345.40 13,62,254.30 16,56,674.60

13,94,211.00 13,19,543.20 16,17,976.20
Communications
expenses
expenses
Miscellaneous
expenditure
industrial ent
enterprises
Financial charges
Fee based financial
services expenses
services expenses
Interest paid
instruments
Total provisions
246.1
246.8
261.1
242.4
224.3
5,720.50
8,324.20
8,154.90
9,198.20
13,573.40
5,748.60
7,805.30
39,845.20
12,320.20
13,182.90
5,748.60
7,805.30
39,845.20
12,320.20
13,182.90
5,326.70
5,982.90
19,717.90
9,735.30
9,700.10
1,932.30
1,930.20
41.7
9,015.40
8,166.40
9,041.10
9,798.00
10,982.10
9,258.20
10,755.30
12,204.80
12,423.20
16,331.80
16,554.00
1,637.90
480.4
378.1
933.2
1,421.30
9,553.30
10,100.00
2,611.20
8,237.50
7,762.40
Profit after tax
18,053.80
15,804.70
7,358.10
15,375.30
15,465.30
PBDITA
PBDTA
PBT
41,975.10
36,648.20
27,607.10
42,869.70
36,886.80
25,904.70
Non-cash charges
Depreciation
Amortisation
31
40,442.50
45,771.30
49,481.80
20,724.60
36,036.00
39,781.70
9,969.30
23,612.80
23,227.70
Figure 8.2 Income & Expenditure of BPCL
8.1.3 INCOME & EXPENDITURE SUMMARY OF RELIANCE INDUSTRIES LTD.

March 2007
(12 months)
March 2008
(12 months)
March 2009
(12 months)
Total income
Sales
Industrial sales
Income from non-financial
services
services
Interest income
Dividends
operations
Other income
Change in stock
11,88,325.00
11,83,537.10
11,82,952.10
14,59,331.80
13,92,694.60
13,92,018.80
14,84,272.30 20,36,266.80 26,21,607.40

14,63,280.70 20,03,997.90 25,86,511.50
14,62,681.10 20,03,288.10 25,85,712.00
585
675.8
599.6
709.8
799.5
3,888.60
65,246.00
20,291.90
31,238.10
34,263.20
2,770.70
1,078.10
6,623.50
183.7
15,649.20
298.1
21,081.80
24.1
26,207.90
24
39.8
58,392.50
4,254.50
10,050.80
7,973.50
720.7
867.7
1,096.40
744
590.1
178.6
523.5
488.5
286.8
242.6
6,546.00
-18,671.60
4,275.60
39,478.90
32,430.50
Total expenses
Operating expenses
spares
expenses
Power, fuel & water
charges
Compensation to
employees
Indirect taxes
Royalties, technical knowhow fees, etc.
Rent & lease rent
Outsourced manufacturing
jobs
jobs
Directors' fees
expenses
Travel expenses
10,75,431.90
9,87,171.20
12,45,596.30
11,53,355.20
13,35,454.70 19,13,389.00 24,51,174.90

12,60,866.70 17,57,380.10 22,44,093.40
7,89,703.70
9,28,244.30
10,70,790.70 15,06,931.90 19,66,119.00
18,212.80
60,077.10
22,052.70
29,958.20
14,643.10
22,616.90
20,528.40
33,559.80
27,067.10
22,550.70
20,940.50
21,174.80
24,367.80
23,503.80
26,241.70
79,485.80
60,359.10
46,350.90
89,130.80
1,13,253.80
3,201.10
7,080.40
2,737.40
3,019.50
7,455.60
2,914.50
1,504.50
5,897.00
3,251.10
1,078.90
6,601.80
4,865.80
1,034.70
9,040.50
5,285.70
6,801.20
6,852.60
8,402.80
17,749.30
22,837.20
5,467.90
6,536.40
6,649.20
5,376.40
6,796.50
4.6
20.8
1.9
2.1
25,627.60
27,109.30
28,838.60
35,590.00
45,970.80
1,308.70
1,694.60
1,258.90
597.2
741.3
32
March 2010
(12 months)
March 2011
(12 months)

expenses
industrial ent
enterprises
Financial charges
Fee based financial
services expenses
services expenses
Interest paid
instruments
Total provisions
3,982.60
7,368.20
7,940.70
8,927.00
9,576.30
14,067.40
10,773.60
22,399.10
19,972.10
23,276.20
11.7
6.3
2.4
215.3
195.3
14,055.70
10,767.30
22,396.70
19,756.80
23,080.90
11,877.20
10,767.30
17,449.90
19,756.80
23,080.90
935
139.2
34.4
47,169.40
48,151.50
45,669.40
48,471.40
16,918.60
51,952.90
92,494.30
1,04,965.30
1,33,534.70
1,36,075.80
235.4
60.4
3,862.50
292.8
579.2
25,853.50
35,598.50
31,373.40
43,249.70
49,691.40
Profit after tax
1,19,439.10
1,95,063.90
1,53,093.20
1,62,356.70
2,02,863.00
PBDITA
PBDTA
PBT
2,05,321.30
1,93,444.10
1,45,292.60
2,89,901.10
2,79,133.80
2,30,662.40
2,53,869.40
2,36,419.50
1,84,466.60
3,30,328.50
3,10,571.70
2,05,606.40
4,11,711.10
3,88,630.20
2,52,554.40
Non-cash charges
Depreciation
Amortisation
Figure 8.3 - Income & Expenditure of Reliance Industries Ltd.
33
8.2 ASSETS SUMMARY

8.2.1 ASSETS SUMMARY OF HPCL
Hindustan Petroleum
Corpn. Ltd.
(Non-Annualised)
Gross fixed assets
Net fixed assets
Intangible assets
Land
Buildings
Plant & machinery,
computers and electrical
assets
Transport &
communication equipment
and infrastructure
Furniture, social amenities
and other fixed assets
March 2007
(12 months)
March 2008
(12 months)
1,56,335.10
68,134.90
1,95,700.50
76,407.70
88,200.20
212.5
5,446.80
20,181.50
March 2009
(12 months)
March 2010
(12 months)
March 2011
(12 months)
2,02,088.30
85,540.80
2,49,883.80
96,817.00
2,96,483.90
1,10,038.60
1,19,292.80
516.9
5,794.70
25,251.70
1,16,547.50
715.7
8,329.80
26,471.70
1,53,066.80
950.9
8,921.80
30,619.00
1,86,445.30
1,181.60
9,398.40
36,065.50
58,812.90
83,401.50
76,227.10
1,07,310.60
1,34,401.70
2,016.20
2,074.20
1,934.60
2,071.40
1,918.80
1,530.30
2,253.80
2,868.60
3,193.10
3,479.30
Net pre-operative exp.
pending allocation
40,347.50
30,809.60
41,851.00
36,221.60
34,491.30
2,088.10
2,349.90
8,159.70
2,654.30
3,495.70
Investments
Investment in preference
shares
Investment in debt
instruments
Investment in approved
securites
Investment in assisted
companies
Less: provn. for dimin. in
value of investments
71,529.30
10,457.40
70,755.40
10,932.50
1,42,259.50
14,790.80
1,18,133.50
26,063.40
1,13,800.00
37,923.10
300
335
430
Net lease reserve

adjustment
Memorandum
Investments in group
companies
60,976.80
57,548.10
1,26,983.90
87,583.80
75,107.10
255.1
2,434.80
344.8
4,311.30
499.8
160
160
160
160
160
10,457.30
10,932.40
15,090.70
20,780.70
32,735.40
34
Investments in non-group
companies
0.1
0.1
0.1
5,617.70
5,617.70
70,948.90
80,681.20
1,29,483.40
1,02,269.70
97,014.10
1,252.30
1,980.10
2,700.00
4,496.50
2,358.30
Current assets
Cash & bank balance
Inventories
Receivables
Assets held for sale and
transfer
1,10,363.20
867.9
80,984.00
28,503.10
1,87,149.20
2,940.10
1,20,202.80
64,006.30
1,56,335.80
6,086.40
87,930.30
62,319.10
1,97,516.60
2,431.70
1,25,792.20
69,292.70
2,56,419.60
800
1,66,222.80
89,396.80
Loans & advances

Miscellaneous expenses
not written off
4,037.40
3,439.80
3,412.90
4,641.50
9,970.80
3,17,818.00
4,15,776.80
4,71,266.40
5,16,730.80
6,06,981.00
Market value of quoted

investments
Deferred tax assets
Total assets
8.2
Figure 8.4 Assets Summary of HPCL
35
8.2.2 ASSETS SUMMARY OF BPCL

Bharat Petroleum
Corpn. Ltd.
Currency: Rs.
Million (NonAnnualised)
Gross fixed assets
Cumulative
depreciation
Arrears of
depreciation
Net fixed assets
Intangible assets
Land
Buildings
Plant & machinery,
computers and
electrical assets
Transport &
communication
equipment and
infrastructure
Furniture, social
amenities and other
fixed assets
March
2006
(12
months)
March
2007
(12
months)
March
2008
(12
months)
March
2009
(12
months)
March
2010
(12
months)
March
2011
(12
months)
1,73,768.50
1,94,576.00
2,15,009.30
2,25,223.30 2,54,125.20 2,93,342.30
74,594.90
84,765.60
95,322.60
1,05,565.40 1,17,431.70 1,33,349.00
99,173.60
274.7
4,157.20
25,556.10
1,09,810.40
454
4,332.20
47,043.30
1,19,686.70
490.2
4,722.90
54,442.70
1,19,657.90 1,36,693.50 1,59,993.30

411.4
563.2
630.1
4,752.00
5,898.50
6,070.70
55,278.30
63,676.20
72,143.10
38,676.80
48,120.00
48,845.50
47,287.00
52,479.30
65,218.20
16,527.70
1,759.20
1,872.50
1,785.50
2,157.90
2,184.90
13,981.10
8,101.70
9,312.90
10,143.70
11,918.40
13,746.30
11,332.10
8,143.20
7,486.60
19,803.50
24,149.10
9,693.70
349
380.2
180.5
571.3
1,028.40
428.6
38,893.80
82,949.10
1,03,182.10
7,717.40
7,917.80
8,635.50
31,174.40
67,436.40
85,207.40
Net lease reserve

adjustment
Capital work-inprogress
Net pre-operative
exp. pending
allocation
Investments
Investment in
equity shares
Investment in
preference shares
Investment in
mutual funds
Investment in debt
instruments
36
1,80,783.80 1,35,013.30 1,13,779.60

12,744.60
20,835.50
33,568.00
1,54,663.30 1,01,437.00
80,470.90
Investment in
approved securities
Investment in
assisted companies
Investment in
others
Less: provn. for
dimin. in value of
investments
341.6
9,331.00
9,826.00
13,861.70
13,226.60
226.5
339.6
1,736.10
486.8
485.8
485.8
485.8
7,717.40
7,812.80
8,530.50
12,639.60
15,312.90
37,402.20
88.9
193.9
193.9
105.1
5,722.70
5,722.70
Market value of
quoted investments
40,735.00
73,693.00
96,285.50
1,53,382.50 1,21,378.30
98,717.00
Deferred tax assets
2,160.40
2,981.60
3,038.70
Current assets
Cash & bank
balance
Inventories
Receivables
Assets held for sale
and transfer
1,22,162.50
1,25,948.50
1,86,128.90
4,921.00
8,639.70
9,615.90
90,447.70
26,793.80
86,612.60
30,696.20
1,06,038.40
70,474.60
10,847.30
10,360.00
10,949.30
2,84,918.70
3,40,573.00
4,30,652.80
Memorandum
Investments in
group companies
Investments in nongroup companies
Loans & advances

Miscellaneous
expenses not
written off
Total assets
6,235.70
10,441.80
10,526.60
1,24,782.00 1,94,207.60 2,45,969.10

4,415.50
3,423.60
3,799.70
68,239.20 1,20,288.60 1,53,750.80

52,127.30
70,495.40
88,418.60
28,106.80
41,631.70
30,089.20
4,79,941.00 5,43,165.40 5,70,480.10

Figure 8.5 Assets Summary of BPCL
37
8.2.3 ASSETS SUMMARY OF RELIANCE INDUSTRIES LTD.

(Non-Annualised)
Gross fixed assets
Net fixed assets
Intangible assets
Land
Buildings
Plant & machinery,
computers and electrical
assets
Transport &
communication equipment
and infrastructure
Furniture, social amenities
and other fixed assets
March 2007
(12 months)
March 2008
(12 months)
March 2009
(12 months)
March 2010
(12 months)
March 2011
(12 months)
9,95,327.70
3,58,723.10
10,42,291.00
4,23,454.70
14,96,287.00 21,58,647.10 22,12,519.70

4,92,856.40 6,26,048.20 7,85,455.00
6,36,604.60
11,262.00
23,281.20
38,732.20
6,18,836.30
23,493.50
14,212.70
41,520.40
10,03,430.60 15,32,598.90 14,27,064.70

94,206.30 5,44,638.70 4,96,227.00
26,290.80
25,592.70
25,320.20
51,703.00
53,506.30
52,950.20
5,47,733.00
5,25,146.70
7,97,948.80
8,54,969.60
7,96,882.90
4,338.40
2,645.40
3,834.90
3,478.20
3,147.20
11,257.80
11,817.60
29,446.80
50,413.40
52,537.20
71,177.20
2,15,868.00
5,19,486.40
1,06,856.20
1,09,335.30
4,104.10
14,190.40
1,70,951.90
14,532.00
18,860.30
1,62,513.40
1,29,748.70
2,20,636.00
1,32,713.50
2,16,064.90
69,378.30
2,32,286.20
81,386.30
3,76,515.40
1,39,035.10
4,600.00
47,795.70
1,10,717.20
59,406.00
77,685.50
19,421.60
3,200.00
7,790.70
58,970.00
7,672.60
21,398.40
22,334.50
83,699.70
1,00,824.60
2,005.50
15,528.40
13,634.90
3.5
0.2
Net lease reserve

adjustment
Net pre-operative exp.
pending allocation
Investments
Investment in preference
shares
Investment in debt
instruments
Investment in approved
securites
Investment in assisted
companies
Less: provn. for dimin. in
value of investments
935
Memorandum
38
Investments in group
companies
Investments in non-group
companies
1,41,455.70
1,87,616.20
1,87,202.10
1,47,907.10
2,23,835.40
19,529.40
15,177.60
11,431.70
84,325.20
1,52,630.60
2,44,544.60
5,34,460.90
29,306.30
90,272.90
1,58,393.10
2,976.40
3,105.30
2,475.10
2,429.50
1,809.50
Current assets
Cash & bank balance
Inventories
Receivables
Assets held for sale and
transfer
1,88,718.60
18,353.50
1,21,365.10
49,000.00
3,09,416.20
42,800.50
1,42,475.40
1,24,140.30
4,56,044.10
2,21,765.30
1,48,367.20
85,911.60
5,46,966.10
1,34,626.50
2,69,816.20
1,42,523.40
7,98,840.00
2,71,348.60
2,98,253.80
2,29,237.60
Loans & advances

Miscellaneous expenses
not written off
1,10,414.90
1,19,442.20
91,078.60
76,824.90
1,16,578.30
11,76,509.20
15,01,494.40
Market value of quoted

investments
Deferred tax assets
Total assets
24,59,531.60 25,12,493.80 28,49,003.50
Figure 8.6 Assets Summary of Reliance Industries Ltd.
39
8.3 LIABILITIES SUMMARY

8.3.1 LIABILITIES SUMMARY OF HPCL
Hindustan Petroleum
Corpn. Ltd.
Shareholder's funds
Share capital
Capital contribution,
suspense & appln. money
Reserves and funds
Free reserves
Specific reserves
Accumulated losses
Borrowings
Bank borrowings
Short term bank
borrowings
Long term bank
borrowings
Secured financial
institutions borrowings
Central & state govt.
(usually sales tax deferrals)
Non-convertible
Fixed deposits
Foreign borrowings
External commercial
borrowings
Of which: euro convertible
bonds
March 2007
(12 months)
March 2008
(12 months)
March 2009
(12 months)
March 2010
(12 months)
March 2011
(12 months)
95,986.50
1,05,633.00
1,07,306.30
1,15,579.70
1,25,458.00
3,389.50
3,386.30
3.9
3,386.30
3.8
3,386.30
3.8
3,386.30
3.8
92,597.00
81,032.50
11,564.50
1,02,242.80
90,659.60
11,583.20
1,03,916.20
92,334.90
11,581.30
1,12,189.60
99,746.20
12,443.40
1,22,067.90
1,07,864.90
14,203.00
1,05,175.30
77,323.50
1,67,867.00
97,134.80
2,27,555.10
1,59,988.30
2,13,023.70
81,008.80
2,50,211.90
66,926.80
77,323.50
97,134.80
1,59,988.30
81,008.80
66,926.80
12,500.00
10,750.00
10,100.00
5,480.00
7,517.50
10,000.00
20,000.00
20,000.00
0.2
1,36,867.40
40,583.80
0.2
10,751.60
0.2
53,932.00
0.2
34,521.60
10,000.00
0.2
60,534.70
16,550.70
21,628.10
20,128.70
40
Borrowings from corporate

bodies
Borrowings from promoters
and directors
Commercial paper
Hire purchase loans
Deferred credit
Other borrowings
Current liabilities &
provisions
Sundry creditors
Acceptances
Deposits & advances from
customers, etc.
Share application money
and advances oversubscribed and
refundable amount
Provisions
Total liabilities
Memorandum
13,045.00
25,000.00
5,000.00
6,000.00
28,500.00
4,000.00
4,600.00
6,050.00
3,900.00
2,500.00
9,900.00
15,461.30
17,939.90
18,733.70
22,576.20
34,314.70
1,01,194.90
1,24,336.90
1,17,671.30
1,65,551.20
1,96,996.40
43,764.10
68,974.90
56,454.10
73,931.30
84,772.80
29,582.20
31,614.60
33,770.40
39,090.40
46,331.70
473.8
496
1,163.40
787.8
1,569.70
15,097.60
12,277.20
16,336.70
6,914.70
13,714.70
12,568.70
31,545.80
20,195.90
45,344.20
18,978.00
3,17,818.00
4,15,776.80
4,71,266.40
5,16,730.80
6,06,981.00
71,765.90
67,469.60
53,089.00
51,988.40
85,346.60
3,492.50
3,393.30
3,492.50
3,386.30
3,492.50
3,386.30
3,492.50
3,386.30
3,492.50
3,386.30
Figure 8.7 Liabilities Summary of HPCL
41
8.3.2. LIABILITIES SUMMARY OF BPCL

Bharat Petroleum Corpn.
Ltd.
Shareholder's funds
Share capital
Reserves and funds
Free reserves
Specific reserves
Accumulated losses
Borrowings
Bank borrowings
Short term bank borrowings
Long term bank borrowings
Secured financial institutions
borrowings
Non-convertible
Fixed deposits
Foreign borrowings
External commercial
borrowings
bonds
bodies
March 2007
(12 months)
March 2008
(12 months)
March 2009
(12 months)
March 2010
(12 months)
March 2011
(12 months)
1,02,735.30
1,16,768.30
1,21,281.10
1,30,867.10
1,40,576.20
3,615.40
3,615.40
3,615.40
3,615.40
3,615.40
99,119.90
98,968.40
151.5
1,13,152.90
1,13,002.60
150.3
1,17,665.70
1,14,516.30
3,149.40
1,27,251.70
1,17,103.20
10,148.50
1,36,960.80
1,26,797.60
10,163.20
1,08,292.30
66,723.10
53,574.30
13,148.80
1,50,223.80
94,341.10
71,951.20
22,389.90
2,11,714.10
1,71,823.10
1,53,527.00
18,296.10
2,21,952.00
1,24,696.30
1,00,141.50
24,554.80
1,89,718.70
53,904.30
31,115.50
22,788.80
7,681.40
6,532.40
7,615.00
9,213.70
8,717.50
10,000.00
20,000.00
20,000.00
10,000.00
34.5
20,602.50
20,000.00
2.4
62,742.40
20,000.00
1,500.00
5,000.00
626.1
24,456.40
288
39,061.40
24,456.40
39,061.40
8,660.00
10,000.00
42
1,06,981.40

and directors
Commercial paper
Hire purchase loans
Deferred credit
Other borrowings
provisions
Sundry creditors
Acceptances
customers, etc.
Share application money and
advances oversubscribed and
refundable amount
Provisions
Total liabilities
Memorandum
145.3
0.9
139
297.2
115.5
16,807.60
17,852.40
18,628.10
19,034.80
20,602.00
1,12,737.80
1,45,808.30
1,28,317.70
1,71,311.50
2,19,583.20
59,587.10
86,513.50
62,145.80
83,599.70
1,09,394.70
28,829.20
31,168.30
33,640.80
37,814.70
43,462.30
186
793.4
636.9
938.5
2,020.40
13,403.90
10,731.60
17,470.50
9,862.60
14,769.80
17,124.40
23,152.70
25,805.90
33,005.50
31,700.30
3,40,573.00
4,30,652.80
4,79,941.00
5,43,165.40
5,70,480.10
35,906.20
50,832.20
64,736.10
93,829.70
99,439.40
4,500.00
3,615.40
4,500.00
3,615.40
4,500.00
3,615.40
4,500.00
3,615.40
4,500.00
3,615.40
Figure 8.8 Liabilities Summary of BPCL
43
8.3.3 LIABILITIES SUMMARY OF RELIANCE INDUSTRIES LTD.

Shareholder's funds
Share capital
March 2007
(12 months)
March 2008
(12 months)
6,13,151.60
8,05,773.40
13,932.10
14,533.90
601.4
March 2009
(12 months)
March 2010
(12 months)
March 2011
(12 months)
11,45,882.20 12,83,663.40 14,60,818.50
15,735.30
32,703.70
692.5
32,733.70
85.3
16,824.00
Reserves and funds

Free reserves
Specific reserves
Accumulated losses
6,25,137.80
3,67,653.70
2,30,964.40
26,519.70
7,83,128.10
5,43,632.90
2,30,782.60
8,712.60
Borrowings
Bank borrowings
Short term bank
borrowings
Long term bank
borrowings
Secured financial
institutions borrowings
Non-convertible
Fixed deposits
Foreign borrowings
External commercial
borrowings
bonds
bodies
2,78,257.30
1,69,928.90
3,64,796.80
2,74,534.70
7,39,044.80
6,07,248.20
6,24,946.90
4,71,595.90
6,73,966.80
5,30,852.30
72,702.70
74,423.30
62,242.90
42,156.20
1,19,921.70
97,226.20
2,00,111.40
5,45,005.30
4,29,439.70
4,10,930.60
53,462.60
41,181.20
86,421.20
96,828.20
1,00,078.20
53,462.60
41,181.20
86,421.20
96,828.20
1,00,078.20
8,769.50
10,752.20
12,346.70
3,121.70
44
12,47,301.90 13,39,002.40 14,82,669.50

5,93,841.90 7,29,994.50 9,05,138.60
5,35,612.50 5,20,965.20 5,22,860.90
1,17,847.50
88,042.70
54,670.00

and directors
Commercial paper
Hire purchase loans
Deferred credit
Other borrowings
250.2
45,846.10
276.2
38,052.50
224
45,151.40
183.1
38,993.00
152.2
39,762.40
72,796.60
81,830.70
99,738.10
1,11,692.50
1,17,427.50
1,85,784.00
2,40,380.90
3,57,019.00
4,04,148.30
5,42,120.70
1,64,672.40
2,05,904.50
3,15,790.90
3,60,556.00
4,88,375.90
3,145.70
3,769.90
10,172.60
4,692.20
4,908.20
14.2
13.6
13.6
932.3
30,109.00
3,232.20
35,654.30
3,188.20
45,634.80

provisions
Sundry creditors
Acceptances
customers,etc.
Share application money
and advances oversubscribed and
refundable amount
Provisions
Total liabilities
Memorandum
5,000.00
837.2
17,128.70
780.3
29,926.20
11,76,509.20
15,01,494.40
5,59,506.80
4,68,807.60
4,51,724.30
3,28,832.20
5,96,436.00
25,000.00
13,935.10
25,000.00
14,536.50
25,000.00
15,737.90
50,000.00
32,703.70
50,000.00
32,733.70
24,59,531.60 25,12,493.80 28,49,003.50
Figure 8.9 Liabilities Summary of Reliance Industries Ltd.
45
REFERENCES
WEBLIOGRAPHY
Reliance Industries Limited.,2012. Reliance at a Glance (online)
Available at: http://www.ril.com/html/aboutus/aboutus.html (Accessed on 1st March 2012 to 7th March
2012).
IBEF., 2011. OIL AND GAS (online)
(Updated 10th December 2011) Available at:
http://www.ibef.org/artdispview.aspx?in=50&art_id=30559&cat_id=530&page=2 (Accessed on 25th
February 2012).
Dion Global Solutions Limited., 2012 Management Reliance (online) Available at:
http://www.moneycontrol.com/company-facts/relianceindustries/management/RI#RI (Accessed on 2nd
March 2012).
Bharat Petroleum Corporation Limited.,2012. Corporate Vision (online) (updated 2012) Available at:
http://www.bharatpetroleum.com/General/CR_Vision.aspx?id=4 (Accessed on 1th March 1012).
HPCL.,2012.
Future
full
of
Energy
(online)
(updated
2012)
Available
at:
http://www.hindustanpetroleum.com/En/UI/AboutUsHomeLand.aspx (Accessed on 1st March 2012).
BOOKS
Chandra,P.,2008.Financial Management,7th ed.,Tata McGraw- Hill.
Pandey,I.M.,2011. Financial Management,10th ed.,Vikas.
UNPUBLISHED
Tripathi, M., 2012. Lecture notes on Ratio Analysis, cash flow, common size, trend analysis. (PowerPoint
and Word doc) Thakur Institute of management studies and research.
46

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PROJECT ON:

FINANCIAL STATEMENT ANALYSIS OF

About Company & Competitors

Reliance Industries Analysis

Reliance Industries Cash Flow Analysis

Impact of Above Mentioned Reasons On Share Prices

Conclusion & Suggestion

1.4 GROWTH OF INDIAN PETROLEUM INDUSTRY AT GLANCE

(iii) LPG from natural gas

4. Imports & Exports

Qty: Crude Oil

Value: Crude Oil

Qty: Crude Oil

Value: Crude Oil

Unit Value of Crude Oil

5. Indias Total Exports

Royally from crude oil

Royally from gas

(iii) Oil Development Cess

Figure 1.2 Growth of Indian Petroleum Industry

3.1.1.2 CORE MANAGEMENT

S Roy Choudhury - Chairman and Managing director

B Mukherjee - Director (Finance)

Gitesh K Shah - Director

V Vizia Saradhi - Director (Human Resources)

Nishi Vasudeva - Director (Marketing)

Anil Razdan - Director

3.1.2 BHARAT PETROLEUM CORPORATION LIMITED (BPCL)

3.1.2.2 CORE MANAGEMENT

R K Singh - Chairman and Managing director

S K Joshi - Director (Finance)

Haresh M Jagtiani - Director

S Varadarajan - Director (Finance)

K K Gupta - Director (Marketing)

Alkesh Kumar Sharma - Director

S P Gathoo - Director (Human Resources)

3.2 ABOUT COMPANY

Mukesh D Ambani - Chairman and Managing director

Hital R Meswani - Executive Director

Pawan Kumar Kapil - Executive Director

Nikhil R Meswani - Executive Director

P M S Prasad - Executive Director

Ramniklal H Ambani - Non Executive Director

Yogendra P Trivedi - Non Executive Director

Mahesh P Modi - Non Executive Director

Dipak C Jain - Non Executive Director

Power, fuel & water charges

Repairs & maintenance

Insurance premium paid

Outsourced manufacturing jobs

Selling & distribution expenses

Profit After Tax

Figure 4.1 Reliance Industries Common Size Income Statement

4.1.2 COMMON SIZE ASSET SUMMARY

Gross fixed assets

Net lease reserve adjustment

Assets held for sale and transfer

Figure 4.2 - Reliance Industries Common Size Asset Summary

4.1.3 COMMON SIZE LIABILITY SUMMARY

Deferred tax liability

Reserves and funds

Current liabilities & provisions