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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.
6-11
6-9
6-7
6
7
8-9
8
9
10-11
10-11
10-11
4.
12-24
12-17
12-13
14-15
16-17
18-22
23-24
23
23
24
5.
25
25
25
25
25
6.
26
7.
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.
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
Mn.
Tonne
Mn.
Tonne
Mn.
Tonne
Mn.
Tonne
Mn.
Tonne
(b)
(ii)
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)
(CONTD.)
ITEM
1
Pol. Products
Total (a)
(b)
(iv)
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)
(ii)
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
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
K Murali - Director
S K Roongta - Director
L N Gupta - Director
N Venkiteswaran - Director
P. K. Sinha - Director
I P S Anand - Director
B K Datta - Director
S K Barua - Director
10
8) Fair and equitable treatment of all its stakeholders including employees, customers, shareholders and
investors.
3.2.1.2 CORE MANAGEMENT
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
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
6,601.80
0.32
9,040.50
0.34
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
12
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
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
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
March 2010
(12 months)
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)
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
76,824.90
3.05
1,16,578.30
4.09
25,12,493.80
100
28,49,003.50
100
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
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
1,11,692.50
0.01
1.55
0.00
4.45
1,17,427.50
4.12
16
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
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
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
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.
INDUSTRY
AVERAGES
2010
2011
0.8
0.8
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%
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.
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
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
Sales Trend
250
Percentage
200
150
100
50
0
Sales
2007
2008
2009
2010
2011
100
117.672
123.636
169.323
218.541
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
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
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
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
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
Purchase of finished goods
Packaging and packing
expenses
Power, fuel & water
charges
Compensation to
employees
Indirect taxes
Royalties, technical knowhow fees, etc.
Rent & lease rent
Repairs & maintenance
Insurance premium paid
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)
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
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
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
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
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
Provision for direct tax
164.4
29
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
Income from financial
services
Interest income
Dividends
Income from treasury
operations
Other income
Prior period and extraordinary 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
Total expenses
Operating expenses
Raw materials, stores &
spares
Purchase of finished
goods
Packaging and packing
expenses
Power, fuel & water
charges
Compensation to
employees
Indirect taxes
Royalties, technical
know-how fees, etc.
Rent & lease rent
Repairs & maintenance
Insurance premium paid
Outsourced
manufacturing jobs
Outsourced professional
jobs
Directors' fees
Selling & distribution
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
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
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
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
Prior period and extraordinary expenses
Provision for direct tax
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
March 2007
(12 months)
March 2008
(12 months)
March 2009
(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
11,88,325.00
11,83,537.10
11,82,952.10
14,59,331.80
13,92,694.60
13,92,018.80
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
Raw materials, stores &
spares
Purchase of finished goods
Packaging and packing
expenses
Power, fuel & water
charges
Compensation to
employees
Indirect taxes
Royalties, technical knowhow fees, etc.
Rent & lease rent
Repairs & maintenance
Insurance premium paid
Outsourced manufacturing
jobs
Outsourced professional
jobs
Directors' fees
Selling & distribution
expenses
Travel expenses
Communications expenses
10,75,431.90
9,87,171.20
12,45,596.30
11,53,355.20
7,89,703.70
9,28,244.30
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)
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
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
Prior period and extraordinary expenses
Provision for direct tax
33
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
Capital work-in-progress
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 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
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
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
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
Total assets
8.2
35
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
74,594.90
84,765.60
95,322.60
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
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
36
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
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
6,235.70
10,441.80
10,526.60
3,423.60
3,799.70
28,106.80
41,631.70
30,089.20
37
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
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
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
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
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
Total assets
39
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
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
41
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
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
43
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)
15,735.30
32,703.70
692.5
32,733.70
85.3
16,824.00
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
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.
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
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
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
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).
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