EMIS Example Full Report

EMIS
6-8 Bouverie Street

London EC4Y 8DD, United Kingdom
www.emis.com
Business Report Generated on 02 June 2016
RELIANCE COMMUNICATIONS LTD.
EMISid: 2108712
IN-CIN: L45309MH2004PLC147531
ISIN Code: INE330H01018
Le gal Addre ss
H Block,, 1st Floor, Dhirubhai Ambani Knowledge City Navi Mumbai; Maharashtra; India;
Map
Post al Code : 40 0 710
T e l: 30 386286
Fax: 30 376622
Email: Rcom.Investors@relianceada.com
We bsit e : http://www.rcom.co.in
Main Act ivit ie s: Wired Telecommunications Carriers, Wireless Telecommunications Carriers (except Satellite)
Copyright 20 16 EMIS, all rights reserved. A Euromoney Institutional Investor company.

EMIS Business Report, Generated on 2016-06-02
Table of Cont ent s

Table of Cont ent s 2
Company Tear Sheet 3
Contact Information 3
NAICS Industry Classification 3
Business description 3
Basic Information 3
EMIS Financial Score 3
Share Price information 3
Key Executives 4
Ownership Details 4
Subsidiaries and Affiliates 4
Key Financial Highlights 6
Financial Performance Charts 6
Latest M&A and ECM Deals 6
T op Competitors 7
Financial St at ement s 9
Annual Statements 9
Ratios 12
M&A and ECM Deals 14

EMIS DealWatch Deals 14
EMIS DealWatch Intents 14
EMIS Credit Analyt ics 15

Summary 15
EMIS Financial Score 15
EMIS Benchmark Score 16
EMIS Credit Quota 17
Conclusions 18
EMIS Credit Analytics Assumptions 20
Disclaimer 21
Copyright 2015 EMIS, all rights reserved. A Euromoney Institutional Investor company. Page 2 of 21
Company Tear Sheet - Contact Information

Full name : Reliance Communications Ltd. Le gal Addre ss
H Block,, 1st Floor, Dhirubhai Ambani Knowledge City Navi Mumbai; Maharashtra;
Pre vious name (s): RELIANCE COMMUNICATION VENTURES LTD (20 0 4) India;
Map
St at us: Listed Post al Code : 40 0 710
T e l: 30 386286
Le gal Form: Public Limited Company Fax: 30 376622

Ope rat ional St at us: Operational Email: Rcom.Investors@relianceada.com
EMISid: 210 8712 We bsit e : http://www.rcom.co.in
IN-CIN: L4530 9MH20 0 4PLC147531

ISIN Code : INE330 H0 10 18
Incorporat ion Dat e : 20 0 4
Company Tear Sheet - NAICS Industry Classification
Main Act ivit ie s: Wired Telecommunications Carriers (5171) | Wireless Telecommunications Carriers (except Satellite) (5172)
Company Tear Sheet - Business description
Company De script ion Main Product s

Reliance Communications Limited provides communications services to More
individual, enterprise, and carrier customers in India and internationally. The
company offers wireless, wireline, long distance, voice, data, video, and Internet
communication services. The company's services for individual customers
primarily include mobile, calling cards, wireless phone, wireless terminal,
roaming, landline, Internet connection, mobile portal, international long distance

calling, passport calling cards, direct to home satellite television services, and
Internet protocol television services, as well as a range of mobile content spanning
entertainment, music, news, cricket, bollywood, maps, search, one-click set-up,

access to email, and social networking. The company is a part of the Reliance
Group and is based Mumbai.
Company Tear Sheet - Basic Information
T ot al Employe e s: 9,111 (20 15)
Out st anding Share s: Serie BSE: 2,488,979,745 (20 15)
Re gist e re d Capit al: INR 25,0 0 0 ,0 0 0 ,0 0 0 (20 14)
Financial Audit ors: Chaturvedi & Shah;B S R & Co. LLP (20 15)
Company Tear Sheet - EMIS Financial Score
EMIS Financial Score

EMIS Financial Score was not affected by Conditions
Company Tear Sheet - Share Price information
Last Price 49.25
Volume 45,10 9,716
Turnover 2,20 2,481,884
Previous 46.95
Change 2.30 (4.90 %)
1 Year Change -27.63%
Index CNX 10 0
Market Bombay Stock Exchange
Ticker EQRCOM
Market Cap 122,582,252
52 Week High 90 .60
52 Week Low 46.95
P/E 17.17
EPS 2.87
Dividend Yield 0 .25 (March 31, 20 12)
Bookvalue 593,410 ,0 0 0
Enterprise Value 434,850 ,738
Quote updated on June 0 1, 20 16
Note: data in INR Thousands.
Company Tear Sheet - Key Executives
Vinod Sawhny Chief Executive Director
Manikantan Iyer Chief Financial Officer
Prakash Shenoy Company Secretary & Manager
Company Tear Sheet - Ownership Details
Indian Promot e rs 58.85%
Banks Fin. Inst . and Insurance 17.85%
FII's 9.25%
Ge ne ral Public 8.88%
Ot he rs 2.21%
Mut ual Funds and UT I 1.62%
GDR/ADR 1.29%
Gove rnme nt 0 .0 5%
Privat e Corporat e Bodie s
Company Tear Sheet - Subsidiaries and Affiliates
Bonn Inve st me nt .Inc 10 0 % Re liance T e le phone s Lt d.
Campion Prope rt ie s Limit e d 10 0 % Re liance Vanco Group Lt d. 10 0 %
Eurone t Spain SA 10 0 % Re liance We bst ore Lt d. 10 0 %
FLAG T e le com De ve lopme nt Se rvice s Company LLC 10 0 % Vanco (Asia Pacif ic) Pt e .Lt d. 10 0 %
FLAG T e le com Espana Ne t work SAU 10 0 % Vanco (Shanghai) Co.Lt d. 10 0 %
FLAG T e le com He llas AE 10 0 % Vanco Aust ralasia Pt y.Lt d. 10 0 %
FLAG T e le com Ire land Ne t work Lt d. 10 0 % Vanco BV 10 0 %
FLAG T e le com J apan Lt d. 10 0 % Vanco Be ne lux BV 10 0 %
FLAG T e le com Ne t work Se rvice s Lt d. 10 0 % Vanco De ut schland Gmbh 10 0 %
FLAG T e le com Ne t work USA Lt d. 10 0 % Vanco EpE 10 0 %
Flag At lant ic UK Lt d. 10 0 % Vanco Global Lt d. 10 0 %
Flag T e le com Asia Lt d. 10 0 % Vanco Gmbh 10 0 %
Flag T e le com De ut schland Gmbh 10 0 % Vanco Int e rnat ional Lt d. 10 0 %
Flag T e le com De ve lopme nt Lt d. 10 0 % Vanco J apan KK 10 0 %
Flag T e le com Group Se rvice s Lt d. 10 0 % Vanco NV 10 0 %
Flag T e le com Ne de rland BV 10 0 % Vanco Row Lt d. 10 0 %
Flag T e le com Singapore Pt e .Lt d. 10 0 % Vanco SAS 10 0 %
GCX Lt d. 10 0 % Vanco Solut ions Inc 10 0 %
Gat e way Ne t T rading Pt e .Lt d. 10 0 % Vanco Sout h Ame rica Lt d. 10 0 %
Global Cloud Xchange Lt d. 10 0 % Vanco Sp Z oo 10 0 %
Mat rix Innovat ions Lt d. 10 0 % Vanco Srl 10 0 %
Ne t Dire ct SA (Prope rie t ary) Lt d. 10 0 % Vanco Swe de n AB 10 0 %
RCOM Malaysia SDN BHD 10 0 % Vanco Swit ze rland AG 10 0 %
Re liance BPO Pvt .Lt d. 10 0 % Vanco UK Lt d. 10 0 %
Re liance Big T v Limit e d 10 0 % Vanco US LLC 10 0 %
Re liance Communicat ions ( U.K ) Limit e d 10 0 % YT V Inc. 10 0 %
Re liance Communicat ions (Aust ralia) Pt y.Lt d. 10 0 % Yipe s Holdings.Inc. 10 0 %
Re liance Communicat ions (Hongkong) Lt d. 10 0 % Anupam Global Sof t (U) Lt d. 90 %
Re liance Communicat ions (Ne w Z e aland) Pt e .Lt d. 10 0 % Ne t ize n Rajast han Lt d. 90 %
Re liance Communicat ions (Singapore ) Pt e .Lt d. 10 0 % Re liance Global IDC Lt d. 90 %
Re liance Communicat ions Canada 10 0 % Re liance Inf rat e l Lt d. 90 %
Re liance Communicat ions Inc 10 0 % Yipe s Syst e ms, Inc 89%
Re liance Communicat ions Inf rast ruct ure Lt d. 10 0 % FLAG T e le com Be lgium Ne t work SA 88%
Re liance Communicat ions Int e rnat ional Inc 10 0 % FLAG T e le com Se rvizi It alia SpA 88%
Re liance Communicat ions Inve st me nt & Le asing Lt d. 10 0 % FLAGWEB Lt d. 88%
Re liance Communicat ions T amilnadu Lt d. 10 0 % Flag Acce ss India Pvt .Lt d. 88%
Re liance Digit al Home Se rvice s Limit e d 10 0 % Flag Pacif ic Lt d. 88%
Re liance FLAG At lant ic France SAS 10 0 % Vanco ApS 88%
Re liance Flag Pacif ic Holdings Lt d. 10 0 % Vanco Eurone t Sro 88%
Re liance Flag T e le com Ire land Lt d. 10 0 % Vanco Hong Kong Solut ions Lt d. 88%
Re liance Globalcom (Be rmuda) Lt d. 10 0 % Vanco Ne t Dire ct Lt d.-Ire land 88%
Re liance Globalcom (UK) Lt d. 10 0 % Vanco Ne t Dire ct Lt d.-UK 88%
Re liance Globalcom BV 10 0 % WANcom Gmbh 88%
Re liance Globalcom Lt d. 10 0 % Re liance WiMax DRC BV 69%
Re liance Globalcom Se rvice s.Inc. 10 0 % Re liance WiMax Gambia BV 69%
Re liance IDC Lt d. 10 0 % Re liance WiMax World BV 69%
Re liance Inf ocom Inc. 10 0 % Re liance WiMax World BVI 69%
Re liance Inf ocomm Inf rast ruct ure Limit e d 10 0 % Re liance WiMax World LLC 69%
Re liance Mobile Comme rce Lt d. 10 0 % Re liance WiMax World Lt d. 69%
Re liance T e le com Lt d. 10 0 % Re liance Wimax Maurit ius BV 69%
Re liance Mobile Lt d. Re liance Wimax Mozambique BV 69%
Company Tear Sheet - Key Financial Highlights
FISCAL PERIOD Y-2013 CONSOLID. Y-2014 CONSOLID. Y-2015 CONSOLID. Y-2016 CONSOLID.
Net sales revenue 192,940 ,0 0 0 20 9,40 0 ,0 0 0 214,230 ,0 0 0 215,0 0 0 ,0 0 0
Total Operating Revenue 215,780 ,0 0 0 222,650 ,0 0 0 220 ,150 ,0 0 0 217,110 ,0 0 0
Operating profit (EBIT) 31,170 ,0 0 0 31,620 ,0 0 0 36,380 ,0 0 0 33,730 ,0 0 0
EBITDA 70 ,70 0 ,0 0 0 80 ,420 ,0 0 0 75,710 ,0 0 0 74,190 ,0 0 0
Net Profit(Loss) 6,720 ,0 0 0 10 ,470 ,0 0 0 7,140 ,0 0 0 7,0 30 ,0 0 0
Total Assets 90 1,820 ,0 0 0 90 7,390 ,0 0 0 912,840 ,0 0 0 N/A
Total equity 345,750 ,0 0 0 335,390 ,0 0 0 384,480 ,0 0 0 12,440 ,0 0 0
Operating Profit Margin 16.16% 15.10 % 16.98% 15.69%
Return on Sales (ROS) 3.48% 5.0 0 % 3.33% 3.27%
Return on Equity (ROE) 1.99% 3.12% 1.86% 56.51%
Debt to equity 120 .16% 125.16% 10 3.59% N/A
Quick ratio 0 .50 0 .51 0 .88 N/A
Cash Ratio 0 .0 5 0 .0 4 0 .13 N/A
Provider World's Vest Base World's Vest Base World's Vest Base Dion Global Solutions Limited
Company Tear Sheet - Financial Performance Charts
Company Tear Sheet - Latest M&A and ECM Deals
COUNT RY DEAL
DEAL ST AKE
DAT E OF T ARGET COMPANY BUYER SELLER DEAL INDUST RIES VALUE
T YPE %
T ARGET USD (MN)
Telecommunications business Reliance Wireless

Sistema Shyam
0 2-Nov-15 India of Sistema Shyam Merger Communications Telecommunications 337.23 10 0 .0 0 %
TeleServices Ltd
Teleservices Ltd Ltd Carriers (except Satellite)
Qualified
25-Jun-14 India Reliance Communications Ltd SPO Institutional N/A Telecommunications 799.0 3 14.0 6%
Investor(s)
Reliance
Digicable Network (India) Pvt Cable and Other Program
0 2-Jul-10 India Acquisition Communications N/A N/A 10 0 .0 0 %
Ltd Distribution
Ltd
Minority
28-Jun-10 India Reliance Communications Ltd stake Vivendi SA N/A Telecommunications 3,465.0 8 26.0 0 %
purchase
Reliance Wireless
GTL
28-Jun-10 India Reliance Infratel Ltd Merger Communications Telecommunications 10 ,823.68 N/A
Infrastructure Ltd
Ltd Carriers (except Satellite)
Company Tear Sheet - Top Competitors
Wired Telecommunicat ions Carriers

T OT AL OPERAT ING RET URN ON RET URN ON PRICE PER EARNING PRICE
NET FISCAL
COMPANY OPERAT ING PROFIT ASSET S EQUIT Y EARNING PER REFERENCE
PROFIT (LOSS) YEAR
REVENUE (EBIT ) (ROA) (%) (ROE) (%) (%) SHARE DAT E
Bharti Airtel Ltd. 921,351,0 0 0 155,594,0 0 0 51,835,0 0 0 2.65 7.76 30 .38 12.97 20 16-0 6-0 1 20 15
Idea Cellular Ltd. 315,70 8,860 55,222,660 31,929,0 60 5.28 13.86 20 .72 8.87 20 16-0 6-0 1 20 15
Bharat Sanchar
272,50 1,40 0 -84,0 91,10 0 -82,340 ,90 0 -11.0 9 -17.21 N/A 20 15
Nigam Limited
Reliance
220 ,150 ,0 0 0 36,380 ,0 0 0 7,140 ,0 0 0 0 .78 1.86 N/A 2.87 20 16-0 6-0 1 20 15
Communications Ltd.
Bharti Hexacom
47,0 0 3,0 0 0 12,50 0 ,0 0 0 10 ,792,0 0 0 13.21 20 .64 N/A 20 15
Limited
Vodafone Mobile
38,969,0 0 0 4,521,0 0 0 1,356,0 0 0 0 .98 5.13 N/A 20 14
Services Limited
Mahanagar
Telephone Nigam 38,315,70 0 -14,976,30 0 -29,0 11,60 0 -10 .79 -140 .93 -0 .40 -46.0 5 20 16-0 6-0 1 20 15
Ltd.
Aircel Cellular
7,861,90 0 3,393,60 0 1,277,60 0 4.45 5.0 4 N/A 20 15
Limited
At & T Global
Network Services 7,820 ,10 0 2,630 ,70 0 1,696,50 0 27.44 47.57 N/A 20 14
India Pvt.Ltd.
Quadrant
5,276,224 -2,152,533 -2,40 6,623 -38.43 17.97 -0 .84 -3.93 20 16-0 6-0 1 20 15
Televentures Ltd.
Atc India Tower

Corporation Private 4,144,345 381,346 158,855 1.58 2.97 N/A 20 14
Limited
Wireless Telecommunicat ions Carriers (except Sat ellit e)

T OT AL OPERAT ING RET URN ON RET URN ON PRICE PER EARNING PRICE
NET FISCAL
COMPANY OPERAT ING PROFIT ASSET S (ROA) EQUIT Y (ROE) EARNING PER REFERENCE
PROFIT (LOSS) YEAR
REVENUE (EBIT ) (%) (%) (%) SHARE DAT E
Bharti Airtel Ltd. 921,351,0 0 0 155,594,0 0 0 51,835,0 0 0 2.65 7.76 30 .38 12.97 20 16-0 6-0 1 20 15
Idea Cellular Ltd. 315,70 8,860 55,222,660 31,929,0 60 5.28 13.86 20 .72 8.87 20 16-0 6-0 1 20 15
Bharat Sanchar
272,50 1,40 0 -84,0 91,10 0 -82,340 ,90 0 -11.0 9 -17.21 N/A 20 15
Nigam Limited
Aditya Birla Nuvo

267,992,10 0 37,397,10 0 13,794,60 0 1.82 10 .0 9 15.70 10 5.98 20 16-0 6-0 1 20 15
Ltd.
Reliance
Communications 220 ,150 ,0 0 0 36,380 ,0 0 0 7,140 ,0 0 0 0 .78 1.86 N/A 2.87 20 16-0 6-0 1 20 15
Ltd.
Vodafone South
159,548,0 0 0 28,369,0 0 0 16,725,0 0 0 9.90 25.25 N/A 20 15
Limited
Indus Towers
140 ,0 91,0 0 0 32,0 26,0 0 0 15,424,0 0 0 5.0 8 10 .20 N/A 20 14
Limited
Tata
10 4,836,90 0 14,460 ,30 0 -46,651,30 0 -26.43 84.0 7 N/A 20 14
Teleservices Ltd.
Vodafone Essar
74,441,0 0 0 20 ,282,0 0 0 2,848,0 0 0 2.99 -10 .38 N/A 20 14
Cellular Ltd.
Vodafone India
68,476,0 0 0 32,984,0 0 0 8,245,0 0 0 1.61 5.80 N/A 20 15
Limited
Vodafone Essar
58,0 56,0 0 0 12,0 75,0 0 0 1,352,0 0 0 3.19 -8.0 0 N/A 20 14
Digilink Ltd.
Financial Statements - Annual Statements - EMIS Global Template
REPORTING DETAILS
Y-2014 -
NAME Y-2012 - CONSOLID. Y-2013 - CONSOLID. Y-2015 - CONSOLID. Y-2016 - CONSOLID.
CONSOLID.
Begin date of reporting period undef undef 20 13-0 4-0 1 20 14-0 4-0 1 undef
End date of reporting period 20 12-0 3-31 20 13-0 3-31 20 14-0 3-31 20 15-0 3-31 20 16-0 3-31
Original units as reported INR Tens of Millions INR Tens of Millions INR Thousands INR Thousands INR Tens of Millions
Displaying units INR Thousands INR Thousands INR Thousands INR Thousands INR Thousands
Comments Notes Notes Notes Notes Notes
Audited Audited Audited Audited Audited Non-Audited
Dion Global Solutions Dion Global Solutions Dion Global Solutions

Provider World's Vest Base World's Vest Base
Limited Limited Limited
Balance Sheet
Y-2014 -
CONSOLID.
Exchange rat e use d f or curre ncy

1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)
Total Assets 492,290 ,0 0 0 488,650 ,0 0 0 90 7,390 ,0 0 0 912,840 ,0 0 0
Non-current assets 435,510 ,0 0 0 443,390 ,0 0 0 773,620 ,0 0 0 724,940 ,0 0 0
Property, plant and equipment 435,510 ,0 0 0 443,390 ,0 0 0 471,240 ,0 0 0 452,780 ,0 0 0
Construction in progress 50 ,260 ,0 0 0 38,640 ,0 0 0
Intangible assets and goodwill 279,10 0 ,0 0 0 261,740 ,0 0 0 246,190 ,0 0 0 224,470 ,0 0 0
Goodwill 53,0 0 0 ,0 0 0 54,230 ,0 0 0
Other intangible assets 193,190 ,0 0 0 170 ,240 ,0 0 0
Long-term financial assets 6,520 ,0 0 0 6,620 ,0 0 0 3,420 ,0 0 0 3,630 ,0 0 0
Other non-current financial assets 6,520 ,0 0 0 6,620 ,0 0 0
Other non-current assets 52,770 ,0 0 0 44,0 60 ,0 0 0
Current Assets 133,770 ,0 0 0 187,90 0 ,0 0 0
Inventories 5,660 ,0 0 0 4,970 ,0 0 0 4,150 ,0 0 0 4,0 10 ,0 0 0
Other inventories 5,660 ,0 0 0 4,970 ,0 0 0
Trade and other receivables 35,840 ,0 0 0 39,110 ,0 0 0 39,190 ,0 0 0 49,160 ,0 0 0
Current trade receivables 35,840 ,0 0 0 39,110 ,0 0 0
Prepayments, accrued income and other

2,490 ,0 0 0 3,120 ,0 0 0
deferred current assets
Short term Financial assets 80 ,880 ,0 0 0 77,910 ,0 0 0 6,0 50 ,0 0 0 12,70 0 ,0 0 0
Cash & Cash Equivalents 5,50 0 ,0 0 0 7,310 ,0 0 0 5,0 40 ,0 0 0 14,0 80 ,0 0 0
Cash at banks and on hand 5,50 0 ,0 0 0 7,310 ,0 0 0
Other Current Asset 23,380 ,0 0 0 22,130 ,0 0 0 76,850 ,0 0 0 10 4,830 ,0 0 0
Total Equity and liabilities 937,220 ,0 0 0 912,140 ,0 0 0 90 7,390 ,0 0 0 912,840 ,0 0 0
Total equity 367,210 ,0 0 0 338,50 0 ,0 0 0 335,390 ,0 0 0 384,480 ,0 0 0 12,440 ,0 0 0
Issued capital 10 ,320 ,0 0 0 12,440 ,0 0 0 12,440 ,0 0 0
Ordinary shares 10 ,320 ,0 0 0 10 ,320 ,0 0 0 10 ,320 ,0 0 0 12,440 ,0 0 0 12,440 ,0 0 0
Other components of equity 0 .0 0 0 .0 0 80 ,470 ,0 0 0 138,940 ,0 0 0
Retained earnings -4,250 ,0 0 0 0 .0 0 134,320 ,0 0 0 141,460 ,0 0 0
Other reserves 356,890 ,0 0 0 328,180 ,0 0 0 10 2,850 ,0 0 0 86,520 ,0 0 0 0 .0 0
Total Liabilities 370 ,630 ,0 0 0 395,750 ,0 0 0 572,0 0 0 ,0 0 0 528,360 ,0 0 0
Non-current liabilities 370 ,630 ,0 0 0 395,750 ,0 0 0 316,620 ,0 0 0 319,130 ,0 0 0
Non-current loans and borrowings 351,850 ,0 0 0 374,780 ,0 0 0 279,130 ,0 0 0 30 3,560 ,0 0 0
Deferred revenue, accrued expenses and

18,0 30 ,0 0 0 5,290 ,0 0 0
other deferred non-current liabilities
Provisions for other liabilities and charges 10 ,180 ,0 0 0 13,720 ,0 0 0 10 ,310 ,0 0 0 2,920 ,0 0 0
Other non-current liabilities 8,60 0 ,0 0 0 7,250 ,0 0 0 9,150 ,0 0 0 7,360 ,0 0 0
Current Liabilities 189,0 60 ,0 0 0 167,570 ,0 0 0 255,380 ,0 0 0 20 9,230 ,0 0 0
Current loans and borrowings 140 ,650 ,0 0 0 94,720 ,0 0 0
Trade and other payables 23,180 ,0 0 0 23,640 ,0 0 0 35,160 ,0 0 0 62,0 60 ,0 0 0
Provisions for other liabilities and charges 34,90 0 ,0 0 0 27,590 ,0 0 0
Other current liabilities 130 ,980 ,0 0 0 116,340 ,0 0 0 79,490 ,0 0 0 52,170 ,0 0 0
Current income tax liabilities 80 ,0 0 0 280 ,0 0 0
Income Statement
Y-2014 -
CONSOLID.

1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)
Total Operating Revenue 20 3,820 ,0 0 0 217,780 ,0 0 0 222,650 ,0 0 0 220 ,150 ,0 0 0 217,110 ,0 0 0
Net sales revenue 196,770 ,0 0 0 20 5,610 ,0 0 0 20 9,40 0 ,0 0 0 214,230 ,0 0 0 215,0 0 0 ,0 0 0
Cost of Goods Sold 450 ,0 0 0 590 ,0 0 0
Gross profit 222,20 0 ,0 0 0 219,560 ,0 0 0
Selling and distribution expenses 141,780 ,0 0 0 143,850 ,0 0 0
Administrative expenses 29,570 ,0 0 0 30 ,620 ,0 0 0 0 .0 0
Employee benefit expense 12,830 ,0 0 0 11,890 ,0 0 0 11,210 ,0 0 0
Wages and salaries 12,830 ,0 0 0 11,890 ,0 0 0
Depreciation, amortization and impairment

39,780 ,0 0 0 38,450 ,0 0 0 45,350 ,0 0 0 38,170 ,0 0 0 40 ,460 ,0 0 0
charges
Other costs by nature 17,550 ,0 0 0 0 .0 0 135,730 ,0 0 0
Other operating expenses 78,970 ,0 0 0 10 3,680 ,0 0 0
Other operating income 7,0 50 ,0 0 0 12,170 ,0 0 0 13,250 ,0 0 0 5,920 ,0 0 0 2,110 ,0 0 0
Operating profit (EBIT) 18,0 70 ,0 0 0 20 ,970 ,0 0 0 31,620 ,0 0 0 36,380 ,0 0 0 33,730 ,0 0 0
EBITDA 97,630 ,0 0 0 97,870 ,0 0 0 80 ,420 ,0 0 0 75,710 ,0 0 0 74,190 ,0 0 0
Financial result -29,720 ,0 0 0 -27,0 80 ,0 0 0
Interest income 0 .0 0 0 .0 0 470 ,0 0 0 470 ,0 0 0
Interest expense 16,30 0 ,0 0 0 24,990 ,0 0 0 30 ,190 ,0 0 0 27,550 ,0 0 0 28,690 ,0 0 0
Extraordinary profit or loss figure -3,450 ,0 0 0 -1,160 ,0 0 0 0 .0 0
Net - other non-operating result -740 ,0 0 0 160 ,0 0 0
Other costs 39,780 ,0 0 0 38,450 ,0 0 0 0 .0 0 0 .0 0
Other income 4,0 20 ,0 0 0
Profit before income tax 0 .0 0 0 .0 0 1,160 ,0 0 0 9,460 ,0 0 0 5,0 40 ,0 0 0
Income tax -1,0 60 ,0 0 0 710 ,0 0 0 -10 ,210 ,0 0 0 3,260 ,0 0 0 -1,990 ,0 0 0
Profit after income tax 9,280 ,0 0 0 6,720 ,0 0 0 11,370 ,0 0 0 6,20 0 ,0 0 0 7,0 30 ,0 0 0
Net Profit(Loss) 9,880 ,0 0 0 7,440 ,0 0 0 10 ,470 ,0 0 0 7,140 ,0 0 0 7,0 30 ,0 0 0
Profit for the period 9,880 ,0 0 0 7,440 ,0 0 0 10 ,470 ,0 0 0 7,140 ,0 0 0
From this minority interest 610 ,0 0 0 730 ,0 0 0 920 ,0 0 0 -910 ,0 0 0
Cash Flow Statement
Y-2014 -
CONSOLID.

1.00 1.00 1.00 1.00
conve rsion (IFRS)
Net cash flow from (used in) operating

57,510 ,0 0 0 38,250 ,0 0 0 68,390 ,0 0 0 31,570 ,0 0 0
activities
Net Profit 0 .0 0 0 .0 0 1,160 ,0 0 0 9,460 ,0 0 0
Adjustments for: Other adjustments 48,690 ,0 0 0 30 ,10 0 ,0 0 0
Other operating activity cash flows 8,820 ,0 0 0 8,150 ,0 0 0
Net cash flow from (used in) investing

-45,710 ,0 0 0 -20 ,690 ,0 0 0 -21,0 0 0 ,0 0 0 -30 ,740 ,0 0 0
activities
Other investing activity cash flows -45,710 ,0 0 0 -20 ,690 ,0 0 0
Net cash flow from (used in) financing

-54,970 ,0 0 0 -15,760 ,0 0 0 -49,670 ,0 0 0 8,210 ,0 0 0
activities
Other financing activity cash flow -54,970 ,0 0 0 -15,760 ,0 0 0
Net increase (decrease) in cash and cash

-43,160 ,0 0 0 1,810 ,0 0 0 -2,270 ,0 0 0 9,0 40 ,0 0 0
equivalents
Cash at the beginning of the period 48,660 ,0 0 0 5,50 0 ,0 0 0 7,310 ,0 0 0 5,0 40 ,0 0 0
Exchange gains (losses) on cash and cash

10 ,0 0 0 0 .0 0
equivalents
Cash at the end of the period 5,50 0 ,0 0 0 7,310 ,0 0 0 5,0 40 ,0 0 0 14,0 80 ,0 0 0
OTHER INFORMATION
Y-2014 -
CONSOLID.
Audited Audited Audited Audited Audited Non-Audited
Financial statement type Consolid. Consolid. Consolid. Consolid. Consolid.
Fiscal year end March March March March March
Financial Statements - Ratios
REPORTING DETAILS
Y-2014 -
CONSOLID.
Begin date of reporting period undef undef undef undef undef
End date of reporting period 20 12-0 3-31 20 13-0 3-31 20 14-0 3-31 20 15-0 3-31 20 16-0 3-31
Original units as reported INR Tens of Millions INR Tens of Millions INR Tens of Millions INR Tens of Millions INR Tens of Millions
Displaying units INR Thousands INR Thousands INR Thousands INR Thousands INR Thousands
Comments Notes Notes Notes Notes Notes
Audited Non-Audited Non-Audited Non-Audited Non-Audited Non-Audited
Dion Global Solutions Dion Global Solutions Dion Global Solutions Dion Global Solutions Dion Global Solutions
Provider
Limited Limited Limited Limited Limited
Ratios
Y-2014 -
CONSOLID.

1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)
Profitability Ratios
Return on Assets (ROA) 0 .0 0 % 0 .0 0 % 0 .0 0 % 0 .0 0 % 0 .0 0 %
Annualised Return on Assets (ROA) 0 .0 0 % 0 .0 0 % 0 .0 0 % 0 .0 0 % 0 .0 0 %
Return on Equity (ROE) 95.74% 72.0 9% 111.36% 49.84% 56.51%
Annualised Return on Equity (ROE) 95.74% 72.0 9% 111.36% 49.84% 56.51%
Return on Sales (ROS) 5.28% 3.86% 5.43% 2.89% 3.27%
Gross Profit Margin 10 0 .0 0 % 10 0 .0 0 % 10 0 .0 0 % 10 0 .0 0 % 10 0 .0 0 %
Operating Profit Margin 13.42% 17.18% 15.24% 17.28% 15.69%
EBITDA Margin 34.68% 37.10 % 36.90 % 35.0 9% 34.51%
Valuation Figures
Earning Before Interests and Taxes (EBIT) 25,120 ,0 0 0 33,140 ,0 0 0 31,910 ,0 0 0 37,0 10 ,0 0 0 33,730 ,0 0 0
EBITDA 64,90 0 ,0 0 0 71,590 ,0 0 0 77,260 ,0 0 0 75,180 ,0 0 0 74,190 ,0 0 0
Growth Trend Ratios
Revenue Trend 84.73% 10 3.0 9% 10 8.53% 10 2.31% 10 0 .36%
Total Operating Revenue Trend -2.55% 31.93% -3.71% 15.98% -8.86%
Gross Profit Trend -15.27% 3.0 9% 8.53% 2.31% 0 .36%
EBITDA Trend 71.46% 110 .31% 10 7.92% 97.31% 98.68%
Operating Income Trend 97.45% 131.93% 96.29% 115.98% 91.14%
Net Income Trend 65.61% 75.30 % 152.82% 54.53% 113.39%
Shareholders' Equity Trend -7.36% 0 .0 0 % -1.0 7% 21.84% 0 .0 0 %
Common size income statement ratios
Salaries and Employee Benefits/Net sales 6.86% 6.16% 4.89% 4.66% 5.21%
Administrative Expenses/Net Sales 0 .0 0 % 0 .0 0 % 0 .0 0 % 0 .0 0 % 0 .0 0 %
Depreciation and Amortization/Net sales 21.25% 19.93% 21.66% 17.82% 18.82%
Interest paid/Net sales 8.71% 12.95% 14.42% 12.86% 13.34%
Income tax/Net sales -0 .57% 0 .37% -4.88% 1.52% -0 .93%
OTHER INFORMATION
Y-2014 -
CONSOLID.
Audited Non-Audited Non-Audited Non-Audited Non-Audited Non-Audited
Financial statement type Consolid. Consolid. Consolid. Consolid. Consolid.
Fiscal year end March March March March March
M&A and ECM Deals - EMIS DealWatch Deals
DEAL
COUNT RY
DEAL VALUE ST AKE
DAT E OF T ARGET COMPANY BUYER SELLER DEAL INDUST RIES
T YPE USD %
T ARGET
(MN)
Telecommunications Wireless
business of Sistema Sistema Shyam Telecommunications
0 2-Nov-15 India Merger Reliance Communications Ltd 337.23 10 0 %
Shyam Teleservices TeleServices Ltd Carriers (except
Ltd Satellite)
Reliance
25-Jun-14 India SPO Qualified Institutional Investor(s) N/A Telecommunications 799.0 3 14.0 6%
Communications Ltd
Digicable Network
0 2-Jul-10 India Acquisition Reliance Communications Ltd N/A Telecommunications N/A 10 0 %
(India) Pvt Ltd
Minority
Reliance
28-Jun-10 India stake Vivendi SA N/A Telecommunications 3,465.0 8 26%
Communications Ltd
purchase
Wireless
Reliance
Telecommunications
28-Jun-10 India Reliance Infratel Ltd Merger GTL Infrastructure Ltd Communications 10 ,823.68 N/A
Carriers (except
Ltd
Satellite)
Minority Reliance
17-Jun-10 India Reliance Globalcom stake Undisclosed investor(s) Communications Telecommunications 50 0 .0 0 26%
purchase Ltd
Minority
Reliance Emirates Telecommunications Corp
0 2-Jun-10 India stake N/A Telecommunications 3,824.0 9 25%
Communications Ltd (Etisalat)
purchase
Wireless
Reliance
Telecommunications
25-Sep-0 9 India Reliance Infratel Ltd IPO Undisclosed investor(s) Communications 1,0 39.28 10 %
Carriers (except
Ltd
Satellite)
Anupam Global Soft

21-Feb-0 8 Uganda Acquisition Reliance Communications Ltd N/A Telecommunications N/A 10 0 %
(U) Ltd
Fortress Capital, H S B C Principal

Minority Reliance Wired
Reliance Telecom Investments, Galleon Group, New
19-Jul-0 7 India stake Communications Telecommunications 337.50 5%
Infrastructure Silk Route Partners, G L G Partners,
purchase Ltd Carriers
Quantum Fund, D A Capital
United
15-Jul-0 7 Yipes Holdings Acquisition Reliance Communications Ltd N/A Telecommunications 30 0 .0 0 10 0 %
States
M&A and ECM Deals - EMIS DealWatch Intents
DEAL INT ENT T ARGET

T ARGET T ARGET INDUST RY DEAL T YPE INVEST OR
SIDE ANNOUNCEMENT COUNT RY
Sell- Wireless Telecommunications

24-Nov-15 Reliance Infratel Ltd India Acquisition N/A
side Carriers (except Satellite)
Sell-
28-Aug-13 Reliance Globalcom India Telecommunications Acquisition N/A
side
Sell- Minority stake

10 -Aug-13 Reliance Communications Ltd India Telecommunications N/A
side purchase
Sell- Undersea cable unit of Reliance Wired Telecommunications

19-Jan-12 India IPO N/A
side Communications Carriers
Buy- Wireless Telecommunications The Blackstone Group LP, The

18-Sep-11 Reliance Infratel Ltd India Acquisition
side Carriers (except Satellite) Carlyle Group LP
EMIS Credit Analytics - Summary

Fiscal year: 2015 Industry:
Companies in Industries: 23 Wireless T elecommunications Carriers (except Satellite)

EMIS Benchmark Score EMIS T rend Score EMIS Credit Quota
C Average risk C Average risk

564.75
This company is scored higher than Tens of Millions (INR)
P&L C
55.59
only 55.59% of companies in the
industry, which equates to C -
Average risk on the Business Scale. Balance Sheet A Expected
Participation in 15%
Cash Flow D Customer's Credit
Average Ranking: 11 in 23 companies Re marks: Re marks:
RELAT IVE RELAT IVE EMIS Trend Score is calculated based on the 2 Credit Quota Recommended was calculated
latest annual company financial statements based on the industry average, customer type
ST RENGT HS WEAKNESSES
(customized) and Financial Score.
Sales Sales Growth
EMIS Credit Analytics - EMIS Financial Score


Criteria Weight Score Final Score
I. EMIS Benchmark Score 50% 2.65 C Average risk
SIZ E RANKING SCORE GROWT H RANKING SCORE
Sales 5 82.61 Net Sales Growth Rate % 15 39.13
Assets 2 95.65 Inc. / Dec. in Assets 13 47.83
Profit 7 73.91 Inc. / Dec.in Net Income 17 30 .43
Total Shareholders' Equity 3 91.30 Increase (Decrease) in Equity 8 69.57
Ave rage Size 4 85.87 Ave rage Growt h 13 4 6.7 4
PROFIT ABILIT Y RANKING SCORE INDEBT EDNESS RANKING SCORE
Net Income / Net Sales 13 47.83 Indebtedness 11 56.52
Return On Assets 15 39.13 Leverage 15 39.13
Net Income / Net Worth 18 26.0 9 Total Liabilities / Sales 15 39.13
Ave rage Prof it abilit y 15 37 .68 Ave rage Inde bt e dne ss 14 4 4 .93
EMIS Benchmark Score 55.59
II. EMIS Trend Score 50% 2.25 C Average risk
Scoring Range: 1 - Improves, 2 - Maintains (According to the tolerance margin), 3 - Deteriorate
10 0 %
P&L 2015 T OT AL
Sales Growth 2 2
Operating Profit / Sales 2 2
Net Income / Sales 3 3
T ot al P&L 2.33 2.33
C Average risk
BALANCE 2015 T OT AL
Days Receivables 3 3
Days Inventory 1 1
Current Ratio 1 1
Indebtness (Total Assets/Total Liabilities) 1 1
Total Liabilities / Sales 1 1
T ot al Balance 1.4 5 1.4 5
A Very Low Risk
CASH FLOW 2015 T OT AL
Cash from Sales 1 1
Cash for Production 3 3
Cash for Operation 3 3
Net Operation Cash Generation (NOCG) 3 3
Free Cash Flow 3 3
Cash Flow After Financial Expenses 3 3
Cash Flow After Financial 3 3
Reduction in Debt 2 2
T ot al Cash Flow 2.7 0 2.7 0
D High Risk
III. EMIS Financial Score 100% 2.4 5 C Average risk
Business Scale
E D C B A
A - Very Low Risk

B - Low Risk
C - Average risk
D - High Risk
E - Very High Risk
EMIS Credit Analytics - EMIS Benchmark Score

EMIS Benchmark Score

(Against Industry)
55.59
SIZ E RANKING SCORE GROWT H RANKING SCORE
Sales 5 82.61 Net Sales Growth Rate % 15 39.13
Assets 2 95.65 Inc. / Dec. in Assets 13 47.83
Profit 7 73.91 Inc. / Dec.in Net Income 17 30 .43
Total Shareholders' Equity 3 91.30 Increase (Decrease) in Equity 8 69.57
Ave rage Size 4 85.87 Ave rage Growt h 13 4 6.7 4
PROFIT ABILIT Y RANKING SCORE INDEBT EDNESS RANKING SCORE
Net Income / Net Sales 13 47.83 Indebtedness 11 56.52
Return On Assets 15 39.13 Leverage 15 39.13
Net Income / Net Worth 18 26.0 9 Total Liabilities / Sales 15 39.13
Ave rage Prof it abilit y 15 37 .68 Ave rage Inde bt e dne ss 14 4 4 .93
Ave rage Ranking 11
EMIS Credit Analytics - EMIS Credit Quota

Key parameters af f ecting quota value
EMIS Credit Quota 564.75 Participation in credit Financial Score

(Score adjusted) Tens of Millions (INR)
15% C
COMPANY INDICAT ORS VALUE INDUST RY MULT IPLIERS % MAX CALCULAT ED CREDIT
Assets 91,284.0 0 Suppliers / Assets 5.90 % 5,385.33
Net Worth 38,448.0 0 Suppliers / Net worth 16.58% 6,374.74
Tangible Net Worth 38,448.0 0 Suppliers / Tangible Net Worth 21.27% 8,176.43
Net Sales 22,0 15.0 0 Suppliers / Net Sales 14.85% 3,269.16
Cost of Goods Sold 59.0 0 Suppliers / Cost of Goods Sold 195.27% 115.21
Operating Profit 7,571.0 0 Suppliers / Operating Profit 50 .62% 3,832.33
Net Profit 714.0 0 Suppliers / Net Profit 1,587.75% 9,30 9.0 0
SUPPLIERS 6,206.00
Net Sales 22,0 15.0 0 Financial Liabilities / Net Sales 128.81% 9,30 9.0 0
Assets 91,284.0 0 Financial Liablities / Assets 51.17% 9,30 9.0 0
FINANCIAL LIABILIT IES 9,4 7 2.00
Operating Cycle 2,527.17 Operating Cycle 15,0 75.63% 24.71
Suppliers Turnover 37,867.12 Suppliers Turnover 70 ,297.44% 115.21
AVERAGE CREDIT BASED ON INDUST RY: 5,020.01
Source: EMIS Company Database
Credit Quota Calculation:
AVERAGE CREDIT
(BASED ON INDUSTRY)
5,020.01 CALCULAT ED CREDIT
TENS OF MILLIONS (INR) (AVERAGE X PARTICIPATION)
X = 753.00
EXPECT ED PART ICIPAT ION TENS OF MILLIONS (INR)
CREDIT QUOT A
(IN CUSTOMER'S CREDIT)
(ADJUSTED BY SCORE)
15% =
X 564.75
TENS OF MILLIONS (INR)
FINANCIAL SCORE QUOT A ADJ UST MENT S
= 0.75
C
Score Multipliers:
QUOT A ADJ UST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded Quota A 2
Normal Quota B 1
C 0 .75
Reduced Quota
D 0 .5
No Quota E 0
EMIS Credit Analytics - Conclusions

IN 21087 12 He adquart e rs T e l: 30 386286
H Block,, 1st Floor, Dhirubhai Ambani Knowledge City Fax: 30 376622

40 0 710 Email: Rcom.Investors@relianceada.com
Reliance Communications Ltd.

EMIS Credit Analytics
Date: 20 16, June 2
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2015. EMIS Benchmark Score of Re liance Communicat ions Lt d. is the
result of comparing its financial results with that of 23 companies classified by EMIS Credit Analytics within Wire le ss T e le communicat ions Carrie rs (e xce pt
Sat e llit e ) industry.
EMIS Benchmark Score

(Against Industry)
55.59
Note: Companies classified in "Wire le ss T e le communicat ions Carrie rs (e xce pt Sat e llit e )" are not necessarily direct competitors. Please refer to Benchmark
Ranking for complete details of the companies classified within this industry.
EMIS Benchmark Score is the result of the company's ranking within its industry in different financial ratios of Size, Profitability, Growth, Indebtness, Efficiency and Liquidity
Ratios. In the result it is important to note:
RELAT IVE ST RENGT HS RANKING SCORE
Sales 5 82.61
EMIS Benchmark Score contributes 50% to the Financial Score. The other 50% is represented by evolution versus previous period of Profit & Loss, Balance Sheet and
Cash Flow Statement.
EMIS T REND SCORE
Profit & Loss C
Balance Sheet A
Cash Flow Statement D

Note: The Financial Score is not deteriorated by Financial Conditions (see Parameters).
Based on the average credit quote of 5,020 in the Wire le ss T e le communicat ions Carrie rs (e xce pt Sat e llit e ) industry, an EMIS Financial Score of C and an
expected participation in the company's credit of 15%, the recommended credit quota is 565.
Note: The Financial Score is not deteriorated by Financial Conditions . Based on the average credit quote of 5,0 20 in the Wireless Telecommunications Carriers (except
Satellite) industry, an EMIS
Financial Score of C and an expected participation in the company's credit of 15%, the recommended credit quota is 565.
Key parameters af f ecting quota value
EMIS Credit Quota 564.75 Participation in credit Financial Score

(Score adjusted) Tens of Millions (INR)
15% C
EMIS Credit Analytics - EMIS Credit Analytics Assumptions
Score Scale Risk Profile
Business Scale Medium Risk

Business Model has 5 risk categories: Medium Risk for companies with standard risk.
A - Very Low Risk

B - Low Risk
C - Average risk
D - High Risk
E - Very High Risk
Vertical Weighting Financial Conditions
P&l % Condit ions Score
Sales Growth 12 Negative Net Income(Loss) C
Operating Profit 12 Negative Operating Profit C
Net Profit 12 Negative Net Worth E
Sub t ot al 36 Negative Operating Cash Generation C
Negative Cash Flow C

Balance
Negative Cash Flow after Financial Costs C
Days Receivables 10
Days Inventory 10
Final Weighting
Current Ratio 8
Indebtness 8
EMIS Benchmark Score 50%
Indebtedness/sales 8
EMIS Trend Score 50%
Balance Sub T ot al 44
Cash Flow
Cash From Sales 2
Cash For Production 2
Cash For Operations 2
Operating Cash Generation 5
Free Cash Flow 3
Cash Flow After Fin Ex 2
Cash Flow After Fin Result 2
Reduction In Debt 2
Cash Flow Sub T ot al 20
Total Vertical Weights 100%
Tolerance Margin 5%
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides, due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry, EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein.
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes. EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
content/recommendation.

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EMIS

6-8 Bouverie Street

Business Report Generated on 02 June 2016

RELIANCE COMMUNICATIONS LTD.

Copyright 20 16 EMIS, all rights reserved. A Euromoney Institutional Investor company.

Table of Cont ent s

NAICS Industry Classification 3

EMIS Financial Score 3

Share Price information 3

Subsidiaries and Affiliates 4

Key Financial Highlights 6

Financial Performance Charts 6

Latest M&A and ECM Deals 6

M&A and ECM Deals 14

EMIS DealWatch Intents 14

EMIS Credit Analyt ics 15

EMIS Financial Score 15

EMIS Benchmark Score 16

EMIS Credit Quota 17

EMIS Credit Analytics Assumptions 20

Company Tear Sheet - Contact Information

Le gal Form: Public Limited Company Fax: 30 376622

IN-CIN: L4530 9MH20 0 4PLC147531

Company Tear Sheet - NAICS Industry Classification

Company Tear Sheet - Business description

Company De script ion Main Product s

individual, enterprise, and carrier customers in India and internationally. The

primarily include mobile, calling cards, wireless phone, wireless terminal,

roaming, landline, Internet connection, mobile portal, international long distance

Internet protocol television services, as well as a range of mobile content spanning

entertainment, music, news, cricket, bollywood, maps, search, one-click set-up,

Company Tear Sheet - Basic Information

T ot al Employe e s: 9,111 (20 15)

Out st anding Share s: Serie BSE: 2,488,979,745 (20 15)

Re gist e re d Capit al: INR 25,0 0 0 ,0 0 0 ,0 0 0 (20 14)

Company Tear Sheet - EMIS Financial Score

EMIS Financial Score

Company Tear Sheet - Share Price information

Last Price 49.25

Volume 45,10 9,716

Turnover 2,20 2,481,884

Change 2.30 (4.90 %)

1 Year Change -27.63%

Market Bombay Stock Exchange

Market Cap 122,582,252

52 Week High 90 .60

52 Week Low 46.95

Dividend Yield 0 .25 (March 31, 20 12)

Enterprise Value 434,850 ,738

Quote updated on June 0 1, 20 16

Note: data in INR Thousands.

Company Tear Sheet - Key Executives

Vinod Sawhny Chief Executive Director

Manikantan Iyer Chief Financial Officer

Prakash Shenoy Company Secretary & Manager

Company Tear Sheet - Ownership Details

Indian Promot e rs 58.85%

Banks Fin. Inst . and Insurance 17.85%

Ge ne ral Public 8.88%

Mut ual Funds and UT I 1.62%

Privat e Corporat e Bodie s

Company Tear Sheet - Subsidiaries and Affiliates

Bonn Inve st me nt .Inc 10 0 % Re liance T e le phone s Lt d.

Campion Prope rt ie s Limit e d 10 0 % Re liance Vanco Group Lt d. 10 0 %