RELIANCE INDUSTRIES LTD.

[Pages:23]EMIS 6-8 Bouverie Street London EC4Y 8DD, United Kingdom

em

Business Report

RELIANCE INDUSTRIES LTD.

Generated on 19 March 2018

EMISid: 1628461 IN-CIN: L17110MH1973PLC019786 ISIN: INE002A01018

Le gal Addre ss 3rd Floor,, Maker Chambers IV, 222, Nariman Point Mumbai; Maharashtra; India; Map Post al Code : 40 0 0 21 T e l: 227850 0 0 Fax: 22785111 Email: investor_relations@ We bsit e :

Main Act ivit ie s: Oil and Gas Extraction, Petroleum Refineries, Petrochemical Manufacturing

Copyright ? 20 18 EMIS, all rights reserved. A Euromoney Institutional Investor company.

Table of Cont ent s Company Tear Sheet

Contact Information NAICS Industry Classification Business description Basic Information EMIS Financial Score Share Price information Key Executives Ownership Details Subsidiaries and Affiliates Key Financial Highlights Financial Performance Charts Latest M&A and ECM Deals Similar companies

Financial St at ement s

Annual Statements Rat ios

M&A and ECM Deals

EMIS DealWatch Deals EMIS DealWatch Intents

EMIS Credit Analyt ics

Summary EMIS Financial Score EMIS Benchmark Score EMIS Credit Quota EMIS Credit Analytics Assumptions

Disclaime r

Table of Cont ent s

EMIS Business Report, Generated on 2018-03-19

2 3

3 3 3 3 3 4 4 5 5 6 7 7 7

10

10 13

16

16 17

18

18 18 20 20 22

23

Copyright ? 2018 EMIS, all rights reserved. A Euromoney Institutional Investor company.

Page 2 of 23

EMIS Business Report, Generated on 2018-03-19

Company Tear Sheet - Contact Information

Full name : Reliance Industries Ltd.

St at us: Listed

Le gal Form: Public Limited Company Ope rat ional St at us: Operational EMISid: 1628461 IN-CIN: L17110 MH1973PLC0 19786 ISIN: INE0 0 2A0 10 18 Incorporat ion Dat e : 1973

Le gal Addre ss 3rd Floor,, Maker Chambers IV, 222, Nariman Point Mumbai; Maharashtra; India; Map Post al Code : 40 0 0 21 T e l: 227850 0 0 Fax: 22785111 Email: investor_relations@ We bsit e :

Company Tear Sheet - NAICS Industry Classification

Main Act ivit ie s: Oil and Gas Ext ract ion (2111) | Petroleum Refineries (32411) | Petrochemical Manufacturing (32511)

Se condary Act ivit ie s: Management of Companies and Enterprises (55) Manufacturing (3251)

| Support Activities for Mining (213)

| Textile Mills (313)

| Basic Chemical

Company Tear Sheet - Business description

Company Descript ion

Main Product s

Reliance Industries Ltd. is engaged with businesses in the energy and materials Solar Photo Voltaic Cell, Modules & Systems, Knitting Machines (Man Made

value chain. The company belongs to the Reliance Group, founded by Dhirubhai Fabrics), Looms (Man Made Fabrics), Poly Vinyl Chloride (PVC), Manmade Fibre

H. Ambani (1932-20 0 2). The Group's activities span exploration and production of Super Yarn On Worsted System, Acrylic Spun Yarn, Staple Fibre Polyester, Spun

oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre

Yarn, Fabrics, Polyester Staple Fibres, Polyester Filament Yarn/Polyester Chips,

intermediates, plastics and chemicals), textiles, retail, infotel and special economic Fibre Fill, Cotton/Man-Made Fibre & Cotton Waste, Rubber Components, Low

zones.The company was incorporated in 1973 and is based in Mumbai.

Density Polyethylene (LDPE), HDPE Pipes, Polyethylene Terephthalate,

Polypropylene (PP), Polyethylene, Linear Alkyl Benzene, Acrylonitrile (ACN),

Purified Terepthalic Acid (PTA), Ethylene Oxide, Higher Ethyl Glycol, Mono

Ethylene Glycol (MEG), Toluole, Paraxylene, Orthoxylene, Xylene, Toluene,

Benzene, Cyclohexane, Butadiene, Butadiene & Others C4s, Propylene, Ethylene,

Propane, Caustic Soda (Flakes & Lye), Hydrocyanic Acid, Chlorine, Other

Chemicals, Gases, N Paraffin, Petroleum Products, Oil Crude

Company Tear Sheet - Basic Information

T ot al Employe e s: Out st anding Share s: Regist ered Capit al: Financial Audit ors:

24,167 (20 17) Serie BSE: 6,334,651,0 22 (20 18)

INR 50 ,0 0 0 ,0 0 0 ,0 0 0 (20 16) Chaturvedi & Shah;Rajendra & Co.;Deloitte Haskins

& Sells LLP (20 17)

Company Tear Sheet - EMIS Financial Score

EMIS Financial Score

EMIS Financial Score was affected by Conditions: Negative Operating Cash Generation Negative Net Operating Cashflow Negative Cash Flow after Financial Costs

Copyright ? 2018 EMIS, all rights reserved. A Euromoney Institutional Investor company.

Page 3 of 23

EMIS Business Report, Generated on 2018-03-19

Company Tear Sheet - Share Price information

Last Price

895.30

Volum e

271,227

Turnover

243,894,0 99

Previous

90 0 .50

Change

-5.20 (-0 .58%)

1 Year Change

38.0 7%

Index

CNX 100

Market

Bombay Stock Exchange

Ticker

50 0 325

Market Cap

5,70 4,353,245

52 Week High

981.70

52 Week Low

622.83

Price to Earnings (P/E)

19.0 5

Earnings per Share (EPS)

92.18

Dividend Yield

11 (April 25, 20 17)

Bookvalue

2,272,589,90 0

Enterprise Value

5,986,286,316

Quote updated on

March 19, 20 18

Note: data in INR Thousands.

Company Tear Sheet - Key Executives

Mukesh D Ambani Hital R Meswani Nikhil R Meswani P M S Prasad Pawan Kumar Kapil Adil Zainulbhai Ashok Misra Dipak C Jain Mansingh L Bhakta Raghunath A Mashelkar Raminder S Gujral Shumeet Banerji Yogendra P Trivedi Nita M Ambani Alok Agarwal K Sethuraman Srikanth Venkatachari

Chairman & Managing Director Executive Director Executive Director Executive Director Executive Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Non Executive & Non Independent Director Chief Financial Officer Group Co. Secretary & Chief Compliance Officer Jt. Chief Financial Officer

Copyright ? 2018 EMIS, all rights reserved. A Euromoney Institutional Investor company.

Page 4 of 23

Company Tear Sheet - Ownership Details

Indian Promot e rs FII's Ge ne ral Public Banks Fin. Inst . and Insurance Ot hers GDR/ADR Mut ual Funds and UT I Gove rnme nt Privat e Corporat e Bodie s

Company Tear Sheet - Subsidiaries and Affiliates

EMIS Business Report, Generated on 2018-03-19

46.2% 23.42%

9.37% 8.62% 6.93% 2.69% 2.62% 0 .14%

Af f init y Name s Inc

10 0 %

Aurora Algae Inc

10 0 %

Aurora Algae Pt y Lt d.

10 0 %

Aurora Algae RGV LLC

10 0 %

Bhagyashri Me rcant ile Pvt . Lt d.

10 0 %

Ce nt ral Park Ent e rprise s DMCC

10 0 %

Chit rani Me rcant ile Pvt . Lt d.

10 0 %

Clust e r Comme rcial Pvt . Lt d.

10 0 %

De vashre e Comme rcials Pvt . Lt d.

10 0 %

Dignit y Me rcant ile Pvt . Lt d.

10 0 %

Et hane Cryst al LLC

10 0 %

Et hane Eme rald LLC

10 0 %

Et hane Opal LLC

10 0 %

Et hane Pe arl LLC

10 0 %

Et hane Sapphire LLC

10 0 %

Et hane T opaz LLC

10 0 %

Gapco Ke nya Lt d.

10 0 %

Gapco T anzania Lt d.

10 0 %

Gapco Uganda Lt d.

10 0 %

Gapoil Z anzibar Lt d.

10 0 %

Ge nNe xt Holding Inve st me nt s LLC

10 0 %

Ge nNe xt Innovat ion Ve nt ure s Lt d.

10 0 %

Girisha Comme rcials Pvt . Lt d.

10 0 %

Gope sh Comme rcials Pvt . Lt d.

10 0 %

Indiawin Sport s Pvt .Lt d.

10 0 %

Int e rnat ional Oil T rading Lt d.

10 0 %

Kanhat e ch Solut ions Limit e d

10 0 %

Mark Proje ct Se rvice s Pvt .Lt d.

10 0 %

Mode l Economic T ownship Lt d.

10 0 %

Copyright ? 2018 EMIS, all rights reserved. A Euromoney Institutional Investor company.

Re liance Et hane Holding Pt e Lt d. Re liance Explorat ion & Product ion DMCC Re liance Gas Corporat ion Limit e d Re liance Gas Pipe line s Lt d. Reliance Global Business BV Re liance Global Comme rcial Lt d. Re liance Global Ene rgy Se rvice s (Singapore ) Pt e .Lt d. Re liance Global Ene rgy Se rvice s Lt d. Re liance Global Mgmt . Se rvice s Lt d. Reliance Holding Acquisit ion Corp Re liance Holding USA Inc Re liance Indust rial Inve st me nt s & Holdings Lt d. Re liance Indust rie s ( Middle East ) Lt d. Re liance Indust rie s (Middle East ) DMCC Re liance Indust rie s Inve st me nt & Holding Lt d. Re liance Inf osolut ions Pvt . Lt d. Re liance Inf rast ruct ure Manage me nt Se rvice s Limit e d Re liance Innovat ive Building Solut ions Pvt . Lt d. Re liance Int e rnat ional B V Re liance Int e rnat ional Explorat ion and Product ion, INC Re liance J amnagar Inf rast ruct ure Lt d. Re liance J io Asiainf o Innovat ion Ce nt re Lt d. Re liance J io Digit al Se rvice s Pvt . Lt d. Re liance J io Inf rat e l Pvt . Lt d. Re liance J io Me dia Pvt . Lt d. Re liance J io Me ssaging Pvt . Lt d. Re liance J io Me ssaging Se rvice s Pvt . Lt d. Re liance Marce llus II LLC Re liance Marce llus LLC

10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 %

Page 5 of 23

Ne mit a Comme rcials Pvt . Lt d. Nisarga Comme rcials Pvt . Lt d. Prakrut i Comme rcials Pvt . Lt d. Re cron (Malaysia) Sdn Bhd Re liance Ae rospace T e chnologie s Lt d. Re liance Ambit T rade Privat e Limit e d Re liance Aromat ics And Pe t roche micals Limit e d Re liance Che micals Limit e d Re liance Comme rcial De ale rs Lt d. Re liance Comme rcial Land & Inf rast ruct ure Limit e d Re liance Comme rcial T rading Pvt . Lt d. Re liance Comt rade Pvt .Lt d. Re liance Conve nt ion And Exhibit ion Ce nt re Limit e d Re liance Corporat e Ce nt re Limit e d Re liance Corporat e It Park Limit e d Re liance Corporat e Se rvice s Lt d. Re liance Cyprus Lt d. Re liance Eagle f ord Midst re am LLC Re liance Eagle f ord Upst re am GP LLC Re liance Eagle f ord Upst re am Holding LP Re liance Eagle f ord Upst re am LLC Re liance Emine nt T rading & Comme rcial Pvt .Lt d. Re liance Ene rgy & Proje ct De ve lopme nt De v.Pvt .Lt d. Re liance Ene rgy Ge ne rat ion & Dist ribut ion Lt d. Re liance Ene rgy and Proje ct De ve lopme nt Lt d.

EMIS Business Report, Generated on 2018-03-19

10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 % 10 0 %

Reliance Net herland B.V

10 0 %

Re liance Payme nt Solut ions Lt d.

10 0 %

Re liance Pe ople Se rve Limit e d

10 0 %

Re liance Pe t roinve st me nt s Limit e d

10 0 %

Re liance Ge ms & J e we ls Lt d.

Re liance Polyme rs (India) Limit e d

10 0 %

Re liance Polyole f ins Limit e d

10 0 %

Re liance Progre ssive T rade rs Privat e Limit e d

10 0 %

Re liance Ambit T rade Privat e Limit e d (PRODunde f )

Re liance Re t ail Limit e d (PRODunde f )

Re liance Ve nt ure s Limit e d (PRODunde f )

Re liance Prolif ic Comme rcial Privat e Limit e d

10 0 %

Re liance Prolif ic T rade rs Privat e Limit e d

10 0 %

Re liance Re t ail Insurance Broking Limit e d

10 0 %

Re liance Re t ail Limit e d

10 0 %

De light Prot e ins Lt d.

10 0 %

LPG Inf rast ruct ure India Lt d.

10 0 %

Re liance F&B Se rvice s Lt d.

10 0 %

Re t ail Conce pt s & Se rvice s India Lt d.

10 0 %

Re liance Se curit y Solut ions Lt d.

10 0 %

Re liance St rat e gic (Maurit ius) Lt d.

10 0 %

Re liance Supply Solut ions Pvt . Lt d.

10 0 %

Re liance T e xt ile s Lt d.

10 0 %

Re liance T re nds Lt d.

10 0 %

Re liance do Brasil Indust ria e Come rcio de Produt os T e xt e is, 10 0 %

Company Tear Sheet - Key Financial Highlights

FISCAL PERIOD

Q3C-2015 CONSOLID.

Q3C-2016 CONSOLID.

Q3C-2017 CONSOLID.

Q3C-2018 CONSOLID.

Total operating revenue

3,0 79,650 ,0 0 0

Net sales revenue

3,0 79,650 ,0 0 0

Gross profit

N/A

Gross Profit Margin

20 .27%

Operating profit (EBIT)

187,360 ,0 0 0

Operating Profit (EBIT) Margin

8.14%

EBITDA

274,960 ,0 0 0

EBITDA Margin

10 .98%

Net Profit (Loss) for the Period

170 ,260 ,0 0 0

Return on Sales (ROS)

5.53%

Total assets

N/A

Current assets

N/A

Total liabilities

N/A

Copyright ? 2018 EMIS, all rights reserved. A Euromoney Institutional Investor company.

2,144,550 ,0 0 0 2,144,550 ,0 0 0

N/A 30 .10 % 220 ,290 ,0 0 0 12.83% 30 5,0 80 ,0 0 0 16.78% 224,770 ,0 0 0 10 .48%

N/A N/A N/A

2,20 5,590 ,0 0 0 2,20 5,590 ,0 0 0

N/A 28.76% 256,590 ,0 0 0 15.0 4% 339,510 ,0 0 0 18.80 % 218,50 0 ,0 0 0

9.91% N/A N/A N/A

2,747,620 ,0 0 0 2,747,620 ,0 0 0

N/A 29.96% 338,530 ,0 0 0 14.74% 457,0 70 ,0 0 0 19.0 6% 265,540 ,0 0 0

9.66% N/A N/A N/A Page 6 of 23

FISCAL PERIOD

Q3C-2015 CONSOLID.

Q3C-2016 CONSOLID.

EMIS Business Report, Generated on 2018-03-19

Q3C-2017 CONSOLID.

Q3C-2018 CONSOLID.

Net Debt Net cash flow from (used in) operating activities Provider

Note: data in INR Thousands.

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Dion Global Solutions Limited Dion Global Solutions Limited Dion Global Solutions Limited Dion Global Solutions Limited

Company Tear Sheet - Financial Performance Charts

Company Tear Sheet - Latest M&A and ECM Deals

DAT E

COUNT RY OF

T ARGET

T ARGET COMPANY

DEAL T YPE

BUYER

SELLER

DEAL INDUST RIES

DEAL VALUE

USD (MN)

ST AKE %

0 6-Oct-17

United States

Upstream Marcellus shale gas assets in Northeastern and Central Pennsylvania

Acquisition

BKV Chelsea, Kalnin Ventures

Reliance Holding USA Inc, Reliance Industries Ltd

Support Activities for Oil and Gas Operations, Oil and Gas Extraction

126.0 0 10 0 .0 0 %

20 -Jul-17 India

Balaji Telefilms Ltd

Minority stake

Reliance Industries Ltd N/A

Broadcasting (except Internet)

64.20 24.92%

0 1- J un- 16

United States

NetraDyne Inc

Minority stake

Reliance Industrial

Investments & Holdings Ltd., Reliance

N/A

Industries Ltd

Custom Computer Programming Services, Software Publishers

16.0 0 40 .0 0 %

31- May- 16

Kenya, Mauritius, Tanz ania, Uganda

Gulf Africa Petroleum Corp (GAPCO)

Acquisition Total SA

Reliance Industries Ltd, Fortune Oil Corp

Gasoline Stations, Petroleum and Petroleum Products Merchant Wholesalers

40 0 .0 0 10 0 .0 0 %

31-Jul-15 India

Prism TV Pvt Ltd

Minority stake

Viacom Inc

Reliance Industries Ltd

Cable and Other Subscription Programming, Motion Picture and Video Production

153.0 0 50 .0 0 %

Company Tear Sheet - Similar companies

Copyright ? 2018 EMIS, all rights reserved. A Euromoney Institutional Investor company.

Page 7 of 23

EMIS Business Report, Generated on 2018-03-19

Oil and Gas Ext ract ion

COMPANY

T OT AL OPERAT ING

REVENUE

OPERAT ING PROFIT (EBIT )

NET PROFIT (LOSS) FOR T HE

PERIOD

RET URN ON ASSET S (ROA) (%)

RET URN ON EQUIT Y (ROE)

(%)

PRICE PER EARNING

(%)

EARNING PER

SHARE

PRICE REFERENCE

DAT E

FISCAL YEAR

Indian Oil Corporation Ltd.

4,575,982,30 0 310 ,370 ,0 0 0

197,453,40 0

7.96

19.15

N/A

40 .88 20 18-0 3-16 20 17

Reliance Industries Ltd.

3,396,230 ,0 0 0 439,910 ,0 0 0

299,410 ,0 0 0

5.82

10 .89

10 .85

92.18 20 18-0 3-16 20 17

Bharat Petroleum Corporation Ltd.

2,457,952,10 0 134,525,80 0

85,635,80 0

9.33

27.0 9

16.58

60 .30 20 18-0 3-16 20 17

Hindustan Petroleum Corporation Ltd.

2,156,730 ,40 0 94,876,80 0

59,168,40 0

8.82

30 .51

12.33

81.0 7 20 18-0 3-16 20 17

Oil And Natural Gas Corporation Ltd.

1,50 0 ,642,10 0 323,323,40 0

198,171,70 0

8.12

9.64

N/A

15.97 20 18-0 3-16 20 17

Essar Oil Limited

524,954,90 0 46,671,50 0

21,542,10 0

3.16

30 .0 5

N/A

20 16

Petronet LNG Ltd.

249,626,70 0 25,698,40 0

17,0 56,70 0

12.62

21.0 7

N/A

22.98 20 18-0 3-16 20 17

Agrilink Asia Private Limited

185,938,576

232,113

222,867

0 .28

91.18

N/A

20 16

Oil India Ltd.

10 9,861,10 0 33,598,60 0

22,237,30 0

3.57

5.32

N/A

21.25 20 18-0 3-16 20 17

Gujarat State Petroleum Corporation Ltd.

10 7,0 36,10 0

3,229,40 0

-8,0 44,20 0

- 2.67

- 11.40

N/A

20 16

Pet roleum Ref ineries

COMPANY

T OT AL OPERAT ING

REVENUE

OPERAT ING PROFIT (EBIT )

NET PROFIT (LOSS) FOR T HE

PERIOD

RET URN ON ASSET S (ROA) (%)

RET URN ON EQUIT Y (ROE)

(%)

PRICE PER EARNING

(%)

EARNING PER

SHARE

PRICE REFERENCE

DAT E

FISCAL YEAR

Indian Oil Corporation Ltd.

4,575,982,30 0 310 ,370 ,0 0 0

197,453,40 0

7.96

19.15

N/A

40 .88 20 18-0 3-16 20 17

Reliance Industries Ltd.

3,396,230 ,0 0 0 439,910 ,0 0 0

299,410 ,0 0 0

5.82

10 .89

10 .85

92.18 20 18-0 3-16 20 17

Bharat Petroleum Corporation Ltd.

2,457,952,10 0

134,525,80 0

85,635,80 0

9.33

27.0 9

16.58

60 .30 20 18-0 3-16 20 17

Hindustan Petroleum Corporation Ltd.

2,156,730 ,40 0

94,876,80 0

59,168,40 0

8.82

30 .51

12.33

81.0 7 20 18-0 3-16 20 17

Oil And Natural Gas Corporation Ltd.

1,50 0 ,642,10 0

323,323,40 0

198,171,70 0

8.12

9.64

N/A

15.97 20 18-0 3-16 20 17

Essar Oil Limited

524,954,90 0 46,671,50 0

21,542,10 0

3.16

30 .0 5

N/A

20 16

Chennai Petroleum Corporation Ltd.

40 6,415,10 0 16,589,10 0

10 ,50 8,20 0

9.33

23.87

N/A

70 .57 20 18-0 3-16 20 17

HPCL Mittal Energy Ltd.

40 4,864,0 0 0 34,955,0 0 0

17,177,0 0 0

6.10

29.87

N/A

20 16

Bharat Oman Refineries Ltd.

174,957,0 0 0 15,0 48,0 0 0

3,657,80 0

2.55

23.78

N/A

20 16

Num aligarh Refinery Ltd

113,0 47,20 0 30 ,770 ,60 0

21,0 0 5,70 0

28.61

40 .14

N/A

20 17

Pet rochemical Manuf act uring

COMPANY

T OT AL OPERAT ING

REVENUE

OPERAT ING PROFIT (EBIT )

NET PROFIT (LOSS) FOR T HE

PERIOD

RET URN ON ASSET S (ROA)

(%)

RET URN ON EQUIT Y (ROE)

(%)

PRICE PER EARNING

(%)

EARNING PER

SHARE

PRICE REFERENCE

DAT E

FISCAL YEAR

Copyright ? 2018 EMIS, all rights reserved. A Euromoney Institutional Investor company.

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