EMIS

6-8 Bouverie Street

London EC4Y 8DD, United Kingdom
www.emis.com

Business Report Generated on 19 March 2018

RELIANCE INDUSTRIES LTD.

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@ril.com
We bsit e : http://www.ril.com

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.

 EMIS Business Report, Generated on 2018-03-19

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 4

Key Executives 4

Ownership Details 5

Subsidiaries and Affiliates 5

Key Financial Highlights 6

Financial Performance Charts 7

Latest M&A and ECM Deals 7

Similar companies 7

Financial St at ement s 10
Annual Statements 10

Ratios 13

M&A and ECM Deals 16

EMIS DealWatch Deals 16

EMIS DealWatch Intents 17

EMIS Credit Analyt ics 18

Summary 18

EMIS Financial Score 18

EMIS Benchmark Score 20

EMIS Credit Quota 20

EMIS Credit Analytics Assumptions 22

Disclaimer 23

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 EMIS Business Report, Generated on 2018-03-19

Company Tear Sheet - Contact Information

Full name : Reliance Industries Ltd. Le gal Addre ss

3rd Floor,, Maker Chambers IV, 222, Nariman Point Mumbai; Maharashtra; India;
St at us: Listed Map

Post al Code : 40 0 0 21
Le gal Form: Public Limited Company T e l: 227850 0 0
Ope rat ional St at us: Operational Fax: 22785111

EMISid: 1628461 Email: investor_relations@ril.com

IN-CIN: L17110 MH1973PLC0 19786 We bsit e : http://www.ril.com
ISIN: INE0 0 2A0 10 18

Incorporat ion Dat e : 1973

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) | Support Activities for Mining (213) | Textile Mills (313) | Basic Chemical
Manufacturing (3251)

Company Tear Sheet - Business description

Company De script 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: 24,167 (20 17)

Out st anding Share s: Serie BSE: 6,334,651,0 22 (20 18)

Re gist e re d Capit al: INR 50 ,0 0 0 ,0 0 0 ,0 0 0 (20 16)

Financial Audit ors: 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

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 EMIS Business Report, Generated on 2018-03-19

Company Tear Sheet - Share Price information

Last Price 895.30

Volume 271,227

Turnover 243,894,0 99

Previous 90 0 .50

Change -5.20 (-0 .58%)

1 Year Change 38.0 7%

Index CNX 10 0

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
19.0 5
(P/E)

Earnings per Share

92.18
(EPS)

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 Chairman & Managing Director

Hital R Meswani Executive Director

Nikhil R Meswani Executive Director

P M S Prasad Executive Director

Pawan Kumar Kapil Executive Director

Adil Zainulbhai Independent Director

Ashok Misra Independent Director

Dipak C Jain Independent Director

Mansingh L Bhakta Independent Director

Raghunath A Mashelkar Independent Director

Raminder S Gujral Independent Director

Shumeet Banerji Independent Director

Yogendra P Trivedi Independent Director

Nita M Ambani Non Executive & Non Independent Director

Alok Agarwal Chief Financial Officer

K Sethuraman Group Co. Secretary & Chief Compliance Officer

Srikanth Venkatachari Jt. Chief Financial Officer

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 EMIS Business Report, Generated on 2018-03-19

Company Tear Sheet - Ownership Details

Indian Promot e rs 46.2%

FII's 23.42%

Ge ne ral Public 9.37%

Banks Fin. Inst . and Insurance 8.62%

Ot he rs 6.93%

GDR/ADR 2.69%

Mut ual Funds and UT I 2.62%

Gove rnme nt 0 .14%

Privat e Corporat e Bodie s

Company Tear Sheet - Subsidiaries and Affiliates

Af f init y Name s Inc 10 0 % Re liance Et hane Holding Pt e Lt d. 10 0 %

Aurora Algae Inc 10 0 % Re liance Explorat ion & Product ion DMCC 10 0 %

Aurora Algae Pt y Lt d. 10 0 % Re liance Gas Corporat ion Limit e d 10 0 %

Aurora Algae RGV LLC 10 0 % Re liance Gas Pipe line s Lt d. 10 0 %

Bhagyashri Me rcant ile Pvt . Lt d. 10 0 % Re liance Global Busine ss BV 10 0 %

Ce nt ral Park Ent e rprise s DMCC 10 0 % Re liance Global Comme rcial Lt d. 10 0 %

Chit rani Me rcant ile Pvt . Lt d. 10 0 % Re liance Global Ene rgy Se rvice s (Singapore ) Pt e .Lt d. 10 0 %

Clust e r Comme rcial Pvt . Lt d. 10 0 % Re liance Global Ene rgy Se rvice s Lt d. 10 0 %

De vashre e Comme rcials Pvt . Lt d. 10 0 % Re liance Global Mgmt . Se rvice s Lt d. 10 0 %

Dignit y Me rcant ile Pvt . Lt d. 10 0 % Re liance Holding Acquisit ion Corp 10 0 %

Et hane Cryst al LLC 10 0 % Re liance Holding USA Inc 10 0 %

Et hane Eme rald LLC 10 0 % Re liance Indust rial Inve st me nt s & Holdings Lt d. 10 0 %

Et hane Opal LLC 10 0 % Re liance Indust rie s ( Middle East ) Lt d. 10 0 %

Et hane Pe arl LLC 10 0 % Re liance Indust rie s (Middle East ) DMCC 10 0 %

Et hane Sapphire LLC 10 0 % Re liance Indust rie s Inve st me nt & Holding Lt d. 10 0 %

Et hane T opaz LLC 10 0 % Re liance Inf osolut ions Pvt . Lt d. 10 0 %

Gapco Ke nya Lt d. 10 0 % Re liance Inf rast ruct ure Manage me nt Se rvice s Limit e d 10 0 %

Gapco T anzania Lt d. 10 0 % Re liance Innovat ive Building Solut ions Pvt . Lt d. 10 0 %

Gapco Uganda Lt d. 10 0 % Re liance Int e rnat ional B V 10 0 %

Gapoil Z anzibar Lt d. 10 0 % Re liance Int e rnat ional Explorat ion and Product ion, INC 10 0 %

Ge nNe xt Holding Inve st me nt s LLC 10 0 % Re liance J amnagar Inf rast ruct ure Lt d. 10 0 %

Ge nNe xt Innovat ion Ve nt ure s Lt d. 10 0 % Re liance J io Asiainf o Innovat ion Ce nt re Lt d. 10 0 %

Girisha Comme rcials Pvt . Lt d. 10 0 % Re liance J io Digit al Se rvice s Pvt . Lt d. 10 0 %

Gope sh Comme rcials Pvt . Lt d. 10 0 % Re liance J io Inf rat e l Pvt . Lt d. 10 0 %

Indiawin Sport s Pvt .Lt d. 10 0 % Re liance J io Me dia Pvt . Lt d. 10 0 %

Int e rnat ional Oil T rading Lt d. 10 0 % Re liance J io Me ssaging Pvt . Lt d. 10 0 %

Kanhat e ch Solut ions Limit e d 10 0 % Re liance J io Me ssaging Se rvice s Pvt . Lt d. 10 0 %

Mark Proje ct Se rvice s Pvt .Lt d. 10 0 % Re liance Marce llus II LLC 10 0 %

Mode l Economic T ownship Lt d. 10 0 % Re liance Marce llus LLC 10 0 %

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 EMIS Business Report, Generated on 2018-03-19

Ne mit a Comme rcials Pvt . Lt d. 10 0 % Re liance Ne t he rland B.V 10 0 %

Nisarga Comme rcials Pvt . Lt d. 10 0 % Re liance Payme nt Solut ions Lt d. 10 0 %

Prakrut i Comme rcials Pvt . Lt d. 10 0 % Re liance Pe ople Se rve Limit e d 10 0 %

Re cron (Malaysia) Sdn Bhd 10 0 % Re liance Pe t roinve st me nt s Limit e d 10 0 %

Re liance Ae rospace T e chnologie s Lt d. 10 0 % Re liance Ge ms & J e we ls Lt d.

Re liance Ambit T rade Privat e Limit e d 10 0 % Re liance Polyme rs (India) Limit e d 10 0 %

Re liance Aromat ics And Pe t roche micals Limit e d 10 0 % Re liance Polyole f ins Limit e d 10 0 %

Re liance Che micals Limit e d 10 0 % Re liance Progre ssive T rade rs Privat e Limit e d 10 0 %

Re liance Comme rcial De ale rs Lt d. 10 0 % Re liance Ambit T rade Privat e Limit e d (PRODunde f )

Re liance Comme rcial Land & Inf rast ruct ure Limit e d 10 0 % Re liance Re t ail Limit e d (PRODunde f )

Re liance Comme rcial T rading Pvt . Lt d. 10 0 % Re liance Ve nt ure s Limit e d (PRODunde f )

Re liance Comt rade Pvt .Lt d. 10 0 % Re liance Prolif ic Comme rcial Privat e Limit e d 10 0 %

Re liance Conve nt ion And Exhibit ion Ce nt re Limit e d 10 0 % Re liance Prolif ic T rade rs Privat e Limit e d 10 0 %

Re liance Corporat e Ce nt re Limit e d 10 0 % Re liance Re t ail Insurance Broking Limit e d 10 0 %

Re liance Corporat e It Park Limit e d 10 0 % Re liance Re t ail Limit e d 10 0 %

Re liance Corporat e Se rvice s Lt d. 10 0 % De light Prot e ins Lt d. 10 0 %

Re liance Cyprus Lt d. 10 0 % LPG Inf rast ruct ure India Lt d. 10 0 %

Re liance Eagle f ord Midst re am LLC 10 0 % Re liance F&B Se rvice s Lt d. 10 0 %

Re liance Eagle f ord Upst re am GP LLC 10 0 % Re t ail Conce pt s & Se rvice s India Lt d. 10 0 %

Re liance Eagle f ord Upst re am Holding LP 10 0 % Re liance Se curit y Solut ions Lt d. 10 0 %

Re liance Eagle f ord Upst re am LLC 10 0 % Re liance St rat e gic (Maurit ius) Lt d. 10 0 %

Re liance Emine nt T rading & Comme rcial Pvt .Lt d. 10 0 % Re liance Supply Solut ions Pvt . Lt d. 10 0 %

Re liance Ene rgy & Proje ct De ve lopme nt De v.Pvt .Lt d. 10 0 % Re liance T e xt ile s Lt d. 10 0 %

Re liance Ene rgy Ge ne rat ion & Dist ribut ion Lt d. 10 0 % Re liance T re nds Lt d. 10 0 %

Re liance Ene rgy and Proje ct De ve lopme nt 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 2,144,550 ,0 0 0 2,20 5,590 ,0 0 0 2,747,620 ,0 0 0

Net sales revenue 3,0 79,650 ,0 0 0 2,144,550 ,0 0 0 2,20 5,590 ,0 0 0 2,747,620 ,0 0 0

Gross profit N/A N/A N/A N/A

Gross Profit Margin 20 .27% 30 .10 % 28.76% 29.96%

Operating profit (EBIT) 187,360 ,0 0 0 220 ,290 ,0 0 0 256,590 ,0 0 0 338,530 ,0 0 0

Operating Profit (EBIT) Margin 8.14% 12.83% 15.0 4% 14.74%

EBITDA 274,960 ,0 0 0 30 5,0 80 ,0 0 0 339,510 ,0 0 0 457,0 70 ,0 0 0

EBITDA Margin 10 .98% 16.78% 18.80 % 19.0 6%

Net Profit (Loss) for the Period 170 ,260 ,0 0 0 224,770 ,0 0 0 218,50 0 ,0 0 0 265,540 ,0 0 0

Return on Sales (ROS) 5.53% 10 .48% 9.91% 9.66%

Total assets N/A N/A N/A N/A

Current assets N/A N/A N/A N/A

Total liabilities N/A N/A N/A N/A

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 EMIS Business Report, Generated on 2018-03-19

FISCAL PERIOD Q3C-2015 CONSOLID. Q3C-2016 CONSOLID. Q3C-2017 CONSOLID. Q3C-2018 CONSOLID.

Net Debt N/A N/A N/A N/A

Net cash flow from (used in)

N/A N/A N/A N/A
operating activities

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

Note: data in INR Thousands.

Company Tear Sheet - Financial Performance Charts

Company Tear Sheet - Latest M&A and ECM 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)

Reliance
Upstream Marcellus shale Support Activities for Oil
United BKV Chelsea, Kalnin Holding USA
0 6-Oct-17 gas assets in Northeastern Acquisition and Gas Operations, Oil 126.0 0 10 0 .0 0 %
States Ventures Inc, Reliance
and Central Pennsylvania and Gas Extraction
Industries Ltd

Minority Broadcasting (except

20 -Jul-17 India Balaji Telefilms Ltd Reliance Industries Ltd N/A 64.20 24.92%
stake Internet)

Reliance Industrial
Custom Computer
United Minority Investments &
0 1-Jun-16 NetraDyne Inc N/A Programming Services, 16.0 0 40 .0 0 %
States stake Holdings Ltd., Reliance
Software Publishers
Industries Ltd

Kenya, Gasoline Stations,

Reliance
Mauritius, Gulf Africa Petroleum Corp Petroleum and Petroleum
31-May-16 Acquisition Total SA Industries Ltd, 40 0 .0 0 10 0 .0 0 %
Tanzania, (GAPCO) Products Merchant
Fortune Oil Corp
Uganda Wholesalers

Cable and Other

Subscription
Minority Reliance
31-Jul-15 India Prism TV Pvt Ltd Viacom Inc Programming, Motion 153.0 0 50 .0 0 %
stake Industries Ltd
Picture and Video
Production

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

T OT AL OPERAT ING NET PROFIT RET URN ON RET URN ON PRICE PER EARNING PRICE
FISCAL
COMPANY OPERAT ING PROFIT (LOSS) FOR T HE ASSET S EQUIT Y (ROE) EARNING PER REFERENCE
YEAR
REVENUE (EBIT ) PERIOD (ROA) (%) (%) (%) SHARE DAT E

Indian Oil
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
Corporation Ltd.

Reliance
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
Industries Ltd.

Bharat Petroleum
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
Corporation Ltd.

Hindustan
Petroleum 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
Corporation Ltd.

Oil And Natural

Gas Corporation 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
Ltd.

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
185,938,576 232,113 222,867 0 .28 91.18 N/A 20 16
Private Limited

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 10 7,0 36,10 0 3,229,40 0 -8,0 44,20 0 -2.67 -11.40 N/A 20 16
Corporation Ltd.

Pet roleum Ref ineries

T OT AL OPERAT ING NET PROFIT RET URN ON RET URN ON PRICE PER EARNING PRICE
FISCAL
COMPANY OPERAT ING PROFIT (LOSS) FOR T HE ASSET S EQUIT Y (ROE) EARNING PER REFERENCE
YEAR
REVENUE (EBIT ) PERIOD (ROA) (%) (%) (%) SHARE DAT E

Indian Oil
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
Corporation Ltd.

Reliance
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
Industries Ltd.

Bharat Petroleum
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
Corporation Ltd.

Hindustan
Petroleum 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
Corporation Ltd.

Oil And Natural

Gas Corporation 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
Ltd.

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 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
Corporation Ltd.

HPCL Mittal
40 4,864,0 0 0 34,955,0 0 0 17,177,0 0 0 6.10 29.87 N/A 20 16
Energy Ltd.

Bharat Oman
174,957,0 0 0 15,0 48,0 0 0 3,657,80 0 2.55 23.78 N/A 20 16
Refineries Ltd.

Numaligarh
113,0 47,20 0 30 ,770 ,60 0 21,0 0 5,70 0 28.61 40 .14 N/A 20 17
Refinery Ltd

Pet rochemical Manuf act uring

T OT AL OPERAT ING NET PROFIT RET URN ON RET URN ON PRICE PER EARNING PRICE
FISCAL
COMPANY OPERAT ING PROFIT (LOSS) FOR T HE ASSET S (ROA) EQUIT Y (ROE) EARNING PER REFERENCE
YEAR
REVENUE (EBIT ) PERIOD (%) (%) (%) SHARE DAT E

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 EMIS Business Report, Generated on 2018-03-19

Reliance
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
Industries Ltd.

Haldia
Petrochemicals 10 1,714,260 24,562,10 0 14,237,160 21.65 -561.94 N/A 20 16
Ltd

Castrol India Ltd. 33,929,50 0 9,852,40 0 6,749,10 0 35.76 113.29 27.88 13.65 20 18-0 3-16 20 16

Balmer Lawrie &

19,0 15,0 0 0 2,583,40 0 1,70 0 ,80 0 11.62 14.61 N/A 14.92 20 18-0 3-16 20 17
Company Ltd.

Savita Oil
Technologies 15,0 20 ,0 21 1,317,175 936,195 8.18 14.16 14.66 64.11 20 18-0 3-16 20 17
Ltd.

Mitsubishi
Corporation 14,0 59,90 0 337,80 0 218,30 0 5.16 9.10 N/A 20 17
India Pvt. Ltd.

IG
Petrochemicals 11,382,70 0 1,493,40 0 1,0 11,90 0 14.56 25.82 N/A 32.86 20 18-0 3-16 20 17
Ltd.

Tamilnadu
Petroproducts 10 ,178,50 0 530 ,60 0 -137,10 0 1.90 3.30 N/A 1.25 20 18-0 3-16 20 17
Ltd.

Panama
9,0 35,0 0 0 741,80 0 431,80 0 7.0 1 13.86 N/A 10 .71 20 18-0 3-16 20 17
Petrochem Ltd.

Manali
Petrochemicals 7,120 ,60 0 622,90 0 378,40 0 7.83 12.51 N/A 2.20 20 18-0 3-16 20 17
Ltd.

Note: data in INR Thousands.

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 EMIS Business Report, Generated on 2018-03-19

Financial Statements - Annual Statements - EMIS Global Template

REPORTING DETAILS

NAME 2013 2014 2015 2016 2017

Statement type Annual, Cons. Annual, Cons. Annual, Cons. Annual, Cons. Annual, Cons.

Period end date 20 13-0 3-31 20 14-0 3-31 20 15-0 3-31 20 16-0 3-31 20 17-0 3-31

Provider INACERCFIN INACERCFIN INACERCFIN INACERCFIN INACERCFIN

Income Statement

NAME 2013 2014 2015 2016 2017

Exchange rat e use d f or curre ncy

1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)

Total operating revenue 4,162,590 ,0 0 0 .0 0 4,553,40 0 ,0 0 0 .0 0 3,971,0 70 ,0 0 0 .0 0 3,0 43,370 ,0 0 0 .0 0 3,396,230 ,0 0 0 .0 0

Net sales revenue 4,0 83,920 ,0 0 0 .0 0 4,463,390 ,0 0 0 .0 0 3,884,940 ,0 0 0 .0 0 2,960 ,910 ,0 0 0 .0 0 3,30 1,80 0 ,0 0 0 .0 0

Administrative expenses -116,910 ,0 0 0 .0 0 -126,690 ,0 0 0 .0 0 -161,440 ,0 0 0 .0 0 -170 ,860 ,0 0 0 .0 0 -180 ,550 ,0 0 0 .0 0

Changes in inventories of finished

49,540 ,0 0 0 .0 0 5,60 0 ,0 0 0 .0 0 -14,830 ,0 0 0 .0 0 -25,710 ,0 0 0 .0 0 52,180 ,0 0 0 .0 0
goods and work in progress

Raw materials and consumables used -3,267,790 ,0 0 0 .0 0 -3,464,910 ,0 0 0 .0 0 -2,668,620 ,0 0 0 .0 0 -1,581,860 ,0 0 0 .0 0 -1,750 ,870 ,0 0 0 .0 0

Employee benefit expense -51,790 ,0 0 0 .0 0 -55,720 ,0 0 0 .0 0 -62,620 ,0 0 0 .0 0 -77,240 ,0 0 0 .0 0 -83,880 ,0 0 0 .0 0

Wages and salaries -51,790 ,0 0 0 .0 0 -55,720 ,0 0 0 .0 0 -62,620 ,0 0 0 .0 0 -77,240 ,0 0 0 .0 0 -83,880 ,0 0 0 .0 0

Other costs by nature -340 ,330 ,0 0 0 .0 0 -447,60 0 ,0 0 0 .0 0 -572,430 ,0 0 0 .0 0 -636,850 ,0 0 0 .0 0 -840 ,380 ,0 0 0 .0 0

Depreciation, amortization and

-112,320 ,0 0 0 .0 0 -112,0 10 ,0 0 0 .0 0 -115,470 ,0 0 0 .0 0 -129,160 ,0 0 0 .0 0 -116,460 ,0 0 0 .0 0
impairment charges

Net other operating result 52,480 ,0 0 0 .0 0 63,960 ,0 0 0 .0 0 54,770 ,0 0 0 .0 0 56,640 ,0 0 0 .0 0 58,0 70 ,0 0 0 .0 0

Other operating income 78,670 ,0 0 0 .0 0 90 ,0 10 ,0 0 0 .0 0 86,130 ,0 0 0 .0 0 82,460 ,0 0 0 .0 0 94,430 ,0 0 0 .0 0

Other operating expenses -26,190 ,0 0 0 .0 0 -26,0 50 ,0 0 0 .0 0 -31,360 ,0 0 0 .0 0 -25,820 ,0 0 0 .0 0 -36,360 ,0 0 0 .0 0

Operating profit (EBIT) 296,80 0 ,0 0 0 .0 0 326,0 20 ,0 0 0 .0 0 344,30 0 ,0 0 0 .0 0 395,870 ,0 0 0 .0 0 439,910 ,0 0 0 .0 0

EBITDA 40 9,120 ,0 0 0 .0 0 438,0 30 ,0 0 0 .0 0 459,770 ,0 0 0 .0 0 525,0 30 ,0 0 0 .0 0 556,370 ,0 0 0 .0 0

Financial result -34,630 ,0 0 0 .0 0 -38,360 ,0 0 0 .0 0 -33,160 ,0 0 0 .0 0 -36,0 80 ,0 0 0 .0 0 -38,490 ,0 0 0 .0 0

Finance costs -34,630 ,0 0 0 .0 0 -38,360 ,0 0 0 .0 0 -33,160 ,0 0 0 .0 0 -36,0 80 ,0 0 0 .0 0 -38,490 ,0 0 0 .0 0

Interest expense -34,630 ,0 0 0 .0 0 -38,360 ,0 0 0 .0 0 -33,160 ,0 0 0 .0 0 -36,0 80 ,0 0 0 .0 0 -38,490 ,0 0 0 .0 0

Profit before income tax 262,170 ,0 0 0 .0 0 287,660 ,0 0 0 .0 0 311,140 ,0 0 0 .0 0 359,790 ,0 0 0 .0 0 40 1,420 ,0 0 0 .0 0

Income tax -53,310 ,0 0 0 .0 0 -62,150 ,0 0 0 .0 0 -74,740 ,0 0 0 .0 0 -82,640 ,0 0 0 .0 0 -10 2,0 10 ,0 0 0 .0 0

Profit after income tax 20 8,860 ,0 0 0 .0 0 225,510 ,0 0 0 .0 0 236,40 0 ,0 0 0 .0 0 277,150 ,0 0 0 .0 0 299,410 ,0 0 0 .0 0

Net Profit (Loss) for the Period 20 8,860 ,0 0 0 .0 0 225,510 ,0 0 0 .0 0 236,40 0 ,0 0 0 .0 0 277,150 ,0 0 0 .0 0 299,410 ,0 0 0 .0 0

- Profit (loss) attributable to Owners 20 8,790 ,0 0 0 .0 0 224,960 ,0 0 0 .0 0 235,660 ,0 0 0 .0 0 276,30 0 ,0 0 0 .0 0 299,0 10 ,0 0 0 .0 0

- Profit (loss) attributable to Minority

70 ,0 0 0 .0 0 550 ,0 0 0 .0 0 740 ,0 0 0 .0 0 850 ,0 0 0 .0 0 40 0 ,0 0 0 .0 0
Interests

Balance Sheet

NAME 2013 2014 2015 2016 2017

Exchange rat e use d f or curre ncy

1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)

Total assets 3,623,570 ,0 0 0 .0 0 4,288,430 ,0 0 0 .0 0 5,0 44,860 ,0 0 0 .0 0 6,0 62,140 ,0 0 0 .0 0 7,0 68,0 20 ,0 0 0 .0 0

Non-current assets 2,262,870 ,0 0 0 .0 0 2,935,130 ,0 0 0 .0 0 3,993,710 ,0 0 0 .0 0 5,0 19,0 60 ,0 0 0 .0 0 6,0 17,530 ,0 0 0 .0 0

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 EMIS Business Report, Generated on 2018-03-19

Property, plant and equipment 987,150 ,0 0 0 .0 0 972,0 0 0 ,0 0 0 .0 0 991,980 ,0 0 0 .0 0 1,0 77,810 ,0 0 0 .0 0 1,688,220 ,0 0 0 .0 0

Construction in progress 499,520 ,0 0 0 .0 0 914,940 ,0 0 0 .0 0 1,664,620 ,0 0 0 .0 0 2,499,420 ,0 0 0 .0 0 3,248,370 ,0 0 0 .0 0

Intangible assets and goodwill 347,720 ,0 0 0 .0 0 442,170 ,0 0 0 .0 0 572,60 0 ,0 0 0 .0 0 672,50 0 ,0 0 0 .0 0 297,0 40 ,0 0 0 .0 0

Long-term financial assets 428,480 ,0 0 0 .0 0 60 6,0 20 ,0 0 0 .0 0 764,510 ,0 0 0 .0 0 769,330 ,0 0 0 .0 0 783,90 0 ,0 0 0 .0 0

Other non-current financial assets 428,480 ,0 0 0 .0 0 60 6,0 20 ,0 0 0 .0 0 764,510 ,0 0 0 .0 0 769,330 ,0 0 0 .0 0 783,90 0 ,0 0 0 .0 0

Current assets 1,360 ,70 0 ,0 0 0 .0 0 1,353,30 0 ,0 0 0 .0 0 1,0 51,150 ,0 0 0 .0 0 1,0 43,0 80 ,0 0 0 .0 0 1,0 50 ,490 ,0 0 0 .0 0

Inventories 546,0 10 ,0 0 0 .0 0 567,20 0 ,0 0 0 .0 0 532,480 ,0 0 0 .0 0 469,640 ,0 0 0 .0 0 534,60 0 ,0 0 0 .0 0

Other inventories 546,0 10 ,0 0 0 .0 0 567,20 0 ,0 0 0 .0 0 532,480 ,0 0 0 .0 0 469,640 ,0 0 0 .0 0 534,60 0 ,0 0 0 .0 0

Trade and other receivables 97,50 0 ,0 0 0 .0 0 94,110 ,0 0 0 .0 0 53,150 ,0 0 0 .0 0 48,970 ,0 0 0 .0 0 81,770 ,0 0 0 .0 0

Current trade receivables 97,50 0 ,0 0 0 .0 0 94,110 ,0 0 0 .0 0 53,150 ,0 0 0 .0 0 48,970 ,0 0 0 .0 0 81,770 ,0 0 0 .0 0

Short term financial assets 194,80 0 ,0 0 0 .0 0 279,610 ,0 0 0 .0 0 30 7,0 90 ,0 0 0 .0 0 354,550 ,0 0 0 .0 0 122,390 ,0 0 0 .0 0

Cash and Cash Equivalents 50 4,560 ,0 0 0 .0 0 379,840 ,0 0 0 .0 0 125,450 ,0 0 0 .0 0 111,970 ,0 0 0 .0 0 30 ,230 ,0 0 0 .0 0

Cash at banks and on hand 50 4,560 ,0 0 0 .0 0 379,840 ,0 0 0 .0 0 125,450 ,0 0 0 .0 0 111,970 ,0 0 0 .0 0 30 ,230 ,0 0 0 .0 0

Other current assets 17,830 ,0 0 0 .0 0 32,540 ,0 0 0 .0 0 32,980 ,0 0 0 .0 0 57,950 ,0 0 0 .0 0 281,50 0 ,0 0 0 .0 0

Total equity and liabilities 3,623,570 ,0 0 0 .0 0 4,288,430 ,0 0 0 .0 0 5,0 44,860 ,0 0 0 .0 0 6,0 62,140 ,0 0 0 .0 0 7,0 68,0 20 ,0 0 0 .0 0

Total equity 1,820 ,550 ,0 0 0 .0 0 1,986,870 ,0 0 0 .0 0 2,184,990 ,0 0 0 .0 0 2,436,510 ,0 0 0 .0 0 2,637,0 90 ,0 0 0 .0 0

Equity attributable to owners of the

1,820 ,550 ,0 0 0 .0 0 1,986,870 ,0 0 0 .0 0 2,184,990 ,0 0 0 .0 0 2,436,510 ,0 0 0 .0 0 2,637,0 90 ,0 0 0 .0 0
parent

Issued capital 29,360 ,0 0 0 .0 0 29,40 0 ,0 0 0 .0 0 29,430 ,0 0 0 .0 0 29,480 ,0 0 0 .0 0 29,590 ,0 0 0 .0 0

Ordinary shares 29,360 ,0 0 0 .0 0 29,40 0 ,0 0 0 .0 0 29,430 ,0 0 0 .0 0 29,480 ,0 0 0 .0 0 29,590 ,0 0 0 .0 0

Revaluation reserve 16,610 ,0 0 0 .0 0 8,480 ,0 0 0 .0 0 8,270 ,0 0 0 .0 0 8,350 ,0 0 0 .0 0 8,70 0 ,0 0 0 .0 0

Other reserves 1,774,330 ,0 0 0 .0 0 1,948,820 ,0 0 0 .0 0 2,147,120 ,0 0 0 .0 0 2,398,60 0 ,0 0 0 .0 0 2,598,80 0 ,0 0 0 .0 0

Other components of equity 250 ,0 0 0 .0 0 170 ,0 0 0 .0 0 170 ,0 0 0 .0 0 80 ,0 0 0 .0 0 0 .0 0

Total liabilities 1,80 3,0 20 ,0 0 0 .0 0 2,30 1,560 ,0 0 0 .0 0 2,859,870 ,0 0 0 .0 0 3,625,630 ,0 0 0 .0 0 4,430 ,930 ,0 0 0 .0 0

Non-current liabilities 1,0 18,590 ,0 0 0 .0 0 1,466,920 ,0 0 0 .0 0 1,647,540 ,0 0 0 .0 0 1,830 ,290 ,0 0 0 .0 0 2,0 77,910 ,0 0 0 .0 0

Non-current loans and borrowings 893,220 ,0 0 0 .0 0 1,338,0 80 ,0 0 0 .0 0 1,487,420 ,0 0 0 .0 0 1,659,540 ,0 0 0 .0 0 1,836,760 ,0 0 0 .0 0

Provisions for other liabilities and

115,880 ,0 0 0 .0 0 119,250 ,0 0 0 .0 0 129,740 ,0 0 0 .0 0 138,210 ,0 0 0 .0 0 211,980 ,0 0 0 .0 0
charges

Other non-current liabilities 9,490 ,0 0 0 .0 0 9,590 ,0 0 0 .0 0 30 ,380 ,0 0 0 .0 0 32,540 ,0 0 0 .0 0 29,170 ,0 0 0 .0 0

Current liabilities 784,430 ,0 0 0 .0 0 834,640 ,0 0 0 .0 0 1,212,330 ,0 0 0 .0 0 1,795,340 ,0 0 0 .0 0 2,353,0 20 ,0 0 0 .0 0

Trade and other payables 497,0 0 0 ,0 0 0 .0 0 60 8,60 0 ,0 0 0 .0 0 594,0 70 ,0 0 0 .0 0 612,520 ,0 0 0 .0 0 765,950 ,0 0 0 .0 0

Provisions for other liabilities and

50 ,880 ,0 0 0 .0 0 47,360 ,0 0 0 .0 0 69,460 ,0 0 0 .0 0 35,0 50 ,0 0 0 .0 0 41,20 0 ,0 0 0 .0 0
charges

Other current liabilities 236,550 ,0 0 0 .0 0 178,680 ,0 0 0 .0 0 548,80 0 ,0 0 0 .0 0 1,147,770 ,0 0 0 .0 0 1,545,870 ,0 0 0 .0 0

Cash Flow Statement

NAME 2013 2014 2015 2016 2017

Exchange rat e use d f or curre ncy

1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)

Net cash flow from (used in) operating

369,180 ,0 0 0 .0 0 432,610 ,0 0 0 .0 0 343,740 ,0 0 0 .0 0 398,110 ,0 0 0 .0 0 495,50 0 ,0 0 0 .0 0
activities

Net profit 20 8,860 ,0 0 0 .0 0 225,510 ,0 0 0 .0 0 236,40 0 ,0 0 0 .0 0 277,150 ,0 0 0 .0 0 299,410 ,0 0 0 .0 0

Cash generated from operations 10 7,0 10 ,0 0 0 .0 0 144,980 ,0 0 0 .0 0 32,60 0 ,0 0 0 .0 0 38,320 ,0 0 0 .0 0 95,160 ,0 0 0 .0 0

Adjustments for: Other adjustments 10 7,0 10 ,0 0 0 .0 0 144,980 ,0 0 0 .0 0 32,60 0 ,0 0 0 .0 0 38,320 ,0 0 0 .0 0 95,160 ,0 0 0 .0 0

Income tax paid 53,310 ,0 0 0 .0 0 62,150 ,0 0 0 .0 0 74,740 ,0 0 0 .0 0 82,640 ,0 0 0 .0 0 10 2,0 10 ,0 0 0 .0 0

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 EMIS Business Report, Generated on 2018-03-19

Net cash flow from (used in) investing

-276,50 0 ,0 0 0 .0 0 -730 ,70 0 ,0 0 0 .0 0 -648,980 ,0 0 0 .0 0 -383,380 ,0 0 0 .0 0 -662,920 ,0 0 0 .0 0
activities

Other investing activity cash flows -276,50 0 ,0 0 0 .0 0 -730 ,70 0 ,0 0 0 .0 0 -648,980 ,0 0 0 .0 0 -383,380 ,0 0 0 .0 0 -662,920 ,0 0 0 .0 0

Net cash flow from (used in) financing

4,0 80 ,0 0 0 .0 0 137,130 ,0 0 0 .0 0 84,440 ,0 0 0 .0 0 -27,590 ,0 0 0 .0 0 86,170 ,0 0 0 .0 0
activities

Other financing activity cash flow 4,0 80 ,0 0 0 .0 0 137,130 ,0 0 0 .0 0 84,440 ,0 0 0 .0 0 -27,590 ,0 0 0 .0 0 86,170 ,0 0 0 .0 0

Net increase (decrease) in cash and cash

96,760 ,0 0 0 .0 0 -160 ,960 ,0 0 0 .0 0 -220 ,80 0 ,0 0 0 .0 0 -12,860 ,0 0 0 .0 0 -81,250 ,0 0 0 .0 0
equivalents

Cash at the beginning of the period 40 7,80 0 ,0 0 0 .0 0 50 4,560 ,0 0 0 .0 0 345,520 ,0 0 0 .0 0 124,760 ,0 0 0 .0 0 111,140 ,0 0 0 .0 0

Cash at the end of the period 50 4,560 ,0 0 0 .0 0 343,60 0 ,0 0 0 .0 0 124,720 ,0 0 0 .0 0 111,90 0 ,0 0 0 .0 0 29,890 ,0 0 0 .0 0

OTHER INFORMATION

NAME 2013 2014 2015 2016 2017

Statement type Annual, Cons. Annual, Cons. Annual, Cons. Annual, Cons. Annual, Cons.

Begin date of reporting period 20 12-0 4-0 1 20 13-0 4-0 1 20 14-0 4-0 1 20 15-0 4-0 1 20 16-0 4-0 1

Period end date 20 13-0 3-31 20 14-0 3-31 20 15-0 3-31 20 16-0 3-31 20 17-0 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

Source Dion Dion Dion Dion Dion

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 EMIS Business Report, Generated on 2018-03-19

Financial Statements - Ratios

REPORTING DETAILS

NAME 2013 2014 2015 2016 2017

Statement type Annual, Cons. Annual, Cons. Annual, Cons. Annual, Cons. Annual, Cons.

Period end date 20 13-0 3-31 20 14-0 3-31 20 15-0 3-31 20 16-0 3-31 20 17-0 3-31

Provider INACERCFIN INACERCFIN INACERCFIN INACERCFIN INACERCFIN

Ratios

NAME 2013 2014 2015 2016 2017

Exchange rat e use d f or curre ncy

1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)

Profitability

Return on Assets (ROA) 6.60 % 5.98% 5.71% 6.0 0 % 5.82%

Annualised Return on Assets (ROA) 6.60 % 5.98% 5.71% 6.0 0 % 5.82%

Return on Equity (ROE) 11.66% 11.15% 10 .50 % 11.41% 10 .89%

Annualised Return on Equity (ROE) 11.66% 11.15% 10 .50 % 11.41% 10 .89%

Return on Capital Employed 9.21% 8.45% 8.0 1% 8.35% 8.0 5%

Return on Sales (ROS) 8.13% 7.95% 9.67% 16.36% 17.97%

Gross Profit Margin 5.91% 5.66% 7.0 2% 13.11% 14.37%

Operating Profit (EBIT) Margin 8.54% 7.91% 9.60 % 17.21% 17.87%

EBITDA Margin 2.75% 2.51% 2.97% 4.36% 3.53%

Operating ROA 0 .0 0 % 0 .0 0 % 0 .0 0 % 0 .0 0 % 0 .0 0 %

Efficiency

Inventory Turnover 7.48x 7.87x 7.30 x 6.30 x 6.18x

Trade Receivable Turnover 41.89x 47.43x 73.0 9x 60 .46x 40 .38x

Current Asset Turnover 3.0 0 x 3.30 x 3.70 x 2.84x 3.14x

Non-current Asset Turnover 1.80 x 1.52x 0 .97x 0 .59x 0 .55x

Asset Turnover 1.13x 1.0 4x 0 .77x 0 .49x 0 .47x

Trade Payable Turnover 0 .21x 0 .28x 0 .43x 0 .46x 0 .55x

Working Capital Turnover 7.0 9x 8.61x -24.10 x -3.94x -2.53x

Valuation Figures

Bookvalue 1,417,119,90 0 .0 0 1,497,0 59,90 0 .0 0 1,544,139,90 0 .0 0 1,693,559,90 0 .0 0 2,272,589,90 0 .0 0

Enterprise Value 2,90 6,274,393.0 0 3,971,274,372.0 0 4,0 63,0 82,0 66.0 0 4,967,113,350 .0 0 6,115,0 0 2,980 .0 0

Net Cash -3,119,0 10 ,0 0 0 .0 0 -3,90 8,590 ,0 0 0 .0 0 -4,919,410 ,0 0 0 .0 0 -5,950 ,170 ,0 0 0 .0 0 -7,0 37,790 ,0 0 0 .0 0

Net Debt 388,660 ,0 0 0 .0 0 958,240 ,0 0 0 .0 0 1,361,970 ,0 0 0 .0 0 1,547,570 ,0 0 0 .0 0 1,80 6,530 ,0 0 0 .0 0

Working Capital 576,270 ,0 0 0 .0 0 518,660 ,0 0 0 .0 0 -161,180 ,0 0 0 .0 0 -752,260 ,0 0 0 .0 0 -1,30 2,530 ,0 0 0 .0 0

Liquidity

Current Ratio 1.63 1.53 1.0 3 0 .54 0 .43

Quick Ratio 1.12 1.0 3 0 .63 0 .31 0 .21

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 EMIS Business Report, Generated on 2018-03-19

Doom's Day Ratio 0 .64 0 .46 0 .10 0 .0 6 0 .0 1

Cash Ratio 0 .64x 0 .46x 0 .10 x 0 .0 6x 0 .0 1x

Operating Cash Flow Ratio 0 .47x 0 .52x 0 .28x 0 .22x 0 .21x

Leverage

Debt to Total Assets 24.65% 31.20 % 29.48% 27.38% 25.99%

Debt to Equity 30 .0 0 % 43.0 0 % 41.0 0 % 38.0 0 % 35.0 0 %

Long Term Debt to Capital Employed 26.11% 30 .27% 32.77% 34.56% 33.91%

Debt / EBITDA 3.46 8.56 11.80 11.98 15.51

Debt to Enterprise Value 30 .73% 33.69% 36.61% 33.41% 30 .0 4%

Cash Flow to Debt 41.33% 32.33% 23.11% 23.99% 26.98%

Leverage Ratio 1.99x 2.14x 2.30 x 2.48x 2.67x

Growth Trend

Net Sales Revenue Trend 10 .80 % 9.29% -12.96% -23.78% 11.51%

Total Operating Revenue Trend 10 .80 % 9.29% -12.96% -23.78% 11.51%

Gross Profit Trend 11.58% 11.30 % 14.58% 22.45% 20 .90 %

EBITDA Trend -9.43% -0 .28% 3.0 9% 11.86% -9.83%

Net Income Trend 4.29% 7.97% 4.83% 17.24% 8.0 3%

Accounts Receivable Trend -42.44% -3.48% -43.52% -7.86% 66.98%

Inventory Trend 16.94% 3.88% -6.12% -11.80 % 13.83%

Net Property, Plant and Equipment (PP&E)

-4.32% -1.53% 2.0 6% 8.65% 56.63%
Trend

Total Assets Trend 10 .75% 18.35% 17.64% 20 .16% 16.59%

Bookvalue Trend 112.22% 10 5.64% 10 3.14% 10 9.68% 134.19%

Shareholders' Equity Trend 8.75% 9.56% 9.92% 11.44% 8.18%

Cash from Operations Trend 50 .79% 17.18% -20 .54% 15.82% 24.46%

Coverage Ratios

Interest Coverage Ratio 12.78x 12.42x 17.0 4x 19.45x 19.0 8x

Operating Cash Flow to Debt 0 .41x 0 .32x 0 .23x 0 .24x 0 .27x

Performance

Operating Cash Flow to Revenue 9.0 4% 9.69% 8.85% 13.45% 15.0 1%

Operating Cash Flow to Assets 10 .19% 10 .0 9% 6.81% 6.57% 7.0 1%

Operating Cash Flow to Equity 20 .23% 21.64% 15.64% 16.25% 18.70 %

Common-size Ratios

Cash / Total Assets 13.92% 8.86% 2.49% 1.85% 0 .43%

Receivables / Total assets 2.69% 2.19% 1.0 5% 0 .81% 1.16%

Inventories / Total Assets 15.0 7% 13.23% 10 .55% 7.75% 7.56%

Fixed Assets / Total Assets 27.24% 22.67% 19.66% 17.78% 23.89%

Current Liabilities / Total Liabilities 42.42% 35.67% 41.84% 49.0 1% 52.65%

Salaries and Employee Benefits / Net sales 1.27% 1.25% 1.61% 2.61% 2.54%

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 EMIS Business Report, Generated on 2018-03-19

Administrative Expenses / Net Sales 2.86% 2.84% 4.16% 5.77% 5.47%

Depreciation and Amortization / Net sales 2.75% 2.51% 2.97% 4.36% 3.53%

Interest paid / Net sales 0 .85% 0 .86% 0 .85% 1.22% 1.17%

Income tax / Net sales 1.31% 1.39% 1.92% 2.79% 3.0 9%

Operating Cash Flow to Total Cash Flow 381.54% -268.77% -155.68% -3,0 95.72% -60 9.85%

Investing Cash Flow to Total Cash Flow -285.76% 453.96% 293.92% 2,981.18% 815.90 %

Financing Cash Flow to Total Cash Flow 4.22% -85.20 % -38.24% 214.54% -10 6.0 6%

OTHER INFORMATION

NAME 2013 2014 2015 2016 2017

all rat ios calculat e d by e mis

Statement type Annual, Cons. Annual, Cons. Annual, Cons. Annual, Cons. Annual, Cons.

Begin date of reporting period 20 12-0 4-0 1 20 13-0 4-0 1 20 14-0 4-0 1 20 15-0 4-0 1 20 16-0 4-0 1

Period end date 20 13-0 3-31 20 14-0 3-31 20 15-0 3-31 20 16-0 3-31 20 17-0 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

Source Dion Dion Dion Dion Dion

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 EMIS Business Report, Generated on 2018-03-19

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)

Upstream Marcellus Reliance

United shale gas assets in BKV Chelsea, Holding USA Support Activities for Mining, Oil and
0 6-Oct-17 Acquisition 126.0 0 10 0 %
States Northeastern and Kalnin Ventures Inc, Reliance Gas Extraction
Central Pennsylvania Industries Ltd

Minority Reliance Industries

20 -Jul-17 India Balaji Telefilms Ltd N/A Broadcasting (except Internet) 64.20 24.92%
stake Ltd

Reliance Industrial
Investments &
United Minority Computer Systems Design and Related
0 1-Jun-16 NetraDyne Inc Holdings Ltd., N/A 16.0 0 40 %
States stake Services, Software Publishers
Reliance Industries
Ltd

Kenya, Reliance
Gasoline Stations, Petroleum and
Mauritius, Gulf Africa Petroleum Industries Ltd,
31-May-16 Acquisition Total SA Petroleum Products Merchant 40 0 .0 0 10 0 %
Tanzania, Corp (GAPCO) Fortune Oil
Wholesalers
Uganda Corp

Cable and Other Subscription

Minority Reliance
31-Jul-15 India Prism TV Pvt Ltd Viacom Inc Programming, Motion Picture and 153.0 0 50 %
stake Industries Ltd
Sound Recording Industries

Reliance Professional, Scientific, and Technical

United Enterprise Products Industries Ltd, Services, Heavy and Civil Engineering
0 1-Jun-15 EFS Midstream LLC Acquisition 2,150 .0 0 10 0 %
States Partners LP Pioneer Natural Construction, Support Activities for
Resources Co Mining, Natural Gas Extraction

Shandong Jining
Textile business of Minority Reliance
0 9-Dec-14 India Ruyi Woolen Textile Mills N/A 49%
Reliance Industries stake Industries Ltd
Textile Co Ltd

Internet Publishing and Broadcasting

Network18 Media &
Reliance Industries and Web Search Portals, Wired
29-May-14 India Investments Ltd, TV18 Acquisition N/A 678.91 N/A
Ltd Telecommunications Carriers,
Broadcast Ltd.
Broadcasting (except Internet)

Pluspetrol SA,
Minority Reliance
21-Apr-14 Peru 10 8 oil block Woodside Oil and Gas Extraction N/A 30 %
stake Industries Ltd
Petroleum Ltd

Hotel
Reliance Industries
19-Feb-13 India Chennai IT park Acquisition Leelaventure Real Estate 31.19 10 0 %
Ltd
Ltd

BP Chemicals Reliance Industries BP Plc (BP

28-Sep-12 Malaysia Acquisition Basic Chemical Manufacturing 230 .0 0 10 0 %
(Malaysia) Sdn Bhd Ltd Group)

Minority PT Medco Energi Reliance

0 6-Aug-12 Yemen Block 9 (Malik) Oil and Gas Extraction 90 .0 0 21.25%
stake Internasional Tbk Industries Ltd

Operation rights for

Reliance
19-Jul-12 Iraq Sarta and Rovi blocks Acquisition Chevron Corp Oil and Gas Extraction 20 0 .0 0 80 %
Industries Ltd
in Kurdistan Region

East India Hotels (EIH) Minority Reliance Industries Gaylord Impex,

0 3-Mar-12 India Accommodation 38.61 3.73%
Ltd stake Ltd Pivet Finance

Sibur Holding, Resin, Synthetic Rubber, and Artificial

Reliance Sibur Joint
21-Feb-12 India Reliance Industries N/A and Synthetic Fibers and Filaments N/A N/A
Elastomers Pvt Ltd venture
Ltd Manufacturing

United Minority Reliance Industries

22-Dec-11 Terra Power LLC N/A Nuclear Electric Power Generation N/A N/A
States stake Ltd

Reliance Industries
Joint
25-Jul-11 Australia RIL Australia Ltd, UXA N/A Mining (except Oil and Gas) N/A N/A
venture
Resources Ltd

Share buy- Undisclosed Reliance

15-Jun-11 India Deccan 360 Air Transportation N/A N/A
back investor(s) Industries Ltd

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 EMIS Business Report, Generated on 2018-03-19

Bharti AXA Life

Insurance Co Ltd, Reliance Industries Bharti Insurance Carriers and Related
11-Jun-11 India Acquisition 1,10 2.29 74%
Bharti AXA General Ltd Enterprises Activities
Insurance Co Ltd

Reliance Industries - Reliance Industries Securities, Commodity Contracts, and

Joint
28-Mar-11 India The D.E. Shaw Group - Ltd, The D. E. Shaw N/A Other Financial Investments and N/A N/A
venture
JV Group Related Activities

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 Carriers

12-Dec-17 Reliance Jio Infocomm Limited India IPO N/A
side (except Satellite)

Sell- Atlas Energy Inc, Eagle Ford shale acreage United States, Minority
17-Oct-17 Oil and Gas Extraction N/A
side of Pioneer Natural Resources Company (JV) United States stake

Poland, Reliance
Buy-
0 7-Jun-13 Shale gas fields Canada, United Oil and Gas Extraction Acquisition Industries
side
States Ltd

Colombia, Peru,
Sell-
11-Feb-13 Overseas oil and gas blocks of RIL Yemen, Oil and Gas Extraction Acquisition N/A
side
Australia

Reliance
Buy-
16-Aug-12 Malaysian Petrochemical Plant of BP Malaysia Petrochemical Manufacturing Acquisition Industries
side
Ltd

Sell- Operation rights for Sarta and Rovi blocks in Chevron

17-Jul-12 Iraq Oil and Gas Extraction Acquisition
side Kurdistan Region Corp

Sell-
21-Jun-12 N/A Textile Mills Acquisition N/A
side

Reliance
Buy-
18-Oct-11 Gas exploration and extraction licenses Poland Oil and Gas Extraction Acquisition Industries
side
Ltd

Reliance
Buy- Mining, Quarrying, and Oil and Gas
14-Jun-10 Energy assets United States Acquisition Industries
side Extraction
Ltd

Distilleries, Sugar and Confectionery Acquisition; Reliance

Buy-
0 8-Apr-10 Oil blocks, Sugar and alcohol refineries Brazil, Brazil Product Manufacturing, Oil and Gas Minority Industries
side
Extraction stake Ltd

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 EMIS Business Report, Generated on 2018-03-19

EMIS Credit Analytics - Summary

Fiscal year: 2016 Industry:
Companies in Industries: 29 Petrochemical Manufacturing

EMIS Financial Score

EMIS Financial Score was affected by Conditions:

Negative Operating Cash Generation

Negative Net Operating Cashflow

Negative Cash Flow after Financial Costs

EMIS Benchmark Score EMIS T rend Score EMIS Credit Quota

B Low Risk C Average risk

6,123.27
This company is scored higher than Tens of Millions (INR)
P&L B
67.24
only 67.24% of companies in the
industry, which equates to B - Low
Risk on the Business Scale. Balance Sheet C Expected
Participation in 15%
Cash Flow C Customer's Credit

Average Ranking: 10 in 29 companies Re marks: Re marks:

EMIS Trend Score is calculated based on the 2 Credit Quota Recommended was calculated
RELAT IVE RELAT IVE
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

Fiscal year: 2016 Industry:
Companies in Industries: 29 Petrochemical Manufacturing

EMIS Financial Score

EMIS Financial Score was affected by Conditions:

Negative Operating Cash Generation

Negative Net Operating Cashflow

Negative Cash Flow after Financial Costs

Criteria Weight Score Final Score

I. EMIS Benchmark Score 50% 2.00 B Low Risk

SIZ E RANKING SCORE GROWT H RANKING SCORE

Sales 1 10 0 .0 0 Net Sales Growth Rate % 23 24.14

Assets 1 10 0 .0 0 Inc. / Dec. in Assets 7 79.31

Profit 1 10 0 .0 0 Inc. / Dec.in Net Income 16 48.28

Total Shareholders' Equity 1 10 0 .0 0 Increase (Decrease) in Equity 14 55.17

Ave rage Size 1 100.00 Ave rage Growt h 15 51.7 3

PROFIT ABILIT Y RANKING SCORE INDEBT EDNESS RANKING SCORE

Net Income / Net Sales 8 75.86 Indebtedness 12 62.0 7

Return On Assets 15 51.72 Leverage 15 51.72

Net Income / Net Worth 12 62.0 7 Total Liabilities / Sales 21 31.0 3

Ave rage Prof it abilit y 12 63.22 Ave rage Inde bt e dne ss 16 4 8.27

EMIS Benchmark Score 67.24

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 EMIS Business Report, Generated on 2018-03-19

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 2016 T OT AL

Sales Growth 3 3

Operating Profit / Sales 2 2

Net Income / Sales 1 1

T ot al P&L 2.00 2.00

B Low Risk

BALANCE 2016 T OT AL

Days Receivables 3 3

Days Inventory 3 3

Current Ratio 1 1

Indebtness (Total Assets/Total Liabilities) 1 1

Total Liabilities / Sales 3 3

T ot al Balance 2.27 2.27

C Average risk

CASH FLOW 2016 T OT AL

Cash from Sales 3 3

Cash for Production 1 1

Negative Operating Cash Generation
Cash for Operation 1 1 Negative Cash FlowNegative Cash Flow after
Financial Costs
Net Operation Cash Generation (NOCG) 1 1

Free Cash Flow 1 1

Cash Flow After Financial Expenses 1 1

Cash Flow After Financial 1 1

Reduction in Debt 2 2

T ot al Cash Flow 1.30 2.65

C Average risk

III. EMIS Financial Score 100% 2.65 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

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 EMIS Business Report, Generated on 2018-03-19

EMIS Credit Analytics - EMIS Benchmark Score

Fiscal year: 2016 Industry:
Companies in Industries: 29 Petrochemical Manufacturing

EMIS Benchmark Score

(Against Industry)

67.24

SIZ E RANKING SCORE GROWT H RANKING SCORE

Sales 1 10 0 .0 0 Net Sales Growth Rate % 23 24.14

Assets 1 10 0 .0 0 Inc. / Dec. in Assets 7 79.31

Profit 1 10 0 .0 0 Inc. / Dec.in Net Income 16 48.28

Total Shareholders' Equity 1 10 0 .0 0 Increase (Decrease) in Equity 14 55.17

Ave rage Size 1 100.00 Ave rage Growt h 15 51.7 3

PROFIT ABILIT Y RANKING SCORE INDEBT EDNESS RANKING SCORE

Net Income / Net Sales 8 75.86 Indebtedness 12 62.0 7

Return On Assets 15 51.72 Leverage 15 51.72

Net Income / Net Worth 12 62.0 7 Total Liabilities / Sales 21 31.0 3

Ave rage Prof it abilit y 12 63.22 Ave rage Inde bt e dne ss 16 4 8.27

Ave rage Ranking 10

EMIS Credit Analytics - EMIS Credit Quota

Fiscal year: 2016 Industry:
Companies in Industries: 29 Petrochemical Manufacturing
Key parameters af f ecting quota value
EMIS Credit Quota 6,123.27 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 60 6,214.0 0 Suppliers / Assets 9.87% 59,838.0 4

Net Worth 242,80 8.0 0 Suppliers / Net worth 25.25% 61,315.0 3

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 EMIS Business Report, Generated on 2018-03-19

Tangible Net Worth 241,973.0 0 Suppliers / Tangible Net Worth 25.57% 61,863.74

Net Sales 296,0 91.0 0 Suppliers / Net Sales 19.90 % 58,927.87

Cost of Goods Sold 215,20 1.0 0 Suppliers / Cost of Goods Sold 27.49% 59,155.13

Operating Profit 0 .0 0 Suppliers / Operating Profit 1,426.78% 0 .0 0

Net Profit 27,715.0 0 Suppliers / Net Profit 211.49% 58,615.59

SUPPLIERS 61,252.00

Net Sales 296,0 91.0 0 Financial Liabilities / Net Sales 12.39% 36,698.52

Assets 60 6,214.0 0 Financial Liablities / Assets 6.15% 37,265.34

FINANCIAL LIABILIT IES 0.00

Operating Cycle 84.52 Operating Cycle 8,60 7.93% 51,456.53

Suppliers Turnover 10 2.47 Suppliers Turnover 9,895.79% 59,155.13

AVERAGE CREDIT BASED ON INDUST RY: 54 ,4 29.09

Source: EMIS Company Database

Credit Quota Calculation:

AVERAGE CREDIT

(BASED ON INDUSTRY)

54,429.09 CALCULAT ED CREDIT

TENS OF MILLIONS (INR) (AVERAGE X PARTICIPATION)

X = 8,164.36
EXPECT ED PART ICIPAT ION TENS OF MILLIONS (INR)
CREDIT QUOT A
(IN CUSTOMER'S CREDIT) (ADJUSTED BY SCORE)

15% =
X 6,123.27
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

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 EMIS Business Report, Generated on 2018-03-19

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

Balance Sub T ot al 44
EMIS Trend Score 50%

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%

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 EMIS Business Report, Generated on 2018-03-19

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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