TO THE MEMBERS OF
RELIANCE INDUSTRIES LIMITED
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying standalone financial statements of RelianceIndustries Limited ("the Company"), which comprise the Balance Sheet as atMarch 31, 2015, the Profit and Loss Statement, the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.
MANAGEMENTS RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition, financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)Rules, 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design, implementation and maintenance of adequate internalfinancial controls, that were operating effectively for ensuring the accuracy andcompleteness of the accounting records, relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
We have taken into account the provisions of the Act, the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Companys directors, as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us, the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India, of the state of affairs of the Companyas at March 31, 2015, and its profit and its cash flows for the year ended on that date.
The financial statements and other financial information include the Companysproportionate share in jointly controlled assets of Rs. 967 crore, liabilities of Rs. 190crore, expenditure of Rs. 440 crore and the elements making up the Cash Flow Statement andrelated disclosures in respect of an Unincorporated Joint Venture which is based onstatements from the respective Operators and certified by the management. Our opinion isnot qualified / modified in respect of this matter.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;
b) In our opinion, proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.
c) The Balance Sheet, the Profit and Loss Statement, and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act, read with Rule 7 of theCompanies (Accounts) Rules, 2014;
e) On the basis of the written representations received from the directors as on March31, 2015, taken on record by the Board of Directors, none of the directors is disqualifiedas on March 31, 2015, from being appointed as a director in terms of Section 164 (2) ofthe Act.
f) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinionand to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to in Note 33.2 (d), (e) and Note 34 tothe financial statements.
(ii) The Company has made provision, as required under the applicable law or accountingstandards, for material foreseeable losses, if any, and as required on long-term contractsincluding derivative contracts.
(iii) There has been no delay in transferring amounts, required to be transferred, tothe Investor Education and Protection Fund by the Company except a sum of Rs. 15 crore,which are held in abeyance due to pending legal cases.
|For Chaturvedi & Shah ||For Deloitte Haskins & Sells LLP ||For Rajendra & Co. |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants |
|(Registration No. 101720W) ||(Registration No. 117366W/ W-100018) ||(Registration No. 108355W) |
|D. Chaturvedi ||A. B. Jani ||A. R. Shah |
|Partner ||Partner ||Partner |
|Membership No.: 5611 ||Membership No.: 46488 ||Membership No.:47166 |
|Mumbai || || |
|Date : April 17, 2015 || || |