financial accounting assingment, Assignments of Financial Accounting

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1- A letter from chairman

2- A letter from CEO to shareholders

3- Performance highlights for 5-10 years

4- Financial statement of the preceding year

5- Performance and outlook for future years

6- Board’s report

7- Management discussion and analysis

8- Financial statement

Balance sheet

Income statement

Cash flow statement

Notes to financial statements

9- Risk and Governance

10- Awards and recognition

The dedication and commitment of our employees have been instrumental in our success. Their relentless pursuit of excellence, coupled with their unwavering loyalty to Reliance Industries, has set us apart as an organization. I would like to extend my heartfelt appreciation to every member of the Reliance family for their contributions and hard work.

Looking ahead, we remain optimistic about the future and the opportunities that lie ahead. We will continue to prioritize sustainable growth, innovation, and the welfare of our stakeholders. With our strong foundations, diverse portfolio, and the unparalleled talent within our organization, I am confident that Reliance Industries will scale new heights and achieve even greater success in the coming years.

I would like to express my gratitude to our esteemed shareholders, customers, partners, and all stakeholders for their continued trust and support. Your faith in our vision and relentless pursuit of excellence have been instrumental in our journey thus far.

In conclusion, I extend my heartfelt thanks to each and every member of the Reliance family for their commitment, dedication, and resilience. Together, we will shape a brighter future for Reliance Industries, our communities, and our nation.

Wishing you good health and continued success.

Warm regards,

[Your Name]

[Your Designation]

[Reliance Industries Limited]

LETTER FROM CHAIRMAN

2 - LETTER FROM CEO TO

SHAREHOLDERS

Reliance Ltd.

Annual Report 2023

Dear Shareholders,

We are pleased to present the Board of Directors' Report for Reliance Ltd. for the fiscal year

2022-2023. This report provides an overview of our company's performance,

achievements, and future prospects.

Financial Performance:

Reliance Ltd. has achieved significant financial growth during the fiscal year. Our total

revenue increased by 15% to reach $XX billion, compared to the previous year. This growth

can be attributed to the successful execution of our strategic initiatives and the dedication

of our employees. We have maintained a strong profitability position, with a net profit of

$XX billion, representing a growth of XX% over the previous year.

Operational Highlights:

During the year, Reliance Ltd. continued to strengthen its position as a market leader in

various sectors. Our key operational highlights include:

1. Telecom: Reliance Jio, our flagship telecommunications subsidiary, witnessed robust

growth in subscriber base, reaching XX million customers. The introduction of innovative

data plans and seamless connectivity solutions has helped us capture a significant market

share and enhance customer satisfaction.

2. Energy: Our energy division has continued to expand its presence in the oil and gas

sector. We have successfully commissioned new projects and increased production

capacity, contributing to the energy security of the nation.

3. Retail: Reliance Retail, our retail subsidiary, has achieved remarkable growth and

consolidation during the year. We have expanded our store network, introduced new

formats, and strengthened our e-commerce capabilities. Our focus on customer experience

and value proposition has driven increased footfall and sales.

4. Digital Services: Reliance Digital has emerged as a leading player in the digital services

industry. Our digital platforms and applications have witnessed significant user adoption,

with millions of users benefiting from our diverse range of services.

Corporate Social Responsibility (CSR):

At Reliance Ltd., we believe in the importance of creating a positive impact on society. Our

CSR initiatives have focused on education, healthcare, rural development, and

environmental sustainability. During the year, we have invested $XX million in various CSR

projects, positively impacting the lives of millions of people across the country.

Outlook and Future Prospects:

We remain optimistic about the future prospects of Reliance Ltd. We will continue to

leverage technology and innovation to drive growth across our business verticals. Our

ongoing investments in research and development, digital infrastructure, and talent

development will enable us to stay ahead in a rapidly evolving market.

We extend our heartfelt gratitude to our shareholders, customers, employees, and business

partners for their unwavering support. We are committed to creating long-term value and

delivering sustainable growth for all stakeholders.

On behalf of the Board of Directors, I would like to express my appreciation to our

dedicated employees for their hard work and commitment to excellence. Our success is a

testament to their skills and relentless efforts.

We look forward to another year of growth and prosperity for Reliance Ltd.

Thank you.

Sincerely,

[Name]

Chairman, Reliance Ltd.

4 - FINANCIAL STATEMENTS OF THE PRECEDING

YEAR

At Reliance, our growth roadmap is built around our three hyper-growth engines. These characterise our long-term strategy and fuel our next wave of exponential growth

The Extract of the annual return as

provided as u/s 92(3)

the Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached to the report on Corporate Governance

Directors’ Responsibility Statement

Directors stated that:

a) In the preparation of the annual accounts for the year ended March 31, 2022, the applicable accounting standards read with requirements set out under Schedule III to the Act have been followed and there are no material departures from the same;

b)The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2022 and of the profit of the Company for the year ended on that date;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors have prepared the annual accounts on a going concern basis;

e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively

Business Responsibility Report

In accordance with the Listing Regulations, the Business Responsibility Report (BRR) describing the initiatives taken by the Company from an environmental, social and governance perspective is available on the Company’s website and can be accessed

Risk Management

The Company has a structured Group Risk Management Framework, designed to identify, assess and mitigate risks appropriately. The Risk Management Committee has been entrusted with the responsibility to assist the Board in: a) overseeing and approving the Company’s enterprise wide risk management framework; and b) ensuring that all material Strategic and Commercial including Cybersecurity, Safety and Operations, Compliance, Control and Financial risks have been identified and assessed and ensuring that all adequate risk mitigations are in place, to address these risks. Further details on the Risk Management activities including the implementation of risk management policy, key risks identified and their mitigations are covered in Management Discussion and Analysis section, which forms part of the Annual Report.

Directors and Key Managerial

Personnel In accordance with the provisions of the Act and the Articles of Association of the Company, Shri Hital R. Meswani and Smt. Nita M. Ambani, Directors of the Company, retire by rotation at the ensuing Annual General Meeting. The Board of Directors, on the recommendation of the Human Resources, Nomination and Remuneration (“HRNR”) Committee, has recommended their re- appointment.

Performance Evaluation

The Company has a policy for performance evaluation of the Board, Committees and other individual Directors (including Independent Directors) which includes criteria for performance evaluation of Non- Executive Directors and Executive Directors. In accordance with the manner of evaluation specified by the HRNR Committee, the Board carried out annual performance evaluation of the Board, its Committees and Individual Directors. The Independent Directors carried out annual performance evaluation of the Chairman, the non-independent directors and the Board as a whole. The Chairman of the respective Committees shared the report on evaluation with the respective Committee members. The performance of each Committee was evaluated by the Board based on the report of evaluation received from the respective Committees.

Employees’ Stock Option Schemes

The Employee Stock Option Scheme–2006 (“ESOS–2006”) was withdrawn during FY 2017-18. However, options granted under ESOS–2006, but pending to be exercised, continued to be governed by ESOS-

2006. As on March 31, 2022, there were no outstanding options under ESOS - 2006.

Auditors and Auditors’ Report

Auditors S R B C & CO LLP, Chartered Accountants and D T S & Associates LLP, Chartered Accountants will complete their present term on conclusion of the ensuing Annual General Meeting. The Auditors’ Report does not contain any qualification, reservation, adverse remark or disclaimer. The Notes on financial statement referred to in the Auditors’ Report are selfexplanatory and do not call for any further comments. The Board has recommended the appointment of Deloitte Haskins & Sells LLP, Chartered Accountants and Chaturvedi & Shah LLP, Chartered Accountants, as Auditors of the Company, for a period from the conclusion of forty-fifth Annual General Meeting till the conclusion of fiftieth Annual General Meeting of the Company. Deloitte Haskins & Sells LLP and Chaturvedi & Shah LLP have confirmed their eligibility and qualification required under the Act for holding the office as Auditors of the Company

Disclosures

 Meetings of the Board Five Meetings of the Board of Directors were held during the year. The particulars of the meetings held and attendance of each Director are detailed in the Corporate Governance Report.

 Audit Committee During the year under review, Shri Yogendra P. Trivedi demitted office as a Director of the Company and consequently ceased to be the chairman and member of the Audit Committee. The Audit Committee presently comprises Shri Raminder Singh Gujral (Chairman), Dr. Raghunath A. Mashelkar, Shri Adil Zainulbhai and Shri K. V. Chowdary. All the recommendations made by the Audit Committee were accepted by the Board.

Particulars of loans given, investments made, guarantees given and securities provided

Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security provided is proposed to be utilised by the recipient are provided in the Standalone Financial Statement

7-ManageMent’s discussion and analysis

Reliance Industries Limited (Reliance Ltd) is a conglomerate company operating in various sectors including refining, petrochemicals, oil and gas exploration, telecommunications, retail,

and more.

 Economic Context and Operational Highlights

The Indian economy is estimated to decline by 8% in FY 2020-21, the first year of contraction since 1980. India’s economic decline was sharper than other key economies due to strict and early lockdowns to control the spread of COVID-19. However, growth has continued to recover and was back in positive territory (+0.4%) in 3Q FY 2021 after a decline of 24.4% and 7.3% respectively in 1Q FY 2021 and 2Q FY 2021. The Reserve Bank of India (RBI), and the central and state governments provided critical support to the economy during the crisis. The RBI maintained loose monetary policy, cutting repo rates by 115 bps during early CY 2020. To keep funding markets easy, the RBI maintained liquidity surplus through various monetary measures

 Financial Performance and Review

 Liquidity and Capital Resources

Reliance maintains a strong focus on liquidity to ensure that the Group always has adequate cover to face any potential short-term market disruptions. Reliance maintained a strong liquidity position in its balance sheet in the form of cash and cash equivalents. Cashflow from operating activities continued to remain strong. The slowdown in hydrocarbons was compensated by the strong growth in consumer businesses. Reliance’s liquidity management and investment plans are created within the context of its strategic and annual financial planning processes. The plans are reviewed on an ongoing FY 2020-21 has been a year of unprecedented volatility in the financial market and liquidity conditions. Reliance has been able to successfully navigate this volatility. The Company has successfully completed one of the largest equity capital raise programmes and has repaid debt liabilities including US$7.8 billion of ECB borrowings, the largest ever such prepayment programme undertaken by any corporate entity in India.

The Company remains firmly committed to efficient financing of its working capital, across all formats of businesses, and maintains a strong liquidity position with more than `2.5 lakh crore of cash and cash equivalent in its consolidated balance sheet. basis to factor in evolving global and domestic macro factors. Reliance maintains sufficient working capital resources for running all its businesses smoothly. It continuously monitors and optimises working capital requirements by actively leveraging trade financing solutions covering receivable and payment products and executing innovative structured trade products. The investment portfolio balances well between the dual objectives of generating optimal returns with appropriate risk/reward and maintaining the assurance of liquidity at short notice.

 Business Overview Analysis and description of all major business segments of Reliance covering brands, strategic advantages and competitive strengths. The discussion structure covers the market environment the business operates in and how Reliance’s business model and operational excellence helped achieve a strong performance

8-FINANCIAL STATEMENTS

The financial statements section includes the consolidated balance sheet, income

statement, cash flow statement, and accompanying notes. These statements provide a

comprehensive view of our financial position, operating results, and cash flows during

the fiscal year

9-Risk and Governance

Reliance’s Risk Management Framework is designed to be a simple, consistent and clear framework for managing and reporting risks from the Group’s operations to the Board. The Board provides oversight through various Risk and Executive Committees as below: