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Saturday, January 8, 2011

Reliance Industries Ltd_2009-10 _some oddities

While reading the RIL annual report, I noticed a few interesting things
-It has purchased 19.85 Lakh of shares of Den Networks Ltd @ Rs 191(Pg 187). Considering that the issue was soundly criticized on the street, this is interesting.

-Though nearly 90% of total assets/ liabilities have been allocated to segments, interest income/expense has not been thus allocated. Strange(Pg 176)

-The company proudly boasts of contributing 5.6% to the Govt's indirect tax revenues BUT firstly we should take the net amount paid in cash(post Cenvat credit) and THEN this amount comes from the customers who have really paid it. If RIL had paid 5.6% of direct tax revenues that would be commendable but what can you expect from a company which first began paying Corp taxes from 1997(according to Hamish Mc Donald's new book)

This is not to detract from the company's other achievements but these are the things that strike the eye. 

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