14-01-2014, 03:22 PM
Financial reporting And cost control
Introduction
Reliance Industries Ltd is an India-based company.
They are the first private sector company from India to feature in the Fortune Global 500 list of 'World's Largest Corporations' and ranks 117th amongst the world's Top 200 companies in terms of profits.
The company operates in three business segments: petrochemicals, refining, and oil and gas.
Back Ground:
1966 - RIL was founded by Shri Dhirubhai H.Ambani, it started as a small textile manufacturing unit (from textile into a petrochemical major)
1979- Set up a texturising / twisting facilities
1986- Set up plants for Polyester Staple Fiber (PSF)
1995-96- Entered the telecom industry through a joint venture with NYNEX, USA and promoted Reliance Telecom Private Limited in India.
1998-99- Introduced packaged LPG in 15 kg cylinders -Reliance Gas.
Management systems
The Management Systems ensures that the business is conducted profitably, responsibly and in adherence to globally recognized benchmarks and standards in quality management, risk management and environment & safety management
Given the raw materials and the products that are handled the risk management systems are designed to ensure that all the assets are safeguarded and protected against any kind of loss including property and mankind .
Compliance levels and core values are reviewed by an independent audit committee supported by internal audit team, responsible for inspecting and improving the efficacy of risk management and governance processes.
Corporate governance
They have a designated Lead Independent Director with a defined role.
All securities related filings with stock exchanges and SEBI are reviewed every quarter by the Shareholders’/Investors’ Grievance Committee of Directors of the Company.
They have an independent Board Committee for matters related to corporate governance and stakeholders’ interface and nomination of Board members.
Internal audit is conducted by independent auditors.
The Company also undergoes secretarial audit conducted by an independent company secretary who is in full-time practice. The quarterly audit reports are placed before the Board and the annual audit report placed before the Board is included in the Annual Report.
They consider stakeholders as partners in our success and we remain committed to maximizing stakeholder value. Our customers have benefited from high quality products delivered at highly competitive prices.
Awards and recognition
Shri. Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Ltd. received the ‘Business Leader of the Year’ award at the Hello Hall of Fame Awards, 2011.
RIL continues to be featured for the seventh consecutive year, in the Fortune Global 500 list of the World’s Largest Corporations and ranked 99th based on Revenues .
RIL is the only Indian company to feature in “2012 Global 100 Most Sustainable Companies of the world” by Corporate Knights
Jamnagar DTA Refinery was honoured with the Five Star Award for Health & Safety Management by the British Safety Council, UK.
Jamnagar SEZ Refinery received the Golden Peacock Environment Management Award for the year 2011 from GPA Secretariat, New Delhi