Rating Rationale
April 06, 2020 | Mumbai
Reliance Industries Limited
'CRISIL AAA/Stable' assigned to NCD
 
Rating Action
Total Bank Loan Facilities Rated Rs.65000 Crore
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
 
Rs.15000 Crore Non Convertible Debentures CRISIL AAA/Stable (Assigned)
Rs.19000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.8000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.2000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.10000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.10000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.10000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.34500 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
The common independent director on CRISIL's and RIL's boards did not participate in the rating committee meeting and the rating process of these instruments.
Detailed Rationale

CRISIL has assigned its 'CRISIL AAA/Stable' rating to the Rs 15,000 crore non-convertible debentures (NCDs) of Reliance Industries Limited (RIL) and reaffirmed its 'CRISIL AAA/Stable/CRISIL A1+' ratings on the company's existing debt instruments and bank facilities.
 
Reliance Jio Infocomm Ltd (RJIL; 'CRISIL AAA/Stable/CRISIL A1+') has recently transferred a part of its liabilities, including NCDs to the tune of Rs. 18,886 crore, to RIL. As a part of this re-organization, RIL has infused about Rs. 1.08 lakh crore in its wholly owned subsidiary, Jio Platforms Ltd, which will comprise the group's ventures into digital businesses, including RJIL.
 
The ratings continue to reflect RIL's leadership in the petrochemicals industry in India and strong competitiveness in the global oil refining business, leadership position attained by RJIL in the telecom industry and Reliance Retail Ltd (RRL; 'CRISIL AAA/Stable/CRISIL A1+') in the retail industry, and its exceptional financial flexibility. These strengths are partially offset by RIL's moderately high leverage, though it is expected to reduce over the medium term.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of RIL and its subsidiaries, RJIL and RRL, as these entities are a part of core operations of RIL.

CRISIL has also fully consolidated group companies that are strategically important to RIL, and have significant operational linkages with it. These companies are part of the Reliance Industries Holding Pvt Ltd group, viz. Jamnagar Utilities and Power Pvt Ltd (JUPPL; formerly, Reliance Utilities & Power Pvt Ltd; 'CRISIL AAA/CCR AAA/Stable/CRISIL A1+'), Sikka Ports & Terminals Ltd (SPTL; formerly, Reliance Ports and Terminals Ltd; 'CRISIL AAA/Stable/CRISIL A1+'), and East West Pipeline Ltd (EWPL; formerly, Reliance Gas Transportation Infrastructure Ltd; 'CRISIL A1+'). CRISIL considers these entities as strategic given their strong integration with RIL's oils-to-chemicals operations. CRISIL has also combined the financials of RIL's subsidiaries to reflect their operational/financial linkages with itself.

RIL has transferred the fibre and tower assets of RJIL, along with a portion of liabilities, into two special purpose vehicles (SPVs): Jio Digital Fibre Pvt Ltd (JDFPL; 'CRISIL AAA/Stable/CRISIL A1+') and Reliance Jio Infratel Pvt Ltd (RJIPL; 'CRISIL AAA/Stable') that are held by separate trusts. While the SPVs operate independently, RJIL has entered into off-take arrangements given the criticality of these assets for its operations. CRISIL has capitalised the present value of a part of payments as per long-term tower contracts with RJIPL, as per the applicable accounting standards. CRISIL has followed a similar approach for contractual payments made to Pipeline Infrastructure Pvt Ltd ('CRISIL AAA/Stable').

Pass-through certificates (PTCs) issued by First Business Receivables Trust ('Provisional CRISIL AAA(SO)/Stable'), under a securitisation transaction originated by RIL, have been added to debt. Similarly, PTCs issued by various trusts, originated by RRL, for taking JioPhones on lease for 3 years, have been added to debt.

Deferred payment liabilities of RJIL towards the Department of Telecommunication (DoT) for acquisition of spectrum stood at Rs 19,745 crore as on September30, 2019. These have been considered as debt too.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
Strengths
* Leadership in the petrochemicals industry in India
RIL is among the top global petrochemical manufacturers. It is the largest producer of Paraxylene, and the second largest for polyester fibre. Moreover, it is the fourth largest producer of Purified Terephthalic Acid (PTA) and the fifth largest for Polypropylene. In India, RIL accounts for nearly half of the total domestic cracker (ethylene) capacity, and has a production share of more than 50 percent in the polymers (PE, PP and PVC) market. Its strong market position helps it operate its petrochemical plants at full capacity and also benefits from its large scale. 
 
RIL completed its large capital expenditure (capex) plan in this segment in 2019, which has increased its manufacturing capacity significantly, with volumes increasing from about 22 mn MT in fiscal 2015 to over 37 mn MT in fiscal 2019. RIL now operates the world's largest ethane transportation and cracker facility, which enables a sizeable import of the gas from North America. This provides RIL with flexibility to operate on either Ethane or Naphtha (produced by its own refinery) as feedstock for its petrochemical operations, based on the prevailing price dynamics. Moreover, it's 'Refinery Off-Gas cracker' (ROGC) project enables use of off gas, which is a by-product of its refinery.
 
RIL also benefits from its extended value chain ' from feedstock to advanced materials such as glass fibers, carbon fibres, composites and other materials, some of which are marketed under proprietary brands such as Recron, R Elan and RelWood.
 
These operating efficiencies have helped this segment's profitability remain resilient, with EBIT margins at 16-20% in fiscal 2020 YTD, despite the key product margins being at multi-year cyclical lows.
 
Weak demand owing to the Novel Coronavirus (Covid-19) outbreak may further impact product spreads, though the impact should be partly off-set by low input costs (Naphtha and ethane). Petrochemicals facilities continue to operate at a high utilization level.
 
* Strong competitiveness in the global oil refining business
RIL's competitive advantage in refining arises from its global-scale capacity as the largest single-site refinery in the world, broad product portfolio, and highly integrated operations. With a combined crude processing capacity of 1.24 million barrels per day (mbpd) and throughput of 68.3 MT in fiscal 2019, RIL is a significant player in the domestic oil refining market with a refining capacity share of about 27%. Both the company's refineries have consistently maintained high utilisation levels over the years. The Jamnagar site benefits from a superior Complexity Index (CI) of 21.1, which makes it among the most complex in the world, enabling RIL to process crudes of varying specific gravity and sulphur content.
 
High utilisation of the refineries helps maintain strong operating efficiency and healthy profitability. In addition, RIL's proximity to oil fields in West Asia (its facilities are located along India's western coast) gives it a logistical advantage, as it helps control transportation cost in procuring crude and exporting refined products.
 
Although gross refining margins (GRMs) have been subdued in the recent past in line with the industry, they have consistently been better than the benchmark Singapore margins. CRISIL believes RIL's strong competitive advantage has been enhanced by improved energy efficiency owing to the pet-coke gasification project, which was commissioned and stabilised production recently. Over the long term, RIL plans to transform its operations to produce about 70% petrochemicals and 30% jet-fuels, to hedge the risk of flagging demand for automotive fuels.
 
RIL's refinery is currently operating at full capacity, with a large part of its output being exported. Weak demand owing to the Covid-19 outbreak will likely impact GRMs, which should partly be offset by lower input prices ' particularly for poorer quality of crudes which RIL can process due to the high complexity of its refining operations.
 
* Strong market position in the retail segment
RRL is India's largest retailer by revenue and profitability. The company's strong market position is reflected in its leadership position across several formats and has been supported by consistent growth. The company has been expanding its presence across tier-2 and 3 cities, with its presence reaching around 6,900 cities/towns by December 31, 2019.
 
RRL reported strong year-on-year revenue growth of 33% in the first nine months of fiscal 2020 (including revenue for Jiophone sales and pre-paid recharges of Reliance Jio), driven by growth across all its consumption baskets: grocery, fashion, consumer electronics, connectivity, and petro retail. In this period, there has been a strong increase in revenue per store across formats, with the stores launched over the past few years gaining a foothold in their respective catchment areas. However, in the near term, sales in the fashion, consumer electronics, and petro-retail consumption baskets will be affected by the Covid-19 outbreak.
 
* Revenue market share leadership in telecom and continued strong traction in customer acquisition
With its aggressive customer acquisition strategy, RJIL has built a strong market position in a short time. With net addition of 90 million subscribers in the 12 months ended December 2019, RJIL has increased its subscriber base to 370 million, with a market share 32%, thus becoming the largest player by subscribers. In the mobile broadband space, it had a market share of 57.6% as on December 31, 2019. The company also achieved leadership in terms of telecom services revenue market share by the first quarter of fiscal 2020.
 
Over the medium term, given the management's focus, rapid customer acquisition will continue. Moreover, a healthy increase in monthly average revenue per user (ARPU) is expected in the fourth quarter of fiscal 2020 because of tariff increase in December 2019. RJIL's market position is supported by access to the telecom tower network of RJIPL (which has a superior backhaul with 70% fiberization of its towers) and by its digital ecosystem comprising various applications and digital content besides voice and data services.
 
* Exceptional financial flexibility
RIL's financial flexibility is demonstrated by its ability to raise resources by tapping the capital markets and through its large cash and liquid investments. The financial flexibility is also supported by unutilised bank lines. The company has a strong financial risk profile underpinned by stable, healthy profitability, and strong debt protection metrics.

Weaknesses
* Moderately high financial leverage  
RIL's leverage is relatively high for its rating category, reflected in its Net Debt to EBITDA (earnings before interest, tax, depreciation, and amortisation) of about 2.1 times expected for fiscal 2020. This is also reflected in its total outside liabilities to tangible net worth ratio, which is estimated at around 1.6 times as on March 31, 2020 - owing to high gross debt, payables and capital creditors.
 
Nevertheless, RIL recently completed its large capex in its oils-to-chemicals business and its digital business, with balance investment in tower/optical fibre networks expected to be incurred by RJIPL and JDFPL, respectively. Thus, capex should reduce significantly going ahead, while accrual will be enhanced by increasing profitability of the digital and retail businesses, boosting free cash flow. Consequently, leverage ratios are expected to improve sharply over the next two fiscals.
 
Moreover, the company plans to achieve a net cash position by March 31, 2021 which may be achieved with the divestment of 20% stake in its Oils-to-Chemicals business to Saudi Arabian Oil Company (Saudi Aramco) at a valuation expected at about USD 75 billion, and divestment of minority stake either in its digital or retail business segments.
 
* Exposure to regulatory risks in the telecom sector  
Regulatory and policy changes have largely driven the risk characteristics of the Indian telecom industry. The sector is extremely dynamic structurally and technologically. Hence, thus the risks pertaining to continued regulatory intervention are likely to persist. CRISIL continues to monitor the regulatory developments in this field.
Liquidity Superior

RIL has a robust liquidity position, owing to its exceptional financial flexibility, given its demonstrated resource-raising ability from the capital markets, and its large reported cash and liquid investments of Rs. 153,719 crore as on December 31, 2019 at a consolidated level. Moreover, the company's financial flexibility is also supported by sizable bank lines, which usually remain unutilized to the extent of 30-50%. The company has debt repayment obligations of about Rs. 50,000 crore in fiscal 2021 and will likely undertake moderate capex. CRISIL believes the company has sufficient accruals and cash & cash equivalents to meet its repayment obligations and meet its capex requirements.

Outlook: Stable

CRISIL believes RIL's credit risk profile will continue to be supported by its highly integrated operations in its core businesses of oil refining and petrochemicals, strong growth in profitability in its digital and retail businesses, and its exceptional liquidity.

Rating Sensitivity Factors
Downward Factors
*Considerably large, debt-funded capex or acquisition weakening the capital structure
*High leverage reflected in sustained Net Debt to EBITDA ratio of over 2.5 times.

About the Company
RIL is one of India's largest private sector companies, with diverse interests, including petrochemicals, oil refining, and upstream oil and gas exploration and production. RIL has strong competitiveness in the global oil refining and petrochemicals business, arising from its integrated business model with superior Complexity Index of 21.1 for its Jamnagar site, which makes it among the most complex sites in the world. Moreover, it is among the top 10 global petrochemical manufacturers and the leading player in the India. In the recent past, consumer facing businesses including retail and digital services have become RIL's principal growth drivers. RRL is India's largest retail entity by revenue, while RJIL is India's largest telecom service provider by revenue market share.
Key Financial Indicators -  Consolidated
As on/for the period ended March 31 Unit 2019 2018
Revenue Rs crore 581,020 408,265
Profit after tax Rs crore 39,837 36,080
PAT Margins % 6.9% 8.8%
Interest coverage Times 5.6 9.2
Adjusted debt/adjusted networth Times 1.0 0.8

Reported 9M FY 2020 performance
As on/for the period ended December 31 Unit 2019 2018
Revenue Rs crore 507,414 470,133
PBDIT Rs crore 76,394 68,609
Profit after tax Rs crore 33,006 29,226

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Cr) Rating Assigned with Outlook
INE002A08567 Debenture 11-Dec-18 8.65% 11-Dec-28 3,000 CRISIL AAA/Stable
INE002A08575 Debenture 8-Mar-19 8.30% 8-Mar-22 7,000 CRISIL AAA/Stable
INE002A08583 Debenture 11-Dec-18 8.70% 11-Dec-28 2,500 CRISIL AAA/Stable
NA Debenture% NA NA NA 1,114 CRISIL AAA/Stable
NA Debenture% NA NA NA 15,000 CRISIL AAA/Stable
INE002A08534 Debenture 17-Oct-18 9.05% 17-Oct-28 3,500 CRISIL AAA/Stable
INE002A08542 Debenture 9-Nov-18 8.95% 9-Nov-28 3000 CRISIL AAA/Stable
INE002A08500 Debenture 8-Nov-17 7.17% 8-Nov-22 5,000 CRISIL AAA/Stable
INE002A08518 Debenture 14-Nov-17 6.95% 14-Dec-20 2,500 CRISIL AAA/Stable
INE002A08526 Debenture 22-Nov-17 7.07% 24-Dec-20 2,500 CRISIL AAA/Stable
INE002A08476 Debenture 31-Aug-17 7.00% 31-Aug-22 5,000 CRISIL AAA/Stable
INE002A08484 Debenture 1-Sep-17 6.78% 16-Sep-20 2,500 CRISIL AAA/Stable
INE002A08492 Debenture 4-Sep-17 6.80% 4-Sep-20 2,500 CRISIL AAA/Stable
INE002A07775 Debenture 7-May-10 8.75% 7-May-20 500 CRISIL AAA/Stable
INE110L08011 Debentures 15-Sep-10 8.95% 15-Sep-20 1000 CRISIL AAA/Stable
INE110L08029 Debentures 4-Oct-10 8.95% 4-Oct-20 1000 CRISIL AAA/Stable
INE110L08037 Debentures 16-Jun-14 9.25% 16-Jun-24 2500 CRISIL AAA/Stable
INE110L08060 Debentures 21-Jan-15 9.00% 21-Jan-25 1000 CRISIL AAA/Stable
INE110L07047 Debentures 30-Oct-15 8.25% 30-Oct-25 3000 CRISIL AAA/Stable
INE110L07070 Debentures 8-Jul-16 8.32% 8-Jul-21 2000 CRISIL AAA/Stable
INE110L07088 Debentures 10-Apr-18 8.00% 10-Apr-23 1861 CRISIL AAA/Stable
INE110L07096 Debentures 17-Apr-18 8.00% 17-Apr-23 2025 CRISIL AAA/Stable
INE110L07104 Debentures 25-Apr-18 7.97% 25-Apr-22 1000 CRISIL AAA/Stable
INE110L07112 Debentures 15-Jun-18 8.70% 15-Jun-21 2000 CRISIL AAA/Stable
INE110L07120 Debentures 18-Jul-18 8.70% 16-Jul-21 1500 CRISIL AAA/Stable
NA Commercial Paper NA NA 7-365 days 34,500 CRISIL A1+
NA Fund-Based Facilities* NA NA NA 60,000 CRISIL AAA/Stable
NA Proposed Long Term Bank Loan Facility NA NA NA 5,000 CRISIL AAA/Stable
%Yet to be assigned 
*Fully interchangeable between bank guarantee, letter of credit, export packing credit, and post-shipment credit
 
Annexure - List of Entities Consolidated
Sr. No Name of the Company Type of consolidation Rationale for consolidation
1 Sikka Ports & Terminals Ltd Full consolidation Operational/financial linkages with RIL
2 East West Pipeline Ltd Full consolidation Operational/financial linkages with RIL
3 Jamnagar Utilities & Power Pvt Ltd Full consolidation Operational/financial linkages with RIL
4 Reliance Industries Holding Private Limited Full consolidation Operational/financial linkages with RIL
5 Reliance Jio Infocomm Limited Full consolidation Subsidiary
6 Reliance Retail Limited Full consolidation Subsidiary
7 ABC Cable Network Private Limited Full consolidation Subsidiary
8 Adhunik Cable Network Private Limited Full consolidation Subsidiary
9 Adventure Marketing Private Limited Full consolidation Subsidiary
10 AETN18 Media Private Limited Full consolidation Subsidiary
11 Affinity Names Inc. Full consolidation Subsidiary
12 Ambika DEN Cable Network Private Limited Full consolidation Subsidiary
13 Amogh Broad Band Services Private Limited Full consolidation Subsidiary
14 Angel Cable Network Private Limited Full consolidation Subsidiary
15 Antique Communications Private Limited Full consolidation Subsidiary
16 Augment Cable Network Private Limited Full consolidation Subsidiary
17 Aurora Algae Inc. Full consolidation Subsidiary
18 Bali Den Cable Network Private Limited Full consolidation Subsidiary
19 Bee Network and Communication Private Limited Full consolidation Subsidiary
20 Bhadohi DEN Entertainment Private Limited Full consolidation Subsidiary
21 Big Den Entertainment Private Limited Full consolidation Subsidiary
22 Binary Technology Transfers Private Limited Full consolidation Subsidiary
23 Blossom Entertainment Private Limited Full consolidation Subsidiary
24 Cab-i-Net Communications Private Limited Full consolidation Subsidiary
25 Channels India Network Private Limited Full consolidation Subsidiary
26 Chennai Cable Vision Network Private Limited Full consolidation Subsidiary
27 Colorful Media Private Limited Full consolidation Subsidiary
28 Colosceum Media Private Limited Full consolidation Subsidiary
29 Crystal Vision Media Private Limited Full consolidation Subsidiary
30 Den A.F. Communication Private Limited Full consolidation Subsidiary
31 Den Aman Entertainment Private Limited Full consolidation Subsidiary
32 DEN Ambey Cable Networks Private Limited Full consolidation Subsidiary
33 Den Ashu Cable Private Limited Full consolidation Subsidiary
34 DEN BCN Suncity Network Private Limited Full consolidation Subsidiary
35 Den Bindra Network Private Limited Full consolidation Subsidiary
36 Den Broadband Private Limited Full consolidation Subsidiary
37 Den Budaun Cable Network Private Limited Full consolidation Subsidiary
38 Den Citi Channel Private Limited Full consolidation Subsidiary
39 Den Classic Cable TV Services Private Limited Full consolidation Subsidiary
40 DEN Crystal Vision Network Private Limited Full consolidation Subsidiary
41 Den Digital Cable Network Private Limited Full consolidation Subsidiary
42 Den Discovery Digital Network Private Limited Full consolidation Subsidiary
43 Den Elgee Cable Vision Private Limited Full consolidation Subsidiary
44 Den Enjoy Cable Networks Private Limited Full consolidation Subsidiary
45 Den Enjoy Navaratan Network Private Limited Full consolidation Subsidiary
46 DEN Enjoy SBNM Cable Network Private Limited Full consolidation Subsidiary
47 Den F K Cable TV Network Private Limited Full consolidation Subsidiary
48 Den Faction Communication System Private Limited Full consolidation Subsidiary
49 Den Fateh Marketing Private Limited Full consolidation Subsidiary
50 Den Futuristic Cable Networks Private Limited Full consolidation Subsidiary
51 DEN Harsh Mann Cable Network Private Limited Full consolidation Subsidiary
52 Den Jai Ambey Vision Cable Private Limited Full consolidation Subsidiary
53 Den Kashi Cable Network Private Limited Full consolidation Subsidiary
54 Den Kattakada Telecasting and Cable Services Private Full consolidation Subsidiary
55 DEN Krishna Cable TV Network Private Limited Full consolidation Subsidiary
56 Den Maa Sharda Vision Cable Networks Private Limited Full consolidation Subsidiary
57 Den Mahendra Satellite Private Limited Full consolidation Subsidiary
58 Den Malabar Cable Vision Private Limited Full consolidation Subsidiary
59 DEN Malayalam Telenet Private Limited Full consolidation Subsidiary
60 Den MCN Cable Network Private Limited Full consolidation Subsidiary
61 Den Mod Max Cable Network Private Limited Full consolidation Subsidiary
62 DEN MTN Star Vision Networks Private Limited Full consolidation Subsidiary
63 Den Nashik City Cable Network Private Limited Full consolidation Subsidiary
64 Den Networks Limited Full consolidation Subsidiary
65 DEN Patel Entertainment Network Private Limited Full consolidation Subsidiary
66 DEN Pawan Cable Network Private Limited Full consolidation Subsidiary
67 Den Pradeep Cable Network Private Limited Full consolidation Subsidiary
68 DEN Prayag Cable Networks Private Limited Full consolidation Subsidiary
69 Den Premium Multilink Cable Network Private Limited Full consolidation Subsidiary
70 Den Prince Network Private Limited Full consolidation Subsidiary
71 Den Radiant Satelite Cable Network Private Limited Full consolidation Subsidiary
72 Den Rajkot City Communication Private Limited Full consolidation Subsidiary
73 Den Sahyog Cable Network Private Limited Full consolidation Subsidiary
74 Den Sariga Communications Private Limited Full consolidation Subsidiary
75 Den Satellite Cable TV Network Private Limited Full consolidation Subsidiary
76 Den Saya Channel Network Private Limited Full consolidation Subsidiary
77 Den Steel City Cable Network Private Limited Full consolidation Subsidiary
78 DEN STN Television Network Private Limited Full consolidation Subsidiary
79 Den Supreme Satellite Vision Private Limited Full consolidation Subsidiary
80 DEN Varun Cable Network Private Limited Full consolidation Subsidiary
81 DEN VM Magic Entertainment Private Limited Full consolidation Subsidiary
82 Den-Manoranjan Satellite Private Limited Full consolidation Subsidiary
83 Desire Cable Network Private Limited Full consolidation Subsidiary
84 Devine Cable Network Private Limited Full consolidation Subsidiary
85 Digital Media Distribution Trust Full consolidation Subsidiary
86 Disk Cable Network Private Limited Full consolidation Subsidiary
87 Divya Drishti Den Cable Network Private Limited Full consolidation Subsidiary
88 Drashti Cable Network Private Limited Full consolidation Subsidiary
89 Dronagiri Bokadvira East Infra Limited Full consolidation Subsidiary
90 Dronagiri Bokadvira North Infra Limited Full consolidation Subsidiary
91 Dronagiri Bokadvira South Infra Limited Full consolidation Subsidiary
92 Dronagiri Bokadvira West Infra Limited Full consolidation Subsidiary
93 Dronagiri Dongri East Infra Limited Full consolidation Subsidiary
94 Dronagiri Dongri North Infra Limited Full consolidation Subsidiary
95 Dronagiri Dongri South Infra Limited Full consolidation Subsidiary
96 Dronagiri Dongri West Infra Limited Full consolidation Subsidiary
97 Dronagiri Funde East Infra Limited Full consolidation Subsidiary
98 Dronagiri Funde North Infra Limited Full consolidation Subsidiary
99 Dronagiri Funde South Infra Limited Full consolidation Subsidiary
100 Dronagiri Funde West Infra Limited Full consolidation Subsidiary
101 Dronagiri Navghar East Infra Limited Full consolidation Subsidiary
102 Dronagiri Navghar North First Infra Limited Full consolidation Subsidiary
103 Dronagiri Navghar North Infra Limited Full consolidation Subsidiary
104 Dronagiri Navghar North Second Infra Limited Full consolidation Subsidiary
105 Dronagiri Navghar South First Infra Limited Full consolidation Subsidiary
106 Dronagiri Navghar South Infra Limited Full consolidation Subsidiary
107 Dronagiri Navghar South Second Infra Limited Full consolidation Subsidiary
108 Dronagiri Navghar West Infra Limited Full consolidation Subsidiary
109 Dronagiri Pagote East Infra Limited Full consolidation Subsidiary
110 Dronagiri Pagote North First Infra Limited Full consolidation Subsidiary
111 Dronagiri Pagote North Infra Limited Full consolidation Subsidiary
112 Dronagiri Pagote North Second Infra Limited Full consolidation Subsidiary
113 Dronagiri Pagote South First Infra Limited Full consolidation Subsidiary
114 Dronagiri Pagote South Infra Limited Full consolidation Subsidiary
115 Dronagiri Pagote West Infra Limited Full consolidation Subsidiary
116 Dronagiri Panje East Infra Limited Full consolidation Subsidiary
117 Dronagiri Panje North Infra Limited Full consolidation Subsidiary
118 Dronagiri Panje South Infra Limited Full consolidation Subsidiary
119 Dronagiri Panje West Infra Limited Full consolidation Subsidiary
120 e-Eighteen.com Limited Full consolidation Subsidiary
121 Ekta Entertainment Network Private Limited Full consolidation Subsidiary
122 Elite Cable Network Private Limited Full consolidation Subsidiary
123 Eminent Cable Network Private Limited Full consolidation Subsidiary
124 Ethane Crystal LLC Full consolidation Subsidiary
125 Ethane Emerald LLC Full consolidation Subsidiary
126 Ethane Opal LLC Full consolidation Subsidiary
127 Ethane Pearl LLC Full consolidation Subsidiary
128 Ethane Sapphire LLC Full consolidation Subsidiary
129 Ethane Topaz LLC Full consolidation Subsidiary
130 Fab Den Network Private Limited Full consolidation Subsidiary
131 Fortune (Baroda) Network Private Limited Full consolidation Subsidiary
132 Fun Cable Network Private Limited Full consolidation Subsidiary
133 Galaxy Den Media & Entertainment Private Limited Full consolidation Subsidiary
134 Gemini Cable Network Private Limited Full consolidation Subsidiary
135 Genesis Colors Limited Full consolidation Subsidiary
136 Genesis La Mode Private Limited Full consolidation Subsidiary
137 Genesis Luxury Fashion Private Limited Full consolidation Subsidiary
138 GLB Body Care Private Limited Full consolidation Subsidiary
139 GLF Lifestyle Brands Private Limited Full consolidation Subsidiary
140 Glimpse Communications Private Limited Full consolidation Subsidiary
141 GML India Fashion Private Limited Full consolidation Subsidiary
142 Greycells18 Media Limited Full consolidation Subsidiary
143 Hathway Bhawani Cabletel & Datacom Limited Full consolidation Subsidiary
144 Hathway Broadband Private Limited Full consolidation Subsidiary
145 Hathway Cable and Datacom Limited Full consolidation Subsidiary
146 Hathway Cnet Private Limited Full consolidation Subsidiary
147 Hathway Digital Private Limited Full consolidation Subsidiary
148 Hathway Enjoy Cable Network Private Limited Full consolidation Subsidiary
149 Hathway Gwalior Cable & Datacom Private Limited Full consolidation Subsidiary
150 Hathway Internet Satellite Private Limited Full consolidation Subsidiary
151 Hathway JMD Farukhabad Cable Network Private Limited Full consolidation Subsidiary
152 Hathway Kokan Crystal Cable Network Private Limited Full consolidation Subsidiary
153 Hathway Krishna Cable Private Limited Full consolidation Subsidiary
154 Hathway Mantra Cable & Datacom Private Limited Full consolidation Subsidiary
155 Hathway Media Vision Private Limited Full consolidation Subsidiary
156 Hathway Mysore Cable Network Private Limited Full consolidation Subsidiary
157 Hathway Nashik Cable Network Private Limited Full consolidation Subsidiary
158 Hathway New Concept Cable & Datacom Private Limited Full consolidation Subsidiary
159 Hathway Software Developers Private Limited Full consolidation Subsidiary
160 Hathway Space Vision Cabletel Private Limited Full consolidation Subsidiary
161 Hathway United Cables Private Limited Full consolidation Subsidiary
162 Ideal Cables Private Limited Full consolidation Subsidiary
163 Independent Media Trust Full consolidation Subsidiary
164 IndiaCast Media Distribution Private Limited Full consolidation Subsidiary
165 IndiaCast UK Limited Full consolidation Subsidiary
166 IndiaCast US Limited Full consolidation Subsidiary
167 Indiavidual Learning Private Limited Full consolidation Subsidiary
168 Indiawin Sports Private Limited Full consolidation Subsidiary
169 Indradhanush Cable Network Private Limited Full consolidation Subsidiary
170 Infomedia Press Limited Full consolidation Subsidiary
171 ITV Interactive Media Private Limited Full consolidation Subsidiary
172 Jhankar Cable Network Private Limited Full consolidation Subsidiary
173 Jio Cable and Broadband Holdings Private Limited Full consolidation Subsidiary
174 Jio Content Distribution Holdings Private Limited Full consolidation Subsidiary
175 Jio Digital Cableco Private Limited Full consolidation Subsidiary
176 Jio Digital Distribution Holdings Private Limited Full consolidation Subsidiary
177 Jio Estonia OÃ'' Full consolidation Subsidiary
178 Jio Futuristic Digital Holdings Private Limited Full consolidation Subsidiary
179 Jio Information Solutions Limited Full consolidation Subsidiary
180 Jio Infrastructure Management Services Limited (Formerly known as Reliance Digital Media Distribution Limited) Full consolidation Subsidiary
181 Jio Internet Distribution Holdings Private Limited Full consolidation Subsidiary
182 Jio Television Distribution Holdings Private Limited Full consolidation Subsidiary
183 Kalamboli East Infra Limited Full consolidation Subsidiary
184 Kalamboli North First Infra Limited Full consolidation Subsidiary
185 Kalamboli North Infra Limited Full consolidation Subsidiary
186 Kalamboli North Second Infra Limited Full consolidation Subsidiary
187 Kalamboli North Third Infra Limited Full consolidation Subsidiary
188 Kalamboli South First Infra Limited Full consolidation Subsidiary
189 Kalamboli South Infra Limited Full consolidation Subsidiary
190 Kalamboli West Infra Limited Full consolidation Subsidiary
191 Kanhatech Solutions Limited Full consolidation Subsidiary
192 Kishna DEN Cable Networks Private Limited Full consolidation Subsidiary
193 Liberty Media Vision Private Limited Full consolidation Subsidiary
194 Libra Cable Network Private Limited Full consolidation Subsidiary
195 M Entertainments Private Limited Full consolidation Subsidiary
196 Mahadev Den Cable Network Private Limited Full consolidation Subsidiary
197 Mahavir Den Entertainment Private Limited Full consolidation Subsidiary
198 Maitri Cable Network Private Limited Full consolidation Subsidiary
199 Mansion Cable Network Private Limited Full consolidation Subsidiary
200 Marble Cable Network Private Limited Full consolidation Subsidiary
201 Meerut Cable Network Private Limited Full consolidation Subsidiary
202 Mindex 1 Limited Full consolidation Subsidiary
203 Model Economic Township Limited Full consolidation Subsidiary
204 Moneycontrol Dot Com India Limited Full consolidation Subsidiary
205 Mountain Cable Network Private Limited Full consolidation Subsidiary
206 Multi Channel Cable Network Private Limited Full consolidation Subsidiary
207 Multi Star Cable Network Private Limited Full consolidation Subsidiary
208 Multitrack Cable Network Private Limited Full consolidation Subsidiary
209 Naroda Power Private Limited Full consolidation Subsidiary
210 Nectar Entertainment Private Limited Full consolidation Subsidiary
211 Network18 Media & Investments Limited Full consolidation Subsidiary
212 Network18 Media Trust Full consolidation Subsidiary
213 New Emerging World of Journalism Private Limited Full consolidation Subsidiary
214 Petroleum Trust Full consolidation Subsidiary
215 Radiant Satellite (India) Private Limited Full consolidation Subsidiary
216 Radisys B.V. Full consolidation Subsidiary
217 Radisys Canada Inc. Full consolidation Subsidiary
218 Radisys Cayman Limited Full consolidation Subsidiary
219 Radisys Convedia (Ireland) Limited Full consolidation Subsidiary
220 Radisys Corporation Full consolidation Subsidiary
221 Radisys GmbH Full consolidation Subsidiary
222 Radisys India Private Limited Full consolidation Subsidiary
223 Radisys International LLC Full consolidation Subsidiary
224 Radisys International Singapore Pte. Ltd. Full consolidation Subsidiary
225 Radisys Poland sp. z o.o Full consolidation Subsidiary
226 Radisys Spain S.L.U. Full consolidation Subsidiary
227 Radisys Systems Equipment Trading (Shanghai) Co. Ltd. Full consolidation Subsidiary
228 Radisys Technologies (Shenzhen) Co. Ltd. Full consolidation Subsidiary
229 Radisys UK Limited Full consolidation Subsidiary
230 RB Holdings Private Limited Full consolidation Subsidiary
231 RB Media Holdings Private Limited Full consolidation Subsidiary
232 RB Mediasoft Private Limited Full consolidation Subsidiary
233 Recron (Malaysia) Sdn. Bhd. Full consolidation Subsidiary
234 Reliance Ambit Trade Private Limited Full consolidation Subsidiary
235 Reliance Aromatics and Petrochemicals Limited Full consolidation Subsidiary
236 Reliance Brands Limited Full consolidation Subsidiary
237 Reliance Chemicals Limited Full consolidation Subsidiary
238 Reliance Clothing India Private Limited Full consolidation Subsidiary
239 Reliance Commercial Dealers Limited Full consolidation Subsidiary
240 Reliance Comtrade Private Limited Full consolidation Subsidiary
241 Reliance Content Distribution Limited Full consolidation Subsidiary
242 Reliance Corporate IT Park Limited Full consolidation Subsidiary
243 Reliance Eagleford Upstream GP LLC Full consolidation Subsidiary
244 Reliance Eagleford Upstream Holding LP Full consolidation Subsidiary
245 Reliance Eagleford Upstream LLC Full consolidation Subsidiary
246 Reliance Eminent Trading & Commercial Private Limited Full consolidation Subsidiary
247 Reliance Energy and Project Development Limited Full consolidation Subsidiary
248 Reliance Energy Generation and Distribution Limited Full consolidation Subsidiary
249 Reliance Ethane Holding Pte Limited Full consolidation Subsidiary
250 Reliance Exploration & Production DMCC Full consolidation Subsidiary
251 Reliance Gas Lifestyle India Private Limited Full consolidation Subsidiary
252 Reliance Gas Pipelines Limited Full consolidation Subsidiary
253 Reliance Global Energy Services (Singapore) Pte Ltd. Full consolidation Subsidiary
254 Reliance Global Energy Services Limited Full consolidation Subsidiary
255 Reliance Holding USA, Inc. Full consolidation Subsidiary
256 Reliance Industrial Investments and Holdings Limited Full consolidation Subsidiary
257 Reliance Industries (Middle East) DMCC Full consolidation Subsidiary
258 Reliance Industries Uruguay PetroquÃ'­mica S.A. (Formerly known as Dreketi S.A.) Full consolidation Subsidiary
259 Reliance Innovative Building Solutions Private Limited Full consolidation Subsidiary
260 Reliance Jio Digital Services Limited Full consolidation Subsidiary
261 Reliance Jio Global Resources LLC Full consolidation Subsidiary
262 Reliance Jio Infocomm Pte. Limited Full consolidation Subsidiary
263 Reliance Jio Infocomm UK Limited Full consolidation Subsidiary
264 Reliance Jio Infocomm USA, Inc. Full consolidation Subsidiary
265 Reliance Jio Media Limited Full consolidation Subsidiary
266 Reliance Jio Messaging Services Limited Full consolidation Subsidiary
267 Reliance Lifestyle Holdings Limited Full consolidation Subsidiary
268 Reliance Marcellus II LLC Full consolidation Subsidiary
269 Reliance Marcellus LLC Full consolidation Subsidiary
270 Reliance Navi Mumbai Infra Limited Full consolidation Subsidiary
271 Reliance Payment Solutions Limited Full consolidation Subsidiary
272 Reliance Petro Marketing Limited Full consolidation Subsidiary
273 Reliance Polyolefins Limited Full consolidation Subsidiary
274 Reliance Progressive Traders Private Limited Full consolidation Subsidiary
275 Reliance Prolific Commercial Private Limited Full consolidation Subsidiary
276 Reliance Prolific Traders Private Limited Full consolidation Subsidiary
277 Reliance Retail Finance Limited Full consolidation Subsidiary
278 Reliance Retail Insurance Broking Limited Full consolidation Subsidiary
279 Reliance Retail Ventures Limited Full consolidation Subsidiary
280 Reliance Sibur Elastomers Private Limited Full consolidation Subsidiary
281 Reliance SMSL Limited Full consolidation Subsidiary
282 Reliance Strategic Investments Limited Full consolidation Subsidiary
283 Reliance Universal Enterprises Limited Full consolidation Subsidiary
284 Reliance Universal Traders Private Limited Full consolidation Subsidiary
285 Reliance Vantage Retail Limited Full consolidation Subsidiary
286 Reliance Ventures Limited Full consolidation Subsidiary
287 Reliance World Trade Private Limited Full consolidation Subsidiary
288 Reliance-GrandOptical Private Limited Full consolidation Subsidiary
289 Rhea Retail Private Limited Full consolidation Subsidiary
290 RIL USA, Inc. Full consolidation Subsidiary
291 Roptonal Limited Full consolidation Subsidiary
292 Rose Entertainment Private Limited Full consolidation Subsidiary
293 RP Chemicals (Malaysia) Sdn. Bhd. Full consolidation Subsidiary
294 RRB Mediasoft Private Limited Full consolidation Subsidiary
295 Saavn Inc. Full consolidation Subsidiary
296 Saavn LLC Full consolidation Subsidiary
297 Saavn Media Private Limited Full consolidation Subsidiary
298 Sanmati DEN Cable TV Network Private Limited Full consolidation Subsidiary
299 Sanmati Entertainment Private Limited Full consolidation Subsidiary
300 Shree Sidhivinayak Cable Network Private Limited Full consolidation Subsidiary
301 Silverline Television Network Private Limited Full consolidation Subsidiary
302 Sree Gokulam Starnet Communication Private Limited Full consolidation Subsidiary
303 Srishti DEN Networks Private Limited Full consolidation Subsidiary
304 Surela Investment and Trading Limited Full consolidation Subsidiary
305 The Indian Film Combine Private Limited Full consolidation Subsidiary
306 Trident Entertainment Private Limited Full consolidation Subsidiary
307 TV18 Broadcast Limited Full consolidation Subsidiary
308 Ulwe East Infra Limited Full consolidation Subsidiary
309 Ulwe North Infra Limited Full consolidation Subsidiary
310 Ulwe South Infra Limited Full consolidation Subsidiary
311 Ulwe Waterfront East Infra Limited Full consolidation Subsidiary
312 Ulwe Waterfront North Infra Limited Full consolidation Subsidiary
313 Ulwe Waterfront South Infra Limited Full consolidation Subsidiary
314 Ulwe Waterfront West Infra Limited Full consolidation Subsidiary
315 Ulwe West Infra Limited Full consolidation Subsidiary
316 United Cable Network (Digital) Private Limited Full consolidation Subsidiary
317 UTN Cable Communication Private Limited Full consolidation Subsidiary
318 VBS Digital Distribution Network Private Limited Full consolidation Subsidiary
319 Viacom18 Media (UK) Limited Full consolidation Subsidiary
320 Viacom18 Media Private Limited Full consolidation Subsidiary
321 Viacom18 US Inc. Full consolidation Subsidiary
322 Victor Cable TV Network Private Limited Full consolidation Subsidiary
323 Vision India Network Private Limited Full consolidation Subsidiary
324 Watermark Infratech Private Limited Full consolidation Subsidiary
325 Win Cable & Datacom Private Limited Full consolidation Subsidiary
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  34500.00  CRISIL A1+  26-03-20  CRISIL A1+  05-03-19  CRISIL A1+  05-12-18  CRISIL A1+  01-11-17  CRISIL A1+  CRISIL A1+ 
                27-11-18  CRISIL A1+  08-08-17  CRISIL A1+   
                01-10-18  CRISIL A1+  25-07-17  CRISIL A1+   
                21-05-18  CRISIL A1+       
                16-04-18  CRISIL A1+       
                26-02-18  CRISIL A1+       
                09-01-18  CRISIL A1+       
Non Convertible Debentures  LT  58386.00
06-04-20 
CRISIL AAA/Stable  26-03-20  CRISIL AAA/Stable  05-03-19  CRISIL AAA/Stable  05-12-18  CRISIL AAA/Stable  01-11-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
                27-11-18  CRISIL AAA/Stable  08-08-17  CRISIL AAA/Stable   
                01-10-18  CRISIL AAA/Stable  25-07-17  CRISIL AAA/Stable   
                21-05-18  CRISIL AAA/Stable       
                16-04-18  CRISIL AAA/Stable       
                26-02-18  CRISIL AAA/Stable       
                09-01-18  CRISIL AAA/Stable       
Short Term Debt  ST              16-04-18  CRISIL A1+  01-11-17  CRISIL A1+  CRISIL A1+ 
                26-02-18  CRISIL A1+  08-08-17  CRISIL A1+   
                09-01-18  CRISIL A1+  25-07-17  CRISIL A1+   
Fund-based Bank Facilities  LT/ST  65000.00  CRISIL AAA/Stable  26-03-20  CRISIL AAA/Stable  05-03-19  CRISIL AAA/Stable  05-12-18  CRISIL AAA/Stable  01-11-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
                27-11-18  CRISIL AAA/Stable  08-08-17  CRISIL AAA/Stable   
                01-10-18  CRISIL AAA/Stable  25-07-17  CRISIL AAA/Stable   
                21-05-18  CRISIL AAA/Stable       
                16-04-18  CRISIL AAA/Stable       
                26-02-18  CRISIL AAA/Stable       
                09-01-18  CRISIL AAA/Stable       
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Fund-Based Facilities* 60000 CRISIL AAA/Stable Fund-Based Facilities* 60000 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 5000 CRISIL AAA/Stable Proposed Long Term Bank Loan Facility 5000 CRISIL AAA/Stable
Total 65000 -- Total 65000 --
*Fully interchangeable between bank guarantee, letter of credit, export packing credit, and post-shipment credit
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
Rating Criteria for Petrochemical Industry
Rating Criteria for Upstream Oil and Gas Sector
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

For further information contact:
Media Relations
Analytical Contacts
Customer Service Helpdesk
Saman Khan
Media Relations
CRISIL Limited
D: +91 22 3342 3895
B: +91 22 3342 3000
saman.khan@crisil.com

Naireen Ahmed
Media Relations
CRISIL Limited
D: +91 22 3342 1818
B: +91 22 3342 3000
naireen.ahmed@crisil.com

Manish Kumar Gupta
Senior Director - CRISIL Ratings
CRISIL Limited
B:+91 124 672 2000
manish.gupta@crisil.com


Ankit Hakhu
Director - CRISIL Ratings
CRISIL Limited
B:+91 124 672 2000
ankit.hakhu@crisil.com


Vardhman Rai
Rating Analyst - CRISIL Ratings
CRISIL Limited
D:+91 22 3342 3353
Vardhman.Rai@crisil.com
Timings: 10.00 am to 7.00 pm
Toll free Number:1800 267 1301

For a copy of Rationales / Rating Reports:
CRISILratingdesk@crisil.com
 
For Analytical queries:
ratingsinvestordesk@crisil.com


 

Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc.


About CRISIL Limited

CRISIL is a leading agile and innovative, global analytics company driven by its mission of making markets function better. We are India’s foremost provider of ratings, data, research, analytics and solutions. A strong track record of growth, culture of innovation and global footprint sets us apart. We have delivered independent opinions, actionable insights, and efficient solutions to over 1,00,000 customers.
 
We are majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.
 
For more information, visit www.crisil.com 


Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK

About CRISIL Ratings
CRISIL Ratings is part of CRISIL Limited (“CRISIL”). We pioneered the concept of credit rating in India in 1987. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). With a tradition of independence, analytical rigour and innovation, CRISIL sets the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 24,500 large and mid-scale corporates and financial institutions. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. Over 1,10,000 MSMEs have been rated by us.


CRISIL PRIVACY
 
CRISIL respects your privacy. We may use your contact information, such as your name, address, and email id to fulfil your request and service your account and to provide you with additional information from CRISIL.For further information on CRISIL’s privacy policy please visit www.crisil.com.


DISCLAIMER

This disclaimer forms part of and applies to each credit rating report and/or credit rating rationale that we provide (each a “Report”). For the avoidance of doubt, the term “Report” includes the information, ratings and other content forming part of the Report. The Report is intended for the jurisdiction of India only. This Report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary licenses and/or registration to carry out its business activities referred to above. Access or use of this Report does not create a client relationship between CRISIL and the user.

We are not aware that any user intends to rely on the Report or of the manner in which a user intends to use the Report. In preparing our Report we have not taken into consideration the objectives or particular needs of any particular user. It is made abundantly clear that the Report is not intended to and does not constitute an investment advice. The Report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains. The Report should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).

Ratings from CRISIL Rating are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities / instruments or to make any investment decisions. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. CRISIL assumes no obligation to update its opinions following publication in any form or format although CRISIL may disseminate its opinions and analysis. CRISIL rating contained in the Report is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment or other business decisions. The recipients of the Report should rely on their own judgment and take their own professional advice before acting on the Report in any way.CRISIL or its associates may have other commercial transactions with the company/entity.

Neither CRISIL nor its affiliates, third party providers, as well as their directors, officers, shareholders, employees or agents (collectively, “CRISIL Parties”) guarantee the accuracy, completeness or adequacy of the Report, and no CRISIL Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Report. EACH CRISIL PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall any CRISIL Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Report even if advised of the possibility of such damages.

CRISIL Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors. CRISIL’s public ratings and analysis as are required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations, if any) are made available on its web sites, www.crisil.com (free of charge). Reports with more detail and additional information may be available for subscription at a fee – more details about CRISIL ratings are available here: www.crisilratings.com.

CRISIL and its affiliates do not act as a fiduciary. While CRISIL has obtained information from sources it believes to be reliable, CRISIL does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives and / or relies in its Reports. CRISIL keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of CRISIL may have information that is not available to other CRISIL business units. CRISIL has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. CRISIL has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest. For details please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html

CRISIL’s rating criteria are generally available without charge to the public on the CRISIL public web site, www.crisil.com. For latest rating information on any instrument of any company rated by CRISIL you may contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (0091) 1800 267 1301.

This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL.

All rights reserved @ CRISIL