Rating Rationale
May 07, 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.10000 Crore Non Convertible Debentures CRISIL AAA/Stable (Assigned)
Rs.15000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
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
Detailed Rationale

CRISIL has assigned its 'CRISIL AAA/Stable' rating to the Rs 10,000 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.
 
RIL has recently announced the signing of binding agreements for an investment of Rs. 43,574 crore by Facebook for 9.99% shareholding in Jio Platforms Ltd (JPL), its wholly owned subsidiary which comprises the group's ventures into digital businesses, including Reliance Jio Infocomm Ltd (RJIL; 'CRISIL AAA/Stable/CRISIL A1+').
 
Moreover, Jio Platforms, Reliance Retail Limited (RRL; 'CRISIL AAA/Stable/CRISIL A1+') and Facebook have also entered into a commercial partnership agreement to extend Whatsapp to RRL's 'new-commerce' business platform, 'JioMart'. New commerce refers to RRL's e-commerce venture to digitize kirana stores and other retailers.
 
CRISIL believes that the deal is positive for RIL ' as it will help accelerate deleveraging and the partnership can aid the rollout of RRL's initiative given Whatsapp's sizable user base in India. The move is also in line with RIL's intent of divesting minority stakes in each of its three major business segments (oil to chemicals, Jio Platforms and retail), which would help reduce debt, drive growth and improve financial flexibility. On May 4, 2020, RIL further announced investment of Rs. 5,666 crore in JPL by Silver Lake. These initiatives, along with its planned rights issue announced in April 2020, may enable RIL to achieve a net cash position by end of fiscal 2021.   
 
RIL's operating performance remained strong in fiscal 2020. Moderation in profit margins in its oils-to-chemicals business owing to challenging industry conditions was offset by stronger profitability in its digital services and retail businesses. In fiscal 2021, the outbreak of the Covid-19 pandemic is expected to impact demand, thereby constraining margins for both RIL's refinery & marketing, and petrochemicals segments. Moreover, formats with physical stores will be affected at RRL with the exception of groceries.

However, the oils-to-chemicals operations continue to run at high utilization levels, while margins will be partly offset by lower input prices. Impact on the group's digital business is expected to be low. Moreover, the impact on operating profitability for fiscal 2021 will be offset to an extent by the company's initiatives to control costs.  Nevertheless, the situation related to the pandemic is evolving rapidly, and remains a monitorable.

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 telecommunications (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 will reduce with the recently announced capital transactions.

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 18,839 crore as on March 31, 2020. 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% 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 to over 38 million tonne in fiscal 2020 from about 22 million tonne in fiscal 2015. 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 fibres, 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, reflected in earnings before interest and taxes margin of 17.6% in fiscal 2020 (against 18.8% in fiscal 2019), despite the key product margins being at multi-year cyclical lows.
 
* 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 70.6 million tonnes in fiscal 2020, 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. 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. In 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.
 
* 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.
 
Reliance Retail Ltd reported strong year-on-year revenue growth of 25% in 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 80.7 million subscribers (Gross addition of 126.4 million) in the 12 months ended March 2020, RJIL has increased its subscriber base to 387.5 million. RJIL has become the largest player by subscribers with an overall market share of 32% as on December 31, 2019 and 57.6% in the mobile broadband space. The company also achieved leadership in terms of telecom services revenue 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 near term because of the 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% fiberisation of its towers) and by its digital ecosystem comprising various applications and digital content besides voice and data services.
 
The increasing proportion of higher growth consumer-oriented businesses of retail and digital services have helped diversify RIL away from its traditional refining and petrochemical businesses. Contribution of these business to RIL's overall profitability increased to 32% in fiscal 2020 (segment-wise profit before interest and tax) from 10% in fiscal 2018. This proportion may further increase to about 50% by fiscal 2022. 
 
* 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 which is expected to reduce  
RIL's leverage is relatively high for its rating category, reflected in its net debt to earnings before interest, tax, depreciation, and amortisation (EBITDA) estimated at 2.2 times for fiscal 2020. This is also reflected in the total outside liabilities to tangible networth ratio, which is estimated at 1.8 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, with the recent initiatives undertaken by the company, including divestment of minority stake in JPL and the rights issue, alongside divestment of 20% stake in its Oils-to-Chemicals business to Saudi Arabian Oil Company (Saudi Aramco), RIL may be able to achieve a net cash position by March 31, 2021.
 
* 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. Regulatory developments in this field will continue to be monitored.
Liquidity Superior

Liquidity should remain robust owing to the exceptional financial flexibility, given the company's resource-raising ability from capital markets, and sizeable cash and liquid investments (Rs 175,259 crore as on March 31, 2020) at a consolidated level. Moreover, financial flexibility remains supported by sizable bank lines, which usually remain unutilised to the extent of 30-50%. The company has repayment obligation of about Rs 50,000 crore in fiscal 2021, while capex is expected to be moderate. Sufficient cash accrual, and cash & cash equivalents should be adequate to meet maturing debt as well a portion of the capex requirement.

Outlook: Stable

CRISIL believes RIL's credit risk profile will continue to be supported by the highly integrated operations in the core businesses of oil refining and petrochemicals, strong growth in profitability in its digital and retail businesses, and 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
Net Revenue Rs crore 583,094 408,265
Profit after tax Rs crore 39,837 36,080
PAT Margins % 6.8% 8.8%
Interest coverage Times 5.6 9.2
Adjusted debt/adjusted networth Times 1.0 0.8
 
Key Financial Indicators - Reported FY 2020 performance
As on / for the period ended March 31  Unit 2020 2019
Net Revenue Rs crore 611,645 583,094
PBDIT Rs crore 102,280 92,656
Profit after tax (After exceptional items) Rs crore 39,880 39,837

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
NA% Debenture NA NA NA 10,000 CRISIL AAA/Stable 
NA% Debenture NA NA NA 4,114 CRISIL AAA/Stable 
INE002A08559 Debenture 11-Dec-18 8.70% 11-Dec-28 2,500 CRISIL AAA/Stable 
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 
INE002A08591 Debenture 17-Apr-20 REPO+2.80% 17-Apr-23 3,500 CRISIL AAA/Stable 
INE002A08609 Debenture 17-Apr-20 7.20% 17-Apr-23 3,000 CRISIL AAA/Stable 
INE002A08617 Debenture 27-Apr-20 7.40% 25-Apr-25 3,000 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 OU 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 Petroqulmica 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+  04-05-20  CRISIL A1+  05-03-19  CRISIL A1+  05-12-18  CRISIL A1+  01-11-17  CRISIL A1+  CRISIL A1+ 
        06-04-20  CRISIL A1+      27-11-18  CRISIL A1+  08-08-17  CRISIL A1+   
        26-03-20  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  70386.00
07-05-20 
CRISIL AAA/Stable  04-05-20  CRISIL AAA/Stable  05-03-19  CRISIL AAA/Stable  05-12-18  CRISIL AAA/Stable  01-11-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
        06-04-20  CRISIL AAA/Stable      27-11-18  CRISIL AAA/Stable  08-08-17  CRISIL AAA/Stable   
        26-03-20  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  04-05-20  CRISIL AAA/Stable  05-03-19  CRISIL AAA/Stable  05-12-18  CRISIL AAA/Stable  01-11-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
        06-04-20  CRISIL AAA/Stable      27-11-18  CRISIL AAA/Stable  08-08-17  CRISIL AAA/Stable   
        26-03-20  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

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