RIL stock fell in Monday's trade on ratings downgrade by Credit Suisse and the company as per the ratings firm, the leading oil to telecom major has remained free cash flow negative for the last six years and the situation shall be the same for the FY20-21 period as well.

And amid it, the company's liability will increase from $19 billion in FY15 to $65 billion in FY19. As per its annual report, the company's liability includes debt, higher crude payables, customer advances, capex creditors and spectrum payouts.

Other important highlights from the company's annual report pointed out by the credit rating firm are the company's crude payable days are at 121 days (2-4x of peers), customer advances equal to $5.9 billion and are 10% of sales. Capitalised expenses are at $2 billion. Another factor refining asset useful life extended to 25-40 years will reduce depreciation.

The company's foreign debt mix is at 40% in comparison to 60% in FY17. The rating firm has valued Jio at $46 billion.

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