About Crisil

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ABOUT CRISIL CRISIL or Credit Rating Information Services of India Limited is a global analytical company providing ratings, research, and risk and policy advisory services. CRISIL’s majority shareholder s Poor’s, a division of McGraw-Hill Financial and provider of financial market intelligence. CRISIL’s businesses can be divided into three broad categories - Ratings, Research and Advisory. CRISIL Ratings has rated/assessed over 60,000 entities in India. Its rating capabilities span the entire range of debt instruments and it has worked across the corporate strata, from large corporates in the country to the SMEs. Under Research, CRISIL Global Research & Analytics serves global investment banks and financial institutions with high-end research, risk, analytics, equity and credit research services. Its credit research supports 80 per cent of the global structured finance market, and over 60 per cent of the global credit markets. The company's equity research covers over 90 per cent of the global trading volumes and 88 per cent of the global market capitalization. In India, CRISIL Research is an independent and integrated research house and provides growth forecasts, profitability analysis, emerging trends, expected investments, industry structure and regulatory frameworks.

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Transcript of About Crisil

ABOUT CRISILCRISILor Credit Rating Information Services of India Limited is a global analytical company providing ratings, research, and risk and policy advisory services.CRISILs majorityshareholdersPoors, a division ofMcGraw-Hill Financialand provider of financial market intelligence.CRISILs businesses can be divided into three broad categories - Ratings, Research and Advisory. CRISIL Ratings has rated/assessed over 60,000 entities in India. Its rating capabilities span the entire range of debt instruments and it has worked across the corporate strata, from large corporates in the country to the SMEs.Under Research, CRISIL Global Research & Analytics serves global investment banks and financial institutions with high-end research, risk, analytics, equity and credit research services. Its credit research supports 80 per cent of the global structured finance market, and over 60 per cent of the global credit markets. The company's equity research covers over 90 per cent of the global trading volumes and 88 per cent of the global market capitalization.In India, CRISIL Research is an independent and integrated research house and provides growth forecasts, profitability analysis, emerging trends, expected investments, industry structure and regulatory frameworks.CRISIL Infrastructure Advisory is a division of CRISIL Risk and Infrastructure Solutions (CRIS) Limited, a wholly owned subsidiary of CRISIL Limited. It helps shape policy and establishes viable frameworks to improve the risk profile of infrastructure projects. It works with government agencies in enhancing their capacity, capabilities and internal financial viability, and support implementation of infrastructure improvement initiatives.CRISIL Risk Solutions, the other division of CRIS, provides a range of risk management tools, analytics and solutions to financial institutions, banks, and corporate, in India, and across the world.

Who We Are

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services.We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations. With sustainable competitive advantage arising from our strong brand, unmatched credibility, market leadership across businesses, and large customer base, we deliver analysis, opinions, and solutions that make markets function better.Our defining trait is our ability to convert data and information into expert judgements and forecasts across a wide range of domains, with deep expertise and complete objectivity.At the core of our credibility, built up assiduously over the years, are ourvalues: Integrity, Independence, Analytical Rigour, Commitment and Innovation.CRISIL's majority shareholder isStandard and Poor's (S&P). Standard & Poor's, a part of McGraw Hill Financial (formerly The McGraw-Hill Companies) (NYSE:MHFI), is the world's foremost provider of credit ratings.Who We ServeWe address a rich and globally diversified client base. Within India our customers range from small enterprises to the largest corporations and financial institutions; outside India our customers include the worlds largest banks and leading corporations. We also work with governments and policy-makers in India and other emerging markets in the infrastructure domain.How We Add ValueWe empower our customers, and the markets at large, with independent analysis, benchmarks and tools. These help lenders and borrowers, issuers and investors, regulators, and market intermediaries make better-informed investment and business decisions. Our offerings allow markets and market participants to become more transparent and efficient - by mitigating and managing risk, taking pricing decisions, generating more revenue, reducing time to market and enhancing returns. By helping shape public policy on infrastructure in emerging markets, we help catalyse economic growth and development in these countriesCRISIL RATINGSA CRISIL rating reflects CRISIL's current opinion on the relative likelihood of timely payment of interest and principal on the rated obligation. It is an unbiased, objective, and independent opinion as to the issuer's capacity to meet its financial obligations.So far Crisil has rated over 30000 debt instruments, covering the entire debt market.The debt obligations rated by Crisil includes Non Convertible debentures/bonds/preference shares Commercial papers / Certificates of deposits / short-term debt Fixed deposits Loans Structured DebtsCRISIL Ratings' clientele includes all the industry majors - 23 of the BSE Sensex constituent companies and 39 of the NSE Nifty constituent companies, accounting for 80 per cent of the equity market capitalization.CRISIL's credit ratings An opinion on probability of default on the rated obligation Forward Looking Specific to obligation been ratedBut they are not A comment on issuers general performance An indication of potential price of the issuers bonds or equity shares A recommendation to buy/sell/hold security A statutory or non-statutory audit of issuer

CRISIL ratings are based on a robust and clearly articulated analytical framework, which ensures comprehensiveness, standardization, comparability, and effective communication of the ratings assigned and of every timely rating action. The assessment is based on the highest standards of independence and analytical rigour.CRISIL rates a wide range of entities, including Industrial Companies Banks Non Banking Financial Companies Infrastructure Companies Microfinance Institutions Insurance Companies Mutual Funds State Governments Urban Local BodiesCRISIL OFFERINGSCRISIL SME Ratings: CRISIL SME Rating indicates the SME's performance capability and financial strength. CRISIL SME Ratings are entity-specific ratings, unlike credit ratings, which are debt-obligation-specific.CRISIL SME Rating reflects the level of creditworthiness of the SME, adjudged in relation to other SMEs.Following are the key features of CRISIL SME Ratings: Entity rating:SME Ratings are entity specific Eligibility:All types of business enterprises, including public and private limited companies, cooperative societies, partnership firms, and sole proprietorships, are eligible for CRISIL SME Ratings. Registration as a micro and small enterprise is not required, as subsidy support from the government is not available for these ratings.

Surveillance based on specific requirement:A CRISIL SME rating is valid for one year from the date of the SME report issued by CRISIL, provided no significant changes/events occur during this period that could materially affect the business or financial parameters of the organisation. MSMEs are encouraged to obtain rating reviews periodically, and CRISIL carries out reviews whenever requested by the MSME or the lender.List of documents required for SME ratings

Documents required:-

Authority letter to sign the application.

Documents supporting registration (memorandum and articles of associations, partnership agreements, registration documents). (if applicable).

Documents supporting name change and legal structure. Brief write-up on history of the firm / company.

Documents supporting changes in capital (if any).

Copy of income tax, sales tax, excise and wealth tax returns, if filed

Copy of the audited accounts for the last three years (where accounts for the last year have not been audited, provisional accounts duly certified by a Chartered Accountant, along with two years audited accounts, are to be submitted).

Copy of insurance policies of assets.

Certified net worth statements of all directors/ partners/proprietor.

In case of new project/expansion, copy of the project report containing a brief project profile, cost of project, source/means of finance.

Details of subsidy and tax concession available, if any.

Quality certificates, export awards won, membership of any associations, etc.

Any other information that would enable us to understand your business better.

Preliminary Information required:

1.Name of the applicant unit and address:a. Address of Registered Officeb. Address of Factoryc. Address for Communicationd. Name, Designation and details (tel. no & mobile no) of contact person(all the above addresses to include District, State, Pin Code, Telephone No./Fax No. and email address)6.Details of Associate Concerns:a.Nameb.Nature of Businessc.Sales, Networth and Debt as on March 31 of the last FY

2.Constitution:Proprietorship/ Partnership/ Private Limited Co./ Limited Co./ Co-op. Society.7.Details of existing borrowing / banking arrangements:a.Name of Financial Instt./ Bank/ Lendersb.Nature of assistance/ loan/ limit availedc.Amount (Rs lakh)d.Self declaration regarding conduct of the account

3.Date of establishment/ incorporation8.Production capacity:a.Name of Productb.Unitsc.Installed Capacityd.Actual Production

4.Industry Informationa.Industry segmentb.Sub-segment of industryc.Products9.Customers' Reference: (please list 5 top customers of your firm/ company)a.Name of the customerb.Percentage in total salesc.Locationd.Name and details (tel. no./ mobile no.) of contact person of customers

5.Details of Promoters:a. Name(s) of Proprietor/ Partners/ Directorsb.Age c.Father Husband's Named.Share holding (percentage) in Firm/ Companye.Residential Addressf.Networth in Rs lakh along with CA certified statementg.Qualificationh.Nature of Experience with No of yearsi.Responsibilities in Firm/ Company:j.Responsibilities in other Businesses(Passport size photos of all the promoters to be enclosed)10.Suppliers' Reference: (please list 5 top suppliers of your firm/ company)a.Name of the supplierb.Percentage in total purchasesc.Locationd.a.Name and details (tel. no./ mobile no.) of contact person of suppliers

Additional information required:

11.Details of present orders in hand13.Specific information from the promoters:

12.Percentage of total imports and exports in the business14.Vision of top managementa.Future plans for expansion/ diversificationb.Marketing arrangementsc.Details litigation against the company/ firm, if any

NSIC-CRISIL Performance and Credit Ratings for MSEs: In association with National Small Industries Corporation (NSIC), CRISIL rates MSEs on a special rating scale. The government has presently subsidised the fees for this rating by up to 75 per cent, enabling small enterprises to get themselves rated.

Eligibility for NSIC-CRISIL RatingAny enterprise registered in India as a micro or small enterprise can benefit from this rating. As a proof of eligibility, CRISIL requires a registration certificate issued by the micro and small enterprise registration authority, namely, the District Industry Centre or the Directorate of Industries.

NSIC -List of documents required

SSI Registration Certificate or copy of the Entrepreneur's Memorandum filed with notified authority along with its acknowledgement

Partnership Deed / Memorandum & Article of Association.

Authority letter to sign the application.

List of all partners / directors with their age, address, certified Net Worth / Income Tax returns, qualifications and experience.

Copy of the audited accounts for the last three years (where accounts for the last year have not been audited, provisional accounts duly certified by a Chartered Accountant, along with two years audited accounts, are to be submitted).

In case of new project/expansion, copy of the project report containing a brief project profile, cost of project, source/means of finance.

Brief write-up about the products manufactured, end users, marketing tie-up and orders in hand.

Details of subsidy, tax concession available to the applicant.

Quality certificates, export awards won, membership of any associations.

Any other information that would enable us to understand your business better.

Details about group companies (names, constitution, net worth, turnover etc.)

Contact details of Bankers, key suppliers & key customers.

Insurance details of plant & machinery.

CRISIL 360 DegreeIn addition to rating MSMEs, CRISIL offers the following services: Dealer Evaluation Vendor EvaluationCRISIL Dealer Evaluation Services (CRIS-Des)CRIS-Des helps corporate entities benchmark the strengths of their dealers and evaluate potential dealers. CRISIL's unique 360-evaluation process includes site visits, interfaces with bankers and customers, and detailed analysis of audited balance sheets, profit and loss (P&L) statements, and bank statements.Benefits: CRIS-Des helps Rationalise dealer networks by listing and comparing systemic issues Standardise dealer appointment processes with its sharp insights on individual dealer capabilities Identify dealers that are best suited to requirements

CRISIL Vendor Evaluation Services (CRIS-Vens)Vendors are strategic partners in every business. Building robust processes alone does not ensure the quality of supplies.

CRISIL's analytical strength forms the core of this service. It includes analysis of both financial and non-financial data gathered from the vendor's P&L statement, balance sheet, bank statements, management discussions, and feedback from bankers, customers, suppliers, and other relevant sources. Site visits are conducted to gather ground-level information.Benefits

CRIS-Vens helps Categorise vendors into tiers by mapping their strengths and weaknesses Optimise vendor development to save on precious resources Build a sturdy resource pool of vendors in a methodical manner De-risk the supply chainCRISIL VERIFIEDCRISIL offers value added services in the form of an independent verification which helps MSMEs establish their credentials. An organization authenticated and verified by CRISIL will be provided a CRISIL VERIFIED ID, which is a unique 12-digit code.

CRISIL VERIFIED helps MSMEs Build credibility and position themselves as a reliable business partner Enhance the confidence of potential customers, suppliers, and bankers Gain a vital advantage by setting them apart from competitors Create greater visibility by developing their market potential Build a better market identity and attract global customers Increase business opportunities through online positioning Reduce delay in lead-maturity by expediting decision-making Reduce the risk of transaction failure by enabling buyers to make informed decisions Leverage on the CRISIL brand and differentiate themselves from peers Access an effective medium to showcase their products, services, and business activities

CRISIL SME RATINGS FEES Companies under operation

Turnover (Rs Crore)

< 1010-2525-5050-75>75

Rating Fees (Rs.)60,00065,00070,00085,000110,000

Service Tax @ 12.36 per cent(Rs.)7,4168,0348,65210,50613,596

Total Fees (Rs.) *67,41673,03478,65295,506123,596

* Special Concessional Fees are applicable for CRISIL's partner MoU Bank customers and Industry Association members. The fees mentioned above are inclusive of all expenses CRISIL will incur in connection with the exercise. Please get in touch with CRISIL representatives for further details on Concessional fees.

Units with green-field projects

Turnover (Rs Crore)

< 2< 5< 1010-2525-50

Rating Fees (Rs.)50,00075,000100,000125,000150,000

Service Tax(Rs.)6,1809,27012,36015,45018,540

Total Fees (Rs.)56,18084,270112,360140,450168,540

* Note: Companies under operation refer to SSIs / SMEs with audited results of one complete year of operations.

#: Concessional Fees are applicable for CRISIL's partner MoU Bank customers and Industry Association members. The fees mentioned above are inclusive of all expenses CRISIL will incur in connection with the exercise. Please get in touch with CRISIL representatives for further details on Concessional fees.

Fees for Small Scale Industries - NSIC Rating

(Units with audited results of one complete year of operations.)

Turnover (Rs Lakh)

< 5050-200>200

Rating Fees (Rs.)40,00045,00060,000

Service Tax @ 12.36 per cent (Rs.)4,9445,5627,416

Total Fees (Rs.)44,94450,56267,416

Subsidy from NSIC (Rs.)25,00030,00040,000

Amount payable by SSI (Rs.)19,94420,56227,416

Concessional Fees #9,15712,01716,023

* Note: CRISIL will arrange to collect the subsidy from NSIC.#: Concessional Fees are applicable for CRISIL's partner MoU Bank customers and Industry Association members. The fees above are inclusive of all expenses CRISIL will incur in connection with the exercise.

Rating Scale

Your rating will reflect two components, Financial Strength and Performance Capability. Ratings will be assigned on the following rating scale:

Financial Strength

HighModerateLow

PerformanceCapabilityHighestSE 1ASE 1BSE 1C

HighSE 2ASE 2BSE 2C

ModerateSE 3ASE 3BSE 3C

WeakSE 4ASE 4BSE 4C

PoorSE 5ASE 5BSE 5C

How CRISIL SME/SSI ratings can be useful for Banks Creates a strong platform for well rated SMEs to obtain CRISIL ratings under Basel II over a period of time An independent assessment of the SME portfolio will help in improving asset quality Client retention : Bank will be able to retain its good customers by providing interest rate concessions to highly rated entities Ratings could be used for all green-field projects where CRISILs appraisal skills will be useful in evaluating the unique project risks Mapping of the banks internal rating scale with CRISIL rating will reduce the appraisal process significantly for the branch managers and enable them to undertake quick and accurate decisions

BENEFITS OF CRISIL SME RATING1. FASTER AND EASIER AVAILABILITY OF LOANS -:Banks appreciate the independence and analysis involved in CRISILs rating exercise. More than 31 banks have entered into a formal agreement with CRISIL SME ratings, under which, they extend favourable terms and conditions, to CRISIL rated units, including lower rate of interest.2. INCREASED CREDIBILITY WITH BANKERS, CUSTOMERS AND BUSINESS ASSOCIATES -: An SME rating from CRISIL, increases the credibility of the rated unit, in domestic and international markets, by providing the bank, customers, and business, associates with credible information about the company. This increases their confidence in the unit and helps in increasing business and building better relationships.3. DETAILED RATING REPORT -: Each CRISIL rated SME receives a rating report which provides comprehensive details about the rated unit, its functioning, as well as the organizations strengths and weaknesses. This rating report can be used by the unit in dissemination of credible information about their company to a wide variety of business associates, including, collaborators, joint venture partners and other market participants. Besides, the rating report also serves as a guide to focus on areas of improvement and enables the SME to benchmark against competition.4. INCREASED PUBLICITY -:CRISIL SME ratings are listed on CRISILs website and on CRISILs monthly publications, the CRISIL SME CONNECT. This serves as a good source of publicity for the rated entity and further enhances the credibility of the unit, a wide variety of banks, financial institutions and, foreign counterparties use the CRISIL PUBLICATION and website, to identify and research companies in greater detail.5. SUPPORT FOR EXPORT INITIATIVES -:For exporters, CRISILs International Linkage offers an additional advantage:- STANDARD & POORs, a globally respected rated agency, is the majority shareholder in CRISIL, therefore, a CRISIL rating will help establish the credentials with international customers.

6. A TOOL FOR SELF IMPROVEMENT -:Along with its ratings, CRISIL provides detailed analytical reports on the Strengths and Weaknesses of rated entities. Based on CRISIL reports, one can take steps to strengthen their operations and become more efficient.Each report provides reliable and independent feedback from customers, suppliers and, banks.7. AFFORDABLE -:CRISIL SME rating services, while being highly credible, are also very much affordable. CRISIL offers an attractive concession in the rating fee for small enterprises. Also, NSIC Ltd., which is a corporation under the ministry of MSME, GOVT, OF INDIA, provides 75% subsidy in rating fee for small enterprises.Thus, the rating fee payable by the small enterprises ranges from Rs.7456 to Rs.13236. for enterprises not registered as small enterprises, the fee is higher, as the subsidy is not available from NSIC.CRISIL, with its reliability, width, and its depth of experience in rating services made a world of difference to the corporate sector, when it pioneered the concept of rating in India. CRISIL believes, it will make same difference to the SME Sector, with its SME sector ratings.

Advantages of Credit Rating Different benefits accrue from use of rated instruments to different class of investors or the companies are as followsA. Benefits to Investors1. Safety of investments. Credit rating gives an idea in advance to the investors about the degree of financial strength of the issuer company. Based on rating he decides about the investment.2. Recognition of risk and returns. Credit rating symbols indicate both the returns expected and the risk attached to a particular issue.3. Freedom of investment decisions. Investors need not seek advice from the stock brokers, merchant bankers or the portfolio managers before making investments. Investors today are free and independent to take investment decisions themselves.4. Wider choice of investments. As it is mandatory to rate debt obligations for every issuer company, at any particular time, wide range of credit rated instruments are available for making investment.

B. Benefits of Rating to the Company1. Easy to raise resources. A company with highly rated instrument finds it easy to raise resources from the public. Even though investors in different sections of the society understand the degree of risk .2. Reduced cost of borrowing. Investors always like to make investments in such instrument, which ensure safety and easy liquidity rather than high rate of return.3. Reduced cost of public issues. A company with highly rated instruments has to make least efforts in raising funds through public.4. Rating builds up image. Companies with highly rated instrument enjoy better goodwill and corporate image in the eyes of customers, shareholders, investors and creditors.5. Rating facilitates growth. Rating motivates the promoters to undertake expansion of their operations or diversify their production activities thus leading to the growth of the company in future.C. Benefits to Intermediaries1. Stock brokers have to make less effort in persuading their clients to select an investment proposal of making investment in highly rated instruments. 2. Thus rating enables brokers and other financial intermediaries to save time, energy costs and manpower in convincing their clients.Disadvantages of Credit Rating1. Non-disclosure of significant information: Firm being rated may not provide significant or material information, which is likely to affect the investors decision as to investment, to the investigation team of the credit rating company.2. Static study: Rating is a static study of present and past historic data of the company at one particular point of time. Number of factors including economic, political, environment, and government policies has direct bearing on the working of a company.3. Rating is no certificate of soundness: Rating grades by the rating agencies are only an opinion about the capability of the company to meets its interest obligations. Rating symbols do not pinpoint towards quality of products or management or staff etc.4. Rating may be biased: Personal bias of the investigating team might affect the quality of the rating. The companies having lower grade rating do not advertise or use the rating while raising funds from the public.5. Rating under unfavorable conditions: Rating grades are not always representative of the true image of a company. A company might be given low grade because it was passing through unfavorable conditions when rated.6. Difference in rating grades: Same instrument may be rated differently by the two rating agencies because of the personal judgment of the investigating staff on qualitative aspects. This may further confuse the investors.

HOW RATING IS DONE Step 1: Collect and process preliminary information

Step 2: Analyse and assign the rating

Step 3: Communication and publication of the rating

Factors Affecting Assigned RatingsThe following factors generally influence the ratings to be assigned by a credit rating agency: 1. The security issuers ability to service its debt. In order, they calculate the past and likely future cash flows and compare with fixed interest obligations of the issuer. 2. The volume and composition of outstanding debt. 3. The stability of the future cash flows and earning capacity of company. 4. The interest coverage ratio i.e. how many number of times the issuer is able to meet its fixed interest obligations. 5. Ratio of current assets to current liabilities (i.e. current ratio (CR)) is calculated to assess the liquidity position of the issuing firm. 6. The value of assets pledged as collateral security and the securitys priority of claim against the issuing firms assets. 7. Market position of the company products is judged by the demand for the products, competitors market share, distribution channels etc. 8. Operational efficiency is judged by capacity utilization, prospects of expansion, modernization and diversification, availability of raw material etc. 9. Track record of promoters, directors and expertise of staff also affect the rating of a company.

Instruments for RatingRating may be carried out by the rating agencies in respect of the followingi. Equity shares issued by a company. ii. Preference shares issued by a company. iii. Bonds/debentures issued by corporate, government etc. iv. Commercial papers issued by manufacturing companies, finance companies, banks and financial institutions for raising sh0l1-term loans.v. Fixed deposits raised for medium-term ranking as unsecured borrowings. vi. Borrowers who have borrowed money. vii. Individuals. Viii. Asset backed securities are assessed to determine the risk associated with them. The objective is to determine quantum of cash flows emerging from the asset that would be sufficient to meet committed payments.

TOP RATINGS COMPANIES IN INDIA1. Crisil Limited Business: Credit Rating, Risk & Policy AdvisoryEstablishment 1987CRISIL headquartered at Mumbai is Indias largest and firstcredit ratingagency; and a global leader in research, ratings and risk & policy advisory services. It is one of the topcredit ratingagency in India which has won many prestigious awards in thecredit ratingcategory and had assessed more than 61000 entities.

2. Credit Information Bureau India Limited - (CIBIL)BusinessCredit RatinginformationEstablishment 2000CIBIL headquartered at Mumbai is an Credit Information Company which maintains records of an individuals payments related to credit cards and loans. The information about users credit cards and loans is later used by the CBIL to generate Credit information reports which are used to approve loan applications.3. Fitch Ratings India Private LtdBusiness Financial Information ServicesEstablishment 1913Fitch Ratings, a Fitch Group company is among the topcredit ratingagencies in India incorporated in 1913 in New York, USA. Fitch Ratings provides financial information services in more than 30 countries and has over 2000 employees working at 50+ offices worldwide.4. Credit Analysis & Research Ltd. (CARE)BusinessCredit RatingEstablishment 1993CARE Ratings is second-largest among thecredit ratingagencies in India as far as Indian Origin Company is concerned. CAREs rating businesses can be divided into various segments like for banks, IPO grading and sub-sovereigns. Companys shareholders include leading domestic banks and financial institutions in India.

5. ICRA LimitedBusiness Investment Information andCredit RatingEstablishment 1991ICRA limited is a joint venture between Moodys Investors and various financial services companies is a part of ICRA group which was founded in 1991. It is aCredit ratingagency listed on the NationalStock Exchange andBombay Stock Exchange. ICRA has four subsidiaries ICRAManagement ConsultingServices Ltd, ICRA Techno Analytics Ltd, ICRA Online Ltd, PT. ICRA Indonesia and ICRA Lanka Ltd.6. High Mark Credit Information ServicesBusiness Financial ServicesEstablishment 2005High Mark Credit Information Services is a recognizedcredit ratingcompany in India. It provides bureau services, analytic solutions and risk management to banks and financial institutions operating in Micro-finance, Retail consumer finance, MSME, Rural & Cooperative Sectors.7. SME Rating Agency of India Ltd. (SMERA)BusinessPerformance & Credit Rating Scheme for Small IndustriesEstablishment 2005SMERA Ratings Ltd a Mumbai based company now expanded to 13 more locations was founded in year 2005. SMERA a joint venture of SIDBI, several privatesector banksin the country and Dun & Bradstreet Information Services India Pvt. Ltd. (D&B). Since 2005 SMERA rated over 23,000 MSMEs pan India.

8. Brickwork Ratings India Private LtdBusiness RatingsEstablishment 2007Brickwork Ratings was established in 2007 by Sangeeta Kulkarni as acredit ratingfirm and the company is registered with SEBI, RBI & NSIC and operates in wide range of areas such as NCD, Bank Loan, Commercial paper, MSME ratings. It is among the leadingcredit ratingcompanies in India having already rated Rs 200,000 crores of bonds andbank loans.