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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.
CRISILs majority shareholders Poors, a division of McGraw-Hill Financial and
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 highend 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 our values:
Integrity, Independence, Analytical Rigour, Commitment and Innovation.
CRISIL's majority shareholder is Standard 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 Serve
We 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 Value
We 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 countries
CRISIL RATINGS
A 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 Debts

CRISIL 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 rated
But 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 Bodies
CRISIL OFFERINGS

CRISIL 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


application.

to

sign

the

Documents supporting registration (memorandum and articles of


associations, partnership agreements, registration documents). (if
applicable).
Preliminary Information required:
1.

Documents supporting name change and legal structure. Brief write-up


on history of the firm / company. 6.
Details
of
Name changes
of
thecapital (if any).
Associate
Documents supporting
in
applicant unit and
Concerns:
Copy of income address:
tax, sales tax, excise and wealth tax returns,
if filed
a.Name
a. accounts
Address forofthe last three years (where
b.Nature
Copy of the audited
accounts forof
Office provisional accounts Business
the last year haveRegistered
not been audited,
duly certified by
b.
Address
of
c.Sales,
Networth
a Chartered Accountant, along with two years audited accounts, are
to be
Factory
and
Debt
as on
submitted).
March 31 of the
Copy of insurance
of assets.
c. policies
Address
for
last FY
Communication
Certified net worth statements of all directors/ partners/proprietor.
d.
Name,
In case of new project/expansion,
Designation andcopy of the project report containing a
brief project profile,
cost(tel.
of project,
details
no & source/means of finance.
mobile
of available, if any.
Details of subsidy
and tax no)
concession
contact person
Quality certificates, export awards won, membership of any associations,
etc.
(all the above
addresses
Any other information
that wouldtoenable us to understand your business
include District,
better.

State, Pin Code,


Telephone
No./Fax No. and
email address)
2.

Constitution:
7.
Proprietorship/
Partnership/
Private
Limited
Co./ Limited Co./
Co-op. Society.

Details of existing
borrowing
/
banking
arrangements:
a.Name
of
Financial
Instt./
Bank/
Lenders
b.Nature
of
assistance/ loan/
limit
availed
c.Amount
(Rs
lakh)
d.Self declaration
regarding conduct
of the account

3.

Date of establishment/ 8.
incorporation

Production capacity:
a.Name of Product
b.Units
c.Installed Capacity
d.Actual Production

4.

Industry
Information 9.
a.Industry
segment
b.Sub-segment of industry
c.Products

Customers' Reference: (please list 5


top customers of your firm/ company)
a.Name of the customer
b.Percentage in total sales
c.Location
d.Name and details (tel. no./ mobile
no.) of contact person of customers

5.

Details
of
Promoters: 10. Suppliers' Reference: (please list 5 top
a. Name(s) of Proprietor/
suppliers of your firm/ company)
Partners/
Directors
a.Name of the supplier
b.Age
b.Percentage in total purchases
c.Father Husband's Name
c.Location

d.Share
holding
(percentage)
in
Firm/
Company
e.Residential
Address
f.Networth in Rs lakh along
with CA certified statement
g.Qualification
h.Nature of Experience with
No
of
years
i.Responsibilities in Firm/
Company:
j.Responsibilities in other
Businesses

d.a.Name and details (tel. no./ mobile


no.) of contact person of suppliers

(Passport size photos of all


the promoters to be
enclosed)

Additional information required:


11. Details of present orders in hand

13. Specific information from the


promoters:

12. Percentage of total imports and 14. Vision of top management


exports in the business
a.Future plans for expansion/
diversification
b.Marketing arrangements
c.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 Rating


Any 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 Degree


In addition to rating MSMEs, CRISIL offers the following services:
Dealer Evaluation
Vendor Evaluation
CRISIL 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 chain
CRISIL VERIFIED
CRISIL 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)
< 10

10-25

25-50

50-75

>75

60,000

65,000

70,000

85,000

110,000

Service Tax @ 12.36 7,416


per cent(Rs.)

8,034

8,652

10,506

13,596

Total Fees (Rs.) *

73,034

78,652

95,506

123,596

Rating Fees (Rs.)

67,416

*
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

< 10

10-25

25-50

Rating Fees (Rs.)

50,000

75,000

100,000

125,000 150,000

Service Tax(Rs.)

6,180

9,270

12,360

15,450

* Note:

18,540

Total Fees (Rs.)


56,180
84,270
112,360 140,450 168,540
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)

Rating
(Rs.)

< 50

50-200

>200

40,000

45,000

60,000

5,562

7,416

Fees

Service Tax @ 4,944


12.36 per cent
(Rs.)

Total Fees (Rs.)

44,944

50,562

67,416

Subsidy from NSIC (Rs.)

25,000

30,000

40,000

Amount payable by SSI (Rs.)

19,944

20,562

27,416

Concessional Fees #

9,157

12,017

16,023

* 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:

Performance
Capability

Highest
High
Moderate
Weak
Poor

High
SE 1A
SE 2A
SE 3A
SE 4A
SE 5A

Financial Strength
Moderate
SE 1B
SE 2B
SE 3B
SE 4B
SE 5B

Low
SE 1C
SE 2C
SE 3C
SE 4C
SE 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 RATING
1. 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 follows

A. Benefits to Investors
1. 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 Company


1. 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 Intermediaries

1. 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 Rating
1. 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

Papers sent to
CRISIL analysts

Step 2: Analyse and assign the rating

Background
research is
done

Management
discussion
over a
conference
call

Report
prepared and
sent to a rating
committee
Rating is assigned by the
committee
Step 3: Communication and publication of the rating

Rating is published on
the website with the
prior approval of the
client

Factors Affecting Assigned Ratings


The 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 Rating


Rating may be carried out by the rating agencies in respect of the following
i. 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 INDIA


1. Crisil Limited
Business: Credit Rating, Risk & Policy Advisory
Establishment 1987
CRISIL headquartered at Mumbai is Indias largest and first credit rating agency;
and a global leader in research, ratings and risk & policy advisory services. It is
one of the top credit rating agency in India which has won many prestigious
awards in the credit rating category and had assessed more than 61000 entities.

2. Credit Information Bureau India Limited - (CIBIL)


Business Credit Rating information
Establishment 2000
CIBIL 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 Ltd
Business Financial Information Services
Establishment 1913
Fitch Ratings, a Fitch Group company is among the top credit rating agencies 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)
Business Credit Rating
Establishment 1993
CARE Ratings is second-largest among the credit rating agencies 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 Limited
Business Investment Information and Credit Rating
Establishment 1991
ICRA 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
a Credit rating agency listed on the National Stock Exchange and Bombay Stock
Exchange. ICRA has four subsidiaries ICRA Management Consulting Services
Ltd, ICRA Techno Analytics Ltd, ICRA Online Ltd, PT. ICRA Indonesia and ICRA
Lanka Ltd.
6. High Mark Credit Information Services
Business Financial Services
Establishment 2005
High Mark Credit Information Services is a recognized credit rating company 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)
Business Performance & Credit Rating Scheme for Small Industries
Establishment 2005
SMERA Ratings Ltd a Mumbai based company now expanded to 13 more
locations was founded in year 2005. SMERA a joint venture of SIDBI, several
private sector banks in 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 Ltd


Business Ratings
Establishment 2007
Brickwork Ratings was established in 2007 by Sangeeta Kulkarni as a credit
rating firm 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 leading credit rating companies in India having already rated Rs
200,000 crores of bonds and bank loans.