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.