CREDIT RATING AGENCIES IN INDIA

[1] CRISIL Limited:

CRISIL is Indias leading Ratings, Research, Risk and Policy Advisory Company based in
Mumbai. CRISILs majority shareholder is Standard & Poors, a division of The McGraw-Hill
Companies and the worlds foremost provider of financial market intelligence. CRISIL
pioneered ratings in India more than 20 years ago and is today the undisputed business leader,
with the largest number of rated entities and rating products: CRISILs rating experience covers
more than 24654 entities, including 14,500 small and medium enterprises
[2] Fitch Ratings India Private Ltd:
Fitchs National ratings provide a relative measure of creditworthiness for rated entities in
countries with sub- or low-investment grade international sovereign ratings. The best risk within
a country is rated AAA and other credits are rated only relative to this risk. National ratings are
designed for use mainly by local investors in local markets and are signified by the addition of an
identifier for the country concerned, such as AAA (ind) for National ratings in India. Specific
letter grades are not therefore internationally comparable.
[3] ICRA Limited:
Investment Information and Credit Rating Agency of India Limited was set up in 1991 by
leading financial/investment institutions, commercial banks and financial services companies as
an
independent and professional Investment Information and Credit Rating Agency. Today, ICRA
and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a
Public Limited
Company, with its shares listed on the Bombay Stock Exchange and the National Stock
Exchange.
[4] Credit Analysis & Research Ltd. (CARE):
Credit Analysis & Research Ltd. (CARE Ratings) is a full service rating company that offers a
wide range of rating and grading services across sectors. CARE has an unparallel depth of
expertise. CARE Ratings methodologies are in line with the best international practices. CARE
Ratings has completed over 8488 rating assignments having aggregate value of about Rs.26609
bn (as at Sep 30, 2010), since its inception in April 1993. CARE is recognised by Securities and
Exchange Board of India (Sebi), Government of India (GoI) and Reserve Bank of India (RBI)
etc. CARE has seven offices in India located at - Mumbai, Delhi, Kolkata, Chennai, Hyderabad,
Bangalore and Ahmedabad.
[5] Brickwork Ratings India Private Limited:
Brickwork Ratings, a SEBI, RBI & NSIC registered credit rating agency offers Bank Loan,
NCD, Commercial paper, MSME ratings and other grading services. Brickwork has presence in
Bengaluru, New Delhi, Mumbai, Chennai, Hyderabad, Kolkata, Ahmedabad, Guwahati as well
as 50 other cities in India.
Brickwork Ratings has already rated over Rs 200,000 crores of bank loans and bonds. The
company has rated a large number of big listed entities, hundreds of bank loans and a very large
number of MSME. Bank loan ratings cover all bank fund based and non fund based facilities like
Cash Credit, Packing credit, term loans, letter of credit, bank guarantees etc.
[6] SME Rating Agency of India Ltd. (SMERA) -
SMERA Ratings Limited (formerly SME Rating Agency of India Ltd.) is a joint initiative of
Small Industries Development Bank of India (SIDBI), Dun & Bradstreet Information Services
India Private Limited (D&B) and leading public and private sector banks in India. SMERA
commenced its operations in 2005 as an exclusive credit rating agency for Micro, Small and
Medium Enterprises (MSME) sector in the country. Within a span of 8 years, SMERA has
assigned ratings to over 29642 MSMEs pan India.
SMERA is registered with the Securities and Exchange Board of India (SEBI) as a Credit Rating
Agency (6th in India). More recently, the Company has received accreditation from the Reserve
Bank of India (RBI) as an External Credit Assessment Institution (ECAI) under BASEL - II
norms for undertaking bank loan ratings. SMERA is also empanelled as an approved rating
agency by the National Small Industries Corporation Ltd. (NSIC) under the "Performance &
Credit Rating Scheme for Small Industries", approved by the Ministry of Small Scale Industries,
Government of India.