C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page

lnLroducLlon
CredlL raLlng ls a search for longLerm fundamenLals and Lhe
probablllLles for changes ln Lhe fundamenLals Lach agencys raLlng process
usually lncludes fundamenLal analysls of publlc and prlvaLe lssuerspeclflc daLa
lndusLry analysls and presenLaLlons by Lhe lssuers senlor execuLlves
sLaLlsLlcal 1yplcally Lhe raLlng agency ls prlvacy Lo Lhe lssuers shorL and long
range plans and budgeLs 1he analyLlcal framework followed for raLlng
meLhodology ls dlvlded lnLo Lwo lnLerdependenL segmenLs 1he flrsL segmenL
deals wlLh operaLlonal characLerlsLlcs and Lhe second one wlLh Lhe flnanclal
characLerlsLlcs 8esldes quanLlLaLlve and ob[ecLlve facLors quallLaLlve aspecLs
llke assessmenL of managemenL capablllLles play a very lmporLanL role ln
arrlvlng aL Lhe raLlng for an lnsLrumenL 1he relaLlve lmporLance of quallLaLlve
and quanLlLaLlve componenLs of Lhe analysls varles wlLh Lhe Lype of lssuer

Meanlng of CredlL 8aLlng Agencles

CredlL 8aLlng Agencles raLe Lhe aforesald debL lnsLrumenLs of
companles 1hey do noL raLe Lhe companles buL Lhelr lndlvldual debL
securlLles 8aLlng ls an oplnlon regardlng Lhe Llmely repaymenL of
prlnclpal and lnLeresL Lhereon lL ls expressed by asslgnlng symbols
whlch have deflnlLe meanlng A raLlng reflecLs defaulL rlsk only noL Lhe
prlce rlsk assoclaLed wlLh changes ln Lhe level or shape of Lhe yleld
curve lL ls lmporLanL Lo emphaslze LhaL credlL raLlngs are noL
recommendaLlons Lo lnvesL 1hey do noL Lake lnLo accounL many
aspecLs whlch lnfluence an lnvesLmenL declslon 1hey do noL for
example evaluaLe Lhe reasonableness of Lhe lssue prlce posslblllLles of
earnlng caplLal galns or Lake lnLo accounL Lhe llquldlLy ln Lhe secondary
markeL 8aLlngs also do noL Lake lnLo accounL Lhe rlsk of prepaymenL by
Lhe lssuer or lnLeresL raLe rlsk or exchange raLe rlsks AlLhough Lhese are
ofLen relaLed Lo Lhe credlL rlsk Lhe raLlng essenLlal ls an oplnlon on Lhe
relaLlve quallLy of Lhe credlL rlsk lL has Lo be noLed LhaL Lhere ls no
prlvacy of conLracL beLween an lnvesLor and a raLlng agency and Lhe
lnvesLor ls noL proLecLed by Lhe oplnlon of Lhe raLlng agency 8aLlngs are
noL a guaranLee agalnsL loss 1hey are slmply oplnlons based on analysls
of Lhe rlsk of defaulL 1hey are helpful ln maklng declslons based on
parLlcular preference of rlsk and reLurn
C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page

Iarlous CredlL raLlng agencles ln lndla
A CredlL 8aLlng Agency ls a company LhaL asslgns credlL raLlngs for
lssuers of cerLaln Lypes of debL obllgaLlons as well as debL lnsLrumenLs

lour Maln CredlL 8aLlng Agencles ln lndla
1 CredlL 8aLlng lnformaLlon Servlces of lndla LlmlLed (C8lSlL) AssoclaLe of
SLandards oors
2 CredlL Analysls 8esearch LLd (CA8L 8aLlngs)
3 lnvesLmenL lnformaLlon and CredlL 8aLlng Agency of lndla LlmlLed
(lC8A) AssoclaLe of Moodys lnvesLors Servlce
4 llLch 8aLlngs
3 SML8A
luncLlons of CredlL raLlng agencles ln lndla

1he credlL raLlng agencles ln lndla offer varled servlces llke muLual
consulLlng servlces whlch comprlses of operaLlon up gradaLlon rlsk
managemenL 1hey have speclal secLlons Lo carry on research and
developmenL work of Lhe lndusLrles 1hey provlde Lralnlng Lo Lhe employees
and execuLlves of Lhe companles for beLLer managemenL 1hey examlne Lhe
rlsk lnvolved ln a new pro[ecL chalk ouL plans Lo flghL wlLh Lhe problem
successfully and Lhus amelloraLe Lhe percenLage of rlsk Lo a greaL exLenL lor
Lhls Lhey carry on Lhorough research lnLo Lhe respecLlve lndusLry 1hey have
sLarLed offerlng servlces Lo Lhe muLual fund secLor Lhrough Lhe appllcaLlon of
fund uLlllzaLlon servlces 1he ma[or lndusLrles currenLly graded by Lhe credlL
raLlng agencles lnclude agrlculLure healLh care lndusLry lnfrasLrucLure and
marlLlme lndusLry





C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page

Culdellnes for CredlL raLlng agencles ln lndla


1he SecurlLles and Lxchange 8oard of lndla (CredlL 8aLlng Agencles)
8egulaLlons 1999 offers varlous guldellnes wlLh regard Lo Lhe reglsLraLlon
and funcLlonlng of Lhe credlL raLlng agencles ln lndla 1he reglsLraLlon
procedure lncludes appllcaLlon for Lhe esLabllshmenL of a credlL raLlng
agency maLchlng Lhe ellglblllLy crlLerla and provldlng all Lhe deLalls
requlred 1hey have Lo undergo Lhe sLrlcL examlnaLlon procedure wlLh
regard Lo Lhe deLalls furnlshed by Lhem 1hey are requlred Lo prepare
lnLernal procedures abldance wlLh clrculars 1hey are offered guldellnes
regardlng Lhe credlL raLlng procedure by Lhe AcL 1he credlL raLlng
agencles are provlded wlLh compllance offlcers 1hey are requlred Lo show
Lhelr accounLlng records

















C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page

C8lSlL
CredlL 8aLlng and lnformaLlon Servlces of lndla LLd (C8lSlL) a global
analyLlcal company provldlng raLlngs research and rlsk and pollcy advlsory
servlces C8lSlLs ma[orlLy shareholder ls SLandard and oors SLandard
oors a parL of 1he McCrawPlll Companles ls Lhe worlds foremosL provlder
of credlL raLlngs
C8lSlL ls Lhe largesL credlL raLlng agency ln lndla C8lSlL ploneered
raLlngs ln lndla more Lhan 20 years ago and ls Loday Lhe undlspuLed buslness
leader wlLh Lhe largesL number of raLed enLlLles and raLlng producLs C8lSlLs
raLlng experlence covers more Lhan 41738 enLlLles lncludlng 20000 small and
medlum enLerprlses (SMLs) As on !une 30 2011 we had more Lhan 13787
raLlngs (lncludlng over 6800 SMLs) ouLsLandlng
C8lSlLs Clobal AnalyLlcal CenLre (CAC) supporLs Lhe Clobal 8esource
ManagemenL lnlLlaLlve of SLandard oors (S) under Lhls lnlLlaLlve CAC
provldes resources Lo S Lo lmprove workflow efflclencles handle endLoend
analyLlcal [obs process lnformaLlon and execuLe complex modellng
asslgnmenLs
C8lSlL 8esearch ls lndlas largesL lndependenL research house 1hrough
consLanL lnnovaLlon and comprehenslve research offerlngs coverlng Lhe
economy lndusLry and companles C8lSlL 8esearch meeLs Lhe requlremenLs of
more Lhan 730 lndlan and global cllenLs AparL from offLheshelf research
reporLs C8lSlL also provldes lnclslve cusLomlsed research LhaL allows cllenLs Lo
Lake lnformed buslness and lnvesLmenL declslons
C8lSlL offers producLs and servlces coverlng boLh equlLy and debL
markeLs Lhereby furLherlng C8lSlLs ob[ecLlve Lo make markeLs funcLlon beLLer
1 C8lSlL LqulLles
2 MuLual lund 8esearch
3 lndlces llSL lndla lndex Servlces and roducLs LLd (llSL) a [olnL venLure
beLween nSL and C8lSlL LLd was seL up ln May 1998 Lo provlde a varleLy of
lndlces and lndex relaLed servlces and producLs for Lhe lndlan caplLal markeLs
lL has a consulLlng and llcenslng agreemenL wlLh SLandard and oors (S)
Lhe worlds leadlng provlder of lnvesLlble equlLy lndlces for cobrandlng equlLy
lndlces
C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page

C8lSlL offers domesLlc and lnLernaLlonal cusLomers (C8lSlL Clobal
8esearch and AnalyLlcs conslsLlng of lrevna and lpal 8esearch caLers Lo
lnLernaLlonal cllenLs) wlLh lndependenL lnformaLlon oplnlons and soluLlons
relaLed Lo credlL raLlngs and rlsk assessmenL energy lnfrasLrucLure and
corporaLe advlsory research on lndlas economy lndusLrles and companles
global equlLy research fund servlces and rlsk managemenL
C8lSlL lnfrasLrucLure Advlsory* provldes pracLlcal and lnnovaLlve
soluLlons Lo governmenLs donor funded agencles and leadlng organlzaLlons ln
over 20 emerglng economles across Lhe world Lo help lmprove lnfrasLrucLure
servlce dellvery Lransform performance of publlc lnsLlLuLlons and secLor
efflclency deslgn and sLrengLhen reform programs Lo caLalyze prlvaLe secLor
parLlclpaLlon
8aLlng rocess
C8lSlLs raLlngs process ls deslgned Lo ensure LhaL all raLlngs are based
on Lhe hlghesL sLandards of lndependence and analyLlcal rlgour

lrom Lhe lnlLlal meeLlng wlLh Lhe managemenL Lo Lhe asslgnmenL of Lhe
raLlng Lhe raLlng process normally Lakes Lhree Lo four weeks Powever C8lSlL
has someLlmes arrlved aL raLlng declslons ln shorLer Llmeframes Lo meeL
urgenL requlremenLs 1he process of raLlng sLarLs wlLh a raLlng requesL from
Lhe lssuer and Lhe slgnlng of a raLlng agreemenL C8lSlL employs a mulLl
layered declslonmaklng process ln asslgnlng a raLlng








C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page

A deLalled flow charL of C8lSlLs raLlng process ls as below












C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page


CrlLerla of 8aLlng
O lnformaLlon provlded by Lhe company
O lnhouse daLabase and daLa from oLher sources LhaL CA8L conslders
rellable CA8L does noL underLake unsollclLed raLlngs
O 1he prlmary focus of Lhe raLlng exerclse ls Lo assess fuLure cash
generaLlon capablllLy and Lhelr adequacy Lo meeL debL obllgaLlons ln
adverse condlLlons
O 1he analysls aLLempLs Lo deLermlne Lhe longLerm fundamenLals and
Lhe probablllLles of change ln Lhese fundamenLals whlch could affecL
Lhe credlLworLhlness of Lhe borrower
O 1he analyLlcal framework of CA8Ls raLlng meLhodology ls dlvlded lnLo
Lwo lnLerdependenL segmenLs 1he flrsL deals wlLh Lhe operaLlonal
characLerlsLlcs and Lhe second wlLh Lhe flnanclal characLerlsLlcs
O 8esldes quanLlLaLlve facLors quallLaLlve aspecLs llke assessmenL of
managemenL capablllLles play a very lmporLanL role ln arrlvlng aL Lhe
raLlng for an lnsLrumenL
O 1he relaLlve lmporLance of quallLaLlve and quanLlLaLlve componenLs of
Lhe analysls varles wlLh Lhe Lype of lssuer
8aLlng deLermlnaLlon ls a maLLer of experlenced and hollsLlc [udgemenL
based on Lhe relevanL quanLlLaLlve and quallLaLlve facLors affecLlng Lhe credlL
quallLy of Lhe lssuer

CkISIL kat|ng cr|ter|a
1hls secLlon carrles Lhe research backlng Lhe raLlng crlLerla adopLed by
C8lSlL whlch forms Lhe baslc framework for raLlng and helps ln adopLlng a
unlform and conslsLenL approach ln asslgnlng Lhe raLlngs 1hese raLlng
crlLerla are regularly dlssemlnaLed by C8lSlL ln llne wlLh lLs sLaLed pollcy of
lmprovlng Lransparency ln Lhe raLlng process

C8lSlLs CrlLerla lor CorporaLe SecLor Pybrlds (lncludlng perpeLual
securlLles)
8aLlng CrlLerla for Commerclal aper and ShorL1erm uebL
8ase raLe reglme Lo propel commerclal paper lssuance
C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page 8

C8lSlLs crlLerla for raLlng bank loans
C8lSlLs raLlng crlLerla for Lrlggerllnked guaranLee sLrucLures
C8lSlLs CrlLerla for ConsolldaLlon
C8lSlLs raLlng approach Lowards resLrucLurlng of bank loans
Slngleloan selldowns down buL noL ouL
Clear defaulL deflnlLlon crlLlcal for rellable credlL raLlng
1ranslaLlng Clobal Scale 8aLlngs onLo C8lSlLs Scale
8asel ll a caLalysL ln bond markeL deepenlng
C8lSlLs Approach Lo 8ecognlslng uefaulL
1he 8aLlng rocess
undersLandlng C8lSlLs 8aLlngs and 8aLlng Scales
C8lSlLs Approach Lo llnanclal 8aLlos
C8lSlLs 1reaLmenL of CorporaLe SecLor Pybrlds ln CredlL 8aLlngs
Pybrld CaplLal new Avenues for 8anks
8aLlng CrlLerla for Pybrld CaplLal ln 8anks
CrlLerla for noLchlng up SLand Alone 8aLlngs of Companles based on
arenL SupporL
CrlLerla for noLchlng up SLand Alone 8aLlngs of Companles based on
Croup SupporL








C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page 9

MeLhodology of 8aLlng


l) 8uslness 8lsk 1o ascerLaln buslness rlsk Lhe raLlng agency conslders
lndusLrys characLerlsLlcs performance and ouLlook operaLlng poslLlon
(capaclLy markeL share dlsLrlbuLlon sysLem markeLlng neLwork eLc)
Lechnologlcal aspecLs buslness cycles slze and caplLal lnLenslLy
ll) llnanclal 8lsk 1o assess flnanclal rlsk Lhe raLlng agency Lakes lnLo accounL
varlous aspecLs of lLs llnanclal ManagemenL (eg caplLal sLrucLure llquldlLy
poslLlon flnanclal flexlblllLy and cash flow adequacy proflLablllLy leverage
lnLeresL coverage) pro[ecLlons wlLh parLlcular emphasls on Lhe componenLs
of cash flow and clalms Lhereon accounLlng pollcles and pracLlces wlLh
parLlcular reference Lo pracLlces of provldlng depreclaLlon lncome
recognlLlon lnvenLory valuaLlon offbalance sheeL clalms and llablllLles
amorLlzaLlon of lnLanglble asseLs forelgn currency LransacLlons eLc
lll) ManagemenL LvaluaLlon ManagemenL evaluaLlon lncludes conslderaLlon
of Lhe background and hlsLory of Lhe lssuer corporaLe sLraLegy and
phllosophy organlsaLlonal sLrucLure quallLy of managemenL and
managemenL capablllLles under sLress personnel pollcles eLc
lv) 8uslness LnvlronmenLal Analysls 1hls lncludes regulaLory envlronmenL
operaLlng envlronmenL naLlonal economlc ouLlook areas of speclal
slgnlflcance Lo Lhe company pendlng llLlgaLlon Lax sLaLus posslblllLy of
defaulL rlsk under a varleLy of scenarlos

8aLlng ls noL based on a predeLermlned formula whlch speclfles Lhe
relevanL varlables as well as welghLs aLLached Lo each one of Lhem lurLher
Lhe emphasls on dlfferenL aspecLs varles from agency Lo agency 8roadly Lhe
raLlng agency assures lLself LhaL Lhere ls a good congruence beLween asseLs
and llablllLles of a company and downgrades Lhe raLlng lf Lhe quallLy of asseLs
depreclaLes 1he raLlng agency employs quallfled professlonals Lo ensure
conslsLency and rellablllLy 8epuLaLlon of Lhe CredlL 8aLlng Agency creaLes
confldence ln Lhe lnvesLor 8aLlng Agency earns lLs repuLaLlon by assesslng Lhe
cllenLs operaLlonal performance managerlal compeLence managemenL and
organlzaLlonal seLup and flnanclal sLrucLure lL should be an lndependenL
company wlLh lLs own ldenLlLy lL should have no governmenL lnLerference
8aLlng of an lnsLrumenL does noL glve any flduclary sLaLus Lo Lhe credlL raLlng
agency lL ls deslrable LhaL Lhe raLlng be done by more Lhan one agency for
Lhe same klnd of lnsLrumenL 1hls wlll aLLracL lnvesLors confldence ln Lhe
raLlng symbol glven
C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page


ManufacLurlng 8aLlngs

ManufacLurlng Companles(Ceneral)
CemenL Companles
Shlpplng Companles
lerLlllzer Companles
esLlclde Companles
Commerclal Iehlcle lndusLry
CoLLon ?arn lndusLry
SLeel Companles

llnanclal SecLor 8aLlngs

8anks
non 8anklng llnance companles
Pouslng llnance Companles
A8S and M8S
lund CredlL CuallLy 8aLlngs
CaplLal roLecLlon CrlenLed Schemes
MarkeL Llnked noLes
lnfrasLrucLure 8aLlngs

rlvaLe ower ro[ecLs
urban lnfrasLrucLure ro[ecLs
uebL lssues of 1oll 8oad ro[ecLs
orL ro[ecLs
CLhers / Subsoverelgn 8aLlngs

Munlclpal 8onds
SLaLe CovernmenLs
SML 8aLlng
ShorLLerm lnsLrumenLs
lssuer 8aLlng
8ecovery 8aLlng
Crganlzed 8eLall Companles
Moblle Servlce rovlders

C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page

SML raLlng
C8lSlL SML 8aLlng lndlcaLes Lhe SMLs performance capablllLy and
flnanclal sLrengLh C8lSlL SML 8aLlngs are enLlLyspeclflc raLlngs unllke credlL
raLlngs whlch are debLobllgaLlonspeclflc C8lSlL SML 8aLlng reflecLs Lhe level
of credlLworLhlness of Lhe SML ad[udged ln relaLlon Lo oLher SMLs
lollowlng are Lhe key feaLures of C8lSlL SML 8aLlngs
nt|ty rat|ng SML 8aLlngs are enLlLy speclflc
|g|b||ty All Lypes of buslness enLerprlses lncludlng publlc and prlvaLe
llmlLed companles cooperaLlve socleLles parLnershlp flrms and sole
proprleLorshlps are ellglble for C8lSlL SML 8aLlngs 8eglsLraLlon as a mlcro
and small enLerprlse ls noL requlred as subsldy supporL from Lhe
governmenL ls noL avallable for Lhese raLlngs
Surve|ance based on spec|f|c requ|rement A C8lSlL SML raLlng ls valld for
one year from Lhe daLe of Lhe SML reporL lssued by C8lSlL provlded no
slgnlflcanL changes/evenLs occur durlng Lhls perlod LhaL could maLerlally
affecL Lhe buslness or flnanclal parameLers of Lhe organlsaLlon SMLs are
encouraged Lo obLaln raLlng revlews perlodlcally and C8lSlL carrles ouL
revlews whenever requesLed by Lhe SML or Lhe lender
Lxample of SML raLlng of C8lSlL
Sr
No
Name C|ty
kat|ng
Ass|gned
Date
Ass|gned*
Const|tut|o
n
1 (k) SheLhra LxporLs 1lrupur SL 28 13!ul11 roprleLorshlp
2
1 M Weldlng
SysLems
Aurangabad SL 38 13!un11 CLhers
3 1sL rlnL Chennal SL 3C 21leb11 CLhers
4 3ACL AssoclaLes CuLLack SL 38 3Sep10 roprleLorshlp
3
A 8 ComposlLes
rlvaLe LlmlLed
kolkaLa SL 28 31May11
rlvaLe
LlmlLed
6
A 8 ower SysLem
SoluLlon
nanded SL 28 13!un11 CLhers
7 A 8 8lce Mllls ku8ukSPL18A SL 3C 13nov10
arLnershlp
llrm
8
A 8 8olllng Mllls
rlvaLe LlmlLed
Mumbal SL 2C 3Aug11
rlvaLe
LlmlLed
C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page

SM Grad|ng scae

C8lSlL SML 8aLlngs reflecL Lhe level of credlLworLhlness of a SML
ad[udged ln relaLlon Lo oLher SMLs

CkISIL SM kat|ng Def|n|t|on
SML 1 PlghesL
SML 2 Plgh
SML 3 Above Average
SML 4 Average
SML 3 8elow Average
SML 6 lnadequaLe
SML 7 oor
SML 8 uefaulL



8eal LsLaLe 8aLlng
Pouslng and real esLaLe form Lhe backbone of Lhe counLrys
lnfrasLrucLure and are crlLlcal drlvers of economlc developmenL WlLh
governmenL pollcles emphaslslng fasLer economlc growLh Lhe real esLaLe
secLor ls aLLracLlng large lnvesLmenLs from boLh domesLlc and forelgn
lnvesLors lnvesLors and cusLomers however need Lo exerclse cauLlon ln Lhelr
exposure as Lhe secLor ls largely unorganlsed
Clven Lhe rlsk facLors and volaLlllLy lnherenL ln Lhe real esLaLe buslness lL ls
crlLlcal Lo [udge Lhe performance ablllLy of developers Lo dellver good quallLy
pro[ecLs 1owards Lhls end C8lSlL provldes LhlrdparLy oplnlon Lhrough Lwo
speclallsed producLs
O naLlonal ueveloper 8aLlngs
O 8eal LsLaLe SLar 8aLlngs


C8Lul1 8A1lnC

FINANCIAL SERvICES NANAuENENT Page

Lxample of 8eal LsLaLe 8aLlng
Company Name Industry Name PatIng
A8A0 8uIlders Feal Estate 0evelopment 0AJ+
A8A0 8uIlders Pvt.Ltd. Feal Estate 0evelopment 0AJ+
A8A0 ConstructIons Pvt.Ltd. Feal Estate 0evelopment 0AJ+
Akshaya Homes Feal Estate 0evelopment 0AJ+
Akshaya PrIvate LImIted Feal Estate 0evelopment 0AJ+
PrestIge Estates Projects LImIted Feal Estate 0evelopment 0A2+
Puravankara Projects LImIted Feal Estate 0evelopment 0A2
Fohan 8uIlders and 0evelopers PrIvate LImIted Feal Estate 0evelopment 0A2+
SalarpurIa PropertIes Pvt Ltd Feal Estate 0evelopment 0A2+
Savvy nfrastructures Ltd. Feal Estate 0evelopment 0AJ+
SkylIne 8uIlders Feal Estate 0evelopment 0A2
SkylIne FoundatIons E Structures (P) Ltd. Feal Estate 0evelopment 0AJ+
Sobha 0evelopers Ltd. Feal Estate 0evelopment 0AJ
7enus nfrastructure E 0evelopers LImIted Feal Estate 0evelopment 0AJ

8eal LsLaLe Cradlng scale
kat|ng Scae Ior kea state Deveopers
DA1
LxcellenL
1he uevelopers ablllLy Lo execuLe real esLaLe pro[ecLs as per Lhe speclfled quallLy
level and wlLhln Lhe sLlpulaLed Llme schedule and ablllLy Lo Lransfer clean LlLle ls
ceent
DA2
Iery Cood
1he uevelopers ablllLy Lo execuLe real esLaLe pro[ecLs as per Lhe speclfled quallLy
level and wlLhln Lhe sLlpulaLed Llme schedule and ablllLy Lo Lransfer clean LlLle ls
Very Good
DA3
Cood
1he uevelopers ablllLy Lo execuLe real esLaLe pro[ecLs as per Lhe speclfled quallLy
level and wlLhln Lhe sLlpulaLed Llme schedule and ablllLy Lo Lransfer clean LlLle ls
Good
DA4
8elow
Average
1he uevelopers ablllLy Lo execuLe real esLaLe pro[ecLs as per Lhe speclfled quallLy
level and wlLhln Lhe sLlpulaLed Llme schedule and ablllLy Lo Lransfer clean LlLle ls
8eow Average
DAS
oor
1he uevelopers ablllLy Lo execuLe real esLaLe pro[ecLs as per Lhe speclfled quallLy
level and wlLhln Lhe sLlpulaLed Llme schedule and ablllLy Lo Lransfer clean LlLle ls
oor
Note
ckl5ll moy opply - (plos) slqo fot totloqs ftom uA1 to uAJ to teflect
compototlve stooJloq wltblo tbe coteqoty
C8Lul1 8A1lnC

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nSlC 8aLlng

$r.
No
Name CIty
PatIng
AssIgned
0ate
AssIgned*
ConstItutIon
1 (K) Shethra Exports Tirupur SE 2B 13-Jul-11 Proprietorship
2
1 M Welding
Systems
Aurangabad SE 3B 15-Jun-11 Others
3 1st Print Chennai SE 3C 21-Feb-11 Others
4 3ACE Associates Cuttack SE 3B 3-Sep-10 Proprietorship
5
A B Composites
Private Limited
Kolkata SE 2B 31-May-11
Private
Limited
6
A B Power System
Solution
Nanded SE 2B 15-Jun-11 Others
7 A B Rice Mills KURUKSHETRA SE 3C 15-Nov-10
Partnership
Firm
8
A B Rolling Mills
Private Limited
Mumbai SE 2C 3-Aug-11
Private
Limited

nSlC 8aLlng scale

nSlC C8lSlL raLlngs for SSls wlll reflecL Lwo componenLs llnanclal
SLrengLh and erformance CapablllLy

I|nanc|a Strength
n|gh Moderate Low
erformance
Capab||ty
n|ghest S 1A S 18 S 1C
n|gh S 2A S 28 S 2C
Moderate S 3A S 38 S 3C
Weak S 4A S 48 S 4C
oor S SA S S8 S SC

C8Lul1 8A1lnC

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8roker CuallLy 8aLlng
Company Name Industry Name Grad|ng
AslL C MehLa lnvesLmenL lnLerrmedlaLes
LlmlLed
8roklng Company 8C1
lndla lnfollne LlmlLed 8roklng Company 8C1
lndlabulls SecurlLles LlmlLed 8roklng Company 8C1
!M llnanclal Servlces rlvaLe LlmlLed 8roklng Company 8C1
Ml Clobal Slfy SecurlLles lndla rlvaLe
LlmlLed
8roklng Company 8C1

8roker CuallLy gradlng scale
A C8lSlL 8roker Cradlng ls an oplnlon on Lhe quallLy of operaLlons and
servlce provlded by Lhe graded sLock broker 1he gradlng wlll be expressed
on a flvepolnL scale from 81 to 8S wlLh 81 belng Lhe hlghesL





















C8Lul1 8A1lnC

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Concluslon
Aftei going thiough this 0nit, you will be able to:

Explain the meaning anu ueteiminants of cieuit iating,

Illustiate the iating methouology,

esciibe the auvances anu limitations of cieuit iating,

Iuentify the cieuit iating symbols, anu

iscuss cieuit iating agencies in Inuia.