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Brickwork Ratings India Private Limited

 Annual Disclosures for the period from April 2019 till March 2020

(As required in Regulation 6 of SEBI Circular Ref: CIR/MIRSD/CRA/6/2010 dated May 3, 2010 and as per SEBI Circular Ref: SEBI/H0/MIRSD/DOP2/CIR/P/2018/86 Dated May 30, 2018)

  1. Rating policies, methodology and procedures in detail regarding solicited and unsolicited ratings
    1. Rating Process
    2. Ratings Policy
    3. Ratings Criteria:
      The ratings criteria are also given for different segments including: Large Corporates, Finance, Insurance, Pooled Funds, SME, State Governments, Infrastructure, Corporate Governance etc.
    4. Rating of bank Loans:The link has information regarding type of ratings assigned for bank loans, FAQs etc.

    The various disclosures that are required under the regulations are given below:

  2. Credit Rating History and Defaults

    Annexure A:

    Details of Annual Rating Summary sheet, segregated for securities and financial instruments other than securities

    Annexure B:

    Modification of Disclosures of SEBI Circular MIRSD/CRA/6/2010 dated May 03, 2010 as per SEBI Circular SEBI/HO/MIRSD/DOP2/CIR/P/2018/86 Dated May 30, 2018

    1. Annexure I - Details of New Credit Ratings assigned during April 2019 to March 2020
    2. Annexure II - Details of Movement of Ratings assigned during April 2019 to March 2020
      1. Annexure II A - Upgrades
      2. Annexure II B - Downgrades
    3. Annexure III Movement of each credit rating from Non-Investment grade to Investment grade and vice versa between April 2019 to March 2020
      1. From Investment Grade to Non-Investment Grade
      2. From Non- Investment Grade to Investment Grade
    4. Annexure V - The History of Credit Rating of all outstanding securities and Instruments other than Securities as on March 31, 2020
    5. Annexure VI - List of Defaults Separately for Each Rating Category
      1. Annexure VI A - Long Term Scale as on March 31, 2020
      2. Annexure VI B – Short Term Scale as on March 31, 2020
    6. Annexure VII - Average Default rates for the last 5 Financial year period as on March 31, 2020
      1. Annexure VII A - Structured Instruments
      2. Annexure VII B – Non-structured Instruments
      3. Average default rates are computed based on SEBI circular - SEBI/HO/MLRSD/DOS3/CIR/P/2018/140 dated 13th November 2018. Hence the values in the tables may differ from earlier regulatory submissions & default study reports.

      4. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2019
      5. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2018
      6. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2017
      7. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2016
      8. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2015
      9. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2014
      10. Archive  

  3. Income
    1. Total Receipts from Rating Services : Rs. 66,18,92,967.00
      Total Receipts from Non Rating Services : Rs. 2,58,83,011.00
    2. The issuer wise percentage share of non-rating income of the CRA and its subsidiary to the total revenue of the CRA and its subsidiary from that issuer
      Rating Income: 96.24% Non ratings Income: 3.76%
    3. Names of the rated issuers who along with their associates contribute 10% or more of total revenue of the CRA and its subsidiaries.
      NIL
  4. Structured Finance Products:
    1. While publishing the ratings of structured finance products and their movements, a CRA apart from following all the applicable requirements in case of non-structured ratings shall also disclose the track record of the originator and details of nature of underlying assets while assigning the credit rating. The track record shall include a brief description of the financials of the originator, rating migrations to speculative categories and defaults.
      Brickwork Ratings is in compliance with the same.
    2. A CRA shall also disclose at least once in every six months, the performance of the rated pool, i.e., collection efficiency, delinquencies. A CRA shall also provide a detailed description of the underlying pools including ageing, Credit enhancements such as liquidity supports, first and second loss guarantee provided shall also be disclosed.
    3. Brickwork Ratings is in compliance with the same.

  5. Unsolicited Ratings:
    1. A CRA shall make the following disclosures apart from following other applicable requirements:
      1. The extent of participation by the issuer, its management, bankers and auditors in the credit rating process.
      2. The information used and its source in arriving at and reviewing the credit rating.
      3. There are no unsolicited ratings in the public domain by Brickwork Ratings.
    2. A CRA shall disclose annually
      1. All the unsolicited ratings carried out in the last three financial years
      2. Names of issuers, out of those mentioned in (i) above, which were given solicited rating in the last financial year
      Annexure VIII A, VIII B
  6. Shareholding Pattern of Brickwork Ratings as prescribed by stock exchanges for a listed company under clause 35 of Listing Agreement. Annexure IX
  7. Compliance Status of each provision of IOSCO Code of Conduct Annexure X
  8. Disclosure of Average Transition Rates for the Long-Term Instruments as on 31.03.2020 Annexure A
  9. Archive