Brickwork Ratings India Private Limited

 Annual Disclosures for the period from April 2023 till March 2024

(As required in Regulation 6 of SEBI Circular Ref: CIR/MIRSD/CRA/6/2010 dated May 3, 2010, as per SEBI Circular Ref: SEBI/H0/MIRSD/DOP2/CIR/P/2018/86 Dated May 30, 2018 and as per SEBI Circular Ref: SEBI/H0/DDHS/DDHS-RACPOD2/P/CIR/2023/6 Dated January 06,2023 and SEBI Master Circular SEBI/HO/DDHS/DDHS-POD2/P/CIR/2023/111 Dated July 03, 2023)

  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:

    (As required in Regulation 6 of SEBI Circular Ref: CIR/MIRSD/CRA/6/2010 dated May 3, 2010, as per SEBI Circular Ref: SEBI/H0/MIRSD/DOP2/CIR/P/2018/86 Dated May 30, 2018 and as per SEBI Circular Ref: SEBI/H0/DDHS/DDHS-RACPOD2/P/CIR/2023/6 Dated January 06,2023 and SEBI Master Circular SEBI/HO/DDHS/DDHS-POD2/P/CIR/2023/111 Dated July 03, 2023)

  3. Annexure I - Details of New Credit Ratings assigned during April 2023 to March 2024
  4. Annexure II - Details of Movement of Ratings assigned during April 2023 to March 2024
    1. Annexure II A - Upgrades
    2. Annexure II B - Downgrades
  5. Annexure III Movement of each credit rating from Non-Investment grade to Investment grade and vice versa between April 2023 to March 2024
    1. From Investment Grade to Non-Investment Grade
    2. From Non- Investment Grade to Investment Grade
  6. Annexure V - The History of Credit Rating of all outstanding securities and Instruments other than Securities as on March 31, 2024
  7. Annexure VI - List of Defaults Separately for Each Rating Category Annexure VI A - Long Term Scale as on March 31, 2024
  8. Annexure VI B – Short Term Scale as on March 31, 2024
  9. Annexure VII - Average Default rates for the last 5 Financial year period as on March 31, 2024
    1. Annexure VII A - CDR for Structured Instruments
    2. Annexure VII A - CDR All Ratings
    3. Annexure VII A - CDR All Ratings(Exclude INC)
    4. Annexure VII A - CDR All Securities
    5. Annexure VII A - CDR All Securities(Exclude INC)
    6. Annexure VII A - CDR All Listed Securities
    7. Annexure VII A - CDR All Listed Securities(Exclude INC)
    8. Annexure VII B – Non-structured Instruments
    9. 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.

    10. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2023
    11. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2022
    12. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2021
    13. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2020
    14. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2019
    15. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2018
    16. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2017
    17. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2016
    18. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2015
    19. * Annexure-VII - Average Default Rates for the last 5 financial year period as on March 2014
    20. Archive  

  1. Income
    1. Total Receipts from rating Services as of 31.03.2024.- Rs.5,32,45,954 (Unaudited)
      Total Receipts from Non-rating Services as of 31.03.2024 - Rs.1,40,484 (Unaudited)
      1. 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 for the period - NIL
    2. Names of rating issuers who along with their associates contribute 10% or more of the total revenue of the CRA and its subsidiary for the FY 2023-2024 - Nil
    1. 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.

    2. 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
    3. Shareholding Pattern of Brickwork Ratings as prescribed by stock exchanges for a listed company under clause 35 of Listing Agreement. Annexure IX
    4. Compliance Status of each provision of IOSCO Code of Conduct Annexure X
    5. Disclosure of Average Transition Rates for the Long-Term Instruments as on 31.03.2024 Annexure A
    6. Archive  

      SEBI Master Circular dated July 31, 2023 on Online Dispute Resolution, provides for establishing a common Online Dispute Resolution Portal (“ODR Portal”) which harnesses online conciliation and online arbitration for resolution of disputes arising in the Indian Securities Market.

      A copy of the said SEBI circular is attached here - The Circular

      SMART ODR Portal (Securities Market Approach for Resolution through ODR Portal) can be accessed via the following link - SMART ODR

      You are requested to take note of the contents of the aforesaid circular.