Finnova Advisory prepares the rating pack, represents management and manages the agency relationship across all seven SEBI-registered CRAs — CRISIL, ICRA, CARE, India Ratings, Acuité, Brickwork and Infomerics.
Pune & Mumbai-based. Credit rating advisors serving mid-market corporates across Maharashtra, Delhi NCR, Bengaluru, Hyderabad, Chennai and pan-India.
A credit rating is a SEBI-regulated independent opinion on an issuer's ability to honour debt obligations, issued by a SEBI-registered Credit Rating Agency (CRA). Under RBI norms, external rating is mandatory for bank exposures of ₹50 crore and above, and a rated loan attracts lower risk weights than an unrated one. In practice, rating outcomes move loan pricing by 50–150 basis points and determine access to the NCD, CP and structured-debt markets.
Sector fit, turnaround and acceptability vary by agency — we shortlist the right-fit CRA for your instrument and lender mix.
| Agency | Full Name | Founded | Typical TAT | Sector Strengths |
|---|---|---|---|---|
| CRISIL | CRISIL Ratings Ltd. | 1987 | 6–8 weeks | Large corporates, banks, structured finance |
| ICRA | ICRA Ltd. | 1991 | 6–8 weeks | Infrastructure, financial sector, corporate debt |
| CARE | CARE Ratings Ltd. | 1993 | 5–7 weeks | Mid-corporate, manufacturing, infrastructure |
| India Ratings | India Ratings & Research (Fitch Group) | 1995 | 6–8 weeks | Banks, NBFCs, structured finance |
| Acuité | Acuité Ratings & Research Ltd. | 2005 | 4–6 weeks | SME / MSME, mid-market bank loans |
| Brickwork | Brickwork Ratings India Pvt. Ltd. | 2007 | 4–6 weeks | SME, municipal, NCD |
| Infomerics | Infomerics Valuation and Rating Pvt. Ltd. | 2015 | 4–6 weeks | SME, municipal, NCD, bank loan ratings |
Indicative — actual turnaround varies by agency workload and instrument complexity.
Ratings for debt instruments maturing beyond one year — term loans, NCDs, structured obligations.
Ratings for instruments maturing within a year — commercial paper, short-term bank facilities.
External rating of fund-based and non-fund-based bank exposures; mandatory for RBI ₹50 Cr+ limits.
Rating of Non-Convertible Debentures and Commercial Paper for capital-market debt issuance.
Ratings for pass-through certificates, securitisation, guarantee-backed and credit-enhanced instruments.
Ongoing monitoring, annual review support and proactive management of rating triggers.
Regulatory compliance — RBI mandates external rating for bank exposures of ₹50 Cr and above.
Pricing impact — rated vs unrated borrowing spreads typically differ by 50–150 bps.
Lender confidence — a clean rating narrative accelerates sanction across PSU and private banks.
Investor access — NCD and CP markets are open only to rated issuers.
Appeal mechanism — structured representation where the initial rating undershoots.
Surveillance continuity — proactive management of annual surveillance and rating triggers.
Audited financial statements — last 3 years
Banker statements — last 6 months
CMA data and projections
Project report (for greenfield / expansion cases)
MOA, AOA and incorporation documents
KYC of company, promoters and directors
Existing sanction letters and facility schedules
Prior rating rationale (where applicable)
Indicative — varies by lender and agency.
Review financials, business model and indicative rating range.
Match sector fit, turnaround and fee economics across 7 SEBI-registered CRAs.
Prepare rating pack, management write-up and response to likely agency queries.
Management meeting, query resolution and rating committee representation.
Rating letter issuance, appeal where warranted and ongoing surveillance support.
End-to-end timelines typically run 5–8 weeks from mandate to rating letter, depending on agency workload, document readiness and the depth of management discussions required.
SEBI-registered CRAs publish fee schedules based on instrument size and type. Initial rating fees for mid-market debt typically range from ₹2–10 lakh, plus annual surveillance fees. Finnova Advisory's advisory fee is separate and mandate-based.
The right agency depends on sector fit, lender acceptability, fee economics and turnaround. Banks generally accept any SEBI-registered CRA for ₹50 Cr+ exposures, but PSU lenders may prefer specific agencies for larger tickets.
Yes. Ratings are reviewed at least annually under surveillance, and issuers can request review on material credit events. A disciplined uplift plan — deleveraging, margin improvement, governance — supports upgrade over 12–24 months.
Each CRA has a formal appeal mechanism. Within a defined window you may submit fresh information or a reasoned representation. We support clients end-to-end on appeal preparation where the initial rating undershoots fundamentals.
Surveillance is the CRA's ongoing monitoring of a rated instrument — at least annually, plus event-based triggers. Covenant breaches, delays in data submission or deterioration in metrics can trigger downgrade or 'Issuer Not Cooperating' tags.
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Six practices. One mandate desk.
Term loans, working capital, project finance and structured debt from PSU, private banks and NBFCs.
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ExploreWe prepare your financials, management presentation and rating narrative end-to-end across CRISIL, ICRA, CARE, India Ratings, Acuité, Brickwork and Infomerics — and liaise with the agency until the rating letter lands.
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Email: finance@finnovaadvisory.com