The document summarizes the key steps in the process of credit rating for financial instruments by a credit rating agency. The process involves: 1) The issuer company submitting a letter of intent requesting a rating; 2) The rating agency constituting an analytical team to collect information from the issuer; 3) The team conducting plant visits and management meetings; 4) An internal preview meeting of the agency's findings; 5) A rating committee meeting to determine the rating; 6) Communication of the rating to the issuer company; and 7) Ongoing surveillance of the rated instrument. The overall process aims to provide an independent opinion on the issuer's ability to repay debt.
This presentation covers Merchant Banking History; Categories; Services provided by them; Methods of placement; underwriting; Issue management & SEBI guidelines.
This presentation covers Merchant Banking History; Categories; Services provided by them; Methods of placement; underwriting; Issue management & SEBI guidelines.
This presentation is on Credit rating agencies in India. here I presents it's origin, importants, benefits, objectives, need and about different rating agencies.
Si quieres conocer otros tips para hacer de gamificación la solución perfecta para enganchar a tu equipo. Ingresa a http://www.salesdrive.co/que-es-gamification ¡Sabemos que te ayudarán mucho!
This presentation is on Credit rating agencies in India. here I presents it's origin, importants, benefits, objectives, need and about different rating agencies.
Si quieres conocer otros tips para hacer de gamificación la solución perfecta para enganchar a tu equipo. Ingresa a http://www.salesdrive.co/que-es-gamification ¡Sabemos que te ayudarán mucho!
Kaip atrodys darbas 2022 metais? 2 iš 5 žmonių visame pasaulyje tiki, kad ateityje neliks tradicinio darbo - tas kuris vyrauja dabar. Vietoj to, žmonės susikurs savo prekinius ženklus/įvaizdį ir pardavinės savo įgūdžius tiems, kuriems jų reikia. 64% žmonių visame pasaulyje tiki, kad technologijos pagerins jų darbo perspektyvas. 46% žmogiškųjų resursų specialistų tikisi, kad įmonėse 2022 metais apie 20% darbuotojų bus laikinai samdomi darbuotojai. Bet kokiu atveju darbas ir jo principai ateityje pasikeis. Mes priartėjome prie tokios technologinės pažangos ir sociologinių pokyčių kuomet darbdaviai seks darbuotojus, mūsų bendradarbiais bus robotai, ir teks dirbti daugiau, kad išeiti į pensiją ir mes tuo mėgausimės ...
En Proyecto Ikaros queremos crear un ecosistema para la promoción y desarrollo del software libre, las tecnologías abiertas y el emprendimiento tecnológico, basando todo el proyecto no solo en la filosofía que promueve sino en la economía colaborativa y la tecnología social como medio para impulsar la soberanía tecnológica.
El Proyecto Ikaros está asentado en Gipuzkoa y es una Startup en etapa temprana con un alto potencial de crecimiento en 6 fases que estarán en continuo desarrollo y para ello estamos empeñados en construir una base muy solida sobre la cual poder crecer, a tal fin estamos creando la comunidad "Ikaros TIC Solvers" la cual estará representada por una plataforma de Crowdsourcing que llevará el mismo nombre, y además estamos buscando emprendedores que quieran formar parte del equipo promotor.
Podéis obtener más información en http://www.proyectoikaros.org
Aunque también podéis seguirnos por aquí
Uniros al proyecto, entre todos haremos de nuestro territorio un referente tecnológico en Europa.
credit rating.
factors for successful credit rating.
examples of credit rating agencies ... etc.
exclusively for students pursuing company secretary course.
Credit rating, it's historical perspective, Indian perspective, process of credit rating, communicating of credit rating, Top credit rating agencies, rating symbols have described.
CARE is a Credit Rating, Research and Information Services company promoted in 1993 by major banks/financial institutions (FIs) in India.
CARE’s operations can be divided into two divisions: Credit Rating and Research & Information Services. It offers a wide range of rating and grading services across a diverse range of instruments and industries and also provides general and customized industry research reports on subscription basis; however CARE’s rating business accounts for more than 98% of its revenue and profits.
Despite starting four years after ICRA, CARE is now the second largest credit rating agency in India in terms of revenue.
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For more information, visit-www.vavaclasses.com
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The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
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GIÁO ÁN DẠY THÊM (KẾ HOẠCH BÀI BUỔI 2) - TIẾNG ANH 8 GLOBAL SUCCESS (2 CỘT) N...
Process of creditrating
1. Process of Credit rating of
Financial instruments
Prepared by
Nikhil B
Student of VSKU
Bellary
2. Introduction
The history of rating is more than a century old.
The rating agencies came to limelight when there
were high levels of default in US Capital Market after
depression.
During the course of time, market regulators
started insisting on the issuers of instruments to get
their issues rated from credit (bond) rating agencies.
3. Since 1987, Credit Rating agencies in India
have been playing a significant role in Indian
capital market.
credit rating, as already pointed out, is an
opinion on the ability of issuer of financial
instrument to meet its debt obligations as per
the pre-determined scheduled.
4. Credit Rating Agency Means
According to section 2(1)(h) of SEBI (credit
Rating Agencies) Regulations, 1999, Credit
Rating Agency means a body corporate which
is engaged in, or proposes to be engaged in,
the business of rating of securities offered by
way of public or right issue.
5. Credit Rating Agency:
According to section 2(1)(h) of SEBI (Credit
Rating Agencies) Regulations, 1999, Rating is
an opinion regarding securities, expressed in
the form of standard symbols or in any other
standardised manner, assigned by a credit
rating agency and issued by the issuer of such
securities, to comply with a requirement
specified by these regulations.
6. ICRA views
Credit rating as a simple and easy to
understand symbolic indicator of the opinion of
a credit rating agency about the risk involved in
a borrowing programme of an issuer with
reference to the capacity of the issuer to repay
the debt as per terms of issue. This is neither a
general purpose evaluation of the company nor
a recommendation to buy, hold or sell a debt
instrument.
8. • Submission of letter of intent
• Constitution of analytical team
• Collection of Information
• Plant Visits and Management Meetings
• Preview Meeting
• Rating Committee Meeting
• Communication of the Rating to the
issuer-company
10. Submission of letter of intent
The rating process begins at the request of borrower or
issuer-company. The request from the issuer company is a pre-
requisite for the rating agency to start its functions.
They (i.e. Rating Agency) take up this responsibility only
after the receipt of specific letter of intent from the issuer company
to this effect. It may be noted here that the submission of letter of
intent/request by the issuer company to rating agency is to
indicate the willingness of the issuer-company to volunteer itself to
get its financial instruments rated by the credit rating agency.
This request is the foundation for the process which binds
both the parties on some significant aspects. It also binds the
issuing company to pay the fee and to provide all the required
material information to assess and rate.
11. It is also to be noted here that the issuing company has the
right, certainly not an obligation, to accept or reject the rating
assigned by the rating agency
Issuer company as already stated, has to pay the initial and
non-refundable fee. The annual surveillance fee is to be paid from
the second year if the rating is accepted by the issuer-company.
12. Construction of Analytical Team
After the receipt of letter of intent from a company, the
rating agency constitutes its team of experts called analytical
team.
The team is constituted by including at least two
members, besides others, who are familiar with the industry to
which the issuer-company belongs.
As the team plays a prominent role in the rating process.
Because, this team is responsible for analysing various aspects
of the company having a bearing on the financial soundness,
safety, ability to honour its contractual obligations, etc
Team also finalises the rating recommendation. As the
work of the team is voluminous, the team is supported by back-
up team of the rating agency
13. Collection Of Information
Based on its in-house preliminary work, the rating agency prepares and
submits to issuer company a list of reports/ documents/ information required to
submitted to it and also a board framework for discussion.
As per this schedule, the issuer-company has to collect all the details,
prepare necessary reports and submit the same to the rating agency and be
ready with necessary information for the discussion meeting with the team of
rating agency.
It may be noted at this stage of analysis that, every rating agency has a
comprehensive in house data base on the industry and economy. It is also
assisted by industry experts.
it obtains the necessary and useful information on trends and policies in
a particular industry. The experts’ team conducts basic research on the basis of
documents furnished by the issuer company and data gathered from in-house
data base. By the end of this stage, the team will be having necessary details in
the form of information, reports, documents, projections, etc which become the
base for identification of key areas/ issues for discussion with the management
of the company.
14. Plant Visits and Management Meetings
The analytical team visits the plant to get the first hand information
on the working operational efficiency of the issuer-company and to validate
the information furnished and reports submitted by the issuer-company.
Because, plant visit facilitates understanding of production process,
assessing the quality of equipment and facilities, cost of production and
quality of product, quality of technical personnel, etc.
Team, after on-site study of various aspects, arranges for meetings
with management at different levels. Intensive interaction with management
is held on wide ranging issues are having a bearing on rating.
The discussion covers the topics like historical performance,
strategies and financial policies, competitive position, prospective plans and
future outlook, business risk profile, etc.
The team experts of credit rating agency also meet the key officials
(CEO, CFO, Head of Marketing, HR Department etc) and discuss important
aspects/ issues to obtain a clear idea about the preparedness of issuer-
company to meet its financial obligations.
15. Preview Meeting
After completion of plant visit and discussion
with management on critical aspects/issues, the
rating agency arranges for preview meeting. This
preview meeting is in the form of internal discussion
wherein the experts’ team interacts with the back-up
team is required to have collected the necessary
information separately. Hence interaction of experts’
team with the back-up team enables it to have a
SWOT analysis of issuer-company. Then the
findings are discussed at length with senior
executives of the rating agency.
16. Rating Committee Meeting
Rating committee is an apex committee of
rating agency empowered to take decision on
rating. This committee comprises of at least four
members. The rating committee considers the
relevant quantitative and qualitative information
presented by the analytical team to arrive at the
rating that most appropriately reflects both the
current situation and prospective performance.
After considering all the details, the rating
committee finally takes a decision on rating.
17. Communication of the rating to the issuer
company
The rating assigned by the rating committee
will be communicated by the rating agency to the
issuer-company with a detailed rationale justifying
the rating assigned.
18. Rating Review
If the issuing company is not satisfied with the
rating assigned, it may make an appeal with the
objections supported by justification in the form of facts
and figures. If the rating agency receives the appeal,
(i.e. Rating agency) directs the rating committee to
review the rating. Then, rating committee reviews the
rating in the light of objections field by the issuer-
company (supported by justification with facts and
figure). Based on this comprehensive review, the rating
committee takes the final decision either retaining earlier
rating or upgrading the rating in the light of the additional
supporting information provided by the management of
issuer-company.
19. Dissemination to the Public
On the acceptance of the rating by the
issuer-company(with or without appeal), it is
published in the official document of the rating
agency and put on its (i.e. rating agency) website.
Further, information (i.e. Rating) is disseminated
to general public through other public print and
e-media.
20. Survelliance
Once the rating is accepted by the issuer-
company, the rated instrument will be put under
surveillance over the life of the instruments. Every
rating agency has its own research division which
complies the relevant and necessary data on
economy industry and the company.
Rating is reviewed, formally, once in a year.
A review can also be triggered whenever there is
a major development in issuer-company or in the
industry having significant bearing on the
creditwothniess of the company.