financial statement analysis


We believe in a simple and straightforward process to ensure your satisfaction and a smooth experience with us.

Steps involved in the

Credit Rating Process at ICRA LLC


Initial Document Collection And Screening

Invoice And Payment Collection

ICRA Rating Initiation

Rating Committee Approval

Sharing The Rating Report And Certificate

credit score check

Initial Document Collection And Screening

free credit score

Invoice And Payment Collection

experian credit score

ICRA Rating Initiation

my credit score

Rating Committee Approval

equifax credit score

Sharing The Rating Report And Certificate

A – Receiving a formal request from the Client
The credit rating process begins when the issuer (who wants to get a credit rating) issues the formal request for credit rating to ICRA LLC along with the necessary documents such as Trade License/Certificate of Incorporation, audit financial of company, etc. . When ICRA accepts the request, an agreement is made between the issuer company and ICRA LLC, and the customer will pay the required fee to ICRA.

B – Assigning to credit risk team
In the second step, ICRA assigns the job and duties of credit rating to the Credit Risk team, who is responsible for rating projects/assignments and has expertise in the relevant business area.

C – Obtaining financial information
The credit Risk team will collect all the required information of the client relating to its financial statements and other relevant information from the given documents.

D – Research & financial statement analysis
In this step, the Credit Risk team researches the Client’s operations, validates KYC documents, reviews the credit repayment history per the given documents, and analyses financial statements and cash flow projections. The credit risk team may communicate with the Client to better understand the business model and future business prospects and may ask for additional documents and information whenever necessary.

E – Discussion meeting
When all the analysis has been done, the Credit Risk team will discuss the findings with the Board of Governors/Rating Committee, comprising the senior management of ICRA LLC. All the issues affecting the company are identified. An opinion on the rating is also formed, and the results of the team’s analysis are finally presented to the Board of Governors/Rating Committee.

F – Rating committee meeting
It is the final authority meeting for assigning ratings, and the work of the Credit Risk team ends. Now final authority will check facts, findings, and political, social, and other factors. After considering all the results, facts, and additional information, ICRA LLC will assign the actual ICRA Credit Rating.

G – Communication of decision
The assigned rating grade is communicated finally to the Client along with reasons or rationale supporting the credit rating. The credit ratings which are not accepted are either rejected or reviewed in light of additional facts provided by the Client.

Rating Grades

and their meaning

ICRA will adopt the following rating scales while assigning the final rating to commercial entities.


Complete Documents

Required for Assessment

KYC Documents

  • Trade License / Certificate of Incorporation / Business License


  • Memorandum / Articles of Association


  • Latest extract from online domains


  • Good standing certificate for the company from a Local Lawyer in their country


  • Copies of passports for all directors and shareholders


  • Address confirmation for all shareholders and directors (Utility Bill or Lease Agreement)


  • Address confirmation for company (Utility Bill or Lease Agreement)


  • Passport-size photos for all shareholders


  • Credit Bureau Report of the company and shareholders

Financial Documents

  • Audited Financials (Minimum two years)
  • Latest Bank Statements of the Company (Minimum six months)
  • Complete Business Profile
  • Future Business Prospects & Financial Projections

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