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Industry Risk Scores

The Industry Risk Score (IRS) is Crisil’s multi-factor assessment model capturing the influence of industry variables on the credit profile and debt repayment ability of companies in a specific industry over a 3-4 year horizon. The risk score is arrived at by aggregating the scores assigned to relevant parameters such as demand-supply outlook, input risk, competition, and financial performance. These parameters take into account financial performance over the past five years to evaluate structural profitability in the sectors. They also factor in a forward-looking perspective on expected trends in demand growth, capacity addition, competition, input cost expectations, and utilisation levels along with the impact of government regulations and policies.

 

We update the scores of about 209 industries on a six-monthly basis. These scores are provided to financial institutions such as banks and non-banking financial companies as critical inputs for their credit and risk assessment models. The scores also help our clients:

  • Identify 'positive and negative' industries and monitor industries on a comparative scale
  • Take more informed strategic decisions by focusing on industries that are likely to perform well and reduce exposure in below investment-grade industries
  • Assess borrower risk through an accurate assessment of industry risk
  • Monitor changes in the risk profile of a sector
  • Monitor industries proactively and on a continuous basis

Scale: The IRS is graded on a six-point scale, with ‘1’ indicating ‘high risk’ and ‘6’ indicating ‘low risk’. Relative risk scores are calculated by considering various business and financial parameters. They are also available on an ‘8’ and ‘10’ point scale.

 

List of 209 industries

Risk Scores A- G

Abrasives
Aerospace & Defense equipment
Air conditioning
Airline services
Airport Infrastructure
Automotive Dealers
Aviation & Ground Handling
Automobiles - Medium and Heavy Commercial Vehicles
Automobiles - Light Commercial Vehicles
Automobiles - Motorcycles
Automobiles - Passenger Cars
Automobiles - Scooters, Mopeds
Automobiles - Tractors
Automobiles - Utility Vehicles
Automotive components
Banking
Batteries
Bearings
Biopharmaceuticals
Branded foods
Breweries
Broking Company
Broadband
Budget Hotels
Business schools
Carbon Black
Castings & Forgings
Cement & Cement Products
Ceramics & Sanitaryware
CFS/ICD
Chemicals - Organic
Chemicals - Speciality
Chlor Alkali
Cigarettes
Coffee
Cold Storage
Colour televisions
Coal Mining
Coal washery and beneficiation

Compressors
Construction - Erection and Commissioning ( E&C )
Construction Equipments
Construction equipment finance
Consumer durables finance
Copper cathode
Cosmetics & toiletries
Courier
Crude Oil
Cycles & Accessories
Dairy
Diagnostic centres
Diesel Engines
Distilleries
Domestic Freight Transportation Services - Roads
Dry cells
Dyes & Pigments
Edible oil
Educational services
Electric Equipment
Engineering
Engineering colleges
EPC - Industrial
EPC - Irrigation
EPC - Roads
EPC - Waste Management
EPC - Real estate
Energy Traders
Farm equipments (excluding tractors and pumps)
FMCG
Footwear
Fasteners
Forgings
Fertilizers-Nitrogenous
Fertilizers-Phosphatic
Gems and Jewellery Exports
Gems and Jewellery Domestic
Glass
Gold loans

Risk Scores H-M

Health Care Equipment
Heavy Electrical Equipment - Transformers
Home Furnishings
Home care
Hospitals
Hotels - Premium segment
Housing Finance
Industrial Explosives
Industrial Gases
Infrastructure Finance
Iron ore Mining
IT Enabled Services
IT- Hardware
IT Services
Leather

Lighting
Lubricants
Machine Tools
Media and Entertainment - Content production - Film
Media and Entertainment - Content production - Television
Media & Entertainment - TV Distribution
Media and Entertainment - Film exhibition
Media and Entertainment - Newspapers
Media and Entertainment - Television broadcasting
Meat (other than poultry)
Media - Cable & Satellite (MSOs)
Media DTH
Medical Institutes
Microfinance Institution
Mobile Handset Manufacturers

Risk Scores N-S

Natural Gas - Marketing
Natural Gas - Transmission
Natural Rubber
Non-Ferrous Metals - Zinc
Non-alcoholic beverages
NTC Fabric
Oil Exploration
Oilfield services
Oral Care
Organised Retailing
Packaging
Paints
Paper - Industrial
Paper - Newsprint
Paper - Writing and Printing
Pesticides/Agrochemicals
Petrochemicals
Petroleum - Refining and Marketing
Petroleum - Refining
Pharmaceuticals - Bulk Drugs
Pharmaceuticals Formulation - Domestic
Pharmaceuticals Formulation - Exports
Pharmaceuticals - Contract Manufacturing
Plywood and laminates
Power Storage equipments
Pig iron
Plastic & Plastic products
Ports - BOT
Poultry
Power distribution licensees
Power distribution - State Utilities
Power Transmission - Central and state
Power Transmission - Private

Power generation - Central Utilities
Power generation - Private
Power generation - State Utilities
Power-Cables
Primary aluminium
Pumps
Real estate - Commercial construction
Real estate - Residential
Refractories
Refrigerators
Retail Finance  - Auto
Residential- Affordable housing
Restaurants
Roads - HAM
Roads- Maintenance (TOT)
Rice Mills
Roads - BOT
Security services and surveillance
Sea food/Fisheries
Seeds
Speciality Paper
Steel - Ferro Alloys
Ship Building
Shipping
Ship Breaking
Soaps & Detergents
Solar power
Sponge Iron
Stainless Steel
Steel - Alloy
Steel Flats- CR, GP/GC
Steel Flats- HR
Steel - Long products
Steel Pipes
Sugar

Risk Scores T-Z

Tea
Telecom towers
Telecom - Equipment
Telecom - Mobile
Telecom - Fixed
Textile - Cotton Fabrics
Textile - Cotton Yarn
Textile - Man Made Fibers/yarn
Textile - Synthetic Fabrics
Textile - Worsted Fabric
Textile machinery
Textile - Blended Yarn
Textiles - Ready made Garments
Textiles - Ginning
Travel agent & tour operator

Textiles - Denim
Textiles Fibre intermediates
Textiles - Jute
Textiles - Texturising
Textiles VFY
Textiles VSF
Textiles - Acrylic fibre
Transmission towers
Tyres
Warehousing
Washing machines
Wind energy
Wood & Wood Products

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    +91 22 3342 8035 researchhelpdesk@crisil.com