- Rating agencies publish free rationales — read the outlook and watch for 'issuer not cooperating'.
- Credit-bureau reports need the company's consent; asking for one is a useful test.
- Check defaulter lists, MCA charges and IBBI/NCLT records for the company and its directors.
Seven places to look
| Check | Where | Access | What it tells you |
|---|---|---|---|
| Credit rating and rationale | Websites of SEBI-registered rating agencies (CRISIL, ICRA, CARE, India Ratings, Acuité, Infomerics) | Public | Rating, outlook, bank facilities rated, key strengths and weaknesses, recent financials |
| “Issuer not cooperating” flag | Same rating rationales | Public | The company stopped sharing information with the agency — a warning sign in itself |
| Company credit report | Credit bureaus (TransUnion CIBIL, Experian, Equifax, CRIF High Mark) | Company’s consent needed | Borrowings, repayment history, overdues, credit enquiries |
| Suit-filed and wilful-defaulter accounts | Credit-bureau public search (e.g. CIBIL suit-filed accounts) | Public | Banks’ recovery suits against the company or its directors |
| Charges on assets | MCA company master data | Public | Which lenders hold security, and for how much |
| Insolvency proceedings | IBBI public announcements; NCLT cause lists | Public | Whether insolvency has been started against the company or its group |
| GST filing record | GST portal taxpayer search (GSTIN) | Public | Registration status and whether returns are being filed on time |
Credit ratings: read the rationale, not just the grade
Most mid-sized Indian companies with bank loans have their loan facilities rated, because banks price loans on the rating. The agencies publish a rationale for each rating on their websites, free. It usually summarises the business, the promoters, recent financials, debt levels and liquidity — often the best free analysis you will find on a private company.
- Watch the direction: a downgrade, a negative outlook or a “rating watch” matters more than the grade itself.
- “Issuer not cooperating”: when a company stops paying for or sharing information with its rating agency, the rating is marked this way. Treat it as a red flag and ask why.
- Several agencies: a company that has moved between agencies may have been shopping for a better rating.
Credit bureau reports need consent
India’s credit bureaus hold the repayment history of companies that borrow from banks and NBFCs. A third party cannot pull a company’s report without its consent — but you can ask the company to obtain its own report and share it. A partner who refuses a reasonable request for its credit report is telling you something.
Defaulter lists, charges and insolvency
- Suit-filed and wilful-defaulter searches on credit-bureau websites list accounts that lenders have taken to court or declared wilful defaulters — search for the company and its directors.
- Charges on MCA show which lenders hold security over the company’s assets. Compare them with the borrowings in the accounts.
- IBBI and NCLT records show whether insolvency has been started against the company or a group company.
Put these together with the accounts: red flags in Indian company financials. A free first check on a named company: India company check.
How we help
We run these checks for foreign buyers, suppliers and investors, read the results alongside the accounts and court records, and send a plain-English summary with the questions to ask. See supplier verification and partner due diligence.
Sources
- SEBI — registered credit rating agencies
- TransUnion CIBIL — suit-filed accounts
- Insolvency and Bankruptcy Board of India — public announcements
- GST portal — search taxpayer
Frequently asked questions
How can I check the credit rating of an Indian company?
What does 'issuer not cooperating' mean in an Indian credit rating?
Can I get an Indian company's CIBIL report?
How do I check whether an Indian company is a wilful defaulter or in insolvency?
Please note: this guide is general information based on the rules as they stood on the review date above. Regulations and RBI/CBDT procedures change often — please get advice on your specific facts before acting.