Rating history
Published rating actions, dated and linked.
Every published rating action on the company and its group, in one table. Agency, date, instrument (the loan or bond rated), rating and outlook, each linked to the agency's release.
Private credit lenders
The borrower quotes its rating. You want every action behind it, including withdrawals and non-cooperation (the company stopped giving the agency information), and not only the latest line on the agency's page.
Funds and family offices
The group has rated paper outstanding. You want the history across entities before the investment committee, and whether the rated debt matches the charges registered over its assets.
Accountants and law firms
A report or filing needs a sourced list of rating actions, each with a link a reviewer can open.
A record of actions published by credit rating agencies on the company and its group. The rating is the agency's opinion. Kubr issues none, and this is not bureau data. The table goes to the credit analyst. The timeline goes to the committee.
Bank facilities of ₹1.8 cr moved to issuer-not-cooperating status on 14 Mar 2025. Agency release linked. The deck still quotes the earlier rating.
Illustrative finding. Not a real company.
What lands on your desk
Rating action table
Agency, date, instrument, amount, rating, outlook and action, one link per row.
Timeline
All actions across agencies and group entities on one dated line, so a downgrade can be read against the filing or charge that came before it.
Instrument cross-check
Rated facilities beside registered charges, differences noted.
How the work runs
Find the group
Group companies from the CIN, through shareholding, director links and beneficial-ownership filings in MCA21. Ratings often sit on the holding company or a sister entity.
Search agency releases
Published releases of each registered agency, for the company and every group entity.
Record each action
Agency, date, instrument, amount, rating, outlook and type: assigned, reaffirmed, upgraded, downgraded, withdrawn, or issuer not cooperating.
Cross-check charges
Each row links to its release. Rated instruments sit beside registered charges, so debt that is rated and not charged, or charged and not rated, shows.
Analyst review
A named analyst checks each row against its release. Agency rationale text is never copied.
Every rating action
Initial, upgrade, downgrade, reaffirmation, watch, outlook change, withdrawal and 'issuer not cooperating', each with date and a link to the release.
By instrument
Bank facilities, debentures, commercial paper and other instruments, with size and tenor as published.
By agency
Where two agencies disagree, or an issuer moved from one agency to another, both are shown. A move is sometimes a story.
Group entities
Ratings on holding, subsidiary and associate entities found through the ownership map.
Gaps
Rated debt against the borrowings the charges and filings imply. Unrated debt is a finding.
Timeline
One dated view of rating actions against filings, charges and key events, so a downgrade reads against what came before it.
Name the company and pay. The clock starts.
Agency and exchange releases are pulled and matched to the entity and its group.
Actions are deduplicated and placed on one timeline.
A named analyst checks each action against the original release.
Timeline and gap list delivered.
Usually (our estimate)
Usually 1 to 2 days of searching agency sites and exchange notices, one company at a time, and the withdrawn ratings are the ones that get missed.
Kubr
2 to 5 Business Days from a complete data set.
Typical times are targets we are still testing in the pilot. The 2 to 5 day window is the commitment. Terms in Disclosures.
What the cases taught us
Concealed or understated debt appears in many of the 483 cases. A rating record shows debt the accounts may play down.
Related-party links appear in many cases, so we follow ratings across the group and not one entity.
We report the agency's action as published, with the link. We never restate a rating rationale.
Counts come from our first review of the public cases in the casebook on this site. We mapped each case, on hindsight, to the checks that could have surfaced it. It is our reading, not a finding about any company. Many cases describe allegations that are contested. See the cases
ChecksWhat we check, in plain words
| Check | What it means | An illustration (invented) | It can mislead when |
|---|---|---|---|
| Ownership / related-party links | We look for hidden ties between the company's counterparties and its owners, through directors, shareholders, addresses, phones and auditors. | A supplier paid ₹3 crore shares a registered address with the promoter's brother. | Nominee directors and offshore layers hide links. Name matching throws up false positives, so every flag shows its evidence path. |
| Regulatory & litigation records | We search courts, tribunals, regulators and insolvency records for cases and orders against the company, its owners and its past firms. | A promoter's earlier company was barred by a regulator two years ago. | Court records lag and name spellings vary. A clean record can mean the problem has not reached court yet. |
| Collateral & double pledge | We check whether the same asset, invoice or receivable was pledged to more than one lender. | One set of receivables appears as security to two different banks. | Pledges made off the registries stay invisible, and vague invoice descriptions are hard to match. |
What it will not tell you
- We issue no rating and no view on credit. Ratings shown are the agency's, as published.
- We do not reproduce agency rationale. Each row links to the release, so you read it at source.
- Credit bureau reports go to members and subscribers. Kubr is not a bureau, so keep your own pull beside ours.
- Private or unpublished ratings are out of view. If none is published, the report says so and lists the entities searched.
Not in this service: issue or comment on a rating.
What it can do
- List every published action by credit rating agencies on the company.
- Extend the search to group entities found through registry ownership and director links.
- Show withdrawals and issuer-not-cooperating statuses, with dates.
- Set rated instruments beside the registered charges.
Why it differs from the usual way
Usually
Each agency site is searched by company name, and often only the latest rating is noted.Kubr
We search all agencies for every group entity and record every action, including the withdrawn ones.Usually
A bureau report gives a repayment record and a score on the borrower.Kubr
The rating table carries agency actions on the group, tied to the rated instrument. The two answer different questions, so read both.Usually
Ratings are read on their own.Kubr
Rated debt sits beside the charge register, so gaps between them show.Records we examine
| Record | What we take from it |
|---|---|
| Published releases of credit rating agencies | |
| Company registry (MCA21) | ownership, directors and charges |
Some records need the company's consent. The report says which were pulled from source and which the company supplied.
In India
- What we pull here
- Rating actions by registered agencies, by instrument and issuer, including withdrawals and issuer-not-cooperating notices, set against charges and borrowings.
- What is thinner here
- A privately rated instrument may not be public.
What it costs
Pick the size of the deal or exposure. The fee is fixed before work starts.
₹30,000
Above the top band the fee is quoted individually. Indicative base, in local currency, before tax. All services and what moves the fee
Shape the scope
Time horizon
Entities
Speed
The fee shown for your deal size is an indicative base. A longer look-back, more entities or a faster turn moves it. The quote fixes the number before work starts.
Questions
Is this Kubr's view of the company's credit?
No. Kubr issues no ratings. The table reports actions as published by the agency named, with a link. Ratings are the agency's opinion.
What does issuer not cooperating mean?
The agency asked for information and did not get it, so it can no longer review the rating. The status is public. Treat it as a prompt to ask why.
Does this include credit bureau data?
No. Bureau reports go to members only, and Kubr is not one.
What if the company was never rated?
The report says no published rating action was found, and lists the entities searched.
Often paired with
Start with one company.
We reply within one business day with scope, price and a date. Indicative prices in INR, before GST at 18%. Scope and price are fixed in the engagement letter.