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Indian Hotel Industry:April 2017: Monthly Updates        Supreme Court’s order disallowing tariff relief for APL and CGPL is a negative development; however tariff relief likely for projects affected by shortfall in domestic coal        Indian Mining And Construction Equipment Industry: April 2017: Monthly Updates        FII inflows into Indian debt market in FY2018 expected to be limited to US$5-10 billion, led by G-sec, corporate debt        FII inflows into Indian debt market in FY2018 expected to be limited to US$5-10 billion, led by G-sec, corporate debt        Indian Sugar Sector: April 2017: Monthly Update        Wind capacity addition in near term to depend upon firm plans for bidding & PPA signing by utilities; solar capacity addition to remain strong (7-7.5 GW) backed by project pipeline        Indian Retail Non-Banking Finance Market: Retail NBFCs expected to witness growth moderation and asset quality pressures in the near-medium term        All available volume-based indicators in the green in March 2017, in the most broad-based uptick since the note ban        Direct Port Delivery model faces hurdles in attracting more registrations as customers continue to prefer the CFS route       
 
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Supreme Court’s order disallowing tariff relief for APL and CGPL is a negative development; however tariff relief likely for projects affected by shortfall in domestic coal
Indian Mining And Construction Equipment Industry: April 2017: Monthly Updates
Indian Hotel Industry:April 2017: Monthly Updates
FII inflows into Indian debt market in FY2018 expected to be limited to US$5-10 billion, led by G-sec, corporate debt
More...
  ICRA INDUSTRY RISK SCORES

About ICRA’s Industry Risk Score

ICRA’s Industry Risk Score (ICRA-IRS) reflects the impact of industry level factors on credit profile of companies over the medium to long term (3-5 years). The risk score is arrived at assigning scores and appropriate weightages to parameters relevant for the industry. The broad parameters considered for arriving at ICRA-IRS are Industry Characteristics, Competitive Forces, Input-related Risks and Industry Financials. Score for each of these parameters are arrived at by assigning weighted scores to various sub-parameters as discussed below.

  • Industry Characteristics: The factors considered are importance to the economy; cyclicality of the industry; sensitivity to Government policies & regulations; and growth potential/ outlook.
  • Competitive Forces: Companies operating in a highly competitive industry are vulnerable to higher degree of risks. The factors considered to estimate the risk score are competition among various players (both domestic as well as relevant international competition considered); threat of substitutes, competition from unorganized sector; international competitiveness (especially relevant for industries and risks of sharp capacity increases (fluctuations in supply).
  • Input Related Risks Reflects risks associated with raw material availability and sharp price fluctuations. The factors considered extent of scarcity (of raw material used in the industry); volatility in prices; indigenization levels (high import dependence reflects higher risks) and bargaining power with suppliers (industries with high degree of consolidation amongst raw material suppliers have higher risk).
  • Industry Financials: Considers estimate of aggregate financial parameters for the industry. The parameters considered are RoCE; Operating Margin; Interest Coverage; Debt-Equity and Earnings Stability.

The lower the risk from a particular parameter, the higher is the score assigned. The scores are forward looking and are reviewed on a regular basis.

The industry financials provided in the write-up are based on ICRA sample of companies. While the aggregate financials of ICRA’s sample are expected to broadly portray the trend similar to that in the total industry, in some industries, lack of data for major players may constrain the aggregate number. ICRA however uses its own assessment of industry performance while assigning scores in these industries. The quarterly financials aggregate (wherever provided) relates only to listed companies within the ICRA sample in the industry.

Risk Score Definition
1 Highest level of risk
2 High level of risk, negative outlook
3 Neutral
4 Moderate level of risks
5 Low level of risks over the medium term
6 Lowest level of risk; high degree of sustainability

Industry List
Indian Agrochemical Industry
Indian Air Conditining Industry
Indian Aluminium & Copper Industry
Indian Asbestos Cement Roofing Industry
Indian Auto Components Industry
Indian Automobile Dealership Industry
Indian Automotive Batteries Industry
Indian Automotive Bearing Industry
Indian Automotive Castings Industry
Indian Automotive Forgings Industry
Indian Aviation Industry
Indian Aviation Infrastructure Industry
Indian Banking Sector
Indian Bulk Tea Industry
Indian Capital goods - Power Machinery Industry
Indian Carbon Black Industry
Indian Cement Industry
Indian Ceramic Tile Industry
Indian Chlor Alkali Industry
Indian Cigarettes Industry
Indian Coffee Industry
Indian Commercial Vehicle Industry
Indian Construction Industry
Indian Crude Oil Refining & Marketing Industry
Indian Crude Oil Refining Industry
Indian Dairy Industry
Indian Dyes & Pigments Industry
Indian Edible Oils Industry
Indian Education Industry
Indian Education Industry - Higher Education
Indian Education Industry - K12
Indian Engineering Industry
Indian Engineering Industry - K12
Indian Fast Moving Consumer Goods Industry
Indian Ferro Alloy Industry
Indian Fibre Intermediate Industry
Indian Footwear Industry
Indian Gems & Jewellery Industry – Cut & Polished Diamonds
Indian Glass Industry
Indian Gold Jewellery Retail Industry
Indian Hospital Industry
Indian Hotel Industry
Indian Housing Finance Industry
Indian Industrial Explosives Industry
Indian Industrial Gases Industry
Indian Iron Ore Mining Industry
Indian IT Enabled Services Industry
Indian IT Hardware Industry
Indian IT Services Industry
Indian Logistics - Road Transport Industry
Indian Lubricants Industry
Indian Made Foreign Liquor Industry
Indian Media & Entertainment Industry
Indian Media & Entertainment Industry – Films (Production, Distribution and Exhibition)
Indian Media & Entertainment Industry – Television Broadcasting
Indian Media & Entertainment Industry – Television Distribution
Indian Mining and Construction Equipment Industry
Indian Natural Gas Marketing Industry
Indian Natural Gas Transmission Industry
Indian Newspaper Industry
Indian Nitrogenous Fertilizers Industry
Indian Oilfield Services Industry
Indian Organic Chemical Industry
Indian Packaging Industry
Indian Paints Industry
Indian Paper Industry - Industrial Paper
Indian Paper Industry - Newsprint
Indian Paper Industry - Writing & Printing
Indian Passenger Vehicle Industry
Indian Passenger Vehicle Industry - Passenger Cars
Indian Passenger Vehicle Industry - Utility Vehicles
Indian Petrochemicals Industry
Indian Pharmaceutical Industry - APIs
Indian Pharmaceutical Industry – CRAMS
Indian Pharmaceutical Industry – Formulations
Indian Pharmaceutical Industry – Formulations Exports
Indian Pharmaceutical Industry - Utility Vehicles
Indian Phosphetic & Potassic Fertilisers Industry
Indian Pig Iron Industry
Indian Plastics & Plastic Products Industry
Indian Ports Industry
Indian Poultry Industry
Indian Power Cables Industry
Indian Power Distribution Industry - State Utilities
Indian Power Generation Industry - Central Utilities
Indian Power Generation Industry - Private Utilities
Indian Power Generation Industry - Solar Power
Indian Power Generation Industry - State Utilities
Indian Power Generation Industry - Wind Power
Indian Primary Base Metals Industry
Indian Real Estate Industry
Indian Refractory Industry
Indian Retail Industry
Indian Rice Industry
Indian Road Construction Industry
Indian Seafood Industry
Indian Seeds Industry
Indian Ship Building Industry
Indian Shipping Industry
Indian Soaps & Detergents Industry
Indian Sponge Iron Industry
Indian Steel Industry
Indian Steel Industry - Large
Indian Steel Industry - Medium & Small
Indian Steel Pipes & Tubes Industry
Indian Sugar Industry
Indian Telecom Industry - Fixed Line
Indian Telecom Industry - Mobile
Indian Textile Fibre Intermediates (PTA, MEG, ACN and Caprolactum) Industry
Indian Textile Industry
Indian Textile Industry - Carpets & Rugs
Indian Textile Industry - Cotton Ginning
Indian Textile Industry - Cotton Spinning
Indian Textile Industry - Denim
Indian Textile Industry - Fabric (Weaving/ Knitting)
Indian Textile Industry - Garment - Domestic
Indian Textile Industry - Garment - Export
Indian Textile Industry - Manmade Spun Yarn Industry
Indian Textile Industry - Non-Woven Fabric
Indian Textile Industry - Processing
Indian Textile Industry - Terry Towels
Indian Textile Industry - Texturising
Indian Tractor Industry
Indian Transmission Tower Industry
Indian Two-Wheeler Industry
Indian Tyre Industry
Indian Upstream Industry
Indian Wood & Wood Products Industry
Indian Zinc Industry
Industry Power - Transmission Industry
Wind Power 
Indian Retail Focussed Non-Banking Finance Industry

 

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