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Brickwork Ratings: Blending Superior Analytical Prowess & Local Knowledge to provide Reliable Credit Views & Opinions

Brickwork Ratings: Blending Superior Analytical Prowess & Local Knowledge to provide Reliable Credit Views & Opinions

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Vivek Kulkarni,Founder & MD

Vivek Kulkarni

Founder & MD

Indian credit markets has witnessed some of the lowest points in terms of credibility in recent times. With NPA in banks at alarming rates, there is a dire need for reliable, credible and transparent credit views on Indian Issuers. Comfortably poised to fill this gap with its vast experienced analytical prowess and in-depth local knowledge of the economy is Brickwork Ratings, a SEBI registered and RBI accredited credit ratings agency. Brickwork Ratings is India’s home-grown credit rating agency built with superior analytical prowess from industry’s most experienced credit analysts, bankers and regulators. Vivek Kulkarni (Founder & Managing Director) established Brickwork Ratings in 2007 in an effort to provide alternate credit views and opinions by creating new standards for assessing risk and by offering accurate and transparent ratings.

A widely followed luminary, Vivek has been referred in best sellers (‘The World is Flat’& ‘The 4 Hour Work Week’ to name a few) and interviewed widely by national & international media outlets (The New York Times, The London Times, The Wall Street Journal, Fox Network and many others). During his 35 years long career, he has held diverse eminent roles including Finance Secretary (Karnataka Government), Divisional Chief at The Securities and Exchange Board of India(SEBI), Head of Advisory Services at CRISIL and been on the board of BSE (Bombay Stock Exchange) as a Director and Chairman of the Technology committee. Exploring more of Brickwork Ratings’ specialized offerings, CEO Insights had indulged in a conversation with Vivek.

Kindly tell us about the elements that set Brickwork Ratings apart from others.
Brickwork Ratings provides market participants with an alternative solution by delivering timely and in-depth research across the Structured Finance, Public Finance, Financial Guaranty, Financial Institutions, Project Finance and Corporate sectors. The 350+ Credit analysts and credit market professionals we have employed across nine offices in India are the wind beneath our wings. In fact, our experienced analysts have published over 12,000 ratings across asset classes.

Our credit views and analysis on Indian companies and businesses would be of immense help to lenders and investors to take informed investment decisions and price the risk accordingly


At Brickwork, I have the support of very senior and seasoned credit professionals from banks and regulators. This team is paired with young and qualified analysts who provide the necessary aid in carrying out the credit appraisal process, who are further supported by a strong support staff who ensures that all operations run smoothly and 100 percent compliance is adhered.

Kindly throw some light on the services offered at Brickwork Ratings with key emphasis on your flagship offering.
Our credit views and analysis on Indian companies and businesses would be of immense help to lenders and investors to take informed investment decisions and price the risk accordingly. We have an extensive range of credit ratings and grading products that are specifically designed keeping in mind the complexity and structure of Indian businesses. Besides offering credit ratings for bond/CP issuances of corporates, BFSI, infrastructure companies and public sector entities, we also offer rating products for securitization and structured transactions. Brickwork Ratings provides grading products for IPO, Real Estate, Hospitals,
Education Institutions, NGO and MFI. We also carry out specialized services like Placement reporting services under the Indian Placement Reporting Standards (IPRS)for Management and Engineering Institutes in India.

How do you leverage technology to empower your customers?
At Brickwork Ratings, analytical excellence is the core to its principles of credit ratings. To complement the vast knowledge and experience of our analysts, we use technology and new concepts like predictive analytics, cloud computing and the likes to help analysts produce quality ratings and research. Using technology and the most advanced infrastructure has enabled us to provide effective, consistent, transparent products and services at affordable prices to our clients.

Please tell us about your future roadmap and your strategies to reach its future goals?
We will continue to invest in the development of cutting-edge research & analytics to provide Indian credit markets with transparent and consistent credit opinions, which are delivered faster and at a cost-effective price. We also intend to invest in talent and processes to enhance our current product offerings to the market.

Key Management:
Vivek Kulkarni, Founder&Managing Director
A pioneer in promoting public-private partnership in governance, he spearheaded the transformation of Bangalore as the information technology and biotechnology destination of the world during his stint as Secretary, IT & Biotechnology at Government of Karnataka, wherein he facilitated launch of at least one MNC facility in Bangalore every week. Having earned his engineering stripes with a gold medal, Vivek also has a MBA from Wharton School of Business and is a visiting faculty at IIM and IISC Bangalore.

Offices: Bangalore(headquarter), Mumbai, Ahmedabad, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata & New Delhi