CRISL places public disclosure at the end each rating report as “Information used herein is obtained from sources believed to be accurate and reliable. However, CRISL does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Rating is an opinion on credit quality only and is not a recommendation to buy or sell any securities.”
The reason behind the above disclaimer is that ratings are based on information obtained directly from issuers, other obligors, experts, information available in public domain, published materials and information appeared to CRISL as reliable. CRISL does not audit or verify the truth or accuracy of such information nor does it investigate into the report given by the Auditors, actuaries, experts, consultants etc. or any other investigation to prove the accuracy of information. If the Primary reports such as Auditors report, actuaries report or any experts report contain any misrepresentation or to be misleading, the rating associated with the above information may not be accurate and CRISL assumes no responsibility for that.
The assignment of a rating to any issuer or any security should not be viewed as a guarantee of accuracy, completeness, or timeliness of the information relied on in connection with the rating or the results obtained from the use of such information.
CRISL does not have any fiduciary relationship with any issuer, subscriber or any other individual using the rating. Nothing is intended to or should be construed as creating a fiduciary relationship between CRISL and any issuer or user of rating. CRISL undertakes the rating assignment against a fee which is specified in the rating contract and arrived at on the basis of a standard fee structure followed by CRISL.
Ratings do not constitute recommendation to buy, hold or sell any securities. The buying, selling and holding of securities depends on the propensity of the persons to undertake the risk along with many other factors in addition to company fundamentals.
Ratings may be changed, put into Rating watch, suspended, withdrawn after the expiry or even before expiry of the rating time horizon. CRISL publishes the same in its web. CRISL is not responsible for any loss incurred by any person for relying on CRISL rating report.
CRISL does not provide any financial services, advices, auditing or accounting services, valuation services to any of its client for improvement of rating.