At the end of each quarter of the Indian financial year (April – March), Rubix Data Sciences Pvt. Ltd (Rubix) compares the data of how Indian companies/ firms in its monitoring porolio have performed versus the prior quarter, from a statutory compliance and external credit rang perspecve.

The Rubix Quarterly Risk Transition Report for #India for Q3 FY 2022 (Oct – Dec 2021) broadly indicates the stabilization of the overall  #risk environment in India during the quarter.

Of course, this was the pre-Omicron period and it will be interesting to see how the risk situation evolves in Q4 FY 2022 (Jan – March 2022). We had seen concerns about the Omicron Covid variant in January 2022 but these seem to have largely dissipated by the middle of February 2022.

The overall economy in India also appears to be buoyant and this augurs well for FY 2023. Of course, concerns around higher oil prices due to the Ukraine crisis could play spoilsport and damage the risk environment in India in the quarters ahead.

GST Returns: Is the business entity paying GST and filing the necessary GST Returns in a timely manner?


As indicated by the above table, the Rubix GST Compliance Score of 813 Business Entities (only 7% of the total number being monitored) deteriorated between Q1 and Q2 FY 2022. In the prior quarter, 32% of the business entities had witnessed a drop in their Rubix GST Compliance Score. There was an improvement in the Rubix GST Compliance Score of 30% of the business entities between Q1 and Q2 FY 2022 (versus 32% improvement recorded in the prior quarter) while the Score remained unchanged for 63% of business entities (versus 36% unchanged recorded in the prior quarter). This clearly indicates a substantial improvement in the financial health of business entities in India in Q2 FY 2022 compared with the prior quarter. This can be attributed to the good monsoon and the resurgence of economic activity after the lifting of Covid restrictions imposed by the Government.

Apart from GST Returns RUBIX also reports on businesses entity paying Provident Fund (PF) to its employees (if eligible) and filing the necessary PF Returns in a timely manner?

Further reporting covers Credit Ratings whether a Credit Rating assigned to a business entity has changed during the quarter under review. This could be either a Credit Rang upgrade / downgrade or a negative outlook being assigned to the business entity by the Rating Agency. The credit rang agencies considered are CRISIL, ICRA, CARE, India Ratings, Brickworks and Acuite Ratings.

To read the full report click here.