Our History

Since its inception CRISIL has constantly redefined industry standards through best
practices and innovations.
We share with you, key milestones from our journey...
1987

January 29: CRISIL, India's first credit rating agency, is incorporated,
promoted by the erstwhile ICICI Ltd, along with UTI and other financial
institutions.
Mr. N Vaghul and Mr. Pradip Shah are CRISIL's first Chairman and
Managing Director, respectively.


1988

January 1: CRISIL commences operations within a year of its
incorporation. The business environment is far from promising for the
one-year old - the lending rates are fixed, and India has no such thing as a
corporate bond market as yet. And, what's more, credit rating is an idea
that's far ahead of its times.


1990

The CRISILCARD Service - providing comprehensive information and
analytical opinion on India's corporate entities - is launched.


1991

Despite the odds, and the initial lack of market acceptance of credit
ratings, CRISIL's operations are now well established. It begins to
acquire brand identity, with a reputation for analytical rigour and
independence.


1992

CRISIL offers technical assistance and training to help set up Rating
Agency Malaysia Berhad, and MAALOT, the Israeli securities rating
company.


1993

CRISIL's IPO is a whopping success - its 20, 00,000 shares, sold at a
premium of Rs.40 per share, are oversubscribed by 2.47 times.


1994

Mr. R Ravimohan takes over as CRISIL's Managing Director.
CRISIL diversifies business portfolio with a strategic entry into advisory
services, and wins its first major mandate in the infrastructure policy
advisory domain.


1995

In partnership with the National Stock Exchange of India Ltd (NSEIL),
CRISIL develops and launches the CRISIL500 Equity Index, helping
investors clue in on stock price movements.


1996

CRISIL forges a strategic business alliance with Standard & Poor's
(S&P) Ratings Group. The tie-up is part of CRISIL's strategy to develop
its skills and processes.


1997

S&P acquires a 9.68 per cent stake in CRISIL. The alliance with the
world's leading rating agency adds a new dimension to CRISIL's
methodologies. It provides CRISIL with exposure to the international
rating markets and to S&P's rating processes.


1998

CRISIL sets up India Index Services Ltd (IISL), a joint venture with
NSEIL, to provide a variety of indices and index-related services and
products to India's capital markets.


1999

CRISIL's proprietary Risk Assessment Model (RAM) becomes the
banking industry standard: given the heightened regulatory focus on the
banks' risk management practices, RAM serves as a customised credit
rating model for the banks.


2000

CRISIL acquires the business, and brand, INFAC, of Information
Products and Research Services (India) Pvt Ltd. INFAC is a leading
provider of research to India's financial sector. The acquisition
strengthens CRISIL's research business, and makes it India's leading
provider of integrated research.
CRISIL launches the CRISIL Composite Performance Ranking
(CRISIL~CPR) to provide performance evaluation standards and
investment decision support to mutual fund houses, distributors, and
investors.


2001

CRISIL sets up subsidiary, Global Data Services of India Ltd, to
standardise published financial data for analysis.
CRISIL launches Mutual Fund Awards in association with CNBC-TV18
- a benchmark award for India's best performing mutual funds.
CRISIL launches the CRISIL Young Thought Leader (CYTL) Award - to
attract outstanding talent and provide a platform to India's future business
leaders to showcase their views.


2002

CRISIL sets up:
The Centre for Economic Research - to apply economic principles to live
business situations
CRISIL MarketWire - to provide real-time financial news services to
help clients make pricing- and investment-related decisions


2003

CRISIL sets up its investment and risk management services group to
offer integrated risk management solutions and advice to banks and
corporates.
CRISIL follows it up with its first overseas acquisition - EconoMatters
Ltd (later the Gas Strategies Group), a London-based company providing
natural gas related consulting, information and training, and conference-
organising services.


2004

CRISIL expands its global reach further with an equity investment in the
world's first regional rating agency, the Caribbean Information and Credit
Rating Services Limited (CariCRIS), which CRISIL also helps set up.
The CRISIL Awards for Excellence in Municipal Initiatives are
instituted, to recognise outstanding programmes in urban development.


2005

The strategic alliance with S&P since 1996 culminates in S&P's
acquiring majority control of CRISIL.
CRISIL makes its second overseas acquisition, of Irevna, thus adding
equity research to its wide canvas of work. Irevna is a leading global
equity research and analytics company.
CRISIL launches Small and Medium Enterprise (SME) Ratings to serve
the specialised needs of the SME sector.
CRISIL partners CNBC-TV18 for Emerging India Awards - the first
platform to recognize and reward the achievements of India's Small &
Medium Enterprises.


2006

CRISIL launches IPO grading services to provide investors with
independent, reliable, and consistent assessments of the fundamental
strengths of new public issues.
Irevna is ranked globally as the top Investment Research Outsourcing
Firm by The Black Book of Outsourcing.


2007

Ms. Roopa Kudva takes over as Managing Director and CEO of CRISIL,
following Mr. Ravimohan's appointment as Managing Director and
Region Head of S&P, South Asia.
CRISIL assigns India's first Bank Loan Rating under the Reserve Bank of
India's Basel-II related regulations.
The Pension Fund Regulatory and Development Authority awards
CRISIL with a prestigious mandate to assist in the selection of Fund
Managers under the New Pension Scheme.
The Black Book of Outsourcing ranks Irevna the No. 1 Financial
Services Industry Analytics Outsourcing Firm.
CRISIL launches Real Estate Awards with CNBC AWAAZ. The award
honors India's exemplary developers and builders.


2008

CRISIL launches Complexity Levels, an initiative to strengthen India's
capital markets by providing greater transparency to investors.
CRISIL's revenues cross Rs.5 billion in 2008.


2009

CRISIL's SME Ratings group assigns its 5000th SME rating.
CRISIL captures about half of India's bank loan rating market.
Irevna is ranked globally by The Black Book of Outsourcing as the No. 1
Investment Research and Analytics Outsourcing Firm.
CRISIL Research launches Independent Equity Research (IER).


2010

CRISIL moves into a new, corporate head office - the new CRISIL
House, at Powai, Mumbai, is a state-of-the-art, green building.
CRISIL SME Ratings crosses its 15,000th SME rating.
CRISIL launches Real Estate Star Ratings.
CRISIL acquires Pipal Research, further strengthening its leadership in
the KPO industry.


2011

CRISIL launches Education Grading, beginning with business schools
CRISIL Rating enhances access to funding for SMEs; Announces
20,000th SME Rating
CRISIL Ratings launches Solar grading
CRISIL Research launches Gold and Gilt Index
CRISIL Global Research & Analytics receives NASSCOM Exemplary
Talent Practices Award


2012

CRISIL acquires UK-based Coalition, a company providing high-end
analytics to global investment banks
CRISIL assigns its 10,000th Bank Loan Rating
CRISIL announces its 25,000th SME rating
CRISIL transforms the lives of 1000 rural citizens through 'Pragati', a
series of financial awareness workshops.
CRISIL launches 'Doing what is right: The CRISIL Story', a book on the
company's 25-year evolution, on December 19.
CRISIL launches four fixed income indices to measure the performance
of government securities in the Sri Lankan capital markets in association
with NDB Capital Holdings PLC


2013

CRISIL launches CRISIL Foundation, a platform for achieving its twin
goals of increasing financial awareness and conservation of the
environment
CRISIL launches CRISIL Inclusix, Indias most comprehensive financial
inclusion index which accurately measures the extent of financial
inclusion in the country, right down to each of the 632 districts.
CRISIL releases its first State of the Nation report, a unique top-down-
meets-bottom-up analysis that offers a holistic perspective on the
economic state of India.
CRISIL issues the second edition of the Inclusix, expanding its scope to
638 districts


2014

CRISIL launches the 'Of growth and missed opportunity' report which
throws light on the implications of high and low growth.
CRISIL rates India's first Commercial Mortgage Backed Securities



Who We Are
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory
services.
We are India's leading ratings agency. We are also the foremost provider of high-end research to
the world's largest banks and leading corporations. With sustainable competitive advantage
arising from our strong brand, unmatched credibility, market leadership across businesses, and
large customer base, we deliver analysis, opinions, and solutions that make markets function
better.
Our defining trait is our ability to convert data and information into expert judgements and
forecasts across a wide range of domains, with deep expertise and complete objectivity.
At the core of our credibility, built up assiduously over the years, are our values: Integrity,
Independence, Analytical Rigour, Commitment and Innovation.
CRISIL's majority shareholder is Standard and Poor's (S&P). Standard & Poor's, a part of
McGraw Hill Financial (formerly The McGraw-Hill Companies) (NYSE:MHFI), is the world's
foremost provider of credit ratings.
Who We Serve
We address a rich and globally diversified client base. Within India our customers range from
small enterprises to the largest corporations and financial institutions; outside India our
customers include the worlds largest banks and leading corporations. We also work with
governments and policy-makers in India and other emerging markets in the infrastructure
domain.
How We Add Value
We empower our customers, and the markets at large, with independent analysis, benchmarks
and tools. These help lenders and borrowers, issuers and investors, regulators, and market
intermediaries make better-informed investment and business decisions. Our offerings allow
markets and market participants to become more transparent and efficient - by mitigating and
managing risk, taking pricing decisions, generating more revenue, reducing time to market and
enhancing returns. By helping shape public policy on infrastructure in emerging markets, we
help catalyse economic growth and development in these countries.

Ratings
India's first, largest, and most prominent credit rating agency
Rs. 36 trillion of debt rated
Market share in bank loan ratings exceeds 50 per cent
Rates two-thirds of bonds outstanding in India
Highest number of outstanding SME ratings in India
Global Research & Analytics: (Irevna, Pipal Research)
Largest and top ranked provider of high-end research and analytics to the worlds largest
financial institutions and leading global corporations
Works with 12 of the top 15 global investment banks
Client list includes 30 Fortune 500 companies, across a range of industries

Research
India's largest independent research house, providing comprehensive research coverage to
more than 1200 Indian and global customers
Provides coverage on 70 industries
90 per cent of India's commercial banks are our customers
Largest independent equity research house in India
Official provider of valuations to all mutual funds in India
Helps Employees' Provident Fund Organisation (EPFO) select fund managers



CRISIL Risk and Infrastructure Solutions (CRIS)
Offers a wide range of solutions focused on infrastructure policy, corporate advisory, integrated
risk management and associated consulting services
Serves a variety of clients, including government bodies, multilaterals, banks and infrastructure
companies
Practical and innovative solutions in 31 countries
Client roster includes 50 financial institutions in India and abroad
Flagship product, RAM, is Indias leading internal risk rating solution
* Wholly-owned subsidiary of CRISIL


CRISIL Foundation
The launch of the CRISIL Foundation on March 6, 2013, is a significant step forward in
CRISIL's mission to make markets function better. CRISIL is already known as a responsible
corporate citizen, thanks to initiatives like Pragati, its series of financial awareness workshops
in North-East India. However, the Foundation provides a structured and strategic framework
for achieving the company's Corporate Social Responsibility goals. The Foundation's two
primary goals are to increase financial awareness and environment conservation. It is CRISIL's
way of giving back to society by 'doing good with what it is good at' as a global analytical
company.

The reason for identifying the twin objectives of financial awareness and environment
conservation is that CRISIL has always stood for financial inclusion through better awareness,
and for greener ways of doing business. For more on our existing sustainability initiatives,
scroll down. By consolidating and amplifying the efforts made, the CRISIL Foundation will
now enable CRISIL to take its goals to the next level.
In its first year, the CRISIL Foundation will partner with non-governmental organisations
EducateGirls and Rashtriya Gramin Vikas Nidhi (RGVN) respectively to positively impact the
lives of 50,000 girls in 4,000 Rajasthan schools, and 3,500 women and youth in Assam,
Tripura and Sikkim under Pragati.

CRISIL Limited
Description
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory
services.

We are Indias leading ratings agency. We are also the foremost provider of high-end research to
the worlds largest banks and leading corporations. With sustainable competitive advantage
arising from our strong brand, unmatched credibility, market leadership across businesses, and
large customer base, we deliver analysis, opinions, and solutions that make markets function
better.

Our defining trait is our ability to convert data and information into expert judgements and
forecasts across a wide range of domains, with deep expertise and complete objectivity.

At the core of our credibility, built up assiduously over the years, are our values: Integrity,
Independence, Analytical Rigour, Commitment and Innovation.

CRISILs majority shareholder is Standard and Poors (S&P). Standard & Poors, a part of The
McGraw-Hill Companies, is the worlds foremost provider of credit ratings.


Our Logo

The blocks of our logo symbolise the building blocks of
CRISIL its people, processes, and values.

These building blocks are ubiquitous, but what we do with them
is unique. We have assembled them into a winning combination
of tightly-knit businesses, built around the theme of being a
global analytical company. Externally we have sharpness,
definition, and shape; internally we are fluid, dynamic, and
growing.

In its totality our logo resembles a well-fitting and efficient
system, symbolic of our core purpose: making markets function
better.